Accounting I focuses on basic accounting principles and how they function in normal business operations. Students learn to identify and use Generally Accepted Accounting Principles (GAAP), ledgers and journals, and steps of the accounting cycle. The course also introduces bank reconciliation methods, balance sheets, financial statements, assets and liabilities, and equity, and discusses the issue of business ethics.

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ACC101 eTextbook (a $164 value) +$0.00

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Accounting I

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Accounting I

Course Content from McGraw-Hill

Course Number: ACC101 Download Course Syllabus

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Self Paced
Accounting
Content by McGraw-Hill

Online Course

Accounting I +$59.00

eTextbook

ACC101 eTextbook (a $164 value) +$0.00

Proctoring

Proctoring +$0.00

Tutoring (included)

Credits 3

Plus Membership [?]

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Course Objectives

After completing this course, students will be able to:

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.
Explain the purpose of and prepare entries for the purchase order journal and accounts payable (A/P) ledger.
Identify the fundamental principles of an accounting information system.

Topic	Lesson Topic	Subtopics	Objectives
1	Accounting for Business Today	The Purpose and Use of Financial Information Generally Accepted Accounting Principles (GAAP) Business Ethics Careers in Accounting	Describe the users of accounting information, their informational needs, and the people responsible for providing this information. Explain why ethics and personal integrity are important issues in the practice of accounting. Review the importance of GAAP in relation to various standard bodies, including the SEC, FASB, and IASB.
2	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	List the steps in the accounting cycle. Describe the various source documents required for processing an accounting transaction. Explain the processes of journalizing and posting. Outline the process of balancing and its importance. List the different stages of a trial balance. Outline the process of entering adjustment entries to journals. Identify different financial statements that can be completed at the end of an accounting cycle. Describe the process of closing accounts and explain why it is important.
3	Financial Statements	Fundamental Accounting Equation Income Statements Statement of Owner's Equity Balance Sheet Financial Statements	Define assets, liabilities, and equity. State the fundamental accounting equation. Explain the elements of an income statement, and explain its purposes and uses. Define the elements of a statement of owner's equity (SOE,) and explain its purposes and uses. List and explain the elements of a balance sheet, and explain their purposes and uses.
4	Journalizing and Posting Transactions	Double-entry Accounting Debits and Credits Using T-accounts Entering and Analyzing Transactions Preparing a Trial Balance	Define the terms debit and credit. Understand the role of double-entry bookkeeping in journalizing and posting transactions. Record and analyze transactions using T-accounts while maintaining the integrity of the accounting equation. Post and analyze transactions using ledgers and journals. Explain the importance and purpose of a trial balance.
5	Preparing Adjusting Entries	Accrual Versus Cash Basis of Reporting Recognition and Matching Principles Journalizing and Posting Adjusting Entries Prepaid Expenses and Unearned Revenue	Compare and contrast accrual and cash basis reporting methods in relation to the accounting period principle. Explain the importance of revenue recognition and the matching principle. Identify various types of adjusting entries for accruals, and describe how accounts are adjusted. Record adjusting entries for prepaid expenses and unearned revenue.
6	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	Understand and complete an adjusted trial balance. Prepare financial statements from an adjusted trial balance. Explain the closing process including the use of temporary and permanent accounts and record closing entries. Create a post-closing trial balance. Name the steps in the accounting cycle. Describe the classification structure and categories. Prepare a classified balance sheet.
7	Assets: Cash and Controls	Cash Transactions Establishing Internal Controls Cash Receipts and Disbursements Reconciling the Bank Statement	Identify the various types of cash transactions including receipts and disbursements. Explain the purpose and use of a petty cash fund. Describe the purposes, principles, and limitations of limitations of internal controls. Identify the major guidelines and internal measures for controlling cash receipts and disbursements. Perform a bank reconciliation.
8	Assets: Sales and Receivables	Sales Journal and Accounts Receivable Ledger Recognizing Accounts Receivable Sales Returns and Allowances Accounting for Bad Debts	Explain the purpose of the sales journal and the Accounts Receivable ledger and post entries to both. Describe how accounts receivable are recognized and valued. Record transactions for different types of credit sales. Record transactions for sales allowances and returns. Describe how to estimate bad debt expense. Post adjusting entries using the percent of sales, percent of A/R, and aging of A/R methods.
9	Assets: Inventory Valuation	Accounting for Inventory: Physical Count, Costs, and Controls Inventory Closing Methods Valuing Inventory and Lower of Cost or Market (LCM)	Describe the physical elements, controls, and costs that make up inventory valuation. Explain inventory closing. Calculate the cost of inventory using the specific identification, first-in first-out, last in-first out, or weighted average method. Determine the value of inventory using the Lower of Cost or Market method.
10	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	Record the costs associated with the acquisition of property, plant, and equipment. Account for subsequent improvements of property, plant, and equipment. Define the term depreciation, and utilize particular methods to record depreciation expense. Record the appropriate entries for the disposal of plant, property, and equipment for a realized gain or loss. Explain the procedures for acquiring and accounting for natural resources. Identify the procedures for acquiring and accounting for intangible assets.
11	Liabilities: Purchasing and Payables	Purchasing and the A/P Ledger Recording Account Payables Purchase Returns and Allowances	Explain the purpose of and prepare entries for the purchase order journal and the accounts payable (A/P) ledger. Describe how accounts payable are recognized and valued, and then record transactions for different types of payables. Analyze and record transactions for returns and allowances.
12	Liabilities: Notes Payable and Other Current Liabilities	Classifying Current Liabilities Notes Payable Taxes Payable Accounting for Contingent Liabilities	Describe common types of liabilities, methods for estimating their values, and their implications for accounting purposes. Define short-term notes payable and demonstrate the ability to record journal entries for these transactions. Discuss how deferred taxes are accounted for and the journal entries that are required to account for these items. Explain how to account for contingent liabilities and the journal entries needed to record these liabilities.
13	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	Determine if a person is an independent contractor or an employee using various criteria. Compute wages payable for full-time, part-time, salaried, hourly, commission, and piece-rate employees. Demonstrate the ability to calculate payroll tax deductions and liabilities including vacation, health, and pension-related transactions. Describe the responsibilities for withholding and submitting payroll taxes to the federal government.
14	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	Identify the fundamental principles of an accounting information system. Describe the components of an accounting information system. Explain the need for special journals and how to post to and from these journals. Explain the use of subsidiary ledgers in an accounting system. Explain the impact of technology on small, mid-size, and large companies' accounting systems.
15	Review	Course Review	None

