ACCT 2113 - Principles of Accounting I

Introduces fundamental accounting principles and procedures. Examines present accounting theory and practices with applications to the sole proprietorship. (Financial) The first semester of a full year of introductory accounting is designed for freshman or sophomore students interested in majoring in Business Administration. The course involves learning the fundamental principles of accounting for a proprietorship form of business, recording of business transactions and preparing financial statements. Focus during the first semester is on the accounting cycle of a merchandising concern and control of cash, receivables, inventories, plant assets, payroll and liabilities. The second half of the course continues to build on the concepts and procedures learned with the sole proprietorship. These practices are applied in accounting for the partnership and corporate form of business. Focus is now on the unique characteristics of the corporation in accounting for stock, earnings and dividends. Consolidated statements and cash flow statements are introduced to the student as well as accounting for long term debt, investments, financial statement analysis. Finally the student is introduced to manufacturing and process accounting with emphasis on using accounting information in decision making.

Credit Hours 3.0
Second Title
Financial Accounting
Satisfies a Requirement
Business Concentration
When Offered
Fall
Note
BUS 213 prior to Fall 2008.
Prerequisite
None

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ACCT 2113 - Principles of Accounting I