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).

Course Type: Combo
Tuition Tier: Base
Delivery Method:
In-Person, Online
Course Learning Outcomes:
CLO 1) Students will write the definition of accounting and list the main steps of the accounting cycle.
CLO 2) Students will complete the required transactions for an entire accounting cycle for a service business and a merchandising business.
CLO 3) Students will use a computer to record basic business transactions and print a set of financial statements.
CLO 4) Students will prepare a worksheet for a small business.
CLO 5) Students will use information on a worksheet or trial balance to prepare the financial statements for a small business.
CLO 6) Students will prepare bank reconciliation in proper form.