Genesee Course Catalog

Official Course Information

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Accounting Courses:

ACC101 - Introduction to Financial Accounting
Credits: 3 Catalog Description: The concepts, principles and standards of financial accounting as they apply to financial statements including the statement of cash flows are developed from a user perspective. Generally Accepted Accounting Principles are applied to cash, receivables, payables, inventory, long-term operational assets, long-term debt and equity. Prerequisite: Math skills equivalent to or concurrent registration in MAT092. Lecture: 3 hrs. Student Performance Outcomes: 1. Upon successful completion of this course, as documented by four semester exams, students will be able to: 1. Identify, describe and prepare the four basic financial statements. 2. Identify, describe and record business events involving cash as well as accruals and deferrals of revenues and expenses and explain how they affect the financial statements of a business. 3. Analyze financial statements and make meaningful comparisons between companies using ratios to measure liquidity, solvency and profitability. 4. Analyze and record business events involving a merchandising business and explain how they affect the financial statements of the business, including inventory methods, transportation costs, returns and allowances. 5. Identify and explain the elements of internal controls including the preparation of bank reconciliation and accounting for petty cash. 6. Analyze and record business events involving bad debts, credit card sales, warranty obligations and discount notes and explain how they affect the financial statements of a business. 7. Demonstrate the computational procedures involved in inventories including LIFO, FIFO, Weighted Average, Lower of Cost or Market, inventory estimates and the effect of inventory errors. 8. Identify different types of long-term operational assets, calculate their costs and cost allocation using 3 common methods and explain the effect of this and other related business events on the financial statements of a business. 9. Analyze and record business events involving long-term debt financing, explain the features of bonds and how the time value of money relates, calculate the amortization of long-term debt and explain the effect of these on financial statements of a business. 10. Identify the different types of business organization, explain the characteristics of stock issued by corporations, analyze and record business events involving stock, treasury stock and dividends and explain the effect of these on financial statements of a business. 11. Prepare a Statement of Cash Flows using the direct method. This course objective has been identified as a student learning outcome that must be formally assessed as part of the College's Comprehensive Assessment Plan. All faculty teaching this course must collect the required data (see Assessing Student Learning Outcomes form) and submit the required analysis and documentation at the conclusion of the semester to the Office of Assessment and Special Projects. Content Outline: Segment 1 Elements of Financial Statements Accounting for Accruals Accounting for Deferrals Segment 2 The Recording Process Accounting for Merchandising Business Internal Control and Accounting for Cash Segment 3 Accounting for Accruals-Advanced Topics: Receivables and Payables Asset Valuation: Accounting for Investments and Inventories Long-Term Operational Assets Segment 4 Accounting for Long-Term Debt Accounting for Equity Transactions Statement of Cash Flows Grading: Course grades will be the average of the grades on the four one-hour segment exams. Students may take an optional final exam to improve their course grade up to one letter grade. Effective Term: Fall 2008

ACC101 - Introduction to Financial Accounting

Credits: 3

Catalog Description: The concepts, principles and standards of financial accounting as they apply to financial statements including the statement of cash flows are developed from a user perspective. Generally Accepted Accounting Principles are applied to cash, receivables, payables, inventory, long-term operational assets, long-term debt and equity. Prerequisite: Math skills equivalent to or concurrent registration in MAT092.

Lecture: 3 hrs.

Student Performance Outcomes:

1. Upon successful completion of this course, as documented by four semester exams, students will be able to: 1. Identify, describe and prepare the four basic financial statements. 2. Identify, describe and record business events involving cash as well as accruals and deferrals of revenues and expenses and explain how they affect the financial statements of a business. 3. Analyze financial statements and make meaningful comparisons between companies using ratios to measure liquidity, solvency and profitability. 4. Analyze and record business events involving a merchandising business and explain how they affect the financial statements of the business, including inventory methods, transportation costs, returns and allowances. 5. Identify and explain the elements of internal controls including the preparation of bank reconciliation and accounting for petty cash. 6. Analyze and record business events involving bad debts, credit card sales, warranty obligations and discount notes and explain how they affect the financial statements of a business. 7. Demonstrate the computational procedures involved in inventories including LIFO, FIFO, Weighted Average, Lower of Cost or Market, inventory estimates and the effect of inventory errors. 8. Identify different types of long-term operational assets, calculate their costs and cost allocation using 3 common methods and explain the effect of this and other related business events on the financial statements of a business. 9. Analyze and record business events involving long-term debt financing, explain the features of bonds and how the time value of money relates, calculate the amortization of long-term debt and explain the effect of these on financial statements of a business. 10. Identify the different types of business organization, explain the characteristics of stock issued by corporations, analyze and record business events involving stock, treasury stock and dividends and explain the effect of these on financial statements of a business. *11. Prepare a Statement of Cash Flows using the direct method. *This course objective has been identified as a student learning outcome that must be formally assessed as part of the College's Comprehensive Assessment Plan. All faculty teaching this course must collect the required data (see Assessing Student Learning Outcomes form) and submit the required analysis and documentation at the conclusion of the semester to the Office of Assessment and Special Projects.

Content Outline:
Segment 1
Elements of Financial Statements
Accounting for Accruals
Accounting for Deferrals

Segment 2
The Recording Process
Accounting for Merchandising Business
Internal Control and Accounting for Cash

Segment 3
Accounting for Accruals-Advanced Topics: Receivables and Payables
Asset Valuation: Accounting for Investments and Inventories
Long-Term Operational Assets

Segment 4
Accounting for Long-Term Debt
Accounting for Equity Transactions
Statement of Cash Flows

Grading:
Course grades will be the average of the grades on the four one-hour segment exams. Students may take an optional final exam to improve their course grade up to one letter grade.

Effective Term: Fall 2008