ACCT2201 - Financial Accounting I Lab

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This course is the lab course associated with Financial Accounting I (ACCT2211). Students must be enrolled in ACCT2211 to enroll in this course. Major content will be the practical application of concepts introduced in the lecture course.
  1. Use the accounting equation and generally accepted accounting principles to analyze transactions.
  2. Prepare financial statements for service and merchandising businesses.
  3. Record transactions for periodic and perpetual inventory systems.
  4. Use various inventory costing methods to value inventory and show cost of goods sold.
  5. Depreciate assets according to generally accepted accounting principles.