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ACC 101: Principles Of Financial Accounting

3 credits

Introduces both accounting and non-accounting majors to the principles and practice of accounting, including the preparation and use of financial statements. Other topics covered: cash, inventory valuation, accounting for receivables and payables, accounting for payroll, plant assets and intangibles, long-term liabilities, stockholders' equity, and cash flow analysis.

Learning Goals

Upon Completion of this course, the successful student will:- know the terminology of financial accounting- apply basic concepts in accounting to record business transactions- understand the need for and the preparation of a bank reconciliation statement- calculate and record the allowance for doubtful accounts, value of year-end inventory and cost of goods sold, and the depreciation expense and book value of plant assets.- prepare income statement and balance sheet for a small company- communicate the meaning of the different line items in a simplified set of financial statements- understand the importance of professional ethical issues involved in accounting

Sections Offered: Fall 2026

Sections Offered: Summer 2026, Summer I

Sections Offered: Spring 2026