ACC-101 Principles of Financial Accounting

The emphasis of this introductory course is to develop an understanding of accounting information systems for the business entity and for the individual. The basic concepts, procedures, business documents, and financial statements are included as they relate to the accounting cycle. Analysis of business decisions for internal and external aspects of the business is stressed.

Credits

4

Lecture Contact Hours

4

Lab Contact Hours

0

Other Contact Hours

0

Department

• Business

Grading Scheme

• Letter

SUNY Gen Ed Credit

• No

Semesters Course Will Be Offered

• Fall
• Spring

Course Learning Outcomes

1. Identify aspects of General Accepting Accounting Principles
2. Produce documentation of all steps of the accounting cycle.
3. Argue ethical situations in accounting practice.

View Course Outline

ACC 101: Principles of Financial Accounting

Department

Business

Course Description

The emphasis of this introductory course is to develop an understanding of accounting information systems for the business entity and for the individual. The basic concepts, procedures, business documents, and financial statements are included as they relate to the accounting cycle. Analysis of business decisions for internal and external aspects of the business is stressed.

Credit Hours

4

Contact Hours

Lecture	4
Lab	0
Other	0

Grading Scheme

Letter

Semester(s) Course Will Be Offered

Fall, Spring

Course Learning Outcomes

1. Identify aspects of General Accepting Accounting Principles
2. Produce documentation of all steps of the accounting cycle.
3. Argue ethical situations in accounting practice.

Topic Outline

1. Role of Accounting in Business
   1. The Nature of Business
   2. Business Activities (Operating, Investing, Financing)
   3. Introduction to Financial Statements
   4. Basic Accounting Assumptions (including but not limited to Entity, Cost, Going Concern, Matching, Objectivity, Unit of Measure, Disclosure, and Accounting Period
2. The Accrual Basis of Accounting and The Accounting Cycle
   1. Concept of Accrual Basis
   2. Deferrals and Accruals
   3. Financial Statements
   4. The Accounting Cycle
3. Accounting Information Systems
   1. Business Information Systems
   2. Accounting Transactions (Debits and Credits)
   3. Adjusting Entries
   4. Closing Entries
4. Accounting for Merchandise Concerns
   1. Financial Statements for a Merchandising Business
   2. Sales Transactions
   3. Purchase Transactions
   4. Transportation Cost and Sales Tax
   5. Effects of Inventory Misstatements
5. Internal Control and Cash
   1. Objectives and Elements of Internal Control
   2. Prevention and Detection of Fraud
   3. Cash Control Over Receipts and Payments
   4. Bank Reconciliations
6. Receivables
   1. Classification of Receivables
   2. Allowance Method for Uncollectible Accounts
   3. Notes Receivable
   4. Managing Accounts Receivable
7. Inventories
   1. Inventory Classifications in a Retail Manufacturing Environment
   2. Cost Flow Assumptions (FIFO, LIFO, Average) in a Periodic System
   3. Lower of Cost or Market
8. Fixed Assets
   1. Determining Cost of Property, Plant and Equipment
   2. Depreciation Methods (Straight-Line, Units-of-Production, Double-Declining Balance, MACRS)
   3. Fixed Asset Disposals
9. Intangible Assets
   1. Identify, Describe and Account for Intangible Assets
   2. Amortization
10. Liabilities
    1. Definition of a Liability
    2. Identify Crisis Liabilities
    3. Accounting for Current Liabilities
    4. Accounting for Notes Payable
    5. Identify and Account for Contingent Liabilities
    6. Accounting for Payroll and Fringe Benefits
    7. Identify Long Term Liabilities
    8. Account for Bonds Payable
    9. Discount and Premium Amortization Straight Line
    10. Bond Redemption
    11. Reporting Issues with Liabilities
11. Stockholders Equity
    1. Charicertisites of a Corporation
    2. Accounting for Common Stock (Par and No-Par Value)
    3. Accounting for Preferred Stock
    4. Treasury Stock Acquisition and Disposal
    5. Cash Dividends
    6. Stock Dividends
    7. Reporting Issues with Stockholders Equity
12. International Standards vs. USA GAAP