Introduction to Financial Accounting
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.
Subject Code: ACC
Course Number: 101
Credits: 3
Lecture Hours 3
Course Learning Outcomes:
1. Prepare the four basic financial statements (Income Statement, Statement of Changes in Stockholders Equity, Balance Sheet, and Statement of Cash Flows).
2. Analyze business events using accrual accounting concepts.
3. Perform various ratio analyses (liquidity, solvency, and profitability).
4. Analyze business events for a merchandising business.
5. Identify the elements of internal controls, especially the preparation of bank reconciliations and accounting for petty cash.
6. Analyze business events involving receivables, especially bad debts and credit card sales.
7. Calculate the value of inventory using a variety of methods.
8. Calculate cost allocation for long-term operational assets using various methods.
9. Explain the concept of time value of money.
10. Analyze business events for long-term debt financing, especially bonds and notes payable.
11. Analyze business events for equity financing for organizations such as corporations, partnerships, or proprietorships.
12. Prepare a Statement of Cash Flows from accrual accounting balances using the direct method.
13. Prepare a classified balance sheet distinguishing between current and noncurrent items.
Effective Term: Fall 2020
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