ACT 1103 - Principles of Financial Accounting**

3 Credits

The course is an introduction to financial accounting principles and communication of financial information to external users. Students will examine the double accounting entry system, financial statement preparation and analysis, internal control principles, and related topics from a sole proprietor’s perspective. Students will apply generally accepted accounting principles of financial and corporate reporting from a partnership and corporate perspective, long-term debt transactions, and preparation of cash flow statements.

Course Level Objectives
Upon successful completion of this course, the student will be able to:

Solve the basic accounting equation (GEO 3)
Prepare basic financial statements (GEO 3)
Analyze and record business transactions in the general journal (GEO 3)
Employ principles of perpetual inventory systems (GEO 3)
Evaluate internal control principles (GEO 3)
Use financial statements to analyze a business (GEO 3)
Account for partnership transactions in accordance with Generally Accepted Accounting Principles (GEO 2, 3)
Record stockholder’s equity transactions according to Generally Accepted Accounting Principles (GEO 2, 3)
Record transaction for long-term debt in accordance with Generally Accepted Accounting Principles. (GEO 2, 3)
Prepare a statement of cash flows using the indirect method (GEO 2, 3)

ACTS Equivalent Course Number: ACCT 2003