ACCT 101 - Practical Accounting

Credits: 5
LEC hours per week: 5
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:

Define the fundamental accounting equation.
Compute financial transactions.
Record financial transactions.
Perform the steps taken to complete the accounting cycle.
Determine when to use special journals and subsidiary ledgers.
Prepare financial statements.
Explain the purpose of each financial statement.
Analyze financial statements to determine an organization’s financial state.
Discuss the importance of cash management and Internal Controls.
Explain the relationship of ethics to financial accounting.

Course Topics:

Basic accounting principles
Analyzing Transactions
Matching concept and the adjusting process
Completing the Accounting Cycle
Accounting systems and Internal Control
Inventories
Risk Management
Management of Business Entities