ACCT 203 - Financial Accounting

3 Credits: (3 lecture)

Course Description
This course is a study of accounting concepts that govern the process of identifying, recording, and reporting accounting information. The analysis of financial information and role of the financial statements in the decision-making process is emphasized. This course meets the General Education competency of Critical Thinking (CT).

Prerequisite or Corequisite: Math requirement for student’s declared program.

Text
Phillips, F., Libby, R., Clor-Proell, S. & Libby, P. (2022). Fundamentals of financial accounting (7th ed.). New York City, NY: McGraw-Hill Education.

Objectives
The student will be able to:

A. Describe the purpose, structure, and content of financial statements used to communicate financial information.

B. Explain the reporting processes used by companies to report financial information.

C. Evaluate accounting evidence related to business decisions. (CT)

D. Synthesize the accounting cycle evidence and draw conclusions. (CT)

E. Report by interpreting operating, investing and financing results on the financial statements. (CT)

F. Explain the context and limitations of financial reporting.

Content
A. Business decisions and financial accounting

B. Journal entries, adjusting entries, closing entries

C. Financial statements

D. Internal control objectives

E. Sarbanes-Oxley Act of 2002

F. Inventory

G. Receivables and bad debt

H. Long-lived assets

I. Liabilities

J. Stockholders’ Equity

K. Financial ratios

Student Evaluation
Objectives A through F will be evaluated by an average of at least four exams and a comprehensive final exam.