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Dec 06, 2024
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2023 - 2024 College Catalog [ARCHIVED CATALOG]
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ACCT 115 - Financial Accounting Credit Hours: 3 Lecture Hours: 3 Laboratory (or Other) 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.
Repeatable: No CIP Code: 520304
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