September 2016 Undergraduate Catalog 
    May 25, 2024  
September 2016 Undergraduate Catalog [ARCHIVED 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: IS 102 Computers and Application Software . Corequisite: None.