Course

Course Summary
Credit Type:
Course
ACE ID:
ICCM-0006
Organization's ID:
ACC 101
Organization:
Location:
Online
Length:
Self-paced (180 days)
Dates Offered:
Credit Recommendation & Competencies
Level Credits (SH) Subject
Lower-Division Baccalaureate 3 introduction to financial accounting
Description

Objective:

The course objective is to serve as an introduction to financial accounting, starting with the basics about assets, liability, and equity and moving on to fundamental concepts like the accounting equation, debits and credits, the accounting cycle, and financial statements.

Learning Outcomes:

  • describe the types and purposes of the different types of financial statements
  • record adjusting entries
  • prepare financial statements and close the general ledger accounts
  • measure, value and re-value assets, liabilities and equity
  • record merchandising operations and calculate cost of goods sold
  • apply financial accounting principles to business settings
  • prepare a cash flow statement
  • develop a basic understanding of GAAP and IFRS accounting policies
  • understand the accounting equation and the debit/credit system
  • identify the seven stages of the accounting cycle
  • analyze and journalize transactions
  • prepare t-accounts to determine account balances and use these final balances to create the trial balance

General Topics:

  • Assets, liabilities, and equity
  • The double-entry system and debits and credits
  • The accounting cycle: t-accounts, general ledger, trial balance, adjusting entries, adjusted trial balance, and closing entries
  • Merchandise inventory: perpetual and periodic systems
  • Inventory costing systems: FIFO, weighted-average, LIFO
  • Receivables and bad debts
  • Revenue recognition
  • Depreciation and amortization
  • Intangible assets
  • The cash flow statement
Instruction & Assessment

Instructional Strategies:

  • Audio Visual Materials
  • Lectures

Methods of Assessment:

  • Examinations
  • Quizzes

Minimum Passing Score:

70%
Supplemental Materials

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