- Program: Accounting Careers
- Course: Financial Accounting
- Course #: ACCT2155
- Total Credits: 4
Course DescriptionThis course is an introduction to the fundamental concepts and principles, from a user perspective, which are used in a business environment to analyze and record transactions using the accrual method of accounting. This course also covers analyzing transactions for cash, marketable securities, accounts receivable, payroll, current and contingent liabilities, inventories and plant assets.
Refer to Course Syllabus for detailed information regarding the requirements and evaluation standards for this course. The Course Syllabus will be distributed the first week of the course.
Hennepin Technical College offers reasonable accommodations to qualified students with disabilities. If you have a documented disability that may require accommodations, contact the college’s Disability Services Director: Sara Laviolette at Brooklyn Park (763-488-2477) or Jean Kreutter at Eden Prairie (952-995-1544).
The following goals will be addressed in the course:
Describe the nature and purpose of generally accepted accounting principles (GAAP)
Describe the components of the accounting conceptual framework including accounting and business terminology
Apply the accounting equation to analyze business transactions
Describe how internal controls are used to manage resources, minimize risk and ensure accurate reporting
Explain how the four basic financial statements can be used to meet the information needs of management, investors, creditor and regulators
Apply accounting procedures to measure, classify and report current assets
Apply accounting procedures to measure, classify and report noncurrent assets
Apply accounting procedures to measure, classify and report liabilities
Apply accounting practices relating to stockholders’ equity, including the issuance of stock, repurchase of stock and dividends
Analyze how the use of different valuation methods and estimates can affect the Income statement and balance sheet
Describe how a cash flow statement can provide insight to a company's performance and solvency
Use financial analysis techniques to compare financial results against expectations, industry standards and competitors
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