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Edmonds Community College    
 
    
 
  Sep 25, 2017
 
2011-2012 Catalog [ARCHIVED 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 (was ACCT 201). Prerequisite: ACCT 101, high school bookkeeping or instructor’s permission and minimum placement in EAP 121  or BRDGE 093 .

Course Objectives
Upon successful completion of this course, students will be able to:

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



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