- Course type: Self-paced
- Available Lessons: 121
- Average Lesson Length: 8 min
Eligible for Credit: Yes
Earn transferable credit by taking this course for credit.
Watch a preview:chapter 1 / lesson 1What is Financial Accounting? - Definition & Purpose
Course SummaryAccounting 201 has been evaluated and recommended for 3 semester hours and may be transferred to over 2,000 colleges and universities. With this self-paced course, you get engaging lessons, expert instructors who make even the most challenging accounting topics simple, and an excellent resource for getting a head start on your degree.
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Course Practice TestCheck your knowledge of this course with a 50-question practice test.
- Comprehensive test covering all topics
- Detailed video explanations for wrong answers
At the end of the course, you'll be able to analyze definitions and explanations of financial accounting terms, as well balance sheets, income statements, cash flow evaluation, business transactions and more.
Your grade for this course will be calculated out of 300 points. The minimum score required to pass and become eligible for college credit for this course is 210 points, or an overall course grade of 70%. The table below shows the assignments you must complete and how they'll be incorporated into the overall grade.
|Proctored Final Exam||200|
Quizzes are meant to test your comprehension of each lesson as you progress through the course. Here's a breakdown of how you will be graded on quizzes and how they'll factor into your final score:
- You will have 3 attempts to take each quiz for a score.
- The highest score of your first 3 attempts will be recorded as your score for each quiz.
- When you've completed the course, the highest scores from your first 3 attempts at each quiz will be averaged together and weighed against the total possible points for quizzes. For instance, if your average quiz score is 85%, you'll receive 85 out of 100 possible points for quizzes.
- After your initial 3 attempts, you can take a quiz for practice as many times as you'd like.
- You will need to pass each quiz with a score of at least 80% to earn course progress for the lesson. However, it is not necessary to earn 80% within the first three quiz attempts.
Proctored Final Exam
The proctored final exam is a cumulative test designed to ensure that you've mastered the material in the course.
- You'll earn points equivalent to the percentage grade you receive on your proctored final. (So if you earn 90% on the final, that's 90 points toward your final grade.)
- If you're unsatisfied with your score on the exam, you'll be eligible to retake the exam after a 3-day waiting period.
- You can only retake the exam twice, so be sure to use your study guide and fully prepare yourself before you take the exam again.
- You may use the formula sheet provided in the 'Studying for Accounting 201' chapter.
Items Allowed on Study.com Proctored Exam for Accounting 201:
- Blank scratch paper
- Pen or pencil
- Scientific calculator
- Formula sheet provided in the 'Studying for Accounting 201' chapter
Items NOT Allowed on Study.com Proctored Exam for Accounting 201:
- Office programs, web browsers, or any programs other than Software Secure (including Study.com lessons)
- Textbooks (digital or physical)
- Mobile phones, headphones, speakers, TVs, or radios
- Notebooks or notes
Upon completion of the course, you will be able to:
- Describe the uses and application of Financial Accounting, the GAAP, and IFRS principles and provide examples for demonstration purposes.
- Analyze specific environmental and theoretical structures affecting financial accounting: economic cost concepts, source documents, technology in accounting, ethics in accounting, and users of financial accounting statements.
- Outline the components of the balance sheet, demonstrate the components of the income statement, and differentiate between the seven forms that an income statement can take.
- Evaluate cash flows and the time value of money, incorporating the statement of expected cash flow using the correct formatting, Net Present Value (NPV), and annuities.
- Demonstrate their understanding of accounts receivables by performing the calculations for the maturity date as well as the amount of interest charged on the note.
- Discriminate among the various factors affecting the need for controls in accounting and distinguish between variations in the recording of business transactions.
- Demonstrate an understanding, with the aid of relevant examples, of the need for forecasting, break-even analysis, and cost accounting, in managerial decision making.
- Summarize the six main financial ratios, the role played by each in global capital markets, and evaluate the effect of the ratios on decision making in the strategic/managerial planning process.
There are no prerequisites for this course.
Accounting 201 consists of short video lessons that are organized into topical chapters. Each video is approximately 5-10 minutes in length and comes with a quick quiz to help you measure your learning. The course is completely self-paced. Watch lessons on your schedule whenever and wherever you want.
