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. (3 credits)
Student Learning Outcomes (SLOs)
Students who successfully complete this course will be able to
- Demonstrate an understanding of financial accounting terminology and summarize the concepts they communicate.
- Describe and interpret the accounting impact of different business events.
- Summarize the legal framework governing financial statements, describe how they support economic activity.
- Associate business events by financial statement, tabulate said impact in the appropriate statement.
- Summarize the concepts described by the different financial statements.
- Label and contrast fixed and variable costs.
- Relate how changes in business activity will affect costs.
- Describe the concept of depreciation and show how it associates different time periods to the realization of costs.
- Classify the different types of assets and liabilities.
- Outline how business activity is classified in the major financial statements.
- Interpret the major financial statements and describe the strengths and weaknesses of the business' operations.
- Demonstrate understanding of the major financial ratios.
General Education Outcomes (GEOs)
Course Activities and Grading
|Sarbanes Oxley Paper||10%|
Available through Charter Oak State College's online bookstore
- Williams, Jan, Sue Haka, Mark Bettner and Joseph Carcello. (2021). Financial & Managerial Accounting - eBook version with Connect Access for 18 months. 19th ed. McGraw-Hill Irwin. ISBN-13: 978-1-260-70633-8
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.
|Week||SLOs||Readings and Exercises||Assignment(s)|
|1||1,3||Topic: Introduction to Accounting|
|2||1,3,4,5||Topics: Introduction to Financial Statements and Business Structure|
|3||1,2,4||Topics: First Three Steps of Accounting Cycle: Journal, Ledger & Trial Balance|
|Topics: Accruals & Deferrals|
|Topic: Introduction to Financial Statements|
|Topics: Approaches for Inventory & Cost of Goods Sold Approaches|
Exam Covers Chapters 1-5 & 8
|Topics: Cash Management & Financial Assets|
|Topics: Depreciation & Intangible Assets|
|Topics: Short Term & Long Term Liabilities|
|Topic: All about Equity|
|Topics: Extraordinary Items & Ways to Quantify Retained Earnings|
|Topic: The Statement of Cash Flows|
|Topic: The External Users of Accounting Information|
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.