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: College-ready by placement score in reading and math or ACT 1003 Basic Accounting

Course Level Objectives
Upon successful completion of this course, the student will be able to:

Solve the basic accounting equation (GEO 3)
Prepare basic financial statements (GEO 3)
Analyze and record business transactions in the general journal (GEO 3)
Employ principles of perpetual inventory systems (GEO 3)
Evaluate internal control principles (GEO 3)
Use financial statements to analyze a business (GEO 3)

ACTS Equivalent Course Number: ACCT 2003