ACCT 1010 - Principles of Accounting I (TNe)

Credit hours: 3

Prerequisites:

Students should have reading and writing skills appropriate and expected of college-level students. In addition, students should possess basic math skills including the ability to solve simple algebraic equations.

Course Description:

An introduction to basic principles of accounting theory and practice. Topics covered include accrual basis accounting, the accounting cycle, preparation of financial statements for both service and merchandising business enterprises and internal controls. Other topics include accounting for cash, receivables, payroll, inventories, fixed assets, and current liabilities.

Student Learning Outcomes:

Upon successful completion of this course, students will:

Analyze, journalize, and post business transactions and use appropriate accounting terminology.
Prepare a multiple-step income statement, an owners’ equity statement, and a classified balance sheet.
Analyze existing account balances, prepare end-of-period adjusting entries with or without a worksheet; prepare closing entries and a post-closing trial balance.
Account for cash and petty cash including internal controls over cash.
Account for merchandising companies including costing and internal control over inventory.
Account for receivables; plant assets, natural resources and intangibles; current liabilities and payroll accounting.

Developing Institution(s): NSCC
First Semester Offered: Fall 2011
Previous Prefix Code & Course Title 1: ACC 1104 - Principles of Accounting I
Notes 1: Offered beginning Spring 2002