ACC1004 Intro Accounting
Introduction to accounting is a foundational course. The student will learn basic financial accounting principles and procedures. Accounting terminology will be covered. The student will analyze transactions, journal entries, worksheets, adjustments, and closing entries. This course also looks at bank reconciliations and petty cash processes.
You will expand your knowledge of basic accounting concepts. A knowledge of basic business transactions and how to record them will be attained. An overview of concepts such as notes payable, notes receivable, inventories, and ledgers will be acquired.
This course prepares the student in the theory and techniques of accounting. It provides a basic introduction to accounting. Students will investigate financial statements and the accounting cycle. By the end of this course, all students should:
- Identify, analyze and prepare entries for uncollectible Accounts Receivable.
- Apply the fundamental concepts of the accounting cycle.
- Demonstrate a basic understanding of terminology related to accounting through written communication.
- Explain how accounting transactions affect the accounting equation, income statement, statement of owner’s equity, and balance sheet.
- Identify, apply and analyze the valuation of Inventory.
- Produce professionally acceptable financial statements including Balance Sheets and Income Statements.
- Demonstrate proficiency in the application of the accounting cycle including entries in the General Journal and the General Ledger.
“A CLC award signifies that the student has attained the knowledge, (through either prior education or experience), equal to or greater than the student would have learned in a traditional college course.”
“Based upon your CLC award, physical classroom attendance is not required; however, you will be required to successfully pass a final exam for each course.”
Based upon your HESEAP Application, you have received full-CLC for this course; therefore, this is a test-out course which does not include traditional education on the subject.
USILACS wants to help you succeed. If you feel you need a little knowledge refresher or want to expand your knowledge on this subject, we recommend that you consider reviewing some of the vast online education resources and search topics below.
Thousands of FREE Online College Courses:
Search Topics: Publications/Videos/Papers
(The majority of the exam questions for this course are based upon information contained in the below search topics)
- Principles of Accounting, Volume 1 Financial Accounting https://openstax.org/details/books/principles-financial-accounting
- Accounting Principles https://www.youtube.com/watch?v=vABCnUzvFJw
- What is financial accounting? It’s critical information https://www.freshbooks.com/hub/accounting/financial-accounting#:~:text=Financial%20accounting%20is%20the%20process,the%20statement%20of%20retained%20earnings.
- Accounting basics. A guide to (almost) everything https://www.youtube.com/watch?v=yYX4bvQSqbo
Please note: USILACS is not the source of these links. Therefore we do not have control over the accessibility of the links. You may find that some links are no longer active. We therefore encourage you to copy and paste the title into Google or YouTube to find an alternative source. You are also welcome to email our academic team at firstname.lastname@example.org for assistance or to inform them of an inactive link so we can replace it with a new one.
Sometimes the links may invite you to download reference material into a PDF. Although we have been diligent in finding safe sources of information, we encourage you to be diligent in ensuring a download is safe on your device.
Although we are providing comprehensive study material, if you feel you require more, please copy and paste the topics and titles into Google and YouTube.
Tips for success
Remember, these exams are all open textbook. Meaning, you can keep your reference material open in other tabs to refer back to during your exam.
Some of the reference materials are large, extensive books with hundreds of pages. If you have a question on your exam that you want to find the answer to within the book, here’s a quick way of doing so:
Choose a keyword or phrase from the exam question. Go to the reference material. Press ‘Ctrl’ + ‘F’ on your keyboard. This will bring up a search bar. Type your keyword or phrase into the search bar and click search. This will show you all the locations that they appear in the reference material.