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National College Credit Recommendation Service

Board of Regents  |  University of the State of New York

National Tax Training School | Evaluated Learning Experience

Principles of Accounting I, Financial Accounting (ACC 101)


120+ hours.

Various; distance learning format.

January 2012 - December 2022.

Instructional delivery format: 
Online/distance learning
Learner Outcomes: 

Upon successful completion of the course, students will be able to: discuss the role of accounting in the business environment; apply the basic accounting equation; determine the proper debit or credit classification for an account or transaction; understand the accounting cycle; prepare journal entries, adjusting journal entries, and closing journal entries; understand and apply various inventory costing methods; define internal controls, and explain why they are important; prepare a bank reconciliation; account for accounts receivable, including uncollectible accounts; account for liabilities, including salaries, bonds payable, and long term/short term notes payable; account for equity transactions for a corporation; read, understand, and prepare a statement of cash flows; use financial statement information to  analyze company performance.


The course is offered in a distance learning format with instructor support, graded assignments, and a cumulative assessment. Topics include: accounting and business environment, recording transactions, adjusting process, the accounting cycle, merchandising operations, inventory, internal controls, receivables, plant assets and intangibles, current liabilities and payroll, long-term liabilities, classification of liabilities, corporations: paid-in capital; corporations: retained earnings, and statement of cash flows.   

Credit recommendation: 

In the lower division baccalaureate/associate degree category, 4 semester hours in Accounting, Financial Accounting, Principles of Accounting, or Business (1/12) (10/17 revalidation).