DO NOT DELETE THIS SECTION
Financial Accounting
ACC151 | 3 Credits
Financial Accounting explores basic accounting concepts and procedures and how to interpret financial statements. We’ll introduce the principles of accrual and deferral accounting, like proper use of debits, credits, and fiscal year-end procedures.
Professor:
About Financial Accounting
What You’ll Learn
Financial Accounting covers basic accounting concepts and procedures, along with learning to interpret financial statements. The principles of accrual and deferral accounting are presented, including proper use of debits, credits, and fiscal year-end procedures.
- Describe the purpose of accounting and explain its role in business.
- Record business transactions using the accounting equation and financial statements.
- Demonstrate the steps involved in the accounting cycle.
- Prepare transactions and financial statements for a merchandising business.
- Describe the objectives of cash management and internal controls.
- Define financial assets and explain their valuation in the balance sheet.
- Compare and contrast perpetual and periodic inventory systems.
- Determine the cost of plant assets and define current and long-term liabilities.
- Explain the advantages and disadvantages of organizing a business as a corporation.
- Explain the principle of revenue recognition and financial statement analysis.
StraighterLine Courses Include:
-
Self-paced workload
-
Digital Textbooks
-
Transcript Delivery
-
Grade Improvement Opportunities
-
Interactive Modules
-
Video Lessons
-
24/7 Tutoring & Support
-
Access on Desktop and Mobile
Transfer Credit in 3 Easy Steps
Pick Your Course & Enroll
Getting started is simple — no applications, waitlists, or deadlines. Just create an account, choose your course, and start learning right away.
Every course is self-paced and fully online, so you can fit learning into your life — not the other way around. With support resources included and no hidden fees, you're in control from day one.
Go at Your Own Pace
No rigid schedules, no stress. Just real online college courses you can start anytime, anywhere, and finish on your own terms.
StraighterLine courses offer interactive lessons and assignments that help you understand and retain the material, and come with everything you need to stay on track and succeed — including digital textbooks, tutoring, and real people to support you on your journey to your degree.
Transfer Your Credits, Save Thousands on Tuition
Complete your course with a 70% or higher to make your credits eligible for transfer. Then head to your Student Dashboard, select “Request Transcript,” and tell us where to send it — we’ll take it from there at no additional cost.
Not sure whether your school accepts StraighterLine courses? Our Enrollment Specialists can find out for you!
Does My School Accept This Course?
We’ll find out for you. Students have successfully transferred StraighterLine course credits to 3,000+ schools. Our Enrollment Specialists will contact your college directly to confirm your credits will transfer, so you don’t have to.
WANT US TO CHECK?Course Details
In this course, you will spend time examining merchandising transactions, inventory costing and valuation, cash management, and accounts receivable. The reporting of long-term assets, liabilities, and bonds is also covered in our online Financial Accounting course.
ACE-Recommended
ACE Code:
OOSL-0045
Flexible Schedule
28-day Average Course Completion
Transferred 24,900Times
$500,000 Saved on Tuition
Prerequisites
There are no prerequisites for this course, although it is suggested that students complete Accounting I and II (ACC101 and ACC102) prior to enrolling in this course.
Course Text
The required eTextbook for this course is included with your course purchase at no additional cost.
- Williams, Jan R., Mark S. Bettner, and Joseph V. Carcello. Financial and Managerial Accounting, 19th edition, McGraw-Hill, 2021, ISBN: 9781260247930
Course Checkpoints
The Role of Accounting Information
- Accounting Information
- Information Systems
- Financial Accounting Information
- Management Accounting Information
- Careers in Accounting
Financial Statements
- Introduction to Financial Statements
- Income Statement
- Statement of Cash Flows
- Relationships among Financial Statements
- Forms of Business Organization
- The use of Financial Statements by External Parties
- Quality Assurance
The Accounting Cycle
- The Accounting Cycle
- The Ledger
- The Use of Accounts
- Debit and Credit Entries
- The Journal
- Recording Balance Sheet Transactions—An Illustration
- Ledger Accounts after Posting
- What is Net Income?
