ACT 110 - Financial Accounting I

4 Credit(s)

Introduction to financial accounting, through the theory and logic underlying accounting procedures as well as the measurement and presentation of financial data. Brief review of the basic accounting cycle. Development of fundamental concepts in determination of income and presentation of financial position of business firms. Exposure to partnership accounting as well as coverage of corporation accounting including stocks, stockholder equity transactions, and bonds. Introduction to international accounting as well as statement of cash flows.

Course Type: Lecture
Tuition Tier: Base
Delivery Method:
In-Person, Online
Course Learning Outcomes:
CLO 1) Students will complete the accounting cycle for a company including the preparation of the major financial statements using the accrual basis of accounting.
CLO 2) Students will demonstrate understanding of the major activities of a merchandising firm and identify the difference between the periodic and perpetual inventory systems.
CLO 3) Students will apply the different methods used to account for inventory including: FIFO, LIFO and Weighted Average.
CLO 4) Students will use a financial accounting software program to record transactions and to print financial statements.
CLO 5) Students will explain why internal control procedures are needed in business including the ability to reconcile a bank statement with a general ledger cash account.
CLO 6) Students will demonstrate an understanding of payroll items as well as the accounting for payroll transactions.
CLO 7) Students will explain the unique characteristics of the corporate form of business and record routine stock and bond transactions.