Principles of Accounting I

Course Number: BA 211
Transcript Title: Principles of Accounting I
Created: September 1, 2012
Updated: June 7, 2016
Total Credits: 3
Lecture Hours: 30
Lecture / Lab Hours: 0
Lab Hours: 0
Satisfies Cultural Literacy requirement: No
Satisfies General Education requirement: No
Grading options: A-F (default), P-NP, audit
Repeats available for credit: 0

Prerequisites

WR 115, RD 115 and MTH 20 or equivalent placement test scores

Recommended

Course Description

Introduces financial accounting theory, including the accounting cycle, analysis and recording of transactions, and reporting financial information in accordance with generally accepted accounting principles. Recommended: MTH 60 and BA 111. Prerequisites: WR 115, RD 115, and MTH 20 or equivalent placement test scores. Audit available.

Intended Outcomes

Upon successful completion of BA 211, the student will be able to:

  1. Comprehend the fundamentals of accounting theory.
  2. Support basic-level recording and reporting of financial information for business.
  3. Apply accounting principles and knowledge of each step in the accounting cycle.

Outcome Assessment Strategies

Assessment methods can include: examinations, quizzes, homework assignments, research papers, case study analysis, and small group problem-solving of questions arising from application of course concepts and concerns to actual experience, oral presentations, and class participation.

Course Activities and Design

Course activities can include: lecture, discussion, demonstrations, online lessons, in class activities, outside readings, written assignments, research projects, group project, guest lecturers/speakers, panel discussions, or other activities as selected by the instructor.

Course Content (Themes, Concepts, Issues and Skills)

  • Analyze business transactions using accrual basis accounting according to Generally Accepted Accounting Principles.
  • Manually prepare journal entries and post to ledger accounts using double-entry accounting procedures.
  • Perform the steps in the accounting cycle to include the preparation of: adjustments, financial statements, closing entries and trial balances.
  • Prepare a bank reconciliation and related journal entries.
  • Identify the principles of internal control.
  • Use accounting assumptions, principles and constraints to explain accounting practices.
  • Record transactions using both the perpetual and periodic inventory systems.
  • Calculate inventory using accepted inventory cost flow assumptions.

Department Notes

This is the first term of the traditional accounting principles sequence. The course emphasizes the theoretical foundations of accounting and analytical skills needed by business and accounting students.