ACC 211 - Principles of Financial Accounting

Credits: 4
Instructional Contact Hours: 5

Introduces basic concepts of accounting principles. Includes the accounting cycle for service and merchandising businesses, internal control, accounting for current assets, long-term assets, current liabilities, and owner's equity. Recommended for transfer students.

Prerequisite(s): MTH 099 or any higher Math except for MTH 117 OR MGT 110 with a grade of ”B-” or higher or Guided Self Placement (GSP) recommendation of MTH 118AW, MTH 118W or higher.
Corequisite(s): None
Lecture Hours: 60 Lab Hours: 15
Meets MTA Requirement: None
Pass/NoCredit: Yes

Outcomes and Objectives

Apply accounting principles.
1. Describe and utilize the assumptions and principles in financial reporting.
2. Explain the characteristics of useful information to meet stakeholder requirements and reporting standards.
3. Describe the role of the accountant in the broader business environment.
4. Explain accounting terminology and its use in the broader business context.
Describe use of financial statements for strategic decision-making.
1. Demonstrate an understanding of the interrelationship of the financial statements.
2. Characterize the users and the uses of financial information displayed in the financial statements.
3. Describe the elements and purpose of each of the required financial statements.
4. Prepare a multistep income statement, retained earnings statement, and classified balance sheet.
5. Interpret the results presented in financial statements.
Illustrate the use of the accounting information system.
1. Perform the basic steps in the accounting information system.
2. Evaluate business events and their impact on the entity’s financial position and operating results.
3. Recognize the process of the accounting system and its relationship to double-entry accounting and accrual-based financial statements.
Associate accounting procedures with an entity’s financial formation.
1. Demonstrate the appropriate accounting treatment for assets, liabilities, and equity.
2. Explain the effects of various accounting methods on the financial statements.
3. Prepare information for financial statements according to appropriate accounting methods for current and long-term assets, current and long-term liabilities, and equity accounts.
4. Describe the application and results of accounting methods and procedures to service and merchandising businesses.
Explain ethical internal controls in relation to the business environment.
1. Discuss common ethical dilemmas in the business environment.
2. Describe ethical standards as they apply to the accounting profession and accounting information.
3. Explain internal controls for the accounting information system, compliance, and information reliability.
4. Recognize internal controls for safeguarding assets.
Recognize diverse alternative career paths through the exploration of accounting specialties.
1. Describe the profession of accounting and explain the related work activities within the specialized fields of accounting.
2. Identify and recognize the professional certifications available in accounting careers.
3. Describe the role of the accountant in the broader business environment.