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:

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