Course Summary
Credit Type:
ACE Course Number:
11 weeks (49.75 hours)
Dates Offered:
Credit Recommendation & Competencies
Level Credits (SH) Subject
Lower-Division Baccalaureate 3 Principles Of Accounting, Accounting For Managers, or Financial Accounting and Analysis


The course objective is to cover accounting terminology; the recording and classifying of financial transactions, including analyzing, journalizing, and posting; the preparation of the trial balance, work sheet and financial statements; a familiarization with handling of adjustments, bad debts, inventory and depreciation; and matters concerning sole proprietorship and partnership.

Learning Outcomes:

  • Demonstrate how certain business transactions affect the elements of the accounting equation: Asset = Liabilities + Owners' Equity
  • Explain how the statement of financial position (balance sheet), income statement, and statement of cash flows relate to each other
  • Identify the steps in the accounting cycle and discuss the role of accounting records in an organization
  • Describe and prepare the four basic types of adjusting entries
  • Describe the objectives of cash management and internal controls over cash
  • Explain the need for taking physical inventory
  • Compute depreciation by the straight-line method and declining-balance method
  • Define liabilities and distinguish between current and long-term liabilities
  • And explain the purposes and uses of a statement of cash flows
  • Upon completion of the course, the student will be able to discuss accounting as the language of business and the role of accounting information in making economic decisions
  • Identify and discuss several professional organizations that play important roles in preparing and communicating accounting information
  • Use the financial statement information to evaluate profitability and liquidity
  • Explain the advantages and disadvantages of organizing a business as a corporation
  • Account for cash dividends and stock dividends and explain the effects of these transactions on a company's financial statements

General Course Topics:

  • Basic financial statements, the accounting cycle, financial assets and liabilities, inventories and cost of goods sold, income and changes in retained earnings, and statement of cash flows
Instruction & Assessment

Instructional Strategies:

  • Case Studies
  • Discussion
  • Lectures
  • Practical Exercises

Methods of Assessment:

  • Examinations
  • Performance Rubrics (Checklists)
  • Written Papers

Minimum Passing Score:

Supplemental Materials

Other offerings from Center for Financial Training Atlantic & Central States, Inc.