ACCT 1010 - Accounting I
This course is designed to give students a basic understanding of the role of accounting information in business and the relevance of accounting information in their future careers. It focuses on information communicated by the financial statements and how this information is used in making business decisions across the organization.
Credits: 4
Comments: Prior to Spring 2004, ACCT 1010 was listed as ACCT 2010.
Minimum Student Competencies
Upon completion of ACCT 1010 Accounting I, the student will:
1. Prepare and analyze corporate financial statement: Income Statement, Statement of Retained Earnings/Owner’s Equity, Classified Balance Sheet.
2. Describe accrual accounting concepts according to GAAP.
3. Describe the accounting cycle in full.
4. Demonstrate understanding of the double-entry journalizing system.
5. Report and analyze perpetual merchandise inventory systems including cost flow assumptions (FIFO, LIFO, and Average Cost).
6. Identify fraud and internal controls surrounding cash.
7. Report and analyze accounts receivable, notes receivable and the allowance method.
8. Report and analyze long-term assets and depreciation concepts.
9. Report and analyze short-term liabilities (notes payable, sales tax, unearned revenues, and payroll).
10. Report and analyze long-term liabilities (notes payable and bonds payable using the effective interest amortization method).
11. Report and analyze corporate stockholders’ equity.
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