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:

Students will apply generally accepted basic accounting procedures, concepts, principles, formats, terms, and philosophies to financial statements and business transactions.
Students will prepare in proper format an income statement.
Students will prepare in proper format a classified balance sheet.
Students will prepare in proper format general journal entries to record different transactions.
Students will prepare in proper format adjusting entries.
Students will prepare in proper format closing entries.
Students will calculate inventory using the different methods and systems.
Students will learn different methods of depreciation calculations and calculate gains and losses on disposal of fixed assets.