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Nov 21, 2024
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ACC 142 - Financial Accounting
Course Department: Business
Last Date of Approval: Fall 2022
3 Credits
Total Lecture Hours: 45
Total Lab Hours: 0
Total Clinical Hours: 0
Total Work-Based Experience Hours: 0
Course Description:
This course emphasizes 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
Prerequisites/Corequisites: None
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: There is a $124.99 course fee which includes all courses that utilize the Cengage products.
Common Course Assessment(s): None
Student Learning Outcomes and Objectives:
- Conceptualize accounting as an information cycle.
- Describe the foundation for accounting for different types of business entities
- Apply the financial effects of business transactions
- Prepare general-purpose financial statements
- Differentiate accounting for merchandising from the buyer and seller perspectives
- Account for sales and purchase transactions
- Account for inventory using various cost methods
- Describe the importance of controlling cash.
- Recognize effective internal control over cash and reconcile cash to the bank statement.
- Report for receivables
- Account for fixed and intangible long-term assets
- Calculate, utilizing the various methods, the decline in utility of long-term assets.
- Journalize the disposal of fixed assets
- Account for current and long-term liabilities, and payroll
- Calculate and record short-term liabilities for both the employee and the employer
- Calculate both the current and long-term portion of bonds and notes payable
- Calculate and record amortization and depletion costs
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