ACC 1010 - Accounting Principles

Prerequisite(s): MA 1005 with grade C or better.
An introduction to the principles of accounting. The complete accounting cycle is studied for a sole proprietorship. Specifically included are preparation of journal entries, worksheets, financial statements and a more detailed look at cash, receivables and fixed assets. Credit(s): 3 (3 plus 0)

Upon the successful completion of this course, students will be able to:
1. Describe the accounting equation and define assets, liabilities and equity.
2. Prepare journal entries for a sole proprietorship.
3. Prepare year-end adjusting entries. 4. Prepare year-end financial statements for a sole proprietorship. 5. Explain each step of the accounting cycle. 6. Prepare journal entries for a merchandising concern. 7. Calculate the cost of goods sold and the cost of the ending inventory using perpetual inventory methods. 8. Reconcile a bank statement and prepare the required journal entries. 9. Estimate uncollectible accounts using the allowance method and prepare the necessary journal entries. 10. Calculate the annual depreciation, accumulated depreciation, and book value for plants asset using three depreciation methods. 11. Journalize entries to dispose of plant assets. 12. Account for natural resources and intangible assets.