Syllabus
Course Information
Course Title: Financial Accounting
Course Number: 201
Credit Hours: 3
Distribution of Contact Hours: LEC Credit Hrs = 3 Lec Hrs = 3 Cont Hrs = 3
Semester Reviewed: Summer 2025
Course Catalog Description
ACCT 201 - Financial Accounting 3 hrs (Sem I, II) The course studies the theoretical framework of GAAP and procedures for financial reporting related to today's business environment. Both the procedures used and the theory/concepts upon which they are based will be studied. The course covers accounting for current assets, fixed assets, intangible assets, revenue recognition, liabilities, and stockholder's equity. This course is a transferIN course. 3 lecture hours. Prerequisite(s): Must qualify for ENGL 1 01 and MATT 1 09.
Course Designation
This course is a: Lower Division ES Distance Ed, Major Course, transferIN
Course Outcomes
Upon completion of this course students will be able to:
* Apply accounting concepts and principles to measure the results of the business effort.
* Construct the financial statements and understand the relationship among the statements.
* Analyze the effects of decisions on a company's operating performance using accounting information.
* Evaluate company performance using profitability, efficiency, leverage, and other ratios.
* Use financial forecasting to predict future revenue, expenses, and cash flow.
* Understand ethical considerations.
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Course Text and Materials
Financial Accounting
ISBN-139780136899037 Thomas/Tietz/Harrison
Perason
2020
13th Edition
Notes: You need acces code for MyLab Person
Course Content
Explain the underlying accounting principles.
Record business transactions, adjusting, and closing entries.
Understand the components and importance of the internal control system and Sarbanes Oxley Act.
Prepare a bank reconciliation.
Account for short term investments.
Account for notes receivable.
Account for uncollectible accounts.
Account for inventory related transactions.
Apply FIFO, LIFO, and Average Cost inventory methods using the Perpetual Method.
Account for PPE, Natural Resources, and Intangibles.
Prepare S/L, UoP, and DDB depreciation schedules and account for related depreciation transactions.
Understand current liabilities and contingent liabilities.
Account for bonds and other long-term debt transactions.
Account for the issuance, sale, and purchase of stock.
Prepare multi-step Income Statement.
Prepare Statement of Retained Earnings/Stockholder’s Equity.
Prepare classified Balance Sheet.
Prepare Statement of Cash Flows using both direct and indirect methods.
Compute and use standard financial ratios, horizontal, vertical, intra-company, and trend analysis as well as common-sized statements, and benchmarking for financial statement analysis.
Interpret managers’ and auditors’ responsibilities for the financial statements.
Develop a basic understanding of the differences between IFRS and GAAP.
Evaluate the advantages and disadvantages of debt verses equity financing.
Formulate ethical analysis of business situations.
Understand the global nature/impact of business transactions and financial information.
Examine the potential for earnings management.
VU Liberal Education Outcomes met by this course
Engage in articulate expression through critical reading and effective written, oral, and digital communication.
Apply quantitative reasoning and a variety of numeric data to solve problems in a variety of disciplines.
Evaluate ethical behavior. as an individual and as a member of local and global communities.
Apply critical and creative thinking skills to solve problems.
UCC/State Outcomes met by this course
Speaking and Listening
2.1 . Use appropriate organization or logical sequencing to deliver an oral message.
2.2. Adapt an oral message for diverse audiences, contexts, and communication channels.
2.3. Identify and demonstrate appropriate oral and nonverbal communication practices.
2.4. Advance an oral argument using logical reasoning.
2.5. Provide credible and relevant evidence to support an oral argument.
2.6. Demonstrate the ethical responsibilities of sending and receiving oral messages.
2.7. Summarize or paraphrase an oral message to demonstrate comprehension.