Financial Accounting

DESCRIPTION:
Principles, concepts and procedures of financial accounting. Preparation, analysis and interpretation of financial statements in a business context.

RATIONALE: 
This course describes how to gather, process and interpret financial information about an economic unit. It examines the financial accounting procedures for assets, liabilities and owner’s equity as they apply to proprietorships and corporations. It provides the basis for higher level courses in business, and accounting and finance.

LEARNING OUTCOMES: 
As a result of taking this course, students should be able to:
1. Record and summarize accounting transactions and events.
2. Produce and interpret financial statements for an entity.
3. Discuss accounting concepts and associate this knowledge with specific accounting and financial management issues.

METHOD OF TEACHING AND LEARNING:
In congruence with the teaching and learning strategy of the college, the following tools are used:
− Class lectures, interactive learning (class discussions, group work) and practical problems solved in class.
− Exercises are assigned as homework, the solutions of which are reviewed in class. Additionally an individual assignment requiring a simple financial analysis will be given to the students, so as to enhance their ability to extract financial information from multiple financial sources, as well as interpret financial data.
− Office hours: students are encouraged to make full use of the office hours of their instructor, where they can ask questions, see their exam paper, and/or go over lecture material.
− Use of blackboard.
− IT sessions in labs, during which the student practices in recoding transactions using special accounting software (Peachtree Complete Accounting).
− A tutoring service provided by the College is also available to students who choose to get additional help.