ACG 2021 - Financial Accounting

College of Business

Credit(s): 3
Contact Hours: 47
Effective Term Fall 2024 (640)

Course Description

Students will develop literacy and skills in the application of the basic principles of financial accounting including accounting principles and practices, accounting journals and ledgers for recording business transactions, and the application of the accounting cycle for service and merchandising enterprises including the preparation and interpretation of financial statements with an emphasis on corporations.

Learning Outcomes and Objectives

  1. The student will explain concepts of corporate governance, internal controls, and types of business entities by:
    1. defining the users of financial information.
    2. describing the accounting profession and the organizations that govern it.
    3. identifying the different types of business organizations.
    4. describing components of internal control and control procedures.
    5. preparing a bank reconciliation and related journal entries.
  2. The student will create financial statements from business transactions using the accounting equation and completing all steps in the accounting cycle by:
    1. describing the accounting equation, as well as assets, liabilities and equity.
    2. differentiating between accrual basis and cash basis accounting.
    3. journalizing and posting transactions to the general ledger.
    4. preparing an unadjusted trial balance.
    5. journalizing and posting adjusting entries.
    6. preparing the adjusted trial balance.
    7. preparing financial statements from the adjusted trial balance.
    8. journalizing and posting closing entries.
    9. preparing the post-closing trial balance.
  3. The student will determine how the recognition, valuation, and disposal of assets, liabilities, and stockholder's equity affect the financial statements by:
    1. explaining and illustrating the accounting for the perpetual inventory systems.
    2. comparing the effects of the three most common inventory costing methods: FIFO, LIFO, and Weighted Average.
    3. explaining and illustrating how to account for uncollectible accounts receivable using the direct write-off method and the allowance method.
    4. measuring the cost of a plant asset.
    5. calculating depreciation of a plant asset.
    6. recording the disposal of a plant asset.
    7. calculating depletion of natural resources and amortization of intangible assets.
    8. Accounting for current liabilities and basic payroll transactions.
    9. accounting for long-term liabilities including notes payable, mortgage payable, and bonds payable.
    10. accounting for the issuance of stock, treasury stock, cash dividends, and stock dividends.
  4. The student will interpret and evaluate the financial statements of a company by:
    1. classifying current and long-term assets and liabilities.
    2. preparing a balance sheet in a classified format.
    3. preparing an income statement in a multi-step format.
    4. performing basic ratio analysis.

Criteria Performance Standard

Upon successful completion of the course the student will, with a minimum of 70% accuracy, demonstrate mastery of each of the above stated objectives through classroom measures developed by individual course instructors.

History of Changes

C&I Approval: 02/17/2024, BOT Approval: 03/19/2024, Effective Term: Fall 2024 (640)

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  3. Business Administration (BUS-AS) (670) (Active)
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  10. Florida Gulf Coast University Analytics and Informatics (FGCUAN-TR) (670) (Active)
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  13. Florida Gulf Coast University Marketing (FGCUMKT-TR) (670) (Active)
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