Financial Accounting

The American College of Greece occasionally offers an optional lab in addition to this course. If you are interested in this, please contact your Program Manager for further details.

CATALOG DESCRIPTION: Introduction to principles, concepts and procedures of the financial accounting cycle of services and merchandising businesses. Preparation and interpretation of financial statements as a source of financial information required 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. Apply the steps of recording and summarizing accounting transactions in order to prepare and understand the interrelation of financial statements for an entity.

2. Demonstrate an understanding of accounting concepts and associate this knowledge with specific accounting and financial management issues.

3. Apply financial recording procedures to a wide range of corporate transactions and other events to provide corporate financial information.

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.

- 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).

ASSESSMENT:

Summative:

1st assessment: In-class written examination (One-hour, closed-book, problems/essays combination) 40%

2nd assessment: In-class written examination (Two-hour, closed-book, problems/essays combination) 60%

Formative: Formative assignments 0%

The formative assignments prepare students for the examinations and ensure that students are actively engaged during the term. The 1st assessment tests Learning Outcome 1. The 2nd assessment tests Learning Outcomes 2 and 3.