ACCT 201 - Accounting Foundations I

4 Credits
This course is an introduction to accounting principles emphasizing the operation of a business as a sole proprietorship and covers the complete accounting cycle for merchandising and service entities. Partnership accounting is also covered. The application of computer technology to accounting processes is integrated into this course.

Grade Note(s): A grade of C or better is required to take the next course in the sequence.
Corequisite(s): BITS 211
Course Learning Outcomes:
1. Create financial statements including multi-step income statement, statement of owner’s equity, and classified balance sheet.
2. Analyze and record business events for sole-proprietorships and partnerships.
3. Apply applicable Generally Accepted Accounting Principles.
4. Apply applicable proper accounting treatment and reporting of cash, receivables, inventory, plant assets, and current liabilities.