ACCT 251 - Financial Accounting

Description:
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:
Upon successful completion of this course, the student 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:
1/20/11