Financial Accounting and Reporting

Course Code: ACG 3101

Credit Hours: 3

Effective beginning: 2022-23


Course Description:
This course reviews the basic accounting cycle, financial statement preparation, and the framework of accounting theory. Included in this course is an in-depth study of accounting for current assets, fixed assets, depreciation, and intangible assets. This course is designed for the accounting major and the general student of business interested in the underlying principles for recording and reporting of financial information for general purpose financial statements. The course presents the theoretical setting for accounting practices and procedures. When alternative positions can be taken on matters of theory and practice, such alternatives and the positions of leading authorities are discussed. In addition to pointing out the conflicts that exist within the traditional structure of accounting, the course strives to provide the student with an analytical basis for making his/her own evaluation of controversial areas.

Course Details


ACG 2021


Sherry Klanjac, CPA


Required textbooks/ course materials:

Intermediate Accounting: Reporting and Analysis (loose-leaf), 3rd, Wahlen/Jones/Pagach, Cengage Publishing, 2019. ISBN: 9780357642115.

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 and Accounting Standards
  • Conceptual Framework for Financial Reporting 
  • The Accounting Information System 
  • Income Statement and Related Information 
  • Balance Sheet and Statement of Cash Flows 
  • Accounting and the Time Value of Money 
  • Cash and Receivables 
  • Valuation of Inventories: A Cost-Basis Approach 
  • Inventories: Additional Valuation Issues 
  • Acquisition and Disposition of Property, Plant, and Equipment 
  • Depreciation, Impairments, and Depletion 
  • Intangible Assets


Discipline-level learning outcomes:

Bachelor of Science in Business Administration degree Learning Outcomes:

BA-1 Exhibit knowledge of accounting, finance, management, legal, operations and marketing. 

BA-2 Identify MIS, economics, technology, statistical data and decision support tools for making effective business decisions.

BA-3 Recognize the impact of today’s global economy, diversity and cultures on businesses.

BA-4 Comprehend how effective leadership, teamwork and ethics relate to best business practices.           

BA-5 Use effective oral and written communication skills, including effective research techniques. 


Course-level learning outcomes:

Course-level student learning outcomesDiscipline-level learning outcomesAssessment methods

Synthesize the role of the accountant in business and the opportunity for an accounting career in other area

BA-1, BA-2, BA-3, BA-4, BA-5 Homework, tests, quizzes

Evaluate and understand the accounting equation

BA-1, BA-2, BA-3, BA-4, BA-5 Homework, tests, quizzes

Construct journal entries into ledger accounts (T-accounts) and prepare trial balance

BA-1, BA-2, BA-3, BA-4, BA-5 Homework, tests, quizzes

Formulate adjusting entries at the end of the accounting period along with alternative ways of doing entries that were not covered in ACG 2021

BA-1, BA-2, BA-3, BA-4, BA-5 Homework, tests, quizzes

Appraise a worksheet in anticipation of preparing the financial statements. Emphasize the use of closing entries to adjust the temporary accounts.

BA-1, BA-2, BA-3, BA-4, BA-5 Homework, tests, quizzes
Evaluate financial statements in proper form and understand how they are interrelated BA-1, BA-2, BA-3, BA-4, BA-5 Homework, tests, quizzes



Means of accomplishing learning outcomes:

  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.


The grading breakdown is subject to change at the discretion of the instructor.


up to 40%

Test (which includes Midterm and Final)

up to 60%

Assignments, Projects and/or Labs

up to 40%


up to 20%

Please see your first day handout for individual instructor grading schemes.


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.