ACCT2401
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Principles of Financial Accounting
Department(s)
Course Description
(4-3-3) This course is taken for academic credit. Students will earn an A, B, C, D, F, or W. This course is an introduction to the fundamental concepts of financial accounting as prescribed by U.S. generally accepted accounting principles (GAAP) as applied to transactions and events that affect business organizations. Students will examine the procedures and systems to accumulate, analyze, measure, and record financial transactions. Students will use recorded financial information to prepare a balance sheet, income statement, statement of cash flows, and statement of shareholders' equity to communicate the business entity's results of operations and financial position to users of financial information who are external to the company. Students will study the nature of assets, liabilities, and owners' equity while learning to use reported financial information for purposes of making decisions about the company. Students will be exposed to International Financial Reporting Standards (IFRS). Recommended pre-requisite: MATH 1324 Mathematics for Business & Social Science. Lab fee.
Academic Level
Undergraduate Credit
CIP Code
52.0301 - Accounting
Course Type (Attributes)
General Academic (ACGM) (ACGM)
Locations
Online (06), Terrell Satellite (03), Athens (01), Palestine Satellite (02), Kaufman Workforce (04)
This is a Coursedog only field and is not integrated with the SIS.
Objective
Use basic accounting terminology and the assumptions, principles, and constraints of the accounting environment.
Objectives
Use basic accounting terminology and the assumptions, principles, and constraints of the accounting environment.
Objective
Identify the difference between accrual and cash basis accounting.
Objectives
Identify the difference between accrual and cash basis accounting.
Objective
Analyze and record business events in accordance with U.S. generally accepted accounting principles (GAAP).
Objectives
Analyze and record business events in accordance with U.S. generally accepted accounting principles (GAAP).
Objective
Prepare adjusting entries and close the general ledger.
Objectives
Prepare adjusting entries and close the general ledger.
Objective
Prepare financial statements in an appropriate U.S. GAAP format, including the following: income statement, balance sheet, statement of cash flows, and statement of shareholders’ equity.
Objectives
Prepare financial statements in an appropriate U.S. GAAP format, including the following: income statement, balance sheet, statement of cash flows, and statement of shareholders’ equity.
Objective
Analyze and interpret financial statements using financial analysis techniques.
Objectives
Analyze and interpret financial statements using financial analysis techniques
Objective
Describe the conceptual differences between International Financial Reporting Standards and U.S. generally accepted accounting principles.
Objectives
Describe the conceptual differences between International Financial Reporting Standards and U.S. generally accepted accounting principles.