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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.
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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.
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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
Checkpoint 1: The Role of Accounting Information
- Checkpoint 1 Pre-Reading: What Do You Think?
- Textbook: Checkpoint 1 Reading Assignment: Chapter 1
- Chapter 1 Presentation
Checkpoint 2: Financial Statements
- Checkpoint 2: Pre-Reading: What Do You Think?
- Textbook: Checkpoint 2 Reading Assignment: Chapter 2
- Chapter 2 Presentation
Checkpoint 3: The Accounting Cycle
- Checkpoint 3 Pre-Reading: What Do You Think?
- Textbook: Checkpoint 3 Reading Assignment: Chapter 3
- Chapter 3 Presentation
Checkpoint 4: Accounting Cycle: Adjusting Entries
- Checkpoint 4 Pre-Reading: What Do You Think?
- Textbook: Checkpoint 4 Reading Assignment: Chapter 4
- Chapter 4 Presentation
Checkpoint 5: Accounting Cycle: Financial Reporting
- Checkpoint 5: Pre-Reading: What Do You Think?
- Textbook: Checkpoint 5 Reading Assignment: Chapter 5
- Chapter 5 Presentation
- Pathfinder: Completing the Accounting Cycle
Checkpoint 6: Merchandising Activities
- Checkpoint 6: Pre-Reading: What Do You Think?
- Textbook: Checkpoint 6 Reading Assignment: Chapter 6
- Chapter 6 Presentation
Checkpoint 7: Financial Assets
- Checkpoint 7: Pre-Reading: What Do You Think?
- Textbook: Checkpoint 7 Reading Assignment: Chapter 7
- Chapter 7 Presentation
Checkpoint 8: Inventory and the Cost of Goods Sold
- Checkpoint 8 Pre-Reading: What Do You Think?
- Textbook: Checkpoint 8 Reading Assignment: Chapter 8
- Chapter 8 Presentation
- Pathfinder: Inventory Costing Options
Checkpoint 9: Plant and Intangible Assets
- Checkpoint 9: Pre-Reading: What Do You Think?
- Textbook: Checkpoint 9 Reading Assignment: Chapter 9
- Chapter 9 Presentation
Checkpoint 10: Liabilities
- Checkpoint 10 Pre-Reading: What Do You Think?
- Textbook: Checkpoint 10 Reading Assignment: Chapter 10
- Chapter 10 Presentation
Checkpoint 11: Stockholder's Equity
- Checkpoint 11 Pre-Reading: What Do You Think?
- Textbook: Checkpoint 11 Reading Assignment: Chapter 11
- Chapter 11 Presentation
Checkpoint 12: Principles of Revenue Recognition
- Checkpoint 12 Pre-Reading: What Do You Think?
- Textbook: Checkpoint 12 Reading Assignment: Chapter 12
- Chapter 12 Presentation
Checkpoint 13: Statement of Cash Flows
- Checkpoint 13: Pre-Reading: What Do You Think?
- Textbook: Checkpoint 13 Reading Assignment: Chapter 13
- Chapter 13 Presentation
Checkpoint 14: Financial Statement Analysis
- Checkpoint 14: Pre-Reading: What Do You Think?
- Textbook: Checkpoint 14 Reading Assignment: Chapter 14
- Chapter 14 Presentation
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:
- 14 Checkpoints
- 6 Benchmarks
This course has an open-book Cumulative Benchmark. Scientific and/or graphing calculators are allowed throughout the course.
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- Stable internet connection
- Web browser
- Basic computer skills
- Scientific or graphing calculator
- Any required course materials
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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.
3 Credits
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