Course Number: CFT
Course Code: ACG 2021
This Financial Accounting course is ACE recommended for college credit transfer!
The Financial Accounting course covers accounting terminology; the recording and classifying of financial transactions, including analyzing, journalizing, and posting; the preparation of the trial balance, work sheet and financial statements; a familiarization with handling of adjustments, bad debts, inventory and depreciation; and matters concerning sole proprietorship and partnership. Course objectives: describe content and purposes of balance sheet and income statement; compare the basic characteristics of the accrual basis with the cash basis of accounting; explain the full accounting cycle and prepare all required journals, entries, and adjustments; outline the necessity for and features of internal control; identify the basic assumptions, principles, and modifying conventions of accounting; describe how inflation affects information presented in conventional financial statements; define partnerships and their characteristics.
Textbook chapter topics include:
– Basic Financial Statements
– The Accounting Cycle: Capturing Economic Events
– The Accounting Cycle: Accruals and Deferrals
– The Accounting Cycle: Reporting Financial Results
– Merchandising Activities
– Financial Assets
– Inventories and the Cost of Goods Sold
Audience: Appropriate for students who need a working knowledge of accounting
Prerequisites: Accounting Basics or Accounting Fundamentals