2021 - 2022 College Catalog 
    Oct 20, 2021  
2021 - 2022 College Catalog

ACCT 115 - Financial Accounting

Credit Hours: 3
Lecture Hours: 3
Laboratory Hours: 0

Prerequisite(s): None

Restriction(s): None

Corequisite(s): None

Basic accounting concepts and principles are introduced. Preparation of financial statements and maintenance of accounting records through the accounting cycle are emphasized. Inventory evaluation; principles of internal control; accounting for the acquisition, depreciation, and disposal of fixed assets; and current liabilities, including an overview of payroll procedures, are included.

Student Learning Outcomes of the Course:
  1. Prepare financial statements manually in accordance with generally accepted accounting principles (GAAP).
  2. Record accounting transactions associated with the accounting cycle - transactional, adjusting, and closing entries.
  3. Calculate and record accounting transactions relevant to inventory and merchandising businesses.
  4. Calculate and record depreciation and gains & losses on the disposal of fixed assets.