Skagit Valley College

Catalog Course Search Details

 Course Title:   Prin of Accounting I

 Title Abbreviation:   PRIN OF ACCOUNTING I

 Department:    ACCT&

 Course #:    201

 Credits:    5

 Variable:     No

 IUs:    5

 CIP:    520301

 EPC:    n/a

 REV:    2018

 Course Description  

Introduction to financial accounting as an essential part of business decision making. The concepts of asset/liability valuation and reporting, income measurement, inventory systems and the interpretation of financial statements are presented. Required for business majors transferring to 4 year business programs.


Prerequisite: Appropriate placement or grade of 2.0 or higher in ENGL 099 or instructor permission.

Additional Course Details

Contact Hours (based on 11 week quarter)

Lecture: 55

Lab: 0

Other: 0

Systems: 0

Clinical: 0

Intent: Distribution Requirement(s) Status:  

Academic Elective  

Equivalencies At Other Institutions

Other Institution Equivalencies Table
Institution Course # Remarks
CWU ACCT251 Accounting I A introduction to accounting’s business role. Recording and communicating financial information in the revenue, expense, and conversion cycles.
WSU ACCT230 Introduction to Financial Accounting 3 Prereq sophomore standing. Introduction to corporate financial reporting via the preparation and interpretation of financial statements.
WWU ACCT240 FINANCIAL ACCOUNTING (4) An introduction to the theory and practice of accounting and financial reporting. Topics include the accounting cycle, financial statements and accounting for assets, liabilities, equities, revenues and expenses.

Learning Outcomes

After completing this course, the student will be able to:

  1. Analyze financial transactions
  2. Record financial transactions
  3. Maintain general ledger accounts
  4. Prepare financial statements
  5. Analyze international company cases

General Education Learning Values & Outcomes

Revised August 2008 and affects outlines for 2008 year 1 and later.

2. Critical Thinking

Definition: The ability to think critically about the nature of knowledge within a discipline and about the ways in which that knowledge is constructed and validated and to be sensitive to the ways these processes often vary among disciplines.

Outcomes: Students will be able to . . .
2.1 Identify and express concepts, terms, and facts related to a specific discipline.
2.3 Identify, interpret, and evaluate pertinent data and previous experience to reach conclusions.

8. Mathematical Reasoning

Definition: Understanding and applying concepts of mathematics and logical reasoning in a variety of contexts, both academic and non-academic.

Outcomes: Students will be able to . . .
8.3 Interpret information and reasoning expressed mathematically (for example in spreadsheets, diagrams, charts, formulas, etc.).

Course Contents

  1. Accounting principals and prctices
  2. Accounting systems for recording business transactions
  3. The matching concepts and the adjusting process
  4. Completion of the accounting cycle
  5. Merchandising transactions
  6. Financial statements
  7. Accounting systems and special journals
  8. Accounting for cash
  9. Accounting for receivables and temporary investments
  10. Accounting for inventories
  11. Decision making cases
  12. Interpretation cases from business
  13. Ethics cases
  14. International company cases