There are no prerequisites to take Accounting I.

The required eTextbook for this course is included with your course purchase at no additional cost. More information on StraighterLine eTextbooks

Prefer the hard copy? Simply purchase from your favorite textbook retailer; you will still get the eTextbook for free.

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

If you have chosen a Partner College to award credit for this course, your final grade will be based upon that college's grading scale. Only passing scores will be considered by Partner Colleges for an award of credit. There are a total of 1000 points in the course:

Topic	Assessment	Points
4	Graded Exam 1	125
7	Graded Exam 2	125
7	Midterm Exam	200
10	Graded Exam 3	125
14	Graded Exam 4	125
15	Final Exam	300
Total		1000

8/31/14 by mabamov5

The course was delivered in a very informative way. Especially, Power Point presentations and topic tacklers were extremely useful. All exams, including final were open book exams which means you don't have memorize all formulas, but you have to understand concepts behind them to come into a correct decision for a problem.

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8/28/14 by b.vance220

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8/19/14 by fish_bones

The only difficulty with this course is that there were not any graded assignments to determine if worksheets, etc. were being correctly determined. However, the tests did not require any of these worksheets, so I guess it all balances in the end.

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6/14/14 by r.collazo

It was good.

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6/7/14 by asaelarad1

not bad

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6/5/14 by dthompkins07

Very convienient

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6/4/14 by joc5255

Interesting accounting course.

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9/26/13 by ecapponi

Very poor. There are blatant errors in the course materials. Inappropriate media mixed in such as a discussion on notes in the section on payroll.

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9/5/13 by bmp.408

Straighterline is awesome!

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8/28/13 by straighterline

Fairly simple, all of the course work is easy to understand and the tests are well designed. Each lesson does however widely vary in length.

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8/27/13 by mishakarb

Fairly straight-forward lessons with helpful book and online exercises.

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8/20/13 by crossja3

It was clear instructions.

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8/15/13 by jen.r.henke

This course is easy to understand and comprehend. With the book you have lots of activities to practice your accounting knowledge and helps you understand accounting.

