Financial Accounting
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Students in this financial accounting course explore basic accounting concepts and procedures and the interpretation of financial statements. The principles of accrual and deferral accounting are presented, including proper use of debits, credits, and fiscal year-end procedures. Students also examine merchandising transactions, inventory costing and valuation, cash management, and accounts receivable. The reporting of long-term assets, liabilities, and bonds are also discussed.
Buy the course for only $59 and get a copy of "Financial and Managerial Accounting " at no additional cost
By including eTextbooks in our courses, StraighterLine is helping students achieve their academic goals by providing best-in-class tools to make studying more convenient.
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Excellent course even for someone who has been doing this for decades.
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Excellent course even for someone who has been doing this for decades.
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The course had valuable information.
Content Rating Overall Rating -
The course had valuable information.
Content Rating Overall Rating
Course Objectives
After completing this financial accounting course, you will be able to:
- Understand and use the four basic financial statements.
- Define and apply the accounting equation.
- Review and employ the principles of accrual and deferral accounting.
- Record debits and credits, and close a fiscal year's books.
- Make merchandising entries and handle inventory.
- Practice cash accounting and internal control.
- Account for receivables.
- Understand and handle long-term assets and liabilities.
Topic |
Topic |
Subtopics |
Objectives |
1 |
Introduction to Financial Accounting in the Business Environment |
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2 |
The Accounting Cycle: Analyzing and Recording Transactions |
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3 |
Accounting Methods, Adjustments and Financial Statements |
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4 |
Accounting for Merchandising Operations |
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5 |
Inventories and Cost of Sales |
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6 |
Cash and Internal Controls |
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7 |
Accounts and Notes Receivable |
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8 |
Long-Term Assets |
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9 |
Current Liabilities |
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10 |
Long-Term Liabilities |
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11 |
Corporate Reporting and Analysis |
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12 |
Reporting Cash Flows |
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13 |
Analysis of Financial Statements |
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14 |
Review Topic |
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There are no prerequisites for this financial accounting course. StraighterLine does suggest that students complete Accounting I and II (ACC101 and ACC102) prior to enrolling in this course.
The required eTextbook for this course is included with your course purchase at no additional cost. More information on StraighterLine eTextbooks
Prefer the hard copy? Simply purchase from your favorite textbook retailer; you will still get the eTextbook for free.

Enhancements in technology have changed how we live and learn. Working with learning resources across devices, whether smartphones, tablets, or laptop computers, empowers students to drive their own learning by putting increasingly intelligent technology into their hands. Whether the goal is to become an accountant, a businessperson, or simply an informed consumer of accounting information, Financial and Managerial Accounting has helped generations of students succeed. Its leading edge accounting content, paired with state-of-the-art technology, supports student learning and elevates understanding of key accounting principles.
StraighterLine provides a percentage score and letter grade for each course. A passing percentage is 70% or higher.
If you have chosen a Partner College to award credit for this course, your final grade will be based upon that college's grading scale. Only passing scores will be considered by Partner Colleges for an award of credit.
There are a total of 1000 points in the course:
Topic |
Assessment |
Points Available |
4 |
Graded Exam #1 |
125 |
7 |
Graded Exam #2 |
125 |
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Cumulative Graded Midterm Exam |
200 |
10 |
Graded Exam #3 |
125 |
14 |
Graded Exam #4 |
125 |
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Cumulative Graded Final Exam |
300 |
Total |
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1000 |
Final Proctored Exam
The final exam is developed to assess the knowledge you learned taking this course. All students are required to take an online proctored final exam in order complete the course and be eligible for transfer credit.
Students in this financial accounting course explore basic accounting concepts and procedures and the interpretation of financial statements. The principles of accrual and deferral accounting are presented, including proper use of debits, credits, and fiscal year-end procedures. Students also examine merchandising transactions, inventory costing and valuation, cash management, and accounts receivable. The reporting of long-term assets, liabilities, and bonds are also discussed.