ACCT 2401 - Principles of Accounting I

Institution:

Midland College

Subject:

Description:

This course is designed to present a general knowledge of accounting principles and procedures for the sole proprietorship and partnership form of business organization. Topics and problems include the complete accounting cycle, accounting systems and special purpose journals, internal controls and merchandising transactions, and the preparation of financial statements in accordance with generally accepted accounting principles. The student will study short-term liquid assets, including uncollectible accounts and notes receivable; several methods of inventory valuation and their effect upon operations; current liabilities and payroll accounting, including employer payroll taxes; the acquisition, depreciation (several methods), and disposal of plant property and equipment; intangible assets; and natural resources. Also studied are the accrual and cash bases of accounting and the effects of inflation and price-level changes.

Credits:

4.00

Credit Hours:

Prerequisites:

Corequisites:

Exclusions:

Level:

Instructional Type:

Lecture

Notes:

Additional Information:

Historical Version(s):

Institution Website:

www.midland.edu

Phone Number:

(432) 685-4500

Regional Accreditation:

Southern Association of Colleges and Schools

Calendar System:

Semester

The Course Profile information is provided and updated by third parties including the respective institutions. While the institutions are able to update their information at any time, the information is not independently validated, and no party associated with this website can accept responsibility for its accuracy.