Jun 05, 2023
ACCT 111 - Practical Accounting 2 Credits: 5
A continuation of ACCT 110 covering the accounting cycle for merchandising businesses, with an emphasis on generally accepted accounting principles. Topics may include payroll and other short-term liabilities, special journals, receivables, bad debts, inventories and accounting for partnerships.
Enrollment Requirement: ACCT 110 with a grade of 2.0 or higher; or instructor consent .
Course Fee: $10.00
Students who successfully complete this class will be able to:
- Analyze, record and post business transactions for payroll and payroll taxes, inventory, uncollectible accounts and notes, and adjusting entries and closing entries involving inventory.
- Prepare payroll and payroll tax reports, trial balances, worksheets and financial schedules and statements.
- Demonstrate knowledge of accounting and business operations and the ability to correctly use common accounting vocabulary.
- Analyze and record business transactions and activities in accordance with Generally Accepted Accounting Principles.
- Perform bookkeeping/accounting procedures required in entry- or intermediate-level bookkeeping/accounting positions.
- Demonstrate critical thinking, analytical and quantitative skills in problem solving, decision making, and responsibility by completing assignments independently and/or as a dependable team member.
- Critical Thinking - Critical thinking finds expression in all disciplines and everyday life. It is characterized by an ability to reflect upon thinking patterns, including the role of emotions on thoughts, and to rigorously assess the quality of thought through its work products. Critical thinkers routinely evaluate thinking processes and alter them, as necessary, to facilitate an improvement in their thinking and potentially foster certain dispositions or intellectual traits over time.
- Quantitative and Symbolic Reasoning - Quantitative Reasoning encompasses abilities necessary for a student to become literate in today’s technological world. Quantitative reasoning begins with basic skills and extends to problem solving.
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