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ACCT-111 Principles of Accounting I

Upon completion of this course, the student will demonstrate an understanding of basic accounting theory and perform the accounting required for an accounting cycle. The student will perform the fundamentals required to record, summarize and analyze the transactions of a business and prepare and interpret the resultant financial statements. The student will also account for payroll and assets (cash, receivables, inventories, plant and equipment, and intangibles)

Credits              3
Prerequisites    None
Instructor         Sean Hollywood
Office                 N/A         

Overall Course Objectives

Upon successful completion of this course, you will be able to:

1.   Describe accounting and its function in business.
2.   Apply accounting concepts, principles and procedures to record, sort and
      classify accounting information and prepare financial statements.
3.   Research and analyze financial statements to interpret the effectiveness of business
      decisions and actions.
4.   Describe the value and use of accounting information to management,
      investors, government, and the general public.

Major Course Topics

1.    Accounting: Financial Statements and Underlying Principles
2.    Recording Basic Business Transactions for a Service Company
3.    Adjustment of Recorded Data, Preparation of Financial Statements
4.    Preparation of Spreadsheets and the Closing Process
5.    Accounting for a Merchandising Company
6.    Merchandise Inventory
7.    Internal Contgrol, Cash, Bank Reconciliations, Petty Cash
8.    Accounts Receivble and Notes Receivable
9.    Plant Assets and Intangible Assets
10.  Current Liabilities, Accounting for Payroll
Course Format

The course format includes but is not limited to the following:

  • Is not self-paced.
  • Does not require on-campus meetings, but on-campus testing is required.
  • Does not require real-time chats.
  • The communication in the class will take place through email, online Canvas discussions and classroom announcements.
  • Accounting is sequential, if you miss assignments and do not "catch up" before the next assignment, you will not understand the new material or be prepared to participate in discussions or  quizzes on future assignments.
  • All homework assignments and quizzes will be taken in the online software program used for this course (MyAccountingLab).


This cours does not have a fac-to-face orientation.

Course Requirements

  • Review the "What you should know before you register"  section of the eLearning Homepage.
  • After registration you will need to know your Student ID for this course.
  • You are expected to participate in the online environment by completing exercises and discussing topics for each Chapter or module..
  • Access to a computer and the Internet.

Texts and Materials


 Accounting 9e by Charles T. Horngren, Walter T. Harrison Jr. and M. Suzanne Oliver. ISBN 9780132569057

MyAccountingLab Online Course materials are required for this course. A student access kit is included in all books purchased from the HCC bookstore. Student Access kit and on line text may be purchased separately directly from the publisher.

Recommended but not required:

Principles of Accounting 1 by Joel Lerner and James A. Cashin. Schaum’s Outline Series Fifth Edition


Three semester exams will be given during the term.  The final examm will be given during fianal exam week and is a comprehensive exam.  Students are expected to take all exams at the Howard Community College Test Center on campus.

if you have any questions or comments about this course, please send a message to eLearning.

Last updated on 16-May-14
© Howard Community College, 2000

Student Profile - Maribel