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Graduation and Retention Network

2024-2025 Winter Session

RETL 261

Principles of Accounting I

The theory of debits and credits and the accounting cycle is covered.  The course is a study of the preparation and interpretation of corporate financial statements with an emphasis on analysis and decision-making techniques through close examination of cash, receivables, inventory, fixed assets and depreciation, and current liabilities.

Learning Outcomes

After successful completion of this course, students will be able to:

  • Determine how to classify accounts by type, normal balance, and financial statement placement.
  • Explain the accounting cycle and all steps involved.
  • Prepare and interpret financial statements for both service and merchandising businesses.
  • Record inventory and explain the inventory valuation systems.
  • Explain and record various transactions involving Cash (including a bank reconciliation).
  • Explain and record transactions for Receivables (both accounts and notes) and bad debts calculations
  • Explain and record transactions for Plant Assets, Natural Resources, and Intangible Assets including various depreciation methods, depletion, and amortization.
  • Explain and record transactions for current liabilities including payroll taxes.

Challenge the conventional. Create the exceptional. No Limits.

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