ACCT 101 - Financial Accounting

Number of Credits: 3
Examine the development of the accounting cycle; prepare financial statements; assess accounting methods for business organizations. Apply generally accepted accounting principles (GAAP) to understand inventory costing methods, internal control, accounts receivable, depreciation, liabilities, and stockholders’ equity. CLEP (Financial Accounting with a score of 50) accepted.
(Fall, Spring & Summer Only) Three hours lecture each week. Three Credits. Three billable hours.

Pre-requisite(s): eligibility for ENGL 101 plus exemption/completion of MAT 094, MAT 015, or MATH 113 .
Course Objectives: Upon successful completion of this course, students will be able to:
1. Define generally accepted accounting principles (GAAP).(PG1)
2. Document a full accounting cycle. (PG2)
3. Analyze merchandizing operations from an accounting
perspective. (PG2)
4. Explore aspects of accounting related to specific items on the
balance sheet and income statement.
5. Use accounting models to define, represent, and solve
mathematical problems. (PG5)
6. Analyze financial transactions. (PG2)