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ACC101 - Introduction to Financial Accounting
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 or corequisite: MAT 092 or completion of the Genesee Community College math proficiency.
Lecture: 3 hrs.
Course Learning Outcomes (CLOs):
Upon successful completion of this course, the student 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 receivables including bad debts and credit card sales and explain how they affect the financial statements of a business.
7)Demonstrate the computational procedures involved in inventory valuation.
8)Identify different types of long-term operational assets, calculate their costs and cost allocation using common methods, and explain the effect of these concepts 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 the financial statements of a business.
10)Identify the different types of business organizations, 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 the financial statements of a business.
11)Prepare a Statement of Cash Flows from accrual account balances using the direct method.
12)Prepare a classified balance sheet distinguishing between current and noncurrent items.*
* This course objective has been identified as a student learning outcome that must be formally assessed as part of the Comprehensive Assessment Plan of the college. All faculty teaching this course must collect the required data and submit the required analysis and documentation at the conclusion of the semester to the Office of Institutional Research and Assessment.
Elements of Financial Statements
Accounting for Accruals
Accounting for Deferrals
The Recording Process
Accounting for Merchandising Business
Internal Control and Accounting for Cash
Accounting for Accruals-Advanced Topics: Receivables and Payables
Asset Valuation: Accounting for Investments and Inventories
Long-Term Operational Assets
Accounting for Long-Term Debt
Accounting for Equity Transactions
Statement of Cash Flows
Effective Term: Spring 2018