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Accounting I
ACC101 | 3 Credits
Accounting I will give you an introduction to accounting concepts and how they apply to business. We’ll cover the accounting cycle, with a focus on journal transactions and financial statements. You’ll also learn inventory valuation methods, receivables, payroll, and the internal control concepts you need to apply accounting in your own career.
Professor: Dr. Becca Schwartz-Mette
About This Course
What You’ll Learn
Accounting I gives you an introduction to accounting concepts, including:
- Describing the purpose of accounting and explain its role in business.
- Recording business transactions using the accounting equation and financial statements.
- Demonstrating recording transactions in a general journal, posting to ledger accounts and preparing a trial balance.
- Demonstrating the steps involved in the accounting cycle.
- Preparing transactions and financial statements for a merchandising business.
- Determining the cost of inventory and the impact on financial statements using different costing methods.
- Applying Internal control concepts to cash and asset management.
- Determining the accounting practices for property, plant and equipment.
- Describing the details of liabilities and payroll reporting.
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WANT US TO CHECK?Course Details
Learn about accounting concepts and how they apply to business. Accounting I will cover the accounting cycle, with a focus on journal transactions and financial statements. You’ll also learn inventory valuation methods, receivables, payroll, and the internal control concepts you need to apply accounting in your business career.
ACE-Recommended
ACE Code:
OOSL-0009
Flexible Schedule
28-day average completion for all StraighterLine Courses
Business Courses Have Transferred 24,900 times
$1,900,000 Saved on Tuition
Prerequisites
There are no prerequisites to take Accounting I.
Course Text
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, 25th edition. McGraw Hill/Irwin, 2021. ISBN 9781260247985
Course Checkpoints
Accounting in Business
- Importance of Accounting
- Fundamentals of Accounting
- Business Transactions and Accounting
- Financial Statements
- Decision Analysis—Return on Assets
Analyzing and Recording Transactions
- Basis of Financial Statements
- Double-Entry Accounting
- Analyzing and Processing Transactions
- Trial Balance and Financial Statements
Adjusting Accounts for Financial Statements
- Timing and Reporting
- Deferral of Expense
- Deferral of Revenue
- Accrued Expense
- Accrued Revenue
- Trial Balance and Financial Statements
- Decision Analysis—Profit Margin
Completing the Accounting Cycle
- Work Sheet as a Tool
- Closing Process
- Accounting Cycle
- Classified Balance Sheet
- Decision Analysis—Current Ratio
Accounting for Merchandising Operations
- Merchandising Activities
- Merchandise Purchases
- Merchandise Sales
- Adjusting and Closing for Merchandisers
- Multiple-Step Income Statement
- Single-Step Income Statement
- Classified Balance Sheet
- Decision Analysis—Acid-Test and Gross Margin
- Ratios
Inventories and Cost of Sales
- Inventory Basics
- Inventory Costing under a Perpetual System
- Valuing Inventory at LCM and Inventory Errors
- Decision Analysis—Inventory Turnover and Days’
- Sales in Inventory
Accounting Information Systems
- System Principles
- System Components
- Special Journals and Subsidiary Ledgers
- Sales Journal
- Cash Receipts Journal
- Purchases Journal
- Cash Payments (Disbursements) Journal
- Technology-Based Accounting Systems
- Decision Analysis—Days’ Payable Outstanding
Cash, Fraud, and Internal Control
- Fraud and Internal Control
- Control of Cash
- Banking Activities as Controls
- Decision Analysis—Days’ Sales Uncollected
Accounting for Receivables
- Valuing Accounts Receivable
- Direct Write-Off Method
- Allowance Method
- Estimating Bad Debts for Allowance Method
- Notes Receivable
- Decision Analysis—Accounts Receivable Turnover
Plant Assets, Natural Resources, and Intangibles
- Cost Determination
- Depreciation
- Ordinary Repairs
- Betterments and Extraordinary Repairs
- Disposals of Plant Assets
Current Liabilities and Payroll Accounting
- Known Liabilities
- Payroll Liabilities
- Estimated Liabilities
- Contingent Liabilities
- Decision Analysis—Times Interest Earned Ratio
Assignments & Grading
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 Benchmarks
- 1 Final Exam
What You’ll Need
- A reliable computer or laptop
- Stable internet connection
- Web browser
- Basic computer skills
- Any required course materials
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Course Professor
Dr. Becca Schwartz-Mette
PhD
Dr. Rebecca Schwartz-Mette is Associate Professor of Psychology at the University at Buffalo (SUNY). She is a licensed clinical psychologist who provides assessment and intervention services to children, families, and adults. Her research focuses on the social context of adolescent psychopathology and training the next generation of psychologists.
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Real, human feedback to help you ace your assignments
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Real, human feedback to help you ace your assignments
Professional development assistance
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Professional development assistance
Faculty Connect portal
Resume-building resources
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Build the Skills for Your Business Career
Good business decisions begin with good, reliable accounting. Whether you plan to work as an entrepreneur or use your business skills in education or public service, accounting is a core competency that will help you come to understand how the organization is performing so you can avoid problems and make more strategic decisions.
Why it matters:
- Business and financial jobs are growing fast, projected to add 1.7 million new jobs between 2023–2033.
- Business is a great career choice for those driven by growth and innovation.
In-demand careers in this field include:
Accountant, Financial Analyst, Marketing Specialist, Human Resources Coordinator, Project Manager, Business Operations Associate, Supply Chain Analyst, Sales Representative, and Entrepreneur.
How this course sets you up for success:
Accounting is an important skill, even if you don’t plan to work in accounting or finance. Learning the basics gives you a practical path towards a business career with above-average pay and real-world impact. Get started with Accounting I.
Course included in Unlimited Plans
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