ACC 121 - Principles of Accounting I

Offered FL, WI, SM
Lecture- 3 Lab- 2
4 credit hrs/5 contact hrs
Introduces concepts of accounting as related to the double entry process of recording data in various journals, posting to general and special ledgers, preparation of worksheet and periodic financial statements. Includes merchandise inventories, cash control, depreciation, receivables and payables, payroll systems, accruals, and deferrals.
Student Learning Outcomes:

Compare and discuss the various types of business entities and the role of accounting in business.
Analyze and summarize transactions made in accounts by applying the matching concepts and the adjusting process.
Demonstrate the importance of completing the accounting cycle and apply the necessary processes for closing at the end of an accounting period.
Apply knowledge about accounting systems, internal controls, and the importance of controls over cash.
Determine inventory cost flow assumptions and their effects. Analyze the nature of fixed assets and intangible assets and apply various methods for expense determination.
Analyze the creation and development of the payroll process.
Communicate business concepts, methods, and evidence clearly in written and spoken course requirements.
Exhibit ethical/professional behavior in and out of the classroom in attendance, conduct, assignment completion, teamwork and constructive peer feedback.