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8/12/13 by davidderuiter

Number of test questions ok Length of time for questions ok. Overall course decent.

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8/9/13 by whitneyfiles

This course can be useful for those who have a limited amount of time and money to complete a basic accounting course, but there are numerous errors in the course material and the phrasing/wording of test questions is poor - improper use of grammar, etc. making it difficult for the student to understand what is being asked. Overall not recommended.

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8/7/13 by illneverforgetu

Simple, easy to follow along.

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7/30/13 by charlesbjonesjrla

I have taken accounting courses in traditional classroom setting, so I kind of knew what to expect from an introductory accounting course. I was extremely pleased with the content in the course. It covers everything that you would find in a traditional college course.

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7/29/13 by ballyn

The course was okay, a little disorganized in the beginning

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7/18/13 by ephyu527

There were some glitches in the course but overall, it was nice being able to take it from home whenever I wanted.

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7/4/13 by rmanyika91

Great course. Online courses are what you make of them but if you read the material and take notes you can really learn a lot.

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5/19/13 by vilarmaddy

it's self paced

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5/4/13 by rachelep

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5/4/13 by rachelep

All you need before taking this course is basic math skills. They teach you the fundamentals of accounting and define every important term. The "games and activities" are awesome in solidifying the new vocabulary.

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4/20/13 by swim1champ

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2/14/13 by cek3093

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2/8/13 by bwwlhg

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1/14/13 by Lili4christ

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12/15/12 by larry.lopez2

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12/4/12 by orawal

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11/22/12 by lanetstf

Easy to use and understand

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11/14/12 by kylehausam

Great refresher

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11/14/12 by srosenfeld184

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11/14/12 by srosenfeld184

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11/13/12 by jonathanwalmorgan

I appreciate the set ups and clear outlines for what was going to be covered in each topic.

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11/13/12 by hargers1980

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11/13/12 by hargers1980

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11/8/12 by lanetstf

Easy to use and understand

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10/27/12 by klobo755

I enjoyed the study guides.

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10/20/12 by kylehausam

Great refresher

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10/17/12 by jonathanwalmorgan

I appreciate the set ups and clear outlines for what was going to be covered in each topic.

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9/22/12 by kayfhill

I liked going at my own pace.

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9/7/12 by kemannarelli

I liked that I could complete this course at my own pace.

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9/6/12 by klobo755

I enjoyed the study guides.

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8/26/12 by anonymous

I liked that is was clear and direct

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8/20/12 by gspatola

I liked that it was self paced

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8/19/12 by grinsteadjoe

I liked that it was self paced

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8/19/12 by straighterline

I liked that it was self paced

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8/9/12 by paulwouattara

I liked that the course materials are well aligned with the textbook contents.

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7/29/12 by mcneil.ethan

I liked the layout of the lessons and the fact that you could stop in the middle of a lesson and then resume later if needed.

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7/26/12 by sarah_ann_hud

I liked the ability to go as quickly or as slowly as needed while studying.

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6/15/12 by kayfhill

I liked going at my own pace.

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6/2/12 by airmax_jordan

I liked how you can read the essay subject while you are writing your essay.

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5/24/12 by singnsave

I liked the online interactive course of study.

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5/11/12 by kemannarelli

I liked that I could complete this course at my own pace.

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5/9/12 by rachellebogart

I liked the review activities. I felt they were very helpful in learning the course.

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4/28/12 by methibosheth

I liked the topic tacklers best because they summarized the information very well. The exercises they contained were very helpful for mastering the concepts.

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4/23/12 by lilgrazie

I liked the way the course was structured, with the lesson presentations followed by exams.
The SMARTHINKING tutors were also very beneficial.

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4/14/12 by anonymous

I liked that is was clear and direct

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4/10/12 by melissa.adolph

I love to be able to work as fast or as slow as I need to, especially with 2 children. I love that I can work most of the day and not have to do anything if I don't have time in the evening. I can spend the evenings with my children and work in and around their demands. I also love the funny stories.

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4/4/12 by cg

I loved the review games at the end of each topic because they not only reinforced the key terms, they were fun to complete!

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3/29/12 by gspatola

I liked that it was self paced

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3/28/12 by grinsteadjoe

I liked that it was self paced

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3/27/12 by straighterline

I liked that it was self paced

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3/3/12 by paulwouattara

I liked that the course materials are well aligned with the textbook contents.

