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Herzing University    
 
    
 
  Sep 21, 2017
 
September 2017 Undergraduate Catalog

AC 107 - Accounting I


This introductory course in accounting provides the practical application of the principles of financial accounting for service and merchandising businesses. Topics include an introduction to the conceptual framework of accounting using GAAP rules established by FASB, analysis and recording of transactions in the general journal and posting to the general ledger, completion of the accounting cycle by preparing end-of-period adjusting and closing journal entries, financial statements and the post-closing trial balance, an introduction to internal controls, and the calculation of inventory and cost of goods sold using the FIFO, LIFO, and weighted average methods. 3.00 semester credit hours Contact Hours: 45.00 Prerequisite: Required placement score or MA 090 Fundamentals of Mathematics . Corequisite: None.