ACC 101 Financial Accounting I

Introduces the basics of accounting: accounting equation, transaction analysis and recording journal entries, accounting cycle, financial statements, matching concept, adjusting entries, closing entries, worksheets. Examines accounting concepts and procedures: cash, bank reconciliations, receivables, allowance method, estimation and pricing methods for inventories, plant assets and methods of depreciation, sole proprietorship, partnership and corporate forms of business organization including differences in presentation of equity sections for each; distributions and dividends.


3 credits


MAT 97 or higher or appropriate placement score.


Fall, Winter, Spring