A study of basic transactions, general ledger accounts, books of original entry, closing and adjusting entry processes, trial balances, financial statements, accounting for assets, liabilities, sole proprietorship, equity, revenues, and expenses.
For information regarding prerequisites for this course, please refer to the Academic Course Catalog.
This is a foundation course in principles of accounting designed primarily for the accounting or business students as part of an integrated business education, and also useful for any major who wishes to understand the language of business.
Measurable Learning Outcomes
Upon successful completion of this course, the student will be able to:
- Correctly apply terminology used in accounting, which is the language of business.
- Analyze business transactions in order to record these business transactions in the accounting records according to generally accepted accounting principles.
- Demonstrate his/her ability to complete the accounting cycle for both service entities and merchandise entities.
- Compile and analyze the four basic financial statements—Income Statement, Statement of Owner’s Equity, Balance Sheet, and Statement of Cash Flows—according to generally accepted accounting principles.
- Analyze and record transactions related to stocks, bonds, and investments.
- Integrate biblical principles related to financial accounting.
Textbook readings and lecture presentations
Course Requirements Checklist
After reading the Course Syllabus and Student Expectations, the student will complete the related checklist found in Module/Week 1.
Connect Homework (7)
The student will be assigned homework to complete in Connect. The homework will consist of exercises, problems, and SmartBook/LearnSmart activities. All assignments for a given module/week are divided into weekly folders inside of the Connect system.
Individual Learning Project
The student will submit a solution to a problem that will be provided in Connect. For this problem, financial statements will be prepared and submitted within Connect.
There will be 4 cumulative exams to be completed through Connect. The questions will be true/false and multiple-choice and will vary in number depending on the exam. The exam will cover all of the material covered within the course up to the module/week of the exam. For example, the second exam will cover the first exam material as well as the second exam material.