Primary Navigation
  • About
  • Academics
  • Continuing Education
  • Admission
  • Student Life
  • Student Services
  • Library
  • News and Events
  • Giving
Principles of Financial Accounting

I.     Course Prefix/Number: ACC 153

       Course Name: Principles of Financial Accounting

       Credits: 4 (4 lecture; 0 lab)

II.    Prerequisite


III.   Course (Catalog) Description

Course covers preparation and analysis of financial information using generally accepted accounting principles.  Content includes financial statement fundamentals, cash, receivables, inventory, payables, long-term assets, long-term debt, stockholders’ equity, cash flow statements, internal controls, and financial statement analysis.  Course incorporates computer component.  Prior computer experience not required.

IV.   Learning Objectives

To prepare students to demonstrate understanding of concepts and ability to solve problems in the following areas:
A.    Bookkeeping
B.    Adjusting Journal Entries
C.    Financial Statement Preparation
D.    Multiple Journals
E.    Bank Reconciliations
F.    Bad Debts
G.    Inventories
H.    Fixed Assets
I.     Payroll
J.    Corporations
K.    Stockholder's Equity, Earnings and Dividends
L.    Long Term Liabilities and Investment in Bonds
M.    Investment in Stocks
N.    Statement of Cash Flows

V.    Academic Integrity

Students and employees at Oakton Community College are required to demonstrate academic integrity and follow Oakton's Code of Academic Conduct. This code prohibits:

• cheating,
• plagiarism (turning in work not written by you, or lacking proper citation),
• falsification and fabrication (lying or distorting the truth),
• helping others to cheat,
• unauthorized changes on official documents,
• pretending to be someone else or having someone else pretend to be you,
• making or accepting bribes, special favors, or threats, and
• any other behavior that violates academic integrity.

There are serious consequences to violations of the academic integrity policy. Oakton's policies and procedures provide students a fair hearing if a complaint is made against you. If you are found to have violated the policy, the minimum penalty is failure on the assignment and, a disciplinary record will be established and kept on file in the office of the Vice President for Student Affairs for a period of 3 years.
Details of the Code of Academic Conduct can be found in the Student Handbook.

VI.   Sequence of Topics

In example -
A.    Accounting Concepts & Principles
B.    Analyzing Transactions
C.    The Matching Concept and the Adjusting Process
D.    Completing the Cycle
E.    Accounting for Merchandising Enterprises
F.    Accounting Systems and Cash
G.    Receivables and Temporary Investments
H.    Inventories
I.    Plant Assets and Intangible Assets
J.    Payroll, Notes Payable and Other Current Liabilities
K.    Long Term Liabilities: Bonds Payable
L.    Corporate Equity
M.    Income Statement Issues
N.    Statement of Cash Flows

VII.  Methods of Instruction

In example --
A.    Lecture and Discussion
B.    Working Problems and Reviewing Solutions
C.    Collaborative Projects
D.    Case Problems

Course may be taught as face-to-face, media-based, hybrid or online course.

VIII. Course Practices Required

In example --
Students must perform on a college level in reading, writing, problem solving and oral presentation.

IX.   Instructional Materials

Note: Current textbook information for each course and section is available on Oakton's Schedule of Classes.

In example –
A.    Custom Financial Accounting by Kimmel latest edition w/Wiley Plus access code
B.    Student Handout Packet only available at Oakton bookstore.

X.    Methods of Evaluating Student Progress

In example --
A.    Four Tests (100 pts each)
Final Exam (200 points)
Homework (6 points each)
Quizzes (10 points each)
Projects/Cases (50 points each)
Attendance is considered if a student is between grades.

B.    A point scale based on total possible points.
90 - 100% = A
80 - 89%  = B
70 - 79%  = C
60 - 69%  = D
59% & below F

XI.   Other Course Information

If you have a documented learning, psychological, or physical disability you may be entitled to reasonable academic accommodations or services. To request accommodations or services, contact the Access and Disability Resource Center at the Des Plaines or Skokie campus. All students are expected to fulfill essential course requirements. The College will not waive any essential skill or requirement of a course or degree program.