Accounting I

Catalog description

The course provides a comprehensive foundation for understanding the principles, processes, and applications of accounting in business and government. Students learn the fundamental concepts of double-entry accounting and the full accounting cycle from analyzing transactions and applying the accounting equation to journalizing, posting, adjusting, and closing entries. Emphasis is placed on preparing and interpreting the core financial statements”the income statement, balance sheet, statement of retained earnings, and statement of cash flows”while exploring internal controls, cash management, receivables, and inventory. The course develops analytical skills for identifying and solving business problems, understanding the motives behind financial decisions, and evaluating how financial data is compiled and communicated through reports. Students also gain insight into the structure and operation of the private-enterprise system, fostering ethical awareness, sound judgment, and appreciation for accountings role in organizational success.