ACCT2155 Financial Accounting

This course is an introduction to the fundamental concepts and principles, from a user perspective, which are used in a business environment to analyze and record transactions using the accrual method of accounting. This course also covers analyzing transactions for cash, marketable securities, accounts receivable, payroll, current and contingent liabilities, inventories and plant assets.

Credits

4

Prerequisite

ACCT1000 or ACCT1102

Course Requirements and Evaluation

Refer to Course Syllabus for detailed information regarding the requirements and evaluation standards for this course. The Course Syllabus will be distributed the first week of the course.

Learning Outcomes

The following outcomes will be addressed in the course:
Describe the nature and purpose of generally accepted accounting principles (GAAP)
Describe the components of the accounting conceptual framework including accounting and business terminology
Apply the accounting equation to analyze business transactions
Describe how internal controls are used to manage resources, minimize risk and ensure accurate reporting
Explain how the four basic financial statements can be used to meet the information needs of management, investors, creditor and regulators
Apply accounting procedures to measure, classify and report current assets
Apply accounting procedures to measure, classify and report noncurrent assets
Apply accounting procedures to measure, classify and report liabilities
Apply accounting practices relating to stockholders’ equity, including the issuance of stock, repurchase of stock and dividends
Analyze how the use of different valuation methods and estimates can affect the Income statement and balance sheet
Describe how a cash flow statement can provide insight to a company's performance and solvency
Use financial analysis techniques to compare financial results against expectations, industry standards and competitors

Text and References

A list of textbooks required for this course is available at the bookstore.

Course Scheduling

The scheduled hours of instruction include sixteen hours for each lecture credit, thirty two hours for each lab credit and forty hours for each credit of supervised occupational experience (SOE). Lecture credit may include formal or impromptu lectures, demonstrations or discussions with the entire class or with small groups or individuals. Refer to the Credit Details section of this course outline for the credit breakdown.

Accommodations Statement

Disability Services assists students with disabilities who need accommodations to access programs, services and college activities.  If this applies to you, please contact the DS Office on your campus to initiate the accommodations process. 
Brooklyn Park Campus - 763-488-2477
Eden Prairie Campus – 952-995-1544

Campus

Brooklyn Park Campus Eden Prairie Campus 952-995-1300

Credit Details

lecture:

4