ACCT 1100 - Accounting I

4.5 Credits

Students learn the fundamental principles of accounting in this course, the first of three accounting courses covering principles of accounting. Students explore financial topics through real-world illustrations reflecting current business practices. Topics include the basic accounting cycle, recording transactions and posting to ledger accounts, adjusting and closing processes, inventory, internal control, and financial reporting.

Note: Students should attempt to take ACCT 1100, ACCT 1110, and ACCT 1120 immediately after one another to facilitate understanding and learning. It is helpful to complete the math requirements early in the program of study. Basic arithmetic and reading skills are necessary.

Lecture Hours: 4.5
Lab Hours: 0.0
Internship Hours: 0.0
Clinical or Practicum Hours: 0.0

Course Objectives

Describe and apply the process for preparing financial statements (income statement, statement of retained earnings, and balance sheet).
Demonstrate knowledge of the accounting cycle.
Distinguish between periodic and perpetual inventory systems.
Calculate inventory costs.
Describe internal control, including its components and limitations.
Explain the implications of IFRS for U.S. businesses.
Explain ethics and why they are important to accounting.

View Class Schedule