- 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 following financial statements: Balance Sheet, Income Statement and Statement of Owner's Equity
Describe the parts of an Annual Report
Perform ratio analysis
Create a cash-flow statement
List the different type of internal control procedures
Describe the features of an effective accounting system
Analyze financial statements
Prepare a bank reconciliation and related journal entries
Describe the nature of and the accounting for uncollectible receivables
Compute the cost of inventory using FIFO (first in, first out), LIFO (last in, first out) and average cost methods
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