Course Summary
Credit Type:
ACE Course Number:
Organization Course Number:
Self-paced. 14 weeks (75 hours)
Dates Offered:
Credit Recommendation & Competencies
Level Credits (SH) Subject
Lower-Division Baccalaureate 3 Financial Accounting or Principles Of Accounting I


The course objective is to introduce students to the accounting framework, concepts, and tools that support the communication and development of accounting information and economic decision making.

Learning Outcomes:

  • Upon completion of the course, the student will be able to prepare, understand and analyze the four basic financial statements
  • Define and apply the basic accounting equation
  • Understand the steps and process of the accounting as well as the year end closing cycle
  • Record debits and credits, and account for receivables
  • Make merchandising transactions and value inventory
  • Explain and use the principles of the accrual and deferred methods of accounting
  • Understand the practice of cash accounting and internal controls
  • And understand and handle long-term assets and liabilities and apply the concepts of the time value of money

General Course Topics:

  • Financial accounting in the business environment
  • Using, preparing and analyzing financial statements
  • Analyzing and recording transactions and adjustments in the accounting cycle
  • Using the cash, accrual and deferral methods of accounting
  • Accounting for merchandising operations
  • Inventory costing, valuation and management
  • Accounting for accounts and notes receivable
  • Cash management and internal controls
  • Reporting for long-term assets, current liabilities and long-term notes payable
  • Accounting for bonds and the time value of money
Instruction & Assessment

Instructional Strategies:

  • Audio Visual Materials
  • Computer Based Training
  • Practical Exercises

Methods of Assessment:

  • Examinations
  • Quizzes

Minimum Passing Score:

Supplemental Materials

Other offerings from StraighterLine