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National College Credit Recommendation Service

Board of Regents  |  University of the State of New York

Center for Financial Training | Evaluated Learning Experience

Financial Accounting FACC201


49.75 hours (11 weeks).

Various; distance learning format.

April 2024 - Present. 

Instructional delivery format: 
Online/distance learning
Learner Outcomes: 

Upon successful completion of this course, students will be able to: discuss accounting as the language of business and the role of accounting information in making economic decisions; identify and discuss several professional organizations that play important roles in preparing and communicating accounting information; demonstrate how certain business transactions affect the elements of the accounting equation: Asset = Liabilities + Owners’ Equity; explain how the statement of financial position (balance sheet), income statement, and statement of cash flows relate to each other; identify the steps in the accounting cycle and discuss the role of accounting records in an organization; describe and prepare the four basic types of adjusting entries; use the financial statement information to evaluate profitability and liquidity; describe the objectives of cash management and internal controls over cash; explain the need for taking physical inventory; compute depreciation by the straight-line method and declining-balance method; define liabilities and distinguish between current and long-term liabilities; explain the advantages and disadvantages of organizing a business as a corporation; and account for cash dividends and stock dividends and explain the effects of these transactions on a company’s financial statements; explain the purposes and uses of a statement of cash flows.


Instruction is facilitated by an instructor who guides students through each lesson and is available to answer questions and provide feedback on assignments. Each week, students receive an assignment over the Internet that includes reading assigned chapter(s) from the textbook. Students complete a short assignment that is forwarded electronically to instructors or posted it to the electronic class Discussion Board while also taking a self-check test. Additionally, students collaborate with other students on some assignments using electronic discussion boards, chat rooms, and e-mail. The 11-week course requires a mid-term examination and final examination which are delivered electronically. Overall grades for the class are based on student performance on the weekly assignments, mid-term examination and the final examination. Major topics include Basic Financial Statements, the Accounting Cycle: capturing Economic Events; the Accounting Cycle: Accruals and Deferrals; the Accounting Cycle: Reporting Financial Results, Financial Assets; Inventories and the cost of goods sold.

Credit recommendation: 

In the associate/certificate degree category OR in the lower division baccalaureate/associate degree category, 3 semester hours in Business Administration, Accounting, Finance, Economics, Business Management (4/24).