ACC 101 - Accounting Principles I
Basic principles of financial accounting for the business enterprise with emphasis on the valuation of business assets, measurement of net income, and double-entry techniques for recording transactions. Introduction to the cycle of accounting work, preparation of financial statements, and adjusting and closing procedures.
Prerequisite(s):TRS 094 or MTH 130, either with a grade of C or better OR MCC Level 4 Mathematics Placement OR equivalent.
Course Learning Outcomes
1.Perform each step of the accounting cycle for a service business or merchandising operation.
2.Apply key internal control procedures.
3.Perform basic financial analysis.
4.Explain how to account for balance sheet elements such as cash, inventories, receivables, plant assets, intangible assets or liabilities.
Course Offered Fall, Spring