Introduction to Financial Accounting
Course Code: ACG 2021
Credit Hours: 3
Effective beginning: 2022-23
Course Description:An introductory course in the principles and practices of financial accounting, emphasizing the measurement and reporting of income. The basic accounting model, measuring and reporting assets, liabilities and stockholders’ equity, special reports and analyses of accounting information also are covered. Credit will not be granted for both ACG 2021 and ACG 3024.
Course Details
Instructors:
Sherry Klanjac, CPA
Required textbooks/ course materials:
Financial and Managerial Accounting, 15th, Warren/Reeve/Duchac, Cengage Publishing, 2019. ISBN: 9781337902663.
Cengage Unlimited:
- 1-semester subscription: ISBN 9780357700006
- 1-year subscription: ISBN 9780357700013
- 2-year subscription: ISBN 9780357700020
Assignment/course outline:
The following topics will be covered in this course at the discretion of the instructor:
- Financial Accounting & Business Decisions
- Processing Accounting Information
- Accrual Basis of Accounting
- Understanding Financial Statements
- Accounting for Merchandising Operations
- Accounting for Inventory
- Internal Control & Cash
- Accounting for Receivables
- Accounting for Long-Lived & Intangible Assets
- Accounting for Liabilities
- Stockholders’ Equity
- Statement of Cash Flows
- Analysis & Interpretation of Financial Statements
See your Instructor First Day Handout for individual instructor assignment schedule.
Discipline-level learning outcomes:
Associates degree in Business Administration Learning Outcomes:
B-1 Demonstrate knowledge of the principles, practices and supervisory responsibilities of management, and ethical and legal issues in a business environment.
B-2 Apply general business workplace competencies, including employability skills and office computer skills.
B-3 Understand business concepts, such as accounting, HR, marketing and organization.
B-4 Communicate effectively in oral and written form, exhibit college level computation and problem-solving skills, and interact appropriately with people of other cultures or backgrounds.
Course-level learning outcomes:
| Course-level student learning outcomes | Discipline-level learning outcomes | Assesments method for learning outcomes |
|---|---|---|
|
Synthesize the role of the accountant in a business |
B-1, B-3, B-4 |
Homework, tests, quizzes |
|
Evaluate the accounting equation steps |
B-1, B-3, B-4 |
Homework, tests, quizzes |
|
Appraise the rules of double entry bookkeeping and apply knowledge of these rules through preparation of journal entries |
B-1, B-3, B-4 |
Homework, tests, quizzes |
|
Construct journal entries into ledger accounts (T-accounts) and prepare trial balance |
B-1, B-3, B-4 |
Homework, tests, quizzes |
|
Propose adjusting entries at the end of the accounting period |
B-1, B-3, B-4 |
Homework, tests, quizzes |
|
Formulate a worksheet in anticipation of preparing the financial statements |
B-1, B-3, B-4 |
Homework, tests, quizzes |
|
Contrast financial statements in proper form and understand how they are interrelated |
B-1, B-3, B-4 |
Homework, tests, quizzes |
|
Evaluate the proper accounting for the following:
|
B-1, B-3, B-4 |
Homework, tests, quizzes |
Means of accomplishing learning outcomes:
- Attend and participate in class regularly.
- Read all assigned material before class.
- Study in-class notes and online (Canvas) materials.
- Complete assigned projects in a timely manner to enable reflections and revisions on the final product.
- Participate in discussions.
- Demonstrate your mastery of the required skills on quizzes, exams, etc.
- Complete all assignments with promptness and accuracy.
- All written documents as well as online assignments must be completed using correct grammar, spelling, and structure.
College-wide policies and resources
For more specific information on Chipola's college-wide academic policies and resources available to students, visit the link below.