ESSEX COUNTY COLLEGEACADEMICS · ADMISSIONS · FINANCIAL AID · CAMPUS LIFE · ATHLETICS · APPLY NOW · DIRECTORY · CALENDAR · NEWS

ACC 101 PRINCIPLES OF ACCOUNTING I

ACC 101Principles of Financial Accounting

Course Outline

Course Number & Name:  ACC 101 Principles of Financial Accounting

Credit Hours:  4.0             Contact Hours:  4.0          Lecture:  4.0       Lab:  N/A             Other:  N/A

Prerequisites:  Grades of “C” or better in ENG 085 and MTH 086

Co-requisites:  ENG 096                                                                Concurrent Courses:  None

Course Description: The principles of Financial Accounting are introduced by the study of the accounting cycle for service and merchandise companies.  Emphasis is on analyzing transactions, summarizing them through the use of the general ledger and reporting the results through the preparation of financial statements for use by the internal and external decision makers such as stockholders, trade creditors, banks, unions and government agencies.  The fundamentals of accounting for inventories, accounts receivable, fixed assets, long-term liabilities, internal control, and corporate entities are stressed.

Course Goals: Upon successful completion of this course, students should be able to do the following:

  1. analyze business transactions and prepare financial statements in good form using Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS);
  2. utilize all the steps in the accounting cycle as a means of processing relevant business information;
  3. apply methodologies in accounting for internal controls, merchandise inventory, accounts receivable, and plant assets;
  4. properly prepare transactions for Bonds Payable;
  5. explain basic accounting ethics; and
  6. utilize technology to complete solutions to accounting problems and prepare financial statements on the computer.