ACC* 113 - Principles of Financial Accounting I

3 credits

Examines the structure of accounting and the accounting equation. Studies the basic essentials which include journalizing and posting transactions; preparing the trial balance; preparing financial statements and journalizing and posting adjusting and closing entries. Introduces the basic concepts of asset and liability measurement, both current and long-term, and revenue determination by examination of specific accounts. Corporate organizations and retained earning accounts are studied.