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Course Outlines
Course Outlines

Principles of Accounting I — ACCT 1001

  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
    Introduce fundamental accounting concepts and principles used in a business environment to provide reports on the economic condition of a sole proprietor organization. The focus will be on the accrual method of accounting, utilizing Generally Accepted Accounting Principles (GAAP) to analyze and record transactions. The ultimate objective is to understand the effects of these transactions to provide timely and relevant information in the form of financial statements. This course provides detailed information on topics of the accounting cycle, journalizing, posting, trial balances, adjusting entries, financial statements, cash reconciliations, receivables and internal control.
  2. Course Effective Dates: 4/15/26 – Present
  3. Outline of Major Content Areas
    1. Accounting cycle
    2. Generally Accepted Accounting Principles
    3. Internal controls
    4. Merchandising transactions
    5. Perpetual and Periodic Inventory Systems
    6. Receivables
    7. Transaction and adjusting entry analysis
  4. Learning Outcomes
    1. Apply Generally Accepted Accounting Principles (GAAP) used in accrual accounting for revenue and expense recognition in business.
    2. Balance the accounting equation and understand its component parts.
    3. Journalize all service and merchandising transactions using the double?entry accounting system and post each entry accurately to the appropriate ledger accounts.
    4. Complete the accounting cycle and application to period close.
    5. Identify common ethical and internal control standards pertaining to business scenarios. Prepare financial statements.
    6. Evaluate financial performance using ratios.
    7. Account for receivables to assess the impact on financial strategy.
    8. Prepare financial statements.
  5. Minnesota Transfer Curriculum Goal Area(s) and Competencies
  6. Learner Outcomes Assessment
      As noted on course syllabus
  7. Special Information
      None noted