ACCT& 201 Principles of Accounting I (5 credits)
Distribution Area Fulfilled General Transfer Elective
Formerly BUS 210 - CCN
Prerequisite MATH 096 or MATH 098 with a grade of at least 2.0.
Course Description
First accounting course required for students transferring to a four-year school to pursue a bachelor’s degree in business administration. Covers basic accounting concepts and procedures with a focus on financial statement preparation.
Course Content
A. Fundamental accounting terms, concepts, principles and procedures for recording business transactions in various forms of business entities.
B. Basic financial accounting reports from a user perspective.
C. Role and limitations of accounting information.
Student Outcomes
1. Explain the language of business and explore the role of accounting in business decision making.
2. Explain the historic and regulatory framework of accounting.
3. Differentiate between three main business entities: sole proprietorships, partnerships, and corporation entities and the accounting implications for each.
4. Prepare the Balance Sheet, Income Statement, and Statement of Owners’ Equity and explain how they are connected.
5. Differentiate between the cash and accrual bases of accounting.
6. Analyze and record business transactions including adjusting entries for merchandising and service entities.
7. Communicate the characteristics of an effective system of internal control for cash receipts and payments.
Degree Outcomes
Program Outcome: Possess the necessary skills to perform basic functions of entry level bookkeeping/accounting positions.
Information Competency: Graduates will be able to seek, find, evaluate and use information and employ information technology to engage in lifelong learning.
Lecture Contact Hours 50
Lab Contact Hours 0
Clinical Contact Hours 0
Total Contact Hours 50
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