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ACCT 110 Financial Accounting

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ACCT 110 Financial Accounting

ACCTG 101 introduces students to the use of accounting information, and to analysis using accounting and financial concepts and terminology. Accounting information is presented from the user's viewpoint. The course covers financial accounting, dealing with such topics as the accounting cycle, revenue and expense recognition, internal control, external reporting requirements, cash flow, financial statement analysis, GAAP, IFRS and asset, liability, and stockholder's equity valuation. Ethical issues and open-ended exercises requiring critical judgment and narrative response by students may be used throughout the course. 

CATALOG NOTES 

Note: Accounting 101 may not be taken by students who have completed ACCTG 106 with a grade of "C" or better. 

Total Lecture Units: 5.00 

Total Laboratory Units: 0.00 

Total Course Units: 5.00 

Total Lecture Hours: 90.00 

Total Laboratory Hours: 0.00 

Total Laboratory Hours To Be Arranged: 0.00 

Total Contact Hours: 90.00 

Total Out-of-Class Hours: 180.00 

Recommended Preparation: Concurrent enrollment or completion of CABOT 260 or 270, or equivalent spreadsheet experience. 

 

ENTRY STANDARDS

 Explain the nature and purpose of generally accepted accounting principles (GAAP) and International Financial Reporting Standards (IFRS);

 

explain and apply the components of the conceptual framework for financial accounting and reporting, including the qualitative characteristics of accounting information, the assumptions underlying accounting, the basic principles of financial accounting, and the constraints and limitations on accounting information;

 

3           define and use accounting and business terminology;

 

4           explain what a system is and how an accounting system is designed to satisfy the needs of specific

 

5                  businesses and users; summarize the purpose of journals and ledgers;

 

6                 apply transaction analysis, input transactions into the accounting system, process this input, and prepare and interpret the four basic financial statements;

 

7           distinguish between cash basis and accrual basis accounting and their impact on the financial statements, including the revenue recognition and matching principles;

 

8           identify and illustrate how the principles of internal control are used to manage and control the firm’s resources and minimize risk;

 

9           explain the content, form, and purpose of the basic financial statements (including footnotes) and the annual report, and how they satisfy the information needs of investors, creditors, and other users; explain the nature of current assets and related issues, including the measurement and reporting of cash and cash equivalents, receivables and bad debts, and inventory and cost of goods sold;

10       explain the valuation and reporting of current liabilities, estimated liabilities, and other contingencies; identify and illustrate issues relating to long-term asset acquisition, use, cost allocation, and disposal; 

12       distinguish between capital and revenue expenditures;

 

13          identify and illustrate issues relating to long-term liabilities, including issuance, valuation, and retirement of debt (including the time value of money);

 

14          identify and illustrate issues relating to stockholders’ equity, including issuance, repurchase of capital stock, and dividends;

 

15        explain the importance of operating, investing and financing activities reported in the Statement of Cash Flows;

 

16          interpret company activity, profitability, liquidity and solvency through selection and application of appropriate financial analysis tools;

 

17          identify the ethical implications inherent in financial reporting and be able



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