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RARITAN VALLEY COMMUNITY COLLEGE
FINANCIAL ACCOUNTING ACCT-101
I. Basic Course Information
A. Course Prefix and Title: ACCT-101 Financial Accounting
B. Date: February 2005
C. Sponsoring Department: Business and Public Service
F. Semester Credit Hours: 4
G. Weekly Contact Hours: 4 Lecture 4
Laboratory 0
H. Prerequisites: None
I. Laboratory Fees: None
II. Catalog Description
This course explores the basic structure and concepts of accounting. Accounting processes for
both service and merchandising enterprise, including the entire accounting cycle, are studied in
depth. Emphasis is placed on preparation of worksheets, adjusting and closing entries and
financial statements. Additional topics covered in detail are evaluation of inventories, deferrals
and accruals, methods of depreciation, bank reconciliations, shareholder equity, bonds and
payroll accounting.
III. Statement of Course Need
This introductory accounting course constitutes the foundation for all further study of
accounting. Students will become familiar with accounting terminology, the language
required to understand business communications. The course also satisfies the need for
presentation of accounting principles affecting sole proprietorship.
IV. Place of Course in College Curriculum
Required in: AS Business Administration; Business Administration MIS
AA General Business, Liberal Arts Option
AAS Business Management, Accounting, Marketing, Real
Estate, Office Administration
Free Elective
