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Edmonds Community College    
  Dec 16, 2017
2017-2018 Academic Catalog
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ACCT& 201 - Principles of Accounting I

5.0 Credits
Theory of asset, liability, and stockholders’ equity accounts; construction of financial statements.
Prerequisite ACCT 101, high school bookkeeping or instructor permission and minimum placement into EAP 121 or BRDGE 093.
Course-level Learning Objectives (CLOs)
Upon successful completion of this course, students will be able to:

  1. Recognize accounting transactions and record them in journals using proper formats.
  2. Apply the concepts of accrual accounting to transactions that span fiscal periods.
  3. Trace the effects of those transactions to financial statements.
  4. Record accounting transactions for merchandising operations and understand how to cost inventories using a variety of methods.
  5. Journalize transactions specific to managing cash and accounts receivable.
  6. Record transactions for uncollectible accounts using generally accepted principals.
  7. Prepare financial statements including income statements, statements of retained earnings, and balance sheets.
  8. Calculate and explain the significance of liquidity and profitability ratios.

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