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.
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Upon completion of this course the student will be able to:
- Explain the accounting cycle, including the preparation and interpretation of 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), Receivables, Current Liabilities, Fixed Assets, and Payroll.