Introduction to the principles and concepts of accounting and the application of procedures relating to the complete accounting cycle. Preparation of financial statements for sole proprietorships, partnerships, and corporations is emphasized. Prerequisites: Sophomore standing; MGMT 150 highly recommended. A grade of C or higher is highly recommended before progressing to ACCT 281.
Prerequisite(s) / Corequisite(s):
Sophomore standing; MGMT 150 highly recommended. A grade of C or higher is highly recommended before progressing to ACCT 281.
Course Rotation for Day Program:
Offered Fall and Spring.
Most current editions of the following:
Financial and Managerial Accounting
By Williams, Haka (McGraw Hill Education) Recommended
Fundamental Accounting Principles
By Wild, John J. (McGraw Hill Education) Recommended
By Warren, Reeve, Duchac (Cengage Learning) Recommended
Course Learning Outcomes
Describe the nature and purpose of financial accounting.
Record transactions and prepare financial statements (income statement, statement of owner’s equity, balance sheet) for a sole proprietorship.
Implement the proper accounting procedures for a merchandising company that carries inventory.
Implement the proper accounting procedures for current assets.
Implement the proper accounting procedures for long-term assets.
Major Topics/Skills to be Covered:
Accounting as an information system
The double-entry system
Business income and adjusting entries
Completing the accounting cycle
Accounting for merchandising operations
Accounting systems and special purpose journals
Internal control and merchandising transaction
Accounting concepts and classified financial statements
Short-term liquid assets
Long-term assets: acquisition and depreciation
Long-term assets: other issues and types
Recommended maximum class size for this course: 30
NOTE: The intention of this master course syllabus is to provide an outline of the contents of this course, as specified by
the faculty of Columbia College, regardless of who teaches the course, when it is taught, or where it is taught. Faculty members teaching this
course for Columbia College are expected to facilitate learning pursuant to the course learning outcomes and cover the subjects listed in the Major Topics/Skills to be Covered section.
However, instructors are also encouraged to cover additional topics of interest so long as those topics are relevant to the course's
subject. The master syllabus is, therefore, prescriptive in nature but also allows for a diversity of individual approaches to course material.