CourseĀ  Objectives

This course will introduce the basic concepts and systems used in financial accounting for business organizations. A college textbook is used and the material covered includes financial statements, merchandise inventory, receivables, payables, cash controls, payroll, and stockholders equity. The course is appropriate for those students who plan to continue the study of accounting or business on the college level or plan to enter other professions such as law, engineering, or medicine and will need an understanding of the principles of accounting. Students taking this course are eligible to earn college credit through the University of Rhode Island.

Performance Indicators

The student will:
o       Explain business activities and the basic assumptions underlying financial statements.
o       Prepare an income statement, balance sheet and apply ratio analysis
o       Identify and prepare the basics steps in the recording process including journals, ledgers, and posting.
o       Prepare adjusting and closing entries
o       Prepare a multi-step income statement
o       Compare and apply inventory cost flow methods
o       Explain internal control systems for cash management and prepare a bank reconciliation
o       Apply ratio analysis to a real company
o       Describe and compute various depreciation methods
o       Describe various liabilities and prepare entries for bonds and interest
o       Identify characteristics of a corporation  

Standards Alignment

Complete and explain the purpose of the various steps in the accounting cycle
Apply generally accepted accounting principles to determine the value of assets, liabilities, and owner's equity
Prepare, interpret, and analyze financial statements using manual and computerized systems for merchandising, service and manufacturing businesses
Apply accounting principles to payroll, income taxation, managerial systems, and various forms of ownership
Use planning and control principles to evaluate the performance of an organization

Technology Standards Alignment

1, 3, 5, 6, 7, 8, 9

Student Assessment

o       Class and homework drills and applications
o       Class participation
o       Quizzes
o       Tests
o       Company portfolio project

Student Activities

o       Guided activities
o       Journalizing
o       Proving journals and posting
o       Trial Balance
o       Adjusting and closing entries
o       Statement preparation
o       Preparing payroll transactions
o       Evaluating internal controls and cash
o       Analyzing inventory, receivables, long term assets, liabilities and stockholders equity
o       Analyzing an actual company in terms of their financial stability and apply concepts learned in this course

Mission and Student Expectations Alignment

A1      All students will acquire and analyze information, think critically, and use logic in problem solving.

A3      All students will meet performance standards for technological literacy in their classes.

Applied Learning Alignment

o       Problem solving A1a, A1b
o       Information Tools and Technology A3a, A3c, A3e
o       Learning and Self-management Tools and Techniques A4b, A4c
o       Tools and Techniques for Working with Others A5a

Common Core Standards for Math


A.CED.1, 2, 3
A.REI.1, 2, 3
F.1F.4, 6

Math Practices:  1, 2, 4, 5, 6, 7, 8

Common Core of Learning

  Read widely and attentively
Problem Solving
  Learn continuously, effectively solve problems
Body of Knowledge
  Know about themselves
Personal and Social Responsibility
  Acquire necessary skills, competencies and personal qualities to succeed in the workplace
  Respond to challenges with integrity, honesty and courage