May 19, 2024  
2017-2018 Undergraduate Catalog 
2017-2018 Undergraduate Catalog [ARCHIVED CATALOG]

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ACCT 251 - Financial Accounting

An introduction to the theory and practice of accounting and financial reporting. Topics include the accounting cycle, financial statements, and corporate accounting for assets, liabilities, equities, revenues and expenses.

Credits: (5)

Learner Outcomes:
Students will be able to:

  • Provide definitions for key terms
  • Prepare the journal entries to record transactions
  • Prepare the journal entries to adjust the accounting records
  • Prepare financial statements from the accounting worksheet (trial balance)
  • Prepare the journal entries to close the temporary accounts
  • Calculate and interpret key financial ratios using the balance sheet and income statements
  • Demonstrate knowledge of periodic and perpetual inventory system
  • Demonstrate knowledge of multiple inventory methods
  • Demonstrate ability to work with petty cash and cash transactions
  • Demonstrate knowledge of uncollectible account transactions
  • Demonstrate knowledge of fixed assets and intangible assets
  • Demonstrate knowledge of corporate transactions
Learner Outcomes Approval Date:

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