Introduction to Financial Accounting

Course Code: ACG 2021

Credit Hours: 3

Effective beginning: 2020-21

 

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:

Warren/Reeve/Duchac

Financial and Managerial Accounting 15th edition

Loose-leaf version of the book bundled with 2 term CNOWv2 Printed Access Card ISBN: 9781337902663

 

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 student learning outcomesDiscipline-level learning outcomesAssesments 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:

  • Cash and Accounts Receivable
  • Inventories
  • Liabilities (including Mortgages and Bonds Payable)
  • Long-term assets and their depreciation
  • Present value concepts
  • Ratios
  • Cash flow statement

B-1, B-3, B-4

Homework, tests, quizzes

 

 

  1. Attend and participate in class regularly.
  2. Read all assigned material before class.
  3. Study in-class notes and online (Canvas) materials.
  4. Complete assigned projects in a timely manner to enable reflections and revisions on the final product.
  5. Participate in discussions.
  6. Demonstrate your mastery of the required skills on quizzes, exams, etc.
  7. Complete all assignments with promptness and accuracy.
  8. 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.