- Dividends
- Recording Income Statement Transactions
- Ledger Balances
Accounting Cycle—Adjusting Entries
- Adjusting Entries
- Adjusting Entries and Accounting Principles
Accounting Cycle—Financial Reporting
- Preparing Financial Statements
- Closing the Temporary Accounts
- Summary of the Closing Process
- After-Closing Trial Balances
Merchandising Activities
- Merchandising Companies
- Transactions Relating to Purchases
- Transactions Relating to Sales
- Recording Repetitive Transactions
Financial Assets
- Cash
- Short-Term Investments
- Accounting for Marketable Securities
- Accounts Receivable
- Notes Receivable and Interest Revenue
Inventory and the Cost of Goods Sold
- The Flow of Inventory Costs
- Perpetual Inventory Systems
- Taking a Physical Inventory
- Periodic Inventory Systems
- Importance of an Accurate Valuation of Inventory
- Estimating Cost of Goods Sold and Ending Inventory
- Inventory Turnover and the Operating Cycle
Plant and Intangible Assets
- Acquisitions of Plant Assets
- Depreciation
- Disposal of Plant Equipment
- Intangible Assets
- Natural Resources
- Plant Transactions and the Statement of Cash Flows
Liabilities
- Current Liabilities
- Long-Term Liabilities
- Estimated Liabilities, Loss Contingencies, and Commitments
- Evaluating the Safety of Creditors' Claims
- Special Types of Liabilities
Stockholder’s Equity
- Corporations
- Formation of a Corporation
- Paid-In Capital of a Corporation
- Market Value
- Treasury Stock
Principles of Revenue Recognition
- Revenue Recognition
- Reporting the Results of Operations
- Other Transactions Affecting Retained Earnings
Statement of Cash Flows
- Statement of Cash Flows
- Preparing a Statement of Cash Flows
- Managing Cash Flows
- A Worksheet for Preparing a Statement of Cash Flows
Financial Statement Analysis
- Tools of Analysis
- Measures of Liquidity and Credit Risk
- Measures of Profitability
Assignments & Grading
Your score provides a percentage score and letter grade for each course. A passing percentage is 70% or higher.
Assignments for this course include:
- 4 Graded Exams
- 1 Graded Midterm
- 1 Graded Final
This course has an open-book Final Exam. Scientific and/or graphing calculators are allowed throughout the course.
What You’ll Need
- A reliable computer or laptop
- Stable internet connection
- Web browser
- Basic computer skills
- Scientific or graphing calculator
- Any required course materials
Your Academic Team
Your Faculty Team
We’re not just a platform — we’re a team of professional educators committed to your success. Our courses are built by academic professionals who are leaders in higher education, and your assignments are graded by real people who provide meaningful feedback so you can keep progressing.
Support Team
At StraighterLine, there are real people working behind the scenes to guide you through every course, quiz, and “I’m stuck” moment.
- Enrollment Services
- On-Demand Tutors
- Academic Advisors
- Tech Support
Course Professor
Tutoring & Career Resources
Your StraighterLine membership comes with the tools and guidance you need to thrive academically and take confident steps toward your career.
24/7 live, on-demand tutoring, access via chat or video
Exam and certification prep tools
Faculty Connect portal
24/7 live, on-demand tutoring, access via chat or video
Real, human feedback to help you ace your assignments
Exam and certification prep tools
Real, human feedback to help you ace your assignments
Professional development assistance
Resume-building resources
Professional development assistance
Faculty Connect portal
Resume-building resources
Students who enrolled also took:
TRY FOR FREE
Start Your Free Preview
Explore course content, your Student Dashboard, and all the features StraighterLine offers to support your success. No credit card, no commitment — see how easy it is to use StraighterLine.
Get Started FreeStudent Reviews
4.6
Go at Your Own Speed Like I Did!
Going at my own pace has allowed me to complete two courses within a month while working on my third course at the same time. It’s super fast and easy. My school has already received my transcripts and approved the courses.
