Course Summary
Credit Type:
Organization's ID:
Accounting 201
38 hours for 16 weeks
Dates Offered:
Credit Recommendation & Competencies
Level Credits (SH) Subject
Lower-Division Baccalaureate 3 financial accounting


The course objective is to analyze definitions and explanations of financial accounting terms, as well balance sheets, income statements, cash flow evaluation, business transactions and more.

Learning Outcomes:

  • analyze specific environmental and theoretical structures affecting financial accounting: economic cost concepts, source documents, technology in accounting, ethics in accounting, and users of financial accounting statements
  • outline the components of the balance sheet, demonstrate the components of the income statement, and differentiate between the seven forms that an income statement can take
  • demonstrate understanding of accounts receivables by performing the calculations for the maturity date as well as the amount of interest charged on the note
  • describe the uses and application of financial accounting, the GAAP, and IFRS principles and provide examples for demonstration purposes
  • evaluate cash flows and the time value of money, incorporating the statement of expected cash flow using the correct formatting, Net Present Value (NPV), and annuities
  • demonstrate an understanding, with the aid of relevant examples, of the need for forecasting, break-even analysis, and cost accounting, in managerial decision making
  • summarize the six main financial ratios, the role played by each in global capital markets, and evaluate the effect of the ratios on decision making in the strategic/managerial planning process
  • discriminate among the various factors affecting the need for controls in accounting and distinguish between variations in the recording of business transactions

General Topics:

  • Overview of financial accounting
  • Ethical and theoretical frameworks for financial accounting
  • Preparing a balance sheet
  • Disclosure requirements for balance sheets
  • Preparing an income statement
  • Evaluating cash flows and time value of money
  • Cash flow statements: direct and indirect
  • Preparation of cash and receivables
  • Systems and controls in accounting
  • Inventory process in accounting
  • Business transactions in accounting
  • Financial accounting and management
  • Financial ratios and business applications
Instruction & Assessment

Instructional Strategies:

  • Audio Visual Materials

Methods of Assessment:

  • Examinations
  • Quizzes

Minimum Passing Score:

Supplemental Materials