Description of ACC 2301 Principles of Accounting I
Principles of Accounting I provides an introduction to business accounting. Topics include accounting concepts and principles, financial statements, internal control design, and accounting for partnerships.
Students demonstrate knowledge and comprehension of the foundational theories and methodological tools utilized in accounting. Theoretical constructs are applied to solve real-world accounting applications using their Principles of Accounting I knowledge acquired during this course
Outcomes in ACC 2301 Principles of Accounting I
- Examine the accounting cycle. – Principles of Accounting I
- Identify business transactions.
- Prepare inventory costing methods.
- Detail the classes of liabilities.
- Apply the use of financial statements to the decision-making process.
- Explain internal accounting controls.
- Compare and contrast International Financial Reporting Standards (IFRS) to generally accepted accounting principles (GAAP).
PreRequisites for ACC 2301 Principles of Accounting I
Textbooks for ACC 2301
|Author||Weygandt, J. J., Kimmel, P. D., & Mitchell, J. E.|
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Let us jog your mind –
What are the 5 basic principles?
What are the 5 basic principles of accounting?
Revenue Recognition Principle. When you are recording information about your business, you need to consider the revenue recognition principle. …
Cost Principle. …
Matching Principle. …
Full Disclosure Principle. …
What are the 7 principles?
7 Basic principles of accounting
Time period. …
Revenue Recognition. …
What are the 4 principles?
Revenue Recognition Principle, Historical Cost Principle, Matching Principle, Full Disclosure Principle, and.
What are the 3 major accounting principles?
Take a look at the three main rules of accounting:
Debit the receiver and credit the giver.
Debit what comes in and credit what goes out.
Debit expenses and losses, credit income and gains
Who Sets Accounting Principles and Standards?
The standards are prepared by the Financial Accounting Standards Board (FASB), which is an independent non-profit organization. The purpose of GAAP standards is to help ensure that the financial information provided to investors and regulators is accurate, reliable, and consistent with one another
What Are Some Critiques?
Critics of principles-based accounting systems say they can give companies far too much freedom and do not prescribe transparency. They believe because companies do not have to follow specific rules that have been set out, their reporting may provide an inaccurate picture of their financial health.
Here are the nine limitations of accounting are;
Recording only monetary items.
Time value of money.
Recommendation of alternative methods.
Restrain of principles of accounting.
Recording of past events.
Allocation of problem.
Tendency for secret reserves.
What is an example of GAAP?
The GAAP standards cover financial reporting as a whole. For example, GAAP stipulates how to file income statements, what financial periods to include, and how to report cash flow