ACC 104 - Financial Accounting
4 Lecture Hours
Prerequisites: Eligibility for MAT 090 or completion of ACC 100 with a C grade or higher.
This course is an introduction to the basic concepts of financial accounting, including the preparation, interpretation and utilization of financial statement data. The basic principles and concepts governing the recording and reporting of accounting data, including the system of debits and credits will be covered. The course will also cover receivables, notes, inventory, depreciation, plant assets, current and long-term liabilities, as well as corporate accounting topics.
Upon successful completion of the course, the student will:
- Prepare financial statements.
- Determine the effects of business transactions on the elements of the financial statements.
- Measure, record and disclose assets, liabilities, stockholders' equity, revenues and expenses.
- Perform basic financial statement analysis including making assessments of an entit's liquidity, solvency and the adequacy of its profit.
- Define accounting terminology.
- Basic accounting equation
- Debits and credits
- Measuring income
- Adjusting and closing entries
- Financial statements
- Accounting cycle
- Accounting for service and merchandising transactions
- Cash and internal control
- Marketable securities
- Plant assets and depreciation
- Current and long-term liabilities
- Stockholders' equity
Current textbook and supplementary materials.
Approved By: Johnson, Alex Date Approved: 05/28/2013
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