ACCT 2401 - Principles of Accounting I

4 Hours (3-3)
This course is designed to present a general knowledge of accounting principles and procedures for the sole proprietorship and partnership form of business organization. Topics and problems include the complete accounting cycle, accounting systems and special purpose journals, internal controls and merchandising transactions, and the preparation of financial statements in accordance with generally accepted accounting principles. The student will study short-term liquid assets, including uncollectible accounts and notes receivable; several methods of inventory valuation and their effect upon operations; current liabilities and payroll accounting, including employer payroll taxes; the acquisition, depreciation (several methods), and disposal of plant property and equipment; intangible assets; and natural resources. Also studied are the accrual and cash bases of accounting and the effects of inflation and price-level changes.

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