ACC 241 Accounting Principles I (3 credits)
An introduction to the language of business. Financial transactions are analyzed, recorded, summarized, and reported in a meaningful manner to management. Also studied are basic financial statements and the various accounting and internal control procedures for recording and protecting assets.
Upon successful completion of this course, the student will:
- Understand and be able to communicate the "big picture" of financial accounting.
- Analyze economic events from an organizational perspective.
- Record accounting journal entries.
- Understand the accounting process from economic event to communication to the end user(s).
- Gain an understanding of the significance of the matching principle of accounting, and the revenue recognition principle of accounting.
- Create a set of financial statements (excluding statement of cash flows).
- Perform basic accounting functions for service, merchandising and manufacturing organizations.
- Use financial ratios to analyze the current financial realities of organizations.
- Properly account for cash, inventory, accounts receivable, and plant assets.
- Examine the role of one's Christian faith and its impact on the challenges, decisions, and opportunities met in accounting.
WileyPlus: You must have access to WileyPlus in order to complete the assignments. If your textbook does not have the WileyPlus access card, you may order it separately by going to their website: https://www.wileyplus.com/WileyCDA/. Note that WileyPlus includes access to an online version of the texbook, so purchase of the print version is optional.
This course consists of 12 quizzes, 12 homework assignments, 2 comprehensive problems, and 3 exams.
The quizzes and homework assignments are each worth 10 points, the comprehensive problems are worth 50 points each, and the exams are worth 100 points each, for a total of 640 points possible.
MBA, Indiana University
BS, Indiana University