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Oct 12, 2024
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ACC 211 - Principles of Financial AccountingCredits: 4 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): READING LEVEL 3 and MATH LEVEL 4 or “B-” or higher in MGT 110 Corequisite(s): None Lecture Hours: 60 Lab Hours: 15 Meets MTA Requirement: None Pass/NoCredit: Yes
Outcomes and Objectives
- Apply accounting concepts and principles.
- Describe and utilize the assumptions and principles in financial reporting.
- Explain characteristics of useful information to meet stakeholder requirements and reporting standards.
- Describe the role of the accountant in the broader business environment.
- Explain accounting terminology and its use in the broader business context.
- Describe the preparation and use of financial statements for strategic decision-making.
- Demonstrate an understanding of the interrelationship of the financial statements.
- Characterize the users and the uses of financial information displayed in the financial statements.
- Describe the elements and purpose of each of the required financial statements.
- Prepare a multistep income statement, retained earnings statement, and classified balance sheet.
- Interpret the results presented in financial statements.
- Illustrate the use of the accounting information system.
- Perform the basic steps in the accounting information system.
- Evaluate business events and their impact on the entity’s financial position and operating results.
- Recognize the process of the accounting system and its relationship to double-entry accounting and accrual-based financial statements.
- Associate accounting methods and procedures with financial position and operating results.
- Demonstrate the appropriate accounting treatment for assets, liabilities, and equity.
- Explain the effects of various accounting methods on the financial statements.
- Prepare information for financial statements according to appropriate accounting methods for current and long-term assets, current and long-term liabilities, and equity accounts.
- Describe the application and results of accounting methods and procedures to service and merchandising businesses.
- Explain internal controls and ethics in relation to the business environment.
- Discuss common ethical dilemmas in the business environment.
- Describe ethical standards as they apply to the accounting profession and accounting information.
- Explain internal controls for the accounting information system, compliance, and information reliability.
- Recognize internal controls for safeguarding assets.
- Recognize diverse alternative career paths through the exploration of accounting specialties.
- Describe the profession of accounting and explain the related work activities within the specialized fields of accounting.
- Identify and recognize the professional certifications available in accounting careers.
- Describe the role of the accountant in the broader business environment.
- Associate accounting methods and procedures with financial position and operating results.
- Demonstrate the appropriate treatment of accounting for equity.
- Consider the disclosure and presentation of sustainable income and irregular items on the income statement.
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