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2/19/12 by steve.federico

second set of tests more closely aligned with material presented

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2/8/12 by mcneil.ethan

I liked the layout of the lessons and the fact that you could stop in the middle of a lesson and then resume later if needed.

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2/4/12 by uksas12

The course seemed to focus on key topics.

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1/31/12 by sarah_ann_hud

I liked the ability to go as quickly or as slowly as needed while studying.

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1/16/12 by aankoop

The on-line course was comprehensive enough to allow me to pass this course without textbook.

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1/3/12 by bluk30

The tests are well presented and relevant.

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1/1/12 by joshuaallen

The thoroughness of the course was much appreciated. I feel prepared to take more advanced accounting classes and that this course was an effective overview of accounting theory and practice.

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12/31/11 by supera1948

The topic tackler was very helpful following the lesson.

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12/30/11 by houdini366

The tutorials provided by straighterline helped me learn the principles in a way I never experienced in a classroom setting

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12/19/11 by FLOYDDELL.WILSON3

WORK AT YOUR OWN PACE

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11/28/11 by mcvittiethomas

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11/28/11 by parulb26

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9/3/11 by singnsave

I liked the online interactive course of study.

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7/30/11 by rachellebogart

I liked the review activities. I felt they were very helpful in learning the course.

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7/5/11 by methibosheth

I liked the topic tacklers best because they summarized the information very well. The exercises they contained were very helpful for mastering the concepts.

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Overall Rating

6/24/11 by lilgrazie

I liked the way the course was structured, with the lesson presentations followed by exams.
The SMARTHINKING tutors were also very beneficial.

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5/23/11 by melissa.adolph

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5/10/11 by cg

I loved the review games at the end of each topic because they not only reinforced the key terms, they were fun to complete!

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Overall Rating

1/24/11 by steve.federico

second set of tests more closely aligned with material presented

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Overall Rating

12/18/10 by uksas12

The course seemed to focus on key topics.

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Overall Rating

11/4/10 by aankoop

The on-line course was comprehensive enough to allow me to pass this course without textbook.

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Overall Rating

10/5/10 by bluk30

The tests are well presented and relevant.

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Overall Rating

9/29/10 by joshuaallen

The thoroughness of the course was much appreciated. I feel prepared to take more advanced accounting classes and that this course was an effective overview of accounting theory and practice.

Content Rating
Overall Rating

9/28/10 by supera1948

The topic tackler was very helpful following the lesson.

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Overall Rating

9/24/10 by houdini366

The tutorials provided by straighterline helped me learn the principles in a way I never experienced in a classroom setting

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Overall Rating

8/29/10 by FLOYDDELL.WILSON3

WORK AT YOUR OWN PACE

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8/28/10 by aelitzer

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8/27/10 by altea85

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8/26/10 by angelam

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Course Objectives

After completing this course, students will be able to:

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.
Explain the purpose of and prepare entries for the purchase order journal and accounts payable (A/P) ledger.
Identify the fundamental principles of an accounting information system.

