# Financial Accounting I (ACCA105) Course Overview
> Learn the fundamentals of GAAP, the accounting cycle, and financial statement preparation for sole proprietorships and merchandising operations.

Tags: financial-accounting, accounting-cycle, gaap, business-education, financial-statements, bookkeeping, merchandising-operations
## Financial Accounting I (ACCA105)
- **Course Credit:** 3 Credits
- **Prerequisites:** None
- **Overview:** Introduction to Generally Accepted Accounting Principles (GAAP) for preparing Income Statements, Statements of Owner's Equity, and Balance Sheets.

## Learning Objectives
- Apply GAAP to the full accounting cycle.
- Record transactions for service and merchandising enterprises.
- Post to journals/ledgers and reconcile control accounts.
- Perform adjusting entries, worksheets, and trial balances.
- Account for cash, receivables, inventories, and long-term assets.

## Course Content Structure
- **Unit I: Accounting Information:** Purpose of accounting, business organizations, and the accounting equation.
- **Unit II: The Accounting Cycle:** Recording transactions, double-entry systems, journalizing, and financial measurement.
- **Unit III: Merchandising Operations:** Inventory systems (periodic vs. perpetual), purchases, and sales.
- **Unit IV: Special-Purpose Journals:** Sales, purchases, cash receipts, and cash payments journals.
- **Unit V: Financial Reporting:** Multi-step income statements and classified balance sheets.
- **Further Topics:** Inventories, Current Assets/Liabilities, and Long-Term Assets.
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