ACT 101 - Applied Accounting

3 Credit(s)

This course introduces the accounting cycle. Basic concepts covered include double-entry bookkeeping and examination of basic financial reports such as the balance sheet, statement of owner’s equity and income statement, emphasis on cash receipts, cash disbursements, accounts receivable, and accounts payable. Some assignments utilize general ledger accounting software. ACT 101 is intended to be the first accounting course for students who have not taken high school accounting or have no accounting experience. It is the “encouraged” prerequisite course for Financial Accounting I (ACT 110).