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.
After completing this class, students should be able to:
- 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