Financial Accounting 1/14/19
The Financial Accounting course covers accounting terminology; the recording and classifying of financial transactions, including analyzing, journalizing, and posting; the preparation of the trial balance, work sheet and financial statements; a familiarization with handling of adjustments, bad debts, inventory and depreciation; and matters concerning sole proprietorship and partnership. Course objectives: describe content and purposes of balance sheet and income statement; compare the basic characteristics of the accrual basis with the cash basis of accounting; explain the full accounting cycle and prepare all required journals, entries, and adjustments; outline the necessity for and features of internal control; identify the basic assumptions, principles, and modifying conventions of accounting; describe how inflation affects information presented in conventional financial statements; define partnerships and their characteristics.
Textbook chapter topics include:
- Basic Financial Statements
- The Accounting Cycle: Capturing Economic Events
- The Accounting Cycle: Accruals and Deferrals
- The Accounting Cycle: Reporting Financial Results
- Merchandising Activities
- Financial Assets
- Inventories and the Cost of Goods Sold
Audience: Appropriate for students who need a working knowledge of accounting. Students should expect 6-8 hours of homework each week.
Prerequisites: CFT strongly RECOMMENDS that students complete either an Accounting Basics or an Accounting Fundamentals course prior to taking the Accounting course.
This Financial Accounting course is ACE recommended for college credit transfer!