Course Outlines

Principles of Financial Accounting I — ACCT 1010

  1. Course Description
    • Credits: 4.00
    • Lecture Hours/Week: 3.00
    • Lab Hours/Week: 1.00
    • OJT Hours/Week: 0
    • Prerequisites: None
    • Corequisites: None
    • MnTC Goals: None
    This introductory course covers the fundamental accounting concepts and principles which are used in a business environment. These concepts are consistent with generally accepted accounting principles. The phrase "generally accepted accounting principles" (or "GAAP" consists of three important sets of rules: (1) the basic accounting principles and guidelines, (2) rules and standards issued by FASB and (3) the generally accepted industry practices. The course explores the role of accounting as a primary business information system.
  2. Course Effective Dates: 8/21/17 – Present
  3. Outline of Major Content Areas
      As noted on course syllabus
  4. Learning Outcomes
    1. illustrate accrued expense
    2. illustrate post closing trial balance
    3. record payment entries
    4. prepare purchase entries
    5. analyze business transactions
    6. analyze cost flow
    7. analyze financial statements
    8. analyze investments
    9. analyze merchandise accounts
    10. analyze periodic inventory
    11. analyze perpetual inventory
    12. analyze receipt entries
    13. analyze sales transactions
    14. apply accounting equation
    15. apply debit/credit theory
    16. arrange adjusting entries
    17. calculate account balances
    18. calculate sales discounts
    19. calculate trade discounts
    20. complete worksheet
    21. create chart of accounts
    22. define FIFO and LIFO
    23. define accruals
    24. define average cost method and specific ID method
    25. define deferrals
    26. define interest
    27. describe computerized accounting
    28. describe duality
    29. describe internal control
    30. describe transaction effects
    31. detect accounting errors
    32. explain business entity concept
    33. identify accounting equation
    34. illustrate accrued revenue
    35. illustrate closing entries
    36. illustrate unearned revenue
    37. open new accounts
    38. prepare balance sheet
    39. prepare income statement
    40. prepare journal entries
    41. prepare receipt entries
    42. prepare receivables schedule
    43. prepare sales journal
    44. prepare statement owner's equity
    45. prepare trial balance
    46. record adjusting entries
    47. record journal entries
    48. record payable transactions
    49. record payment entries
    50. record purchase entries
    51. record receivables transaction
    52. select proper accounts
  5. Minnesota Transfer Curriculum Goal Area(s) and Competencies
  6. Learner Outcomes Assessment
      As noted on course syllabus
  7. Special Information
      None noted