COMM 240 Financial Accounting I is an introductory course in accounting from the basic accounting equation to the preparation of the income statement, statement of owner's equity and balance sheet. This course covers merchandise operations, valuation and control of cash, temporary investments and receivables, inventories and cost of goods sold, principles of internal control and accounting for payroll liabilities. Includes important accounting principles and concepts as well as the classification of accounts. The use of special journals, worksheets and computerized accounting is also covered.
Prerequisites: None
Corequisite: None
Crosslisted: None
Accessibility Services Notice
Students who would like an academic accommodation and who have a documented disability should contact Accessibility Services, if they have not already done so.Course Details| Total number of weeks | 15 |
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| Total Credits | |
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| Total Hours | 60 |
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Typical hours per week breakdown| Lecture | 4 |
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Learning Outcomes
Upon successful completion of this course, the learner will be able to:
- define the components of the Accounting Equation, including if they are normally debits or credits.
- record accounting data using journal entries.
- list the Generally Accepted Accounting Principles (GAAP).
- prepare classified financial statements for a proprietorship: Income Statement, Statement of Changes in Equity, and Balance Sheet.
- calculate changes in inventory using FIFO, SWA, and SI methods.
- prepare journal entries for inventory using perpetual and periodic systems.
- calculate estimated inventory values using gross profit and retail inventory methods.
- prepare petty cash journal entries.
- calculate annual bad debts expense using the Sales and A/R methods.
- prepare journal entries for short-term notes receivables.
- reconcile a bank statement.
- calculate and record payroll data.
Grading Table
| Percentage |
Letter Grade |
GPA |
| 90-100 |
A+ |
4.33 |
| 85-89 |
A |
4.00 |
| 80-84 |
A- |
3.67 |
| 76-79 |
B+ |
3.33 |
| 72-75 |
B |
3.00 |
| 68-71 |
B- |
2.67 |
| 64-67 |
C+ |
2.33 |
| 60-63 |
C |
2.00 |
| 55-59 |
C- |
1.67 |
| 50-54 |
P |
1.00 |
| 0-49 |
F |
0.00 |
| |
DNW |
0.00 |
See the Academic Calendar for General Information including how to withdraw from course(s) and other regulations.
Disclaimer
Information contained in this course outline is correct at the time of publication. Content of the course is revised on an ongoing basis to ensure relevance to changing educational, employment and market needs. The instructor will endeavor to provide notice of changes to students as soon as possible. The instructor reserves the right to add or delete material from courses.