ACCT 101 Practical Accounting I • 5 Cr.
Introduces the use of journals and ledgers for reporting business transactions. Students learn periodic adjustments, closing procedures, and preparation of financial statements. For vocational business majors. Not recommended for students transferring to 4-year colleges. Recommended: BUS 145.
After completing this class, students should be able to:
Evaluate the fundamental accounting equation
Compute and record financial transactions
Discuss the importance of cash management and Internal Controls
Prepare and analyze financial statements
Explain the steps taken to complete the accounting cycle
Describe the need and use of special journals and subsidiary ledgers
- Discuss the relationship of ethics to financial accounting