Revised

Normandale Community College

COMMON COURSE OUTLINE

ACCT 2251: Principles of Accounting I

I.          Effective Date:  10/12/06

II.          Catalog Description:  Basic theory and structure of accounting; accounting cycles and preparation of financial statements for service and merchandising businesses.  This course also covers accounting for cash, accounts receivable, inventories, plant and equipment, and current liabilities. 

III.         Recommended skills:

IV.        Course Content:  Principles of Accounting is a required course for business and accounting majors.  Financial accounting introduces and provides detail on basic subjects as financial statement preparation and analysis, the accounting for business ownership forms, the study of notes, accounts receivable, cash and property, plant and equipment acquisition and disposal, and current liabilities.

V.        Outcomes: Students should be able to:

A.  Acquire an understanding of the basic forms of business enterprise.

B.     Prepare the essential financial records.

C.    Comprehend the basics of accrual accounting.

D.    Prepare and comprehend basic financial statements including the income statement, balance sheet, and statement of owner’s equity.

E.     Understand the basics of accounting for Inventory and the various valuation methods.

F.     Understand fixed assets and know how to compute the basic depreciation methods and account disposal of these assets.

G.    Understand accounting for Cash.

H.     Understand accounting for Receivables and the valuation methods.

I.         Understanding accounting for liabilities.

IV.               Evaluation:  Methods of evaluation of student knowledge is in the form of basic testing methods including: multiple choice, true false questions, problem-solving and essay techniques.