ACCTG 151 - Accounting Principles
Credit Hours: 4
Billable Contact Hours: 4
Prerequisites: RDG 090 and ENGL 090 or qualifying scores on accepted placement tests
Session Cycle: FWSU
The study of accounting theory and principles is applied to service and merchandising enterprises, including special journals and ledgers, adjusting and closing procedures, preparation of financial statements, promissory notes, inventory control and valuation, depreciation, payroll and an introduction to cash control and partnership accounting.
Notes:
Business Division
Theory Hours: 60
Learning Outcomes:
1. Analyze and record business events for sole-proprietorships (Service and Merchandising).
Applies to Accounting, A.A.S. Outcomes A and D.
2. Create financial statements including multi-step income statement, statement of owner’s equity, classified balance sheet.
Applies to Accounting, A.A.S. Outcomes A, B, C, and D.
3. Apply applicable proper accounting treatment and reporting of cash, receivables, inventory, plant assets and current liabilities.
Applies to Accounting, A.A.S. Outcomes A and C.
4. Record partnership formation, income allocation, dissolution, and liquidation.
Applies to Accounting, A.A.S. Outcomes A and D.
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