ACC 121 - Financial Accounting (4)

Prerequisite: Appropriate placement test scores, or MAT 066 or MAT 068 or MAT 096 with a grade of “C” or higher
IAI: BUS 903 Transfers to most Illinois Colleges/Universities.
fall, spring, summer

Lecture: Four hours of lecture/ discussion per week.

The development of financial accounting. Students will learn to: construct, interpret, and analyze the balance sheet; analyze period-end adjustments - accruals and deferrals; construct, interpret, and analyze the income statement for a service business and a merchandising business; construct, interpret, and analyze various periodic and perpetual merchandise inventory methods; interpret and analyze the cash account, formulate an accurate policy for future business decisions; interpret and analyze the receivables, construct a depreciation policy for the long-term assets; interpret and analyze liabilities (short-term, long-term, and contingent); construct, interpret and analyze the stockholder’s equity section of corporations; construct, interpret and analyze a cash flow statement; and interpret and analyze the financial statements using various ratios and analyses. A working knowledge of spreadsheets or CIS 123, or CIS/OS 133 recommended.