This course is designed as an introduction to financial accounting. It examines the nature of accounting, basic accounting concepts, financial statements including cash flow statements, accrual basis of accounting, the accounting cycle, inventories, fixed assets, current and noncurrent liabilities, and owner's equity. The course integrates accounting principles and applications of these principles in achieving business objectives. The course covers characteristics of the corporation to include the Stockholders' Equity section and financing of the corporation using stock. Also covered are unusual income items affecting the income statement. Computerized exercises will be included. IAI: BUS 903 Financial Accounting.
General Education Outcomes are the knowledge, skills, abilities, attitudes, and behaviors that students are expected to develop as a result of their overall experiences with any aspect of the college, including courses, programs, and student services, both inside and outside of the classroom. The General Education Outcomes specifically learned in this course are:
- Communication
- Critical Thinking
Course Information
At the end of this course, students will be able to:
- Complete the Accounting Cycle including analyze period-end adjustments – accruals and deferral
- Be informed of current accounting events relating to the AICPA, SEC and other accounting groups
- Construct, interpret, and analyze the balance
- Account for and control the Owners’ Equity section of the Balance Sheet to include stock transactions, dividends, retained earnings and unusual items for corporations
- Account for (Interpret), analyze and control of Cash and Accounts Receivables including formulating an accurate policy for future business decisions
- Account for (Interpret), analyze and control of Inventory (various periodic and perpetual merchandise inventory methods), and liabilities (short-term, long-term, and contingent)
- Interpret analyze and construct a depreciation policy for the long-term assets (Property Plant and Equipme
- Construct, interpret, and analyze the income statement for a service and a merchandising business
- Analyze financial data, accounting principles and do financial reporting
- Construct, interpret and analyze a cash flow statement
- Understanding Business needs accounting, who, what, and why
- Journalizing and trial balance
- Closing entries
- Bank reconciliation
- Accounts receivable, contra accounts, liquidity ratios
- Depreciation, depletion, and amortization
- Bonds payable and interest calculations
- Corporate features, stock issuance, treasury stock
- Indirect vs direct method for statement of cash flows, operation, investing and financing activities, and measuring cash adequacy
- The accounting equation, income statement, Formula and account classifications. Horizontal and Vertical Analysis, Operating, Financial and Leverage Ratios and Evaluate the Quality of Earnings
Business, Technology & Human Services
Dean, Paul Carlson; 815-802-8858; V105; pcarlson@kcc.edu; Division Office – W102; 815-802-8650
College Policies, Resources and Supports
For information related to the Student Code of Conduct Policy, Withdrawal Policy, Email Policy, and Non- Attendance/Non-Participation Policy, please review the college’s Code of Campus Affairs and Regulations webpage, which can be found at catalog.kcc.edu under the Academic Regulations & Conduct Guide.
KCC offers various academic and personal resources for all students. Many services are offered virtually, as well as in person. Please visit Student Resources - Kankakee Community College to access student resources services such as:
- Clubs and organizations
- Counseling and referral services
- Office of disability services
- Student complaint policy
- Transfer services
- Tutoring services, etc.
The materials on this course are only for the use of students enrolled in this course for purposes associated with this course. Further information regarding KCC's copyright policy is available at https://kcc.libguides.com/copyright.
|Course syllabus/calendar is subject to change.