This course introduces accounting principles with respect to financial reporting and demonstrates how decision makers use accounting information for reporting purposes. This course focuses on the preparation of accounting information and its use in the operation of organizations, as well as methods of analysis and interpretation of accounting information.

This course is designed to give the beginning business student a general understanding of the purpose of accounting, the capacity to perform basic accounting functions, and a working knowledge in financial statement preparation.

There are no prerequisites for entry into this course.

If you do well in this course, you will be able to:

1.1 Analyze business transactions and their effect on the accounting equation
1.2 Journalize and post daily transactions, adjusting and closing entries using the double-entry accrual basis accounting system
1.3 Prepare the income statement, statement of owner’s equity, and balance sheet from the adjusted trial balance
2.1 Explain the purpose, objective and principles of internal control
2.2 Illustrate the application of internal control to cash (receipts and disbursements) and other assets
2.3 Prepare bank reconciliation and the associated journal entries
3.1 Journalize the purchase and sale of inventory
3.2 Account for inventory and cost of goods sold using various cost flow assumptions
3.3 Compute the lower of cost or market
4.1 Account for bad debt
4.2 Account for notes receivable using accrual based accounting methods
5.1 Compute depreciation, depletion and amortization in accordance with acceptable accounting methods
5.2 Account for the life cycle of long-term operational assets
6.1 Account for current liabilities using accrual based accounting methods
6.2 Differentiate between current and long-term liabilities
7.1 Account for long-term liabilities using acceptable accounting principles to include bonds payable and installment notes
7.2 Calculate the amounts involved in accounting for long-term liabilities to include bond issue price, interest and redemption and installment note payments and interest
8.1 Account for corporate transactions with stockholders to include issuance of stock, dividends, repurchase of stock and stock splits
8.2 Prepare a statement of retained earnings and a statement of stockholders’ equity
9.1 Differentiate between operating, investing and financing activities as well as noncash investing and financing transactions
9.2 Prepare the statement of cash flows
10.0 Analyze financial statements to assess the liquidity, efficiency, solvency, market prospects and profitability of businesses

Your course grade will be determined according to the following assignments, points, and percentages:

Your final grade will be based on the following scale. Please note that you must pass BOTH exams 2 and 3 with a 60% or higher in order to pass the course, regardless of your scores on the other assignments.

There are 4 exams in this course.

Exam 1 and 4 can be taken independently via Connect Plus (accessed through this BlackBoard Course)

Exams 2 and 3 must be taken at a campus testing center (and will require an EXAM PASS) or through Proctor U

NOTE: Scratch Paper can NOT be used when taking the exam via ProctorU. If you wish to use scratch paper, you MUST attend a Campus Testing Center. No exceptions can be made.

You must pass both exams 2 and 3 in order to pass the course. Print out the Exam Pass and read the directions which follow in Taking Exams.

For Testing Center locations, hours of operation and policies, click here.

For information on taking exams outside of the metropolitan area, click here.

1. Use your web browser to connect to http://www.nvcc.edu/bbstart. Follow the directions to determine your email, Blackboard and VIVA account user names and passwords.
2. Access your email account and make sure you know how to use it; you will be required to use this account for all course-related email.
3. Log on to Blackboard at http://learn.vccs.edu.
4. Click on this course under "My Courses." Review the entire course to make sure you understand what will be required of you. Then start completing the assignments.

Please note that account generation takes approximately one week from the time of your paid registration. If you cannot log on after one week, contact the IT Help Desk. If you can log on to Blackboard, but your course isn't listed, please contact ELI or your instructor.