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Principles of Financial Accounting

ACC 211

Principles of Financial Accounting

ACC 211

Course Description

Prerequisite: READING LEVEL 3; and MATH LEVEL 4 or "B-" or higher in MGT 110. Introduces basic concepts of accounting principles. Includes the accounting cycle for service and merchandising businesses, internal control, accounting for current assets, long-term assets, current liabilities, and owner's equity. Recommended for transfer students. (60-15)

Outcomes and Objectives

Apply accounting concepts and principles.

Objectives:

  • Describe and utilize the assumptions and principles in financial reporting.
  • Explain characteristics of useful information to meet stakeholder requirements and reporting standards.
  • Describe the role of the accountant in the broader business environment.
  • Explain accounting terminology and its use in the broader business context.

Describe the preparation and use of financial statements for strategic decision-making.

Objectives:

  • Demonstrate an understanding of the interrelationship of the financial statements.
  • Characterize the users and the uses of financial information displayed in the financial statements.
  • Describe the elements and purpose of each of the required financial statements.
  • Prepare a multistep income statement, retained earnings statement, and classified balance sheet.
  • Interpret the results presented in financial statements.

Illustrate the use of the accounting information system.

Objectives:

  • Perform the basic steps in the accounting information system.
  • Evaluate business events and their impact on the entity's financial position and operating results.
  • Recognize the process of the accounting system and its relationship to double-entry accounting and accrual-based financial statements.

Associate accounting methods and procedures with financial position and operating results.

Objectives:

  • Demonstrate the appropriate accounting treatment for assets, liabilities, and equity.
  • Explain the effects of various accounting methods on the financial statements.
  • Prepare information for financial statements according to appropriate accounting methods for current and long-term assets, current and long-term liabilities, and equity accounts.
  • Describe the application and results of accounting methods and procedures to service and merchandising businesses.

Explain internal controls and ethics in relation to the business environment.

Objectives:

  • Discuss common ethical dilemmas in the business environment.
  • Describe ethical standards as they apply to the accounting profession and accounting information.
  • Explain internal controls for the accounting information system, compliance, and information reliability.
  • Recognize internal controls for safeguarding assets.

Recognize diverse alternative career paths through the exploration of accounting specialties.

Objectives:

  • Describe the profession of accounting and explain the related work activities within the specialized fields of accounting.
  • Identify and recognize the professional certifications available in accounting careers.
  • Describe the role of the accountant in the broader business environment.

Associate accounting methods and procedures with financial position and operating results.

Objectives:

  • Demonstrate the appropriate treatment of accounting for equity.
  • Consider the disclosure and presentation of sustainable income and irregular items on the income statement.