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ACCT 2101

This is an archive of the Common Course Outlines prior to fall 2011. The current Common Course Outlines can be found at http://www.gpc.edu/programs/Common-Course-Outlines.
Credit Hours 3
Course Title Principles Of Accounting I: Financial
Prerequisite(s) None
Corequisite(s) Exit or exempt from ALL Learning Support and ESL courses
Catalog Description
This course is a study of the underlying theory and application of financial accounting concepts. It is an introduction to the fundamental principles and practices of accounting as a device for reporting business activity. It provides the student with an understanding of the underlying theory and principles of accounting. The construction, understanding, and analysis of financial statements as they evolve from business transactions and records are emphasized. The rational synthesis of raw data into useful summary form in financial statements underlies all aspects of this course. Mathematical skills, critical thinking, computer use, and effective communications are important parts of student participation.

Expected Educational Results
As a result of completing this course, the student will be able to:
1. Know the purpose of each financial statement and the relationships among the financial statements.
2. Understand the classified Balance Sheet and the use of ratios in the analysis of financial statements.
3. Identify asset, liability, stockholders’ equity, revenue, expense, and dividend accounts; analyze business transactions; record those transactions in debit/credit format in the journal; post those transactions to the ledger; and prepare the Trial Balance.
4. Prepare prepayment and accrual adjustments and explain the reasons for those adjustments; prepare the adjusted Trial Balance; prepare the Income Statement, Statement of Retained Earnings, and Balance Sheet from the adjusted Trial Balance; and understand the closing process
5. Analyze and record the transactions of a merchandising business and prepare the financial statements of a merchandising business
6. Assign costs to Cost of Goods Sold and ending Inventory using different inventory costing methods and understand the effects of different inventory costing methods on the statements of a merchandising business.
7. Understand and record transactions related to uncollectible accounts and notes receivable.
8. Understand and record transactions related to long-lived assets.
9. Understand and record transactions related to current and long-term liabilities.
10. Understand and record transactions related to Stockholders’ Equity.
11. Prepare and analyze the Statement of Cash Flows.
12. Use horizontal, vertical, and ratio analysis to measure the performance of a company.

General Education Outcomes
1. This course addresses the general education outcome relating to communications as follows:
a. Students develop their reading comprehension skills by reading the text, handout materials, tests, and examinations.
b. Students develop their listening skills through lecture and small group problem solving.
c. Students develop their reading and writing skills through the use of problems or assignments developed specifically to include writing across the curriculum in accounting courses.
d. Students develop and use computer skills through the use of internet assignments.
2. This course addresses the general education outcomes of mathematical concept usage and applying the scientific method as follows:
a. Students must apply mathematical concepts in the solution of problems designed to illustrate the accounting principle being taught.
b. Students apply the scientific method in the analysis, setup, and solution of the problems designed to illustrate the accounting principle being taught.

Course Content
1. Introduction to financial statements
2. A further look at financial statements (ratios)
3. The accounting information system
4. Accrual accounting concepts
5. Merchandising operations and the multiple-step income statement
6. Reporting and analyzing inventory
7. Reporting and analyzing receivables
8. Reporting and analyzing long-lived assets
9. Reporting and analyzing liabilities
10. Reporting and analyzing stockholders’ equity
11. Statement of Cash Flows
12. Performance measurement

Assessment of Outcome Objectives
COURSE GRADE
Tests, a final exam, and other graded assignments prepared by the individual instructor will be used to determine the course grade.
COURSE ASSESSMENT
This course will be assessed every two years.  Common questions will become part of the final exam for the assessment semester.  These common questions will be the responsibility of the Accounting Course Committee.
USE OF THE ASSESSMENT FINDINGS
Each accounting instructor will analyze the results of the final exam common questions for his/her course and make needed changes in his/her course.  A member of the Accounting Course Committee will summarize the results of the final exam common questions for all sections.  The summary of the results will be presented to the Accounting Course Committee for discussion.  The Chair of the Accounting Course Committee will discuss the summarized results with the Division Dean.

Revised
August 5, 2009

Last Revised: Oct. 24, 2011
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