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ACC 201 Financial Accounting
Credit Hours:  3
Effective Term: Fall 2011
SUN#: ACC 2201
AGEC: (None)  
Credit Breakdown: 3 Lectures
Times for Credit: 1
Grading Option: A/F
Cross-Listed:


Description: Theory and practice of accounting applicable to the accumulation, reporting, and uses of financial information. Prerequisite: RDG094.

Prerequisites: RDG094

Corequisites: None

Recommendations:

Measurable Student Learning Outcomes
1. (Synthesis Level) Analyze transactions and then record the appropriate journal entries.
2. (Math Behavior Level) Prepare financial statements (income statement, retained earnings statement, balance sheet, statement of cash flows) for a corporation in accordance with Generally Accepted Accounting Principles.
3. (Synthesis Level) Record and explain inventory transactions when a perpetual inventory system is employed.
4. (Synthesis Level) Record and explain inventory transactions when a periodic inventory system is employed.
5. (Math Behavior Level) Account for cash funds and prepare a bank reconciliation.
6. (Synthesis Level) Account for uncollectible accounts and notes receivable; explain their effect on the financial statements.
7. (Synthesis Level) Account for fixed assets, intangible assets, and natural resources; explain and demonstrate how they are presented on a company's financial statements.
8. (Math Behavior Level) Compute depreciation, depletion, and amortization using several methods.
9. (Math Behavior Level) Explain and demonstrate the basics of payroll accounting; record payroll entries and payroll tax entries.
10. (Math Behavior Level) Compute ending inventory using the following methods: FIFO, LIFO, and weighted-average.
11. (Synthesis Level) Analyze and record transactions for notes receivables and notes payable.
12. (Synthesis Level) Analyze and record transactions to determine how they affect stockholders' equity and change a company's financial position.
13. (Knowledge Level) Explain the effect of the Sarbanes-Oxley Act on the accounting profession and how it affects a company's internal control policies.
Internal/External Standards Accreditation
1. Accurately prepare the four basic financial statements in accordance with Generally Accepted Accounting Principles and interpret the information to make sound business decisions.
2. Complete the accounting cycle in accordance with Generally Accepted Accounting Principles.
3. Analyze business transactions and correctly determine which transactions cause a change in a company's financial position.
4. Determine which types of internal controls are effective when given a specific business situation and give a clear explanation of Sarbanes-Oxley.
5. Correctly demonstrate accounting for numerous accounting transactions which involve such areas as: stockholders' equity, notes receivable, notes payable, payroll, petty cash, and merchandise inventory.