Brianna, StraighterLine Student
Great Alternative
This was a great alternative for me as a busy mom with a business. I was able to do it at my own pace and the classes were super thorough and informative. What I liked the most was the quizzes to test your knowledge on the subject provided.
Aryam, StraighterLine Student
My Shortcut to My Degree & Career!
StraighterLine had a big impact on reducing the cost and length of time it took me to get my degree. Plus, I was able to get a full-time job in the industry I wanted to work in.
Kara, StraighterLine Student
Getting Started is Simple
The StraighterLine Advantage
Full flexibility, no timelines or deadlines ever.
Your own support team to get you to the finish line.
Unlimited course access so you can take as many courses as you need.
Transfer guaranteed to one of our 180+ partner schools, and accepted by 3,000+ schools nationwide.
How to Enroll in Financial Accounting
Select your course and click “Enroll Today”.
Create your account and finalize course purchase.
Start earning affordable college credits!
You’ve Got Questions, We’ve Got Answers
Why is StraighterLine so affordable?
StraighterLine offers a completely online learning experience, free from the high costs of traditional colleges and universities. By cutting out the institutional overhead, we pass the savings onto you (instead of extra costs) — providing top-quality courses at a price that fits with your budget
What is included in the price?
StraighterLine membership gives you access to over 75 self-paced online courses at a fraction of the price you’d pay through your school — meaning you’ll save up to 90% per course. But that’s not all — membership also comes with valuable extras at no extra cost, including academic advising, 24/7 on-demand tutoring, and free transcript delivery to your school
What is ACE, and why does it matter for transfer credits?
StraighterLine courses are recommended for college credit by the American Council on Education (ACE), a respected organization that helps colleges evaluate nontraditional learning for credit. If your school accepts ACE Credit recommendations, there’s a strong chance they’ll accept StraighterLine courses. Always check with your school’s registrar to confirm how transfer credits apply to your degree.
How do I transfer StraighterLine credit?
Transferring your StraighterLine credits is easy:
- Check with your school: If you’re enrolled at one of our 180+ partner colleges, your credits are guaranteed to transfer based on which of our courses your school has agreed to directly accept credit for. Plus, StraighterLine credits have also been accepted by over 3,000 colleges and universities, but it’s always a good idea to confirm your school’s transfer policies before enrolling in a course.
- Request your transcript: Once you complete a course with a 70% or higher, log into your StraighterLine account to request an official transcript. We’ll send it directly to your school at no extra cost.
- Apply your credit: Your school will review your transcript and apply eligibility credits toward your degree, helping you move forward on your academic journey.
Helpful Resources
SUPPORT
Need Help Enrolling?
Our Enrollment Specialists are here to help you get started.
BLOG ARTICLE
How Do StraighterLine Online Courses Work?
Find out what your online learning experience with StraighterLine will be like.
BLOG ARTICLE
Where Can You Transfer StraighterLine Credit?
An easy-to-understand guide on how to transfer StraighterLine credits.
BLOG ARTICLE
How StraighterLine Reduces Tuition Costs
See how StraighterLine has helped students save thousands on tuition.
Build the Skills for Your Business Career
Accounting skills are the foundation of smart business decisions. Whether you want to start your own business, work in finance, or manage resources in education or public service, understanding financial accounting is essential. Financial Accounting will teach you how to apply key accounting principles so you can make informed, strategic decisions.
Why it matters:
- Business and financial jobs are quickly growing — projected to add 1.7 million new jobs between 2023-2033.
- Business is a great career choice for those driven by growth and innovation.
How this course sets you up for success:
Accountant, Financial Analyst, Marketing Specialist, Human Resources Coordinator, Project Manager, Business Operations Associate, Supply Chain Analyst, Sales Representative, and Entrepreneur
How this course sets you up for success:
Even if you don’t plan to work in finance, learning the basics of accounting gives you a practical foundation for a business career. Get started with your career today.
Course included in Semester & Annual Plans
SCRIPT HERE DO NOT DELETE