ACC 120 Principles of Financial Accounting

Lecture: 3 Lab: 2 Clinic: 0 Credits: 4

This course introduces business decision-making using accounting information systems. Emphasis is placed on analyzing, summarizing, reporting, and interpreting financial information. Upon completion, students should be able to prepare financial statements, understand the role of financial information in decision-making and address ethical considerations.

This course has been approved for transfer under the CAA as a premajor and/or elective course requirement.

Pre-requisite(s): Take DRE 098 or ENG 002 (P2 grade) and MAT 003 (P2 grade)
Course is typically offered in Fall, Spring, and Summer.
Course has transfer restrictions - 10 years

Student Learning Outcomes (SLOs)
At successful completion of the course, the student should be able to do the following:

Apply double-entry accounting concepts and principles to properly journalize and post transactions throughout the entire accounting cycle in accordance with Generally Accepted Accounting Principles (GAAP)
Prepare financial statements according to GAAP.
Account for the purchase and sale of inventory, using a perpetual inventory system.
Recognize internal control components and proper procedures, including reconciliation of a bank statement.
Account for receivables according to GAAP.
Account for depreciation of long term assets according to GAAP.
Account for current liabilities according to GAAP.
Identify the characteristics of a bond. 9. Journalize equity transactions of a company.