Topic	Lesson Topic	Subtopics	Objectives
1	Accounting for Business Today	The Purpose and Use of Financial Information Generally Accepted Accounting Principles (GAAP) Business Ethics Careers in Accounting	Describe the users of accounting information, their informational needs, and the people responsible for providing this information. Explain why ethics and personal integrity are important issues in the practice of accounting. Review the importance of GAAP in relation to various standard bodies, including the SEC, FASB, and IASB.
2	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	List the steps in the accounting cycle. Describe the various source documents required for processing an accounting transaction. Explain the processes of journalizing and posting. Outline the process of balancing and its importance. List the different stages of a trial balance. Outline the process of entering adjustment entries to journals. Identify different financial statements that can be completed at the end of an accounting cycle. Describe the process of closing accounts and explain why it is important.
3	Financial Statements	Fundamental Accounting Equation Income Statements Statement of Owner's Equity Balance Sheet Financial Statements	Define assets, liabilities, and equity. State the fundamental accounting equation. Explain the elements of an income statement, and explain its purposes and uses. Define the elements of a statement of owner's equity (SOE,) and explain its purposes and uses. List and explain the elements of a balance sheet, and explain their purposes and uses.
4	Journalizing and Posting Transactions	Double-entry Accounting Debits and Credits Using T-accounts Entering and Analyzing Transactions Preparing a Trial Balance	Define the terms debit and credit. Understand the role of double-entry bookkeeping in journalizing and posting transactions. Record and analyze transactions using T-accounts while maintaining the integrity of the accounting equation. Post and analyze transactions using ledgers and journals. Explain the importance and purpose of a trial balance.
5	Preparing Adjusting Entries	Accrual Versus Cash Basis of Reporting Recognition and Matching Principles Journalizing and Posting Adjusting Entries Prepaid Expenses and Unearned Revenue	Compare and contrast accrual and cash basis reporting methods in relation to the accounting period principle. Explain the importance of revenue recognition and the matching principle. Identify various types of adjusting entries for accruals, and describe how accounts are adjusted. Record adjusting entries for prepaid expenses and unearned revenue.
6	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	Understand and complete an adjusted trial balance. Prepare financial statements from an adjusted trial balance. Explain the closing process including the use of temporary and permanent accounts and record closing entries. Create a post-closing trial balance. Name the steps in the accounting cycle. Describe the classification structure and categories. Prepare a classified balance sheet.
7	Assets: Cash and Controls	Cash Transactions Establishing Internal Controls Cash Receipts and Disbursements Reconciling the Bank Statement	Identify the various types of cash transactions including receipts and disbursements. Explain the purpose and use of a petty cash fund. Describe the purposes, principles, and limitations of limitations of internal controls. Identify the major guidelines and internal measures for controlling cash receipts and disbursements. Perform a bank reconciliation.
8	Assets: Sales and Receivables	Sales Journal and Accounts Receivable Ledger Recognizing Accounts Receivable Sales Returns and Allowances Accounting for Bad Debts	Explain the purpose of the sales journal and the Accounts Receivable ledger and post entries to both. Describe how accounts receivable are recognized and valued. Record transactions for different types of credit sales. Record transactions for sales allowances and returns. Describe how to estimate bad debt expense. Post adjusting entries using the percent of sales, percent of A/R, and aging of A/R methods.
9	Assets: Inventory Valuation	Accounting for Inventory: Physical Count, Costs, and Controls Inventory Closing Methods Valuing Inventory and Lower of Cost or Market (LCM)	Describe the physical elements, controls, and costs that make up inventory valuation. Explain inventory closing. Calculate the cost of inventory using the specific identification, first-in first-out, last in-first out, or weighted average method. Determine the value of inventory using the Lower of Cost or Market method.
10	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	Record the costs associated with the acquisition of property, plant, and equipment. Account for subsequent improvements of property, plant, and equipment. Define the term depreciation, and utilize particular methods to record depreciation expense. Record the appropriate entries for the disposal of plant, property, and equipment for a realized gain or loss. Explain the procedures for acquiring and accounting for natural resources. Identify the procedures for acquiring and accounting for intangible assets.
11	Liabilities: Purchasing and Payables	Purchasing and the A/P Ledger Recording Account Payables Purchase Returns and Allowances	Explain the purpose of and prepare entries for the purchase order journal and the accounts payable (A/P) ledger. Describe how accounts payable are recognized and valued, and then record transactions for different types of payables. Analyze and record transactions for returns and allowances.
12	Liabilities: Notes Payable and Other Current Liabilities	Classifying Current Liabilities Notes Payable Taxes Payable Accounting for Contingent Liabilities	Describe common types of liabilities, methods for estimating their values, and their implications for accounting purposes. Define short-term notes payable and demonstrate the ability to record journal entries for these transactions. Discuss how deferred taxes are accounted for and the journal entries that are required to account for these items. Explain how to account for contingent liabilities and the journal entries needed to record these liabilities.
13	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	Determine if a person is an independent contractor or an employee using various criteria. Compute wages payable for full-time, part-time, salaried, hourly, commission, and piece-rate employees. Demonstrate the ability to calculate payroll tax deductions and liabilities including vacation, health, and pension-related transactions. Describe the responsibilities for withholding and submitting payroll taxes to the federal government.
14	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	Identify the fundamental principles of an accounting information system. Describe the components of an accounting information system. Explain the need for special journals and how to post to and from these journals. Explain the use of subsidiary ledgers in an accounting system. Explain the impact of technology on small, mid-size, and large companies' accounting systems.
15	Review	Course Review	None