Course

Course Summary

Credit Type:

Course

ACE ID:

OOSL-0045

Organization's ID:

ACC151

Organization:

StraighterLine

Location:

Online

Length:

14 weeks (75 hours)

Dates Offered:

Credit Recommendation & Competencies

Level	Credits (SH)	Subject
Lower-Division Baccalaureate	3	financial accounting

Description

Objective:

The course objective is to explore basic accounting concepts and procedures and 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. Students also examine merchandising transactions, inventory costing and valuation, cash management, and accounts receivable. The reporting of long-term assets, liabilities, and bonds are also discussed.

Learning Outcomes:

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.