Catalog Course Search Details

 Department:    ACCT&

 Course #:    201

 Credits:    5

 Variable:     No

 IUs:    5

 CIP:    520301

 EPC:    n/a

 REV:    2024

 Course Description  

Introduction to financial accounting as an essential part of business decision making. The concepts of asset/liability valuation and reporting, income measurement, inventory systems, and the preparation and interpretation of financial statements are presented. Required for business majors transferring to 4-year business programs.

 Prerequisite  

Prerequisite: ENGL 099 with a "C" or higher (or placement into ENGL& 101).

Contact Hours (based on 11 week quarter)

Lecture: 55

Lab: 0

Other: 0

Systems: 0

Clinical: 0

Intent: Distribution Requirement(s) Status:  

Academic Elective  

Equivalencies At Other Institutions

Learning Outcomes

After completing this course, the student will be able to:

1. Define key terms associated with the practice of accounting and financial reporting.
2. Record business transactions for both service and merchandising organizations in accordance with Generally Accepted Accounting Principles.
3. Apply the concepts of accrual accounting to adjust accounts that span fiscal periods.
4. Complete the closing process including the preparation of financial statements to report net income, retained earnings, and account balances for a fiscal period.
5. Determine the cost of inventories in a perpetual inventory system using accepted inventory costing methods.
6. Record transactions specific to managing cash and accounts receivable.
7. Calculate key financial ratios used to evaluate business performance.

General Education Learning Values & Outcomes

Revised August 2008 and affects outlines for 2008 year 1 and later.

Course Contents

1. Accounting and its role in the business environment
2. Generally Accepted Accounting Principles (GAAP)
3. Transaction analysis for both service and merchandising corporations
4. Procedures for recording transactions within an accounting system
5. Accrual accounting procedures and the adjusting process
6. The closing process to complete the accounting cycle for a fiscal period
7. Financial statement preparation and analysis
8. Accounting for inventories using various costing methods (specific identification, FIFO, LIFO, weighted average)
9. Accounting for cash and related internal controls
10. Accounting for receivables and uncollectible accounts
11. Financial ratios for evaluating business performance
12. Ethics in accounting