ACC101 — Financial Accounting 4 Hours
This course presents accounting as an information system that produces summary financial statements primarily for users external to a business enterprise organized as a corporation. Students study the forms of business organization and the common transactions entered into by businesses. The emphasis is on understanding and applying basic accounting principles and other concepts that guide the reporting of the effect of transactions and other economic events on the financial condition and operating results of a corporation. The procedures of how to analyze and interpret historical financial statements as well and the limitations of using these in making forward-looking business decisions is included. The primary content emphasis will be accounting for current assets and liabilities long-term assets and liabilities corporations cash flow statements and financial statement analyses. 2026 - 2027 115 Programs ELA Placement: ELA 099 Requirement Prerequisite: None Semester Hour(s): 4 hour(s) Lecture / Lab Hours: 4 lec/week Illinois Articulation Initiative (IAI): BUS 903