ACCT 150 : Financial Accounting

This course introduces the learners to accounting concepts, principles, and procedures, emphasizing financial accounting statements for corporations and accounting processes for a service and merchandise enterprise. Learners will have opportunities to give focus on the development and control aspects of the balance sheet and income statement elements, including current, plant, and intangible assets, deferrals, accruals, current and long-term liabilities, and stock transactions. Also, the learners will gain familiarity with the ethics, accounting systems, and controls, as well as concepts in short and long-term securities.

Prerequisites

Course Outcomes

After successfully completing the course, the learner will be able to:

  • Describe the qualities of information contained in the financial statements and distinguish between accrual basis accounting and cash basis accounting.
  • Discuss the nature of business operations and list the characteristics of the three general forms of ownership structure.
  • Define the elements of the financial statements.
  • Prepare financial statements from a given set of transactions that include accruals and deferrals.
  • List and discuss the steps in the basic accounting cycle.
  • Account for long-term assets including acquisition, depreciation, and disposal of long-term assets.
  • Account for inventory and payables including how to value inventory using cost flow assumptions and how to determine the effect of inventory errors on the financial statements.
  • Account for sales, cash and accounts receivable including the preparation of a bank reconciliation and accounting for uncollectible accounts.
  • Record and report transactions associated with long-term debt including the application of present value and future value concepts.
  • Account for transactions associated with equity financing including accounting for stock issuances, treasury stock, dividends, and retained earnings.
  • Analyze and prepare the statement of cash flows using both the direct and indirect methods.
  • Use horizontal analysis, vertical analysis, and ratio analysis to evaluate a company‚Äôs performance.

Overview

Discipline

Credits

3

Competency

Quantitative Reasoning