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Financial Accounting
FIN ACCTG
CLASS CODE: ACCTG 201 CREDITS:  3
DIVISION: BUSINESS & COMMUNICATION
DEPARTMENT: ACCOUNTING
GENERAL EDUCATION: This course does not fulfill a General Education requirement.

DESCRIPTION: This introductory course is designed to give students an introduction to financial accounting and reporting concepts including an overview of the accounting cycle, financial statements, related disclosures, and the ethical responsibility of accountants in business. Students will be expected to demonstrate proficiency in applying technical concepts to selected homework problems using word processing and spreadsheet applications. Students will also need to demonstrate writing proficiency in their assignments.
TAUGHT: Winter, Summer, Fall
CONTENT AND TOPICS:

  • Financial Statements

  • The Accounting Information System

  • Accrual Accounting Concepts

  • Accounting for Merchandising Firms

  • Reporting and Analyzing Inventory

  • Internal Controls and Cash

  • Reporting and Analyzing Receivables

  • Reporting and Analyzing Long-Lived Assets

  • Reporting and Analyzing Liabilities

  • Reporting and Analyzing Stockholders’ Equity

  • Financial Statement Irregularities


GOALS AND OBJECTIVES: Give students the opportunity to develop an understanding of and ability to work with accounting principles relative to the following:

  1. Theory of debit and credit

  2. Financial statements

  3. Journalizing

  4. Posting

  5. Adjusting and closing procedures

  6. Asset valuation

  7. Negotiable instruments

  8. Internal controls

  9. Liabilities

  10. Bonds

  11. Corporate accounting.

  12. Demonstrate written communication skills
  13. Practice interpersonal skills.

    REQUIREMENTS: The course requires a thorough understanding of introductory financial accounting principles and the application of such principles to assigned homework problems. Students are required to use word processing and spreadsheet applications in their homework assignments. Students are expected to demonstrate writing skills in their homework and other written assignments and to demonstrate understanding of course content through quizzes and examinations.
    PREREQUISITES: IS 140, sophomore standing, and a 2.5 GPA or consent of instructor.
    OTHER: A free accounting lab is available for students to obtain additional help beyond the regular classroom instruction.
    EFFECTIVE DATE: August 2001