Principles of Accounting

This course provides a comprehensive focus on the revenue recognition principle, GAAP revenue recognition, and essential accounting concepts. It emphasizes accounting for merchandise operations, proprietorship, specialized books of original entry, and the voucher system, highlighting the financial aspects of accounting. Students will gain insight into the GAAP revenue recognition framework, learning to apply the revenue recognition principle to determine when revenue should be recorded accurately. Additional areas include accounting for cash and receivables, inventory systems, inventory costing methods, and managing plant assets (acquisitions, depreciation, and disposal). The course further delves into both financial and managerial accounting theories and practices, exploring partnerships, capital stock transactions, dividends, liabilities, cash flow statements, and financial statement analysis. Managerial accounting concepts such as cost behavior, cost-volume-profit analysis, and budgetary planning and control are also covered, providing a well-rounded foundation in accounting concepts and principles.