- Course type: Self-paced
- Available Lessons: 138
- 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 Accounting? - Purpose, Importance & Relationship to Business
Course SummaryAccounting 101: Financial Accounting has been evaluated and recommended for 3 semester hours and may be transferred to over 2,000 colleges and universities. This convenient online course offers expert instruction on financial accounting essentials. Take the course at your own pace and use it to apply for transfer credit.
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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
This course provides a complete introduction to financial accounting terminology, concepts, and best practices. You will be able to understand the purpose of accounting, financial statements, types of assets, and other elements of financial accounting.
Your grade for this course will be calculated out of 300 points. The minimum score required to pass and earn real 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 180 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 101' chapter.
Items Allowed on Study.com Proctored Exam for Accounting 101:
- A non-graphing, scientific calculator
- Blank scratch paper
- Pen or pencil
- Formula sheet provided in the 'Studying for Accounting 101' chapter
Items NOT Allowed on Study.com Proctored Exam for Accounting 101:
- Graphing calculators
- Office programs, web browsers, or any programs other than Software Secure (including Study.com lessons)
- Textbooks (digital or physical)
- Mobile phones, headphones, speakers, TVs, radios
- Notebooks or notes
Upon completion of this course, you will be able to:
- Understand the purpose of accounting, generally accepted accounting principles, ethical accounting and technology in accounting
- Interpret balance sheets, income statements and cash flow statements, and understand how to prepare different financial statements and about the auditing process
- Discover debits, credits, journal entries, the trial balance and how to determine a company's performance based on financial statement ratios
- Explain internal controls, safeguards and bank reconciliation
- Study accounts receivable, revenue recognition, the allowance method, notes receivable and disposing of receivables
- Define long-term operating assets, plant assets, the cost principle, acquisition of property, computing depreciation, natural resource assets and accounting for intangible assets
- Break down loans, equity investments, raising equity financing, corporations, stockholder's equity, common and preferred stock, accounting for stock and retained earnings
- Distinguish the purpose and elements of financial statement analysis, standards for comparison, horizontal analysis, vertical analysis and financial ratio analysis. Interpret financial ratios for companies, efficiency ratios, leverage ratios and issues with financial statement analysis
There are no prerequisites for this course.
Accounting 101 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 both ACE and NCCRS for 3 semester hours in the lower division baccalaureate degree 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 either ACE or NCCRS.
- Complete Accounting 101 by watching video lessons and taking short quizzes.
- Take the Accounting 101 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.
|Introduction to Accounting||Learn about the purpose of accounting, generally accepted accounting principles, ethical accounting and technology in accounting.|
|Financial Statements in Accounting||Study balance sheets, income statements and cash flow statements. Find out how to prepare different financial statements and about the auditing process.|
|Mechanics of the Accounting Cycle||Take a look at accounting equations, source documents, categorizing transactions and recording business transactions. Also learn about debits, credits, journal entries, the trial balance and determining a company's performance based on financial statement ratios.|
|Adjusting Accounts and Preparing Financial Statements||Examine periodic reporting, the time period principle, accrual accounting, cash-basis accounting, adjusting accounting and recording closing entries. Additionally, study real vs. nominal accounts and the post-closing trial balance.|
|Internal Controls in Accounting||Find out about internal controls, safeguards and bank reconciliation. Also, learn about technology and internal control, the limitations of internal control, the Sarbanes-Oxley Act and the Securities and Exchange Commission.|
|Merchandising Operations and Inventory in Accounting||Learn about merchandising activities and study cost of goods sold, inventory systems, the perpetual system and inventory errors.|
|Current and Long-Term Liabilities in Accounting||Define the different types of liabilities including known, estimated, contingent, and long-term, as well as various forms of bonds.|
|Receivables in Accounting||Study accounts receivable, revenue recognition, the allowance method, notes receivable and disposing of receivables.|
|Completing the Operating Cycle in Accounting||Examine employee compensation, taxes, environmental liabilities and operations of an income statement.|
|Long-Term Assets in Accounting||Take a look at long-term operating assets, plant assets, the cost principle, acquisition of property, computing depreciation, natural resource assets and accounting for intangible assets.|
|Reporting and Analyzing Equity in Accounting||Explore loans, equity investments, raising equity financing, corporations, stockholder's equity, common and preferred stock, accounting for stock and retained earnings.|
|Statement of Cash Flows in Accounting||Take a look at the cash flow statement, including classification of cash flows and analyzing cash flow. Also learn about noncash investing, preparing a cash flow statement and indirect and direct methods of reporting.|
|Financial Statement Analysis in Accounting||Find out about the purpose and elements of financial statement analysis, standards for comparison, horizontal analysis, vertical analysis and financial ratio analysis. In addition, study financial ratios for companies, efficiency ratios, leverage ratios and issues with financial statement analysis.|
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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 all lessons in Accounting 101: Financial Accounting course and achieved 100% Quiz Progress.|
|Not attempted to take this exam within the last three days.|
|Have available proctored exams in this month of membership.|
|Have not taken this exam three times. (0/3)|
|Complete the exam readiness quiz.|
Please meet 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.
Earning College Credit
Did you know… We have over 200 college courses that prepare you to earn credit by exam that is accepted by over 1,500 colleges and universities. You can test out of the first two years of college and save thousands off your degree. Anyone can earn credit-by-exam regardless of age or education level.
To learn more, visit our Earning Credit Page
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