Financial Accounting

Description

Learner Outcomes:

Upon successful completion of this course, students will be able to: identify users of financial accounting information; interpret the components of a transaction, the related debit/credit theory, and how the general journal and ledger relate to the accounting process and to financial statements; prepare and interpret basic financial statements: income statement, statement of owners’ equity balance sheet; demonstrate the steps and related transactions in the accounting cycle, including the adjusting process and the closing process; prepare the accounting and related transactions for merchandising businesses, various inventory accounting methods, purchase and depreciation/amortization of plant assets and intangible assets, long-term liabilities and stockholders’ equity accounts.

Credit recommendation:

In the upper division baccalaureate degree category, 3 semester hours in Accounting, Business, Economics, Finance, Human Resource Management, Management, or Marketing

Course Description:

This course gives an introduction to financial accounting. It covers the accounting cycle, merchandising concerns, and financial assets as well plant assets, liabilities and stockholders’ equity. Topics include recording business transactions, summarizing these transactions, and preparing, interpreting and using financial statements.

 Learner Outcomes:

On completion of the course, students will be able to:

• Identify users of financial accounting information
• Interpret the components of a transaction, the related debit/credit theory, and how the general journal and ledger relate to the accounting process and to financial statements
• Prepare and interpret basic financial statements: income statement, statement of owners’ equity balance sheet
• Demonstrate the steps and related transactions in the accounting cycle, including the adjusting process and the closing process
• Prepare the accounting and related transactions for merchandising businesses, various inventory accounting methods, purchase and depreciation/amortization of plant assets and intangible assets, long-term liabilities and stockholders’ equity accounts