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ACC 201 Financial Accounting
Credit Hours:  3
Effective Term: Fall 2017
SUN#: ACC 2201
AGEC: None  
Credit Breakdown: 3 Lectures
Times for Credit: 1
Grading Option: A, B, C, D, F

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

Prerequisites: RDG094

Corequisites: None

Recommendations: ACC100 is not a required prerequisite for ACC201, however students who struggle with numerical data may best be advised to first complete ACC100 which places heavy concentration on the mechanics of accounting.

Measurable Student Learning Outcomes
1. (Synthesis Level) Analyze transactions, record the appropriate journal entries, and complete the accounting cycle in accordance with Generally Accepted Accounting Principles (GAAP).
2. (Synthesis 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. (Analysis 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. (Application Level) Compute depreciation, depletion, and amortization using several methods.
9. (Application Level) Explain and demonstrate the basics of payroll accounting; record payroll entries and payroll tax entries.
10. (Application 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. (Analysis Level) Determine which types of internal controls are effective when given a specific business situation and give a clear explanation of the Sarbanes-Oxley Act.
Internal/External Standards Accreditation