Accounting I

Accounting I focuses on the basic accounting principles and function for a business. Learn to identify and use Generally Accepted Accounting Principles (GAAP), among other important job skills.

What you’ll learn

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Accounting I

$79

Plus membership

3 Credits

All courses include:

eTextbooks

2 to 3-day turnaround for grading

Multiple chances to improve your grade

On-demand tutoring & writing center

Student support 7 days a week

$79

Plus membership

3 Credits

All courses include:

eTextbooks

2 to 3-day turnaround for grading

Multiple chances to improve your grade

On-demand tutoring & writing center

Student support 7 days a week

Accounting I

$79

Plus membership

3 Credits

About This Course

|
ACE Approved 2021

Accounting I focuses on the basic accounting principles and function for a business. Learn to identify and use Generally Accepted Accounting Principles (GAAP), ledgers and journals, and the steps of the accounting cycle.

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What You'll Learn

Identify and apply Generally Accepted Accounting Principles (GAAP).

Apply the steps of the accounting cycle.

Post and analyze transactions using ledgers and journals.

Record adjusting entries for prepaid expenses and unearned revenue.

Complete an adjusted trial balance.

Perform a bank reconciliation.

Explain the purpose of the sales journal and the Accounts Receivable ledger and post entries to both.

Record the costs associated with the acquisition of property, plant, and equipment.

Identify the fundamental principles of an accounting information system.

Assess the various methods used to understand natural phenomena and the human impact on it, and analyze the steps taken to protect the environment.

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Course Details

ACC101

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Accounting I

This online college credit course introduces you to bank reconciliation methods, balance sheets, financial statements, assets and liabilities, and equity. You will also learn about business ethics.

Prerequisites

There are no prerequisites to take Accounting I.

Topic Subtopics
Accounting for Business Today
  • The Purpose and Use of Financial Information
  • Generally Accepted Accounting Principles (GAAP)
  • Business Ethics
  • Careers in Accounting
Recording Business Information
  • The Accounting Cycle
  • Transactions
  • Journalizing the Transactions
  • Posting to the Ledger
  • The End of the Accounting Period
  • The Unadjusted Trial Balance
  • Adjusting Entries
  • The Adjusted Trial Balance
  • Financial Statements
  • Closing Journal Entries
  • Post-Closing Trial Balance
  • Overview of the Accounting Cycle
Financial Statements
  • Fundamental Accounting Equation
  • Income Statements
  • Statement of Owner’s Equity
  • Balance Sheet
  • Financial Statements
Journalizing and Posting Transactions
  • Double-entry Accounting
  • Debits and Credits
  • Using T-accounts
  • Entering and Analyzing Transactions
  • Preparing a Trial Balance
Preparing Adjusting Entries
  • Accrual Versus Cash Basis of Reporting
  • Recognition and Matching Principles
  • Journalizing and Posting Adjusting Entries
  • Prepaid Expenses and Unearned Revenue
The Accounting Cycle
  • Preparing the Adjusted Trial Balance
  • Calculating Net Income or Loss
  • Journalizing and Posting Closing Entries
  • Preparing the Post-closing Trial Balance
  • The Accounting Cycle and Classification Structure
Assets: Cash and Controls
  • Cash Transactions
  • Establishing Internal Controls
  • Cash Receipts and Disbursements
  • Reconciling the Bank Statement
Assets: Sales and Receivables
  • Sales Journal and Accounts Receivable Ledger
  • Recognizing Accounts Receivable
  • Sales Returns and Allowances
  • Accounting for Bad Debts
Assets: Inventory Valuation
  • Accounting for Inventory: Physical Count, Costs, and Controls
  • Inventory Closing Methods
  • Valuing Inventory and Lower of Cost or Market (LCM)
Acquisition of Property, Plant and Equipment
  • Acquisition of Property, Plant, and Equipment
  • Depreciation of Property, Plant, and Equipment
  • Disposition of Property, Plant, and Equipment
  • Accounting for Natural Resources
  • Accounting for Intangible Assets
Liabilities: Purchasing and Payables
  • Purchasing and the A/P Ledger
  • Recording Account Payables
  • Purchase Returns and Allowances
Liabilities: Notes Payable and Other Current Liabilities
  • Classifying Current Liabilities
  • Notes Payable
  • Taxes Payable
  • Accounting for Contingent Liabilities
Liabilities: Employee and Payroll Accounting
  • Employee versus Contractor
  • Recording Wages Payable
  • Accounting for Employee Benefits: Health, Pension, and Vacation
  • Legal Responsibilities: Federal Withholdings and Reporting
Accounting Information Systems
  • Foundation Principles for Accounting Information Systems
  • Elements of an Accounting Information System
  • Use of Special Journals in an Accounting Information System
  • Use of the Sales Journal in an Accounting Information System
  • Use of a Cash Receipts Journal in an Accounting Information System
  • Use of a Purchases Journal in an Accounting Information System
  • Use of a Cash Disbursements Journal in an Accounting Information System
  • Technology Solutions for Small, Mid-Sized, and Large Companies

Your score provides a percentage score and letter grade for each course. A passing percentage is 70% or higher.

Assignments for this course include 4 graded exams.


The required eTextbook for this course is included with your course purchase at no additional cost.


Wild, John J., and Ken Shaw. Fundamental Accounting Principles, 24th edition. McGraw-Hill/Irwin, 2019. ISBN 9781259916960


Accounting I students also take:

Accounting II

Managerial Accounting

Financial Accounting

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