Equivalency Details

This course is the analysis and interpretation of basic accounting structure, systems, and controls applicable to various business entities. Students develop the ability to prepare and analyze the financial statements of sole proprietorships. This course provides an introduction to financial accounting, including generally accepted accounting principles, financial statement preparation, the accounting cycle, specialized journals, accounting for cash, accounts receivable, sales, inventories, and long-lived assets. Both service and retail businesses will be discussed. Only one of the following: ACCT100 or ACCT101 may be applied to a degree. ACCT100 cannot be used as a substitute for ACCT101. Also available through Online Learning.

Familiarizes students with a basic understanding of generally accepted accounting principles (GAAP) and its applications. Includes accounting fundamentals, accounting for assets, liabilities and ownership interests, and analysis of accounting data. For non-accounting majors only. Three hours lecture per week.