ACCT 201 Introduction to Financial Accounting*

This is an introduction to financial accounting and stresses the use of financial information in making investment and business decisions. The course covers the primary elements of the financial statements, fundamentals of accrual accounting, a study of internal control and cash safeguards, accounting for inventories and fixed assets, the presentation and use of the statement of cash flow, and the fundamentals of long-term liabilities. The course emphasizes the uses of accounting information rather than the preparation of financial statements.

Credits

3 Credits

ACCT 201Introduction to Financial Accounting*

Please note: This is not a course syllabus. A course syllabus is unique to a particular section of a course by instructor. This curriculum guide provides general information about a course.

I. General Information

Department

Business

II. Course Specification

Course Type

Program Requirement

Credit Hours Narrative

3 Credits

Grading Method

Letter grade

Repeatable

N

III. Catalog Course Description

This is an introduction to financial accounting and stresses the use of financial information in making investment and business decisions. The course covers the primary elements of the financial statements, fundamentals of accrual accounting, a study of internal control and cash safeguards, accounting for inventories and fixed assets, the presentation and use of the statement of cash flow, and the fundamentals of long-term liabilities. The course emphasizes the uses of accounting information rather than the preparation of financial statements.

IV. Student Learning Outcomes

Upon completion of this course, a student will be able to:

• Describe how the accounting equation (A=L+E) relates to the accounting cycle.
• Understand the relationship between the four primary financial statements and explain how the financial statements provide useful information to decision makers.
• Analyze and record business transactions and communicate the effects of business transactions and events in the financial statements.
• Read and interpret basic financial statements and related financial information to make informed business, investing, and/or lending decisions.
• Understand the difference between cash flow and accrual basis accounting.

V. Topical Outline (Course Content)

The business environment and basic financial statements. Completing the accounting cycle Inventory Internal Control Valuation of assets Liabilities and equity Cash Flow

VI. Delivery Methodologies

Required Assignments

Two comprehensive problems completing the accounting cycle Analysis of a company’s annual report

Required Exams

Chapter Tests Comprehensive Final Exam

Required Text

Horngren’s Financial & Managerial Accounting – The Financial Chapters—5th edition, Miller-Nobles, Mattison, Matsumura; Pearson Publications Pearson Access Code for MyAccountingLab

Required Materials

Columnar Paper Calculator

Required Activities

Specific Course Activity Assignment or Assessment Requirements

Two comprehensive problems completing the accounting cycle Analysis of a company’s annual report Chapter Tests Comprehensive Final Exam 1. 2.