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.

This course provides an introduction to the objectives, principles, assumptions and concepts of financial accounting. It focuses on procedures and practices from the accounting cycle through financial statement presentation with an emphasis on recognizing, valuing, reporting, and disclosing assets, liabilities, and equity. This course presumes no previous accounting knowledge.