Course No: ACC 175
Course Title: Financial Accounting
Number of credits: 3
This course introduces students to basic accounting concepts and principles used in today’s business world. Emphasis is placed on the preparation of financial statements and maintenance of accounting records throughout the accounting cycle. Other topics within the framework of this course include the valuation of inventory, basic principles of internal control accounting for the acquisition, depreciation and disposal of fixed assets, and current liabilities
At the completion of this course, students will be able to:
- Understand and apply the generally accepted basic accounting procedures, concepts, principles, formats, terms and philosophies to financial statements, accounting records, working papers and supporting documents.
- Establish and maintain accounting records and prepare working papers and financial statements manually in accordance with Generally Accepted Accounting Principles (GAAP.)
- Perform accounting functions such as analyzing accounts, journalizing, adjusting, and closing entries.
- Record accounting transactions relevant to cash, receivables, inventories, the acquisition, depreciation and disposal of fixed assets, current liabilities, long-term debt and stockholders’ equity.
- Fred Phillips, Robert Libby and Patricia A. Libby.
- Financial Accounting Fundamentals 4th edition and Connect™ access. McGraw Hill (ISBN 978-0-07-131524-1)