ACCT 201 Accounting Principles I

Accounting Principles I provides a foundational introduction to accounting theory, focusing on crucial aspects of record-keeping and the complete accounting cycle relevant to business organizations. Highlighting the importance of accounting for assets, alongside the corresponding revenues and expenses that impact financial statements, this course equips students with the technical skills and theoretic knowledge essential for accurate financial reporting. Through detailed study and practical applications, students will learn how to maintain systematic financial records and prepare fundamental accounting documents, setting a robust foundation for advanced accounting studies and professional practice.

Throughout the course, students will engage in various key activities including the analysis, recording, and reporting of business transactions to grasp real-world applications effectively. They will gain hands-on experience in preparing comprehensive financial statements—Balance Sheet, Income Statement, and Statement of Cash Flows—reflecting their understanding of the financial health of a business. Detailed exploration of inventory costing methods such as LIFO, FIFO, and average cost methods will enhance students’ competencies in managing inventory records accurately. Additionally, the course covers the interpretation of operational results through financial accounting information and the calculation and recognition of depreciation costs for fixed assets. This rounded approach not only solidifies practical accounting skills but also strengthens analytical abilities, preparing students to tackle complex financial problems in their future careers.