At the end of each chapter, you can complete a chapter test to see if you're ready to move on or have some material to review. Once you've completed the entire course, take the practice test and use the study tools in the course to prepare for the proctored final exam. You may take the proctored final exam whenever you are ready.
How Credit Recommendations Work
This course has been evaluated and recommended by ACE for 3 semester hours in the lower division baccalaureate degree category. It has also been recommended by NCCRS for 3 semester hours in the lower division baccalaureate OR 3 semester hours in the upper division baccalaureate category. To apply for transfer credit, follow these steps:
- If you already have a school in mind, check with the registrar to see if the school will grant credit for courses recommended by ACE or NCCRS.
- Complete Accounting 201 by watching video lessons and taking short quizzes.
- Take the Accounting 201 final exam directly on the Study.com site.
- Request a transcript to be sent to the accredited school of your choice!
- Check out this page for more information on Study.com's credit-recommended courses.
|Overview of Financial Accounting||Explores fundamental principles of accounting, the accounting equation and accounting disciplines.|
|Ethical and Theoretical Frameworks for Financial Accounting||Describes GAAP, periodic reporting and financial statements.|
|Preparing a Balance Sheet||Outlines the components of a balance sheet, plus contingent liabilities, reporting depreciation and how to prepare a balance sheet.|
|Disclosure Requirements for Balance Sheets||Defines the purpose of notes on financial statements, plus parenthetical explanations and supporting schedules on balance sheets.|
|Preparing an Income Statement||Discusses the purpose and components of the income statement, as well as net profit and loss and preparing a budgeted and standard income statement.|
|Evaluating Cash Flows & Time Value of Money||Identifies the purpose of a statement of cash flows, cash payment journals, present and future value and annuities.|
|Cash Flow Statements: Direct & Indirect||Describes the calculation for cash flow, the direct and indirect methods to prepare cash flow statements and the sources needed to prepare them.|
|Preparation of Cash & Receivables||Details the accounts receivable process and defines the average collection period and notes receivable.|
|Systems & Controls in Accounting||Outlines different types of internal controls in accounting, as well as control of cash, bank reconciliation and error versus fraud.|
|Inventory Process in Accounting||Explains the purpose of inventory control systems, the perpetual system for recording purchases and different inventory valuation methods.|
|Business Transactions in Accounting||Discusses how business transactions are recorded in accounting, direct and indirect expenses and methods of depreciation.|
|Financial Accounting & Management||Explores forecasting as a strategic role, interpreting return on assets and break-even analysis.|
|Financial Ratios & Business Applications||Describes the formula for working capital ratio, how to calculate earnings per share and the comparisons of profitability and income measurement.|
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What to Expect For the Exam
This Study.com course has been evaluated and recommended for college credit. Once you've completed this course, you can take the proctored final exam and potentially earn credit. Follow the steps below to take the exam.
Before taking the exam, all of the following requirements must be met:
|A College Accelerator Study.com membership.|
|Completed the entire Accounting 201: Intermediate Accounting I course and achieved 100% Course Progress.|
|Not attempted to take this exam within the last three days.|
|Have available proctored exams in this month of membership.|
|Complete the exam readiness quiz.|
Please complete all of the pre-requirements in the Pre-Exam Checklist in order to take the exam.
Exam Process Details
1. Register For Exam
Registering for the exam is simple. First, be sure you meet the system requirements. Next, you'll need to agree to the academic integrity policy. Then just confirm your name and the exam name, and you're ready to go!
2. Download Software Secure
You'll receive an unique access code. Please write this down — you'll need it to take the exam. Then download Software Secure and follow the installation instructions.
3. Take Exam
The exam contains 50 - 100 multiple choice questions. You will have two hours to complete the exam, so don't start until you're sure you can complete the entire thing. And remember to pace yourself!
4. Get Exam Results
We will send you an email with your official exam results within 1 to 2 weeks. If you would like to raise your grade after receiving your exam results, you can retake quizzes with fewer than 3 attempts. You will then need to retake the final exam.
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