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ACC 101: Financial Accounting

Course Description

This course is a comprehensive introduction to financial accounting concepts, techniques, rules, and utilization. We develop an understanding of exactly what financial accounting seeks to accomplish and how accurate accounting gives critical insight into the operations of a business. Topics include the different types of accounting systems, the way that business activity generates accounting data, the appropriate way to record that data, how to categorize that data into financial statements, how to generate financial ratios from the data, and how accounting info can drive management decision making and communicate corporate health to stakeholders.

Prerequisites

  • None

Student Learning Outcomes (SLOs)

Students who successfully complete this course will be able to

  1. Demonstrate an understanding of financial accounting terminology and summarize the concepts they communicate.
  2. Describe and interpret the accounting impact of different business events.
  3. Summarize the legal framework governing financial statements, describe how they support economic activity.
  4. Associate business events by financial statement, tabulate said impact in the appropriate statement.
  5. Summarize the concepts described by the different financial statements.
  6. Label and contrast fixed and variable costs.
  7. Relate how changes in business activity will affect costs.
  8. Describe the concept of depreciation and show how it associates different time periods to the realization of costs.
  9. Classify the different types of assets and liabilities.
  10. Outline how business activity is classified in the major financial statements.
  11. Interpret the major financial statements and describe the strengths and weaknesses of the business' operations.
  12. Demonstrate understanding of the major financial ratios.

General Education Outcomes (GEOs)

Please check the applicable GEOs for this course, if any, by outcomes at GEO Category Search, or by subject area at GEO Discipline Search.

Course Activities and Grading

Assignment(s)Weight
Discussions25%
Homework Assignments35%
Midterm Exam15%
Sarbanes Oxley Paper10%
Final Exam15%
Total100%

Required Textbooks

(Available through Charter Oak State College's online bookstore)

    • Williams, Jan, Sue Haka, Mark Bettner and Joseph Carcello. (2018). Financial & Managerial Accounting - eBook version with Connect Access for 18 months. 18th ed. McGraw-Hill Irwin. ISBN-13: 9781260006476

Note: This textbook is an eBook with Connect Access. Once students purchase Connect, there is an option through the Access code to then purchase a loose-leaf copy of the text, sent directly from McGraw-Hill for an additional cost of $60.00. This additional cost is not covered by financial aid vouchers. Standard shipping time is 5-7 days.

Course Schedule

WeekSLOsReadings and ExercisesAssignment(s)
11,3Topic: Introduction to Accounting
  • Readings:
    • Chapter 1: Accounting Information for Decision Making
  • Read assigned chapter
  • Review the Lecture material (powerpoint & notes)
  • Participate in the Discussion Board
  • Complete chapter question set in Connect
21,3,4,5Topics: Introduction to Financial Statements and Business Structure
  • Readings:
    • Chapter 2: Basic Financial Statements
  • Read assigned chapter
  • Review the Lecture material (powerpoint & notes)
  • Participate in the Discussion Board
  • Complete chapter question set in Connect
31,2,4Topics: First Three Steps of Accounting Cycle: Journal, Ledger & Trial Balance
  • Readings:
    • Chapter 3: The Accounting Cycle
  • Read assigned chapter
  • Review the Lecture material (powerpoint & notes)
  • Participate in the Discussion Board
  • Complete chapter question set in Connect

4

1,2,4

Topics: Accruals & Deferrals
  • Readings:
    • Chapter 4
  • Read assigned chapter
  • Review the Lecture material (powerpoint & notes)
  • Participate in the Discussion Board
  • Complete chapter question set in Connect

5

1,2,4,10

Topic: Introduction to Financial Statements
  • Readings:
    • Chapter 5
  • Read assigned chapter
  • Review the Lecture material (powerpoint & notes)
  • Participate in the Discussion Board
  • Complete chapter question set in Connect

6

1,2,6,7

Topics: Approaches for Inventory & Cost of Goods Sold Approaches
  • Readings:
    • Chapters 6 & 8
    • NOTE: chapter 6 material is for context only, there are no homework assignments nor test material from this chapter.
  • Read assigned chapters
  • Review the Lecture material (powerpoint & notes)
  • Participate in the Discussion Board
  • Complete chapter question set (Ch. 8) in Connect

7

1-10

Midterm Exam
Exam Covers Chapters 1-5 & 8

8

1,4,6,7,8

Topics: Cash Management & Financial Assets
  • Readings:
    • Chapter 7
  • Read assigned chapter
  • Review the Lecture material (powerpoint & notes)
  • Participate in the Discussion Board
  • Complete chapter question set in Connect
9
1,4,6,7,8
Topics: Depreciation & Intangible Assets
  • Readings:
    • Chapter 9
  • Read assigned chapter
  • Review the Lecture material (powerpoint & notes)
  • Participate in the Discussion Board
  • Complete chapter question set in Connect
10
1,7,8,9
Topics: Short Term & Long Term Liabilities
  • Readings:
    • Chapter 10
  • Read assigned chapter
  • Review the Lecture material (powerpoint & notes)
  • Participate in the Discussion Board
  • Complete chapter question set in Connect
11
1,10
Topic: All about Equity
  • Readings:
    • Chapter 11
  • Read assigned chapter
  • Review the Lecture material (powerpoint & notes)
  • Participate in the Discussion Board
  • Complete chapter question set in Connect
12
1,2,4,5,10
Topics: Extraordinary Items & Ways to Quantify Retained Earnings
  • Readings:
    • Chapter 12
  • Read assigned chapter
  • Review the Lecture material (powerpoint & notes)
  • Participate in the Discussion Board
  • Complete chapter question set in Connect
13
1,4,5,10
Topic: The Statement of Cash Flows
  • Readings:
    • Chapter 13
  • Read assigned chapter
  • Review the Lecture material (powerpoint & notes)
  • Participate in the Discussion Board
  • Complete chapter question set in Connect
  • Submit Written Assignment - Sarbanes Oxley
14
1,5,9,11,12
Topic: The External Users of Accounting Information
  • Readings:
    • Chapter 14
  • Read assigned chapter
  • Review the Lecture material (powerpoint & notes)
  • Participate in the Discussion Board
  • Complete chapter question set in Connect
15
1-12

Final Exam
Exam Covers Chapters 7 & 9-14

COSC Accessibility Statement

Charter Oak State College encourages students with disabilities, including non-visible disabilities such as chronic diseases, learning disabilities, head injury, attention deficit/hyperactive disorder, or psychiatric disabilities, to discuss appropriate accommodations with the Office of Accessibility Services at OAS@charteroak.edu.

COSC Policies, Course Policies, Academic Support Services and Resources

Students are responsible for knowing all Charter Oak State College (COSC) institutional policies, course-specific policies, procedures, and available academic support services and resources. Please see COSC Policies for COSC institutional policies, and see also specific policies related to this course. See COSC Resources for information regarding available academic support services and resources.