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On Your Time Initiatives

RETL 261

Principles of Accounting I

The theory of debits and credits and the accounting cycle as it relates to decision making in preparing transaction journal entries, adjusting entries, and closing entries is covered.  The course is a study of the preparation and interpretation of retail and service business general-purpose financial statements with an emphasis on analysis and decision making techniques involving the various components that make up those financial statements such as cash, receivables, fixed assets, and current liabilities. 

Course Syllabus

Download the course syllabus for full details about expectations, readings, assignments and more.

Learning Outcomes:

  • Explain the accounting cycle including the accounting equation, general journal entries, adjusting entries and closing entries.
  • Explain the accounting principles used in the preparing financial statements.
  • Prepare and interpret the general-purpose financial statements for both service and merchandising businesses.
  • Record inventory and explain the inventory valuation systems.
  • Explain and record various transactions involving:
    • Cash (including a bank reconciliation),
    • Receivables (including bad debt calculations and honored/dishonored notes receivables,
    • Current Liabilities (including known, estimated, and contingent amounts),
    • Fixed Assets (including purchase, depreciation calculations under different methods, and disposition or exchange of assets),
    • Payroll accounting (including calculating and recording employer and employee taxes).

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