Financial Accounting

This course explores basic accounting concepts and procedures, in addition to interpreting financial statements. The principles of accrual and deferral accounting are presented, including proper use of debits, credits, and fiscal year-end procedures.

What you’ll learn

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Financial Accounting

$79

Plus membership

3 Credits

All courses include:

eTextbooks

2 to 3-day turnaround for grading

Multiple chances to improve your grade

On-demand tutoring & writing center

Student support 7 days a week

$79

Plus membership

3 Credits

All courses include:

eTextbooks

2 to 3-day turnaround for grading

Multiple chances to improve your grade

On-demand tutoring & writing center

Student support 7 days a week

Financial Accounting

$79

Plus membership

3 Credits

About This Course

|
ACE Approved 2024

Financial Accounting explores basic accounting concepts and procedures, in addition to the interpretation of financial statements. The principles of accrual and deferral accounting are presented, including proper use of debits, credits, and fiscal year-end procedures.

download syllabus

What You'll Learn

Describe the purpose of accounting and explain its role in business.

Record business transactions using the accounting equation and financial statements.

Demonstrate the steps involved in the accounting cycle.

Prepare transactions and financial statements for a merchandising business.

Describe the objectives of cash management and internal controls.

Define financial assets and explain their valuation in the balance sheet.

Compare and contrast perpetual and periodic inventory systems.

Determine the cost of plant assets and define current and long-term liabilities.

Explain the advantages and disadvantages of organizing a business as a corporation.

Explain the principle of revenue recognition and financial statement analysis.

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Course Details

ACC151

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Financial Accounting

In this course, you will spend time examining merchandising transactions, inventory costing and valuation, cash management, and accounts receivable. The reporting of long-term assets, liabilities, and bonds are also covered in our online Financial Accounting course.

Prerequisites

There are no prerequisites for this course. It is suggested that students complete Accounting I and II (ACC101 and ACC102) prior to enrolling in this course.

Topic Subtopics
The Role of Accounting Information
  • Accounting Information
  • Information Systems
  • Financial Accounting Information
  • Management Accounting Information
  • Careers in Accounting
Financial Statements
  • Introduction to Financial Statements
  • Income Statement
  • Statement of Cash Flows
  • Relationships among Financial Statements
  • Forms of Business Organization
  • The use of Financial Statements by
  • External Parties
  • Quality Assurance
The Accounting Cycle
  • The Accounting Cycle
  • The Ledger
  • The Use of Accounts
  • Debit and Credit Entries
  • The Journal
  • Recording Balance Sheet Transactions: An
    Illustration
  • Ledger Accounts after Posting
  • What is Net Income?
  • Dividends
  • Recording Income Statement Transactions
  • Ledger Balances
Accounting Cycle: Adjusting Entries
  • Adjusting Entries
  • Adjusting Entries and Accounting Principles
Accounting Cycle: Financial Reporting
  • Preparing Financial Statements
  • Closing the Temporary Accounts
  • Summary of the Closing Process
  • After-Closing Trial Balances
Merchandising Activities
  • Merchandising Companies
  • Transactions Relating to Purchases
  • Transactions Relating to Sales
  • Recording Repetitive Transactions
Financial Assets
  • Cash
  • Short-Term Investments
  • Accounting for Marketable Securities
  • Accounts Receivable
  • Notes Receivable and Interest Revenue
Inventory and the Cost of Goods Sold
  • The Flow of Inventory Costs
  • Perpetual Inventory Systems
  • Taking a Physical Inventory
  • Periodic Inventory Systems
  • Importance of an Accurate Valuation of Inventory
  • Estimating Cost of Goods Sold and Ending
    Inventory
  • Inventory Turnover and the Operating Cycle
Plant and Intangible Assets
  • Acquisitions of Plant Assets
  • Depreciation
  • Disposal of Plant Equipment
  • Intangible Assets
  • Natural Resources
  • Plant Transactions and the Statement of Cash Flows
Liabilities
  • Current Liabilities
  • Long-Term Liabilities
  • Estimated Liabilities, Loss Contingencies, and Commitments
  • Evaluating the Safety of Creditors' Claims
  • Special Types of Liabilities
Stockholder’s Equity
  • Corporations
  • Formation of a Corporation
  • Paid-In Capital of a Corporation
  • Market Value
  • Treasury Stock
Principles of Revenue Recognition
  • Revenue Recognition
  • Reporting the Results of Operations
  • Other Transactions Affecting Retained Earnings
Statement of Cash Flows
  • Statement of Cash Flows
  • Preparing a Statement of Cash Flows
  • Managing Cash Flows
  • A Worksheet for Preparing a Statement of Cash Flows
Financial Statement Analysis
  • Tools of Analysis
  • Measures of Liquidity and Credit Risk
  • Measures of Profitability

Your score provides a percentage score and letter grade for each course. A passing percentage is 70% or higher.

Assignments for this course include:

  • 4 Graded Exams
  • 1 Graded Midterm
  • 1 Graded Final


The required eTextbook for this course is included with your course purchase at no additional cost.


Williams, Jan R., Mark S. Bettner, and Joseph V. Carcello. Financial and Managerial Accounting, 19th edition, McGraw-Hill, 2021, ISBN: 9781260247930


Financial Accounting students also take:

Microeconomics

Business Communication

Business Ethics


Helpful resources:

The Benefits of Earning an Accounting Degree

How to Become an Accountant: Essential Steps

CPA Exam Requirements: A Comprehensive Guide

How a Working Adult Earned an Accounting Degree in Less Than 3 Years

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