ACCT 101 - Practical Accounting I

5 CR

Introduces the use of journals and ledgers for reporting business transactions. Students learn periodic adjustments, closing procedures, and preparation of financial statements. Not recommended for students transferring to four-year baccalaureate degree programs. Most four-year universities do not accept this course for credit towards baccalaureate degree requirements.

Course Outcomes

Evaluate the fundamental accounting equation
Compute and record financial transactions
Discuss the importance of cash management and Internal Controls
Prepare and analyze financial statements
Explain the steps taken to complete the accounting cycle
Describe the need and use of special journals and subsidiary ledgers
Discuss the relationship of ethics to financial accounting

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