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National College Credit Recommendation Service

Board of Regents  |  University of the State of New York

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Accounting 101: Financial Accounting

Length: 

30 hours (15 weeks).

Location: 
Various; distance learning format.
Dates: 

December 2013 - Present. 

Instructional delivery format: 
Online/distance learning
Learner Outcomes: 

Upon successful completion of the course, students will be able to: explain the purpose of accounting, generally accepted accounting principles, ethical accounting and technology in accounting; interpret balance sheets, income statements and cash flow statements, and understand how to prepare different financial statements and the auditing process; discover debits, credits, journal entries, the trial balance and how to determine a company's performance based on financial statement ratios; explain internal controls, safeguards and bank reconciliation; study accounts receivable, revenue recognition, the allowance method, notes receivable and disposing of receivables; define long-term operating assets, plant assets, the cost principle, acquisition of property, computing depreciation, natural resource assets and accounting for intangible assets; breakdown loans, equity investments, raising equity financing, corporations, stockholder's equity, common and preferred stock, accounting for stock and retained earnings; and distinguish the purpose and elements of financial statement analysis, standards for comparison, horizontal analysis, vertical analysis and financial ratio analysis; interpret financial ratios for companies, efficiency ratios, leverage ratios and issues with financial statement analysis.

Instruction: 

Major topics include: introduction to accounting; financial statements; mechanics of the accounting cycle; adjusting accounts and preparing financial statements; internal controls; merchandising operations and inventory; receivables; completing the operating cycle; long-term assets; current and long-term liabilities; reporting and analyzing equity; statement of cash flows; and financial statement analysis and interpretation.

Credit recommendation: 

In the lower division baccalaureate/associate degree category, 3 semester hours in Accounting I, Financial Accounting, or Principles of Accounting I (12/16) (4/22 revalidation). 

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