Accounting
Accounting I focuses on basic accounting principles and how they function in normal business operations. Students learn to identify and use Generally Accepted Accounting Principles (GAAP), ledgers and journals, and steps of the accounting cycle. The course also introduces bank reconciliation methods, balance sheets, financial statements, assets and liabilities, and equity, and discusses the issue of business ethics.
Course Objectives
- Identify and apply Generally Accepted Accounting Principles (GAAP).
- Apply the steps of the accounting cycle.
- Post and analyze transactions using ledgers and journals.
- Explain the purpose of the sales journal and the Accounts Receivable ledger and post entries to both.
- Explain the purpose of and prepare entries for the purchase order journal and accounts payable (A/P) ledger.
- Record adjusting entries for prepaid expenses and unearned revenue.
- Complete an adjusted trial balance.
- Perform a bank reconciliation.
- Record the costs associated with the acquisition of property, plant, and equipment.
- Identify the fundamental principles of an accounting information system.
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