Accounting - ACCT 103
Introduction to Accounting
4 Credit Hours4 Lecture Hours
In this course you will learn about the basic accounting cycle for a sole proprietorship in the service or merchandising industry. You will account for cash, sales, purchases, payroll and payroll taxes.
(A requirement that must be completed before taking this course.)
Upon successful completion of the course, the student should be able to:
- Explain the role of accounting in a business.
- Analyze business transactions using the accounting equation.
- Apply the rules of debits and credits to business transactions.
- Prepare journal entries.
- Prepare an income statement.
- Prepare a statement of owner's equity.
- Prepare a balance sheet.
- Complete the accounting cycle for a service company.
- Prepare bank reconciliations.
- Calculate payroll and related payroll taxes.
- Process payroll transactions.
- Process transactions using special journals and subsidiary ledgers.
- Complete the accounting cycle for a merchandising company.
Currently no sections of this class are being offered.