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National College Credit Recommendation Service

Board of Regents  |  University of the State of New York

National Paralegal College | Evaluated Learning Experience

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Principles of Accounting (ACC-101)

Course Category: 
Accounting, Business, and Finance - National Paralegal College
Length: 

Version 1 and 2: Varies; self-study format. 

Location: 
Various, distance learning format.
Dates: 

Version 1: March 2008 -  February 2018. Version 2: March 2018 - Present.

Instructional delivery format: 
Online/distance learning
Learner Outcomes: 

Version 1 and 2: Upon successful completion of this course, students will be able to: explain characteristics of an account; apply the basic framework for recording transactions; distinguish between accrual and cash basis accounting; explain how the matching concept relates to accrual basis accounting; describe the basic principles of accounting systems; apply alternative methods of inventory valuation; define plant assets and describe the accounting for their cost; compute depreciation on related fixed assets; apply key financial accounting ratios used to describe characteristics of financial reports; describe and apply basic financial accounting concepts and principles; analyze financial statements; and utilize ratio analysis in the decision making process.

Instruction: 

Version 1 and 2: Students are introduced to the field of financial accounting, focusing on learning Generally Accepted Accounting Principles (GAAP) which teach students how to record and present financial information in a meaningful way. Additionally, students learn how to properly record a business transaction and prepare a financial statement according to GAAP. Other topics include: worksheets, adjusting and closing entries, special purpose journals, posting process, accounting for merchandising businesses, importance of internal controls and ethics, proper accounting for short-term investments, notes and accounts receivable, various inventory costing methods, and proper handling of long-term assets. Evaluation criteria include: required readings, essay assignments, class participation, and final exam.

Credit recommendation: 

Version 1: In the lower division baccalaureate/associate degree category, 3 semester hours in Accounting or Business (1/13). Version 2: In the upper division baccalaureate degree category, 3 semester hours in Principles of Accounting, Financial Accounting, or Introduction to Accounting (3/18 revalidation). 

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