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Apr 19, 2024
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ACT 1103 - Principles Of Accounting I** 3 Credits
Designed to give the student fundamental knowledge of generally accepted concepts and principles employed in keeping accounting records and to give the students who wish to pursue the study of accounting as a profession the necessary fundamentals to do so. For those students who do not intend to continue their education at a senior institution, it will furnish background in business practices that will make the student a more knowledgeable consumer and investor.
Prerequisite: ACT 1003 Basic Accounting with a grade of C or better or Instructor Permission
Course Level Objectives
Upon successful completion of this course, the student will be able to:
1. Solve the basic accounting equation (GEO 3)
2. Classify accounts by type: assets, withdrawals, expenses, liabilities, revenue, or equity (GEO 2, 3)
3. Apply the principles of a double-entry accounting system (GEO 2, 3)
4. Analyze and record business transactions in the general journal including adjusting and closing entries (GEO 2, 3)
5. Prepare basic financial statements (GEO 1, 2, 3)
6. Evaluate internal control principles (GEO 3, 4)
7. Employ principles of perpetual inventory systems (GEO 3)
8. Calculate and journalize depreciation, depletion and amortization (GEO 3)
9. Construct journal entries for current assets and current liabilities (GEO 3)
10. Use financial statements to analyze a business (GEO 2, 3)
ACTS Equivalent Course Number: ACCT 2003
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