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ACC 100 Fundamentals of Accounting
Credit Hours:  3
Effective Term: Fall 2017
SUN#: None
AGEC: None  
Credit Breakdown: 3 Lectures
Times for Credit: 1
Grading Option: A, B, C, D, F

Description: The basics of accounting for a small business with emphasis on recording transactions, posting to the general ledger, preparing financial statements, recording the payroll, accounting for inventory, and accrual accounting. Prerequisite or corequisite: RDG100.

Prerequisites: RDG100

Corequisites: RDG100

Recommendations: None

Measurable Student Learning Outcomes
1.(Evaluation Level) Accurately maintain accounting records and prepare financial statements for a sole-proprietorship in accordance with Generally Accepted Accounting Principles.
2.(Analysis Level) Analyze and record inventory transactions when a periodic inventory system is employed.
3.(Application Level) Accurately compute ending inventory utilizing common valuation methods (weighted-average, FIFO, LIFO).
4.(Application Level) Account for cash funds and prepare a bank reconciliation in good form.
5.(Evaluation Level) Determine effective internal controls for cash.
6.(Synthesis Level) Compile the payroll information and correctly prepare the payroll entry and the employer's payroll tax entry.
7.(Evaluation Level) Determine relevant information with regards to making specific business decisions.
8.(Application Level) Correctly compute depreciation for a plant asset using the straight-line method.
Internal/External Standards Accreditation