ACC 142 - Financial Accounting
Last Date of Approval: Fall 2019
Total Lecture Hours: 45
Total Lab Hours: 0
Total Clinical Hours: 0
Total Work-Based Experience Hours: 0
This course emphasizes corporate accrual-basis accounting procedures including: the accounting cycle, inventory evaluation, internal control, fixed and tangible assets, payroll, debt and equity accounting, preparation of financial statements, and financial statement analysis.
Recommended(s): ACC 111 - Introduction to Accounting
Mode(s) of Instruction: traditional/face-to-face, virtual, and/or online
Credit for Prior Learning: There are no Credit for Prior Learning opportunities for this course.
Course Fees: Course access: $119.99
Common Course Assessment(s): None
Student Learning Outcomes and Objectives:
1. Conceptualize accounting as an information cycle.
a. Describe the foundation for accounting for different types of business entities.
b. Apply the financial effects of business transactions
2. Differentiate accounting for merchandising from the buyer and seller perspectives.
a. Account for sales and purchases transactions.
b. Account for inventory using various cost methods.
3. Describe the importance of controlling cash.
a. Recognize effective internal control over cash and reconcile cash to the bank statement.
b. Report for receivables.
4. Account for fixed and intangible long-term assets.
a. Calculate, utilizing the various methods, the decline in utility of longterm assets.
b. Journalize the disposal of fixed assets.
5. Account for current liabilities and payroll.
a. Calculate and record short-term liabilities for both the employee and the employer.
6. Account for partnerships, limited liability companies and corporate entities.
a. Record transactions for partnerships.
b. Record transactions for LLC’s.
c. Record transactions for corporations.
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