Mar 28, 2024  
SCPS College Catalog 2018-2019 
    
SCPS College Catalog 2018-2019 [ARCHIVED CATALOG]

AC 1050 - Principles of Accounting I

Credits: 3.00 credits.
This course is designed as the first accounting course for accounting majors. The primary focus is to provide a rigorous and solid foundation for the study of accounting. The initial concentration will be on understanding and preparing journal entries for the various types of business transactions and understanding their impact on the primary financial statements. T-accounts and the horizontal statements model are both used to help understand the accounting process. Accounting concepts are presented including the accounting equation, double entry accounting, accrual accounting, the accounting cycle, the closing process and the preparation of statements. The course concludes with accounting for merchandising businesses, including accounting for inventory.  This course relies on a hands-on approach, by working practice sets of accounting illustrations and problems.