Course

Course Summary
Credit Type:
Course
ACE ID:
SAYA-0021
Organization's ID:
BUS103
Organization:
Saylor Academy
Location:
Classroom-based
Length:
93 hours
Dates Offered:
Credit Recommendation & Competencies
Level Credits (SH) Subject
Lower-Division Baccalaureate 3 Financial Accounting
Description

Objective:

The course objective is to provide an introductory survey of financial accounting in preparation for more advanced business courses. Topics include the compilation and analysis of financial statements, determination of the value of a firm, and evaluation of a firm and its competitors.

Learning Outcomes:

  • Apply the accounting equation to illustrate the impact of business transactions and to transform business transactions (data) into usable information
  • Explain why adjusting entries are necessary and distinguish between various types of adjusting entries
  • Identify and analyze accounting transactions of a merchandising company
  • Define and solve for specific business events involving various inventory methods
  • Define and apply the accounting elements associated with receivables and payables
  • Prepare a statement of cash flows
  • Demonstrate an understanding of the foundational principles and objectives of accounting
  • Describe the accounting cycle and identify specific debits and credits, journals, t-accounts, a trial balance, and resulting financial statements
  • Discuss and demonstrate the use of the accounting worksheet as a means of preparing financial statements
  • Explain and execute the closing process for a specified accounting cycle
  • Identify the foundational accounting concepts, assumptions, and principles through the analysis of specific business situations
  • Locate public company financial statements, and read and interpret financial statements
  • Identify, record, and depreciate property, plant, and equipment
  • Distinguish between tangible and intangible assets
  • Describe the difference between bonds and capital stock
  • Account for bonds and capital stock
  • Account for paid-in capital, cash dividends, stock dividends, stock splits, and retained earnings appropriations
  • Describe the types of business transactions that are included in operating, investing, and financing activities on the statement of cash flows

General Topics:

  • Accounting environment, decision making, and theory
  • Recording business transactions
  • Adjustments for financial reporting
  • Completing the accounting cycle
  • Financial reporting and financial statement analysis
  • Accounting for inventory - measuring and reporting
  • Receivables and payables identified
  • Accounting for property, plant, and equipment
  • Long-term liabilities and stockholders' equity
  • Statement of cash flows
Instruction & Assessment

Instructional Strategies:

  • Audio Visual Materials
  • Computer Based Training
  • Discussion
  • Lectures
  • Practical Exercises

Methods of Assessment:

  • Examinations

Minimum Passing Score:

70%
Supplemental Materials