ACCT 1010 - Principles of Accounting I

3 sem hrs cr

This course is an introduction to accounting principles, practices, and techniques with an emphasis on the preparation and reporting of financial statements. Prerequisite: Exemption from or completion of learning support competency courses and sophomore standing (completion of at least 24 credit hours).

In rare and unusual circumstances, a course prerequisite can be overridden with the permission of the Department Lead for the discipline.

This course may include proctored exams which must be completed on campus or at an instructor approved proctoring center which may require additional costs to the student. Please consult your instructor for additional details.

  Formerly/Same As (Formerly ACT 2310)

Transfer (UT) or Non-Transfer Course (UN): UT

• Describe and illustrate accounting concepts for planning, controlling, and analyzing business operations
• Describe and illustrate the basic accounting concepts for recording, classifying, and summarizing business transactions on a day-to-day basis
• Illustrate the basic procedures for adjusting, closing entries, and summarizing the accounting records prior to the preparation of the financial statements
• Describe and illustrate the preparation of financial statements
• Describe and illustrate accounting devices, such as special journals and subsidiary ledgers, and various data processing methods, which are helpful in accounting systems
• Describe and illustrate procedures for recording purchases and sales transactions for a merchandising enterprise
• Identify and describe the two principal inventory systems and the inventory costing under FIFO, LIFO, and Average Cost
• Understand the nature of cash and the importance of controls over cash
• Describe and illustrate the allowance method of accounting for uncollectible receivables
• Describe the characteristics of plant assets and illustrate the accounting for the acquisition and disposal of plant assets
• Describe the nature of depreciation, depletion, and amortization and illustrate the accounting for each item
• Describe and illustrate accounting for payrolls, including liabilities, arising from employee earnings, deductions from earnings, employer’s payroll taxes, and employee’s fringe benefits