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Course Description

Schoolcraft is excited to offer traditional credit face-to-face, hybrid, online, and remote classes for Fall 2020 while providing students a safe experience based on recent COVID-19 concerns.

Please see the COVID-19 web page to learn more. Keep checking the schedule for additions on our New, Added, and Late Starting Courses web page.

Accounting - ACCT 201

Principles of Accounting 1

4 Credit Hours
4 Lecture Hours

Course Description

In this course, you will learn the principles of accounting with emphasis on the accounting cycle for a sole proprietorship in the service and merchandising business. You will apply internal controls to an accounting system, account for cash, accounts receivable, bad debts, inventories, long lived assets, current liabilities and payroll. In addition, you will demonstrate how to account for partnerships. This course will integrate a Web-based learning system which requires the use of a computer to complete some of the learning activities and assessments. This course MAY also include the use of Excel.


(A requirement that must be completed before taking this course.)

  • None.


  • CIS 120 .
  • MATH 45 orACCT 103 or minimum score of 16 ACT-Math, 22 SAT-Math, 60 CPT-Arithmetic or 240 NGA-Arithmetic.
  • COLLS 50 orACCT 103 or minimum score of 15 ACT-Reading, 22 SAT-Reading, 57 CPT-Reading Comprehension or 237 NGA-Reading.

Course Competencies

Upon successful completion of the course, the student should be able to:

  • Explain the importance of ethical decisions in financial reporting.
  • Explain the role of accounting in a business.
  • Analyze business transactions using the accounting equation.
  • Apply the rules of debits and credits.
  • Prepare journal entries for business transactions, adjustments and closings.
  • Prepare financial statements.
  • Compute cost of goods sold and ending inventory.
  • Process transactions using special journals and subsidiary ledgers.
  • Determine the effects of errors on the financial statements.
  • Apply internal control principles.
  • Estimate uncollectible account expense using two different approaches.
  • Apply current accounting principles to long lived assets.
  • Apply current accounting principles to current liabilities and payroll.
  • Demonstrate partnership accounting.
  • Compute ratios.

Course Schedule

 CourseSectionCourse TitleLocationCredit HoursInstructorsSeats Available ⁄Capacity ⁄WaitlistStatusFeeDays-Time-Room

Fall; 2020; ACCOUNTING; No of Weeks : 12; Begins : 09/22/2020

 201142361Principles ACCT 1ONL4Griffith R5/31/0Open$12.00 
 201142471Principles ACCT 1ONL4Griffith R9/31/0Open$12.00 
 201142990Principles ACCT 1ONL4Griffith R8/31/0Open$12.00 

Fall; 2020; ACCOUNTING; No of Weeks : 15; Begins : 08/31/2020

 201142331Principles ACCT 1ONL4Randall M9/31/0Open$12.00 
 201142385Principles ACCT 1ONL4Randall M10/31/0Open$12.00 
 201142501Principles ACCT 1RMT4Cameron D17/30/0Open$12.00T R  03:00 PM-04:54 PM WEBWEB
 201142502Principles ACCT 1RMT4Suter R21/30/0Open$12.00M W  08:00 AM-09:54 AM WEBWEB
 201142503Principles ACCT 1RMT4Suter R5/30/0Open$12.00M W  10:00 AM-11:54 AM WEBWEB
 201142505Principles ACCT 1RMT4Brewer J29/30/0Open$12.00M W  12:30 PM-02:24 PM WEBWEB
 201142506Principles ACCT 1RMT4Randall M13/30/0Open$12.00T R  10:00 AM-11:54 AM WEBWEB
 201142508Principles ACCT 1RMT4Sadowski M1/30/0Open$12.00T R  12:30 PM-02:24 PM WEBWEB
 201142553Principles ACCT 1RMT4Sadowski M11/30/0Open$12.00T R  05:30 PM-07:24 PM WEBWEB
 201142556Principles ACCT 1RMT4Schwartz J25/30/0Open$12.00M W  07:00 PM-08:54 PM WEBWEB
 201142562Principles ACCT 1RMT4Sviland M / Cameron D28/30/0Open$12.00M W  05:00 PM-06:54 PM WEBWEB

Winter; 2021; ACCOUNTING; No of Weeks : 12; Begins : 01/11/2021

 201112503Principles ACCT 1MC4Wood M12/15/0Open$12.00M W  11:00 AM-01:26 PM AS920

Winter; 2021; ACCOUNTING; No of Weeks : 12; Begins : 02/02/2021

 201112485Principles ACCT 1ONL4Griffith R22/31/0Open$12.00 
 201112553Principles ACCT 1RMT4Urso R27/30/0Open$12.00T R  06:00 PM-08:26 PM WEBWEB

Winter; 2021; ACCOUNTING; No of Weeks : 15; Begins : 01/11/2021

 201112331Principles ACCT 1ONL4Randall M1/31/0Open$12.00 
 201112367Principles ACCT 1ONL4Griffith R25/31/0Open$12.00 
 201112504Principles ACCT 1RMT4Suter R25/30/0Open$12.00T R  08:00 AM-09:54 AM WEBWEB
 201112505Principles ACCT 1RMT4Sadowski M11/30/0Open$12.00M W  10:00 AM-11:54 AM WEBWEB
 201112506Principles ACCT 1RMT4Cameron D27/30/0Open$12.00T R  10:00 AM-11:54 AM WEBWEB
 201112530Principles ACCT 1RMT4Cameron D25/30/0Open$12.00T R  03:00 PM-04:54 PM WEBWEB
 201112554Principles ACCT 1RMT4Sadowski M26/30/0Open$12.00M W  05:30 PM-07:24 PM WEBWEB

Key: Day of the Week

  • T = Tuesday
  • R = Thursday
  • S = Saturday
  • X = Sunday