Principles of Financial Accounting

I.     Course Prefix/Number: ACC 153

       Course Name: Principles of Financial Accounting

       Credits: 4 (4 lecture; 0 lab)

II.    Prerequisite

None

III.   Course (Catalog) Description

Course covers preparation and analysis of financial information using generally accepted accounting principles. Content includes the accounting cycle, financial statement preparation, merchandise accounting, internal controls, cash, receivables, inventory, payables, property, plant and equipment, intangible assets, liabilities, stockholders' equity, cash flow statement, and financial statement analysis.

IV.   Learning Objectives

At the conclusion of this course, students will be able to:
  1. construct, interpret, and analyze the balance sheet, income statement, and cash flow statement.
  2. prepare and analyze journal entries, adjusting entries, and closing entries to complete the accounting cycle.
  3. prepare and analyze purchases and sales transactions for merchandising companies.
  4. construct and interpret the multiple-step income statement.
  5. prepare and interpret various inventory costing methods.
  6. construct the bank reconciliation as well as the associated journal entries.
  7. apply internal control principles to specific situations.
  8. prepare and analyze receivables, including bad debts transactions.
  9. prepare and interpret transactions related to the purchase, sale, and depreciation of fixed assets.
  10. prepare and interpret transactions related to the purchase and amortization of intangible assets.
  11. prepare and analyze transactions related to liabilities.
  12. construct and analyze the stockholders' equity journal entries as well as the stockholders' equity section of the balance sheet.
  13. utilize financial statement ratios to analyze the actual performance of various entities.

V.    Academic Integrity and Student Conduct

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.

Please review the Code of Academic Conduct and the Code of Student Conduct, both located online at
www.oakton.edu/studentlife/student-handbook.pdf

VI.   Sequence of Topics

  1. Financial Statement Preparation
  2. Accounting Cycle
  3. Merchandise Accounting
  4. Internal Control
  5. Cash and Bank Reconciliations
  6. Receivables and Bad Debts
  7. Inventories
  8. Property, Plant, and Equipment and Intangible Assets
  9. Liabilities
  10. Stockholders' Equity
  11. Statement of Cash Flows
  12. Financial Statement Analysis

VII.  Methods of Instruction

- In Example:              

  1. In-class or video tutorials
  2. Demonstration of exercises
  3. Hands-on Practice
  4. Application Exercises and Projects

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

VIII. Course Practices Required

Students are required to:

  • Complete all practice and graded homework
  • Complete any projects assigned by instructor
  • Take quizzes and exams

IX.   Instructional Materials

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

In example –

  1. Custom Financial Accounting by Kimmel w/Wiley Plus access code.
  2. Student Handout Packet only available at Oakton bookstore.

X.    Methods of Evaluating Student Progress

-In example-

  • Weekly Online homework
  • Quizzes
  • Practice exams/Exams
  • Projects

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

XI.   Other Course Information

Tutoring/Accounting Lab
There are Accounting Lab hours at both campuses where accounting faculty and CPA’s can help you with your homework.  Feel free to just come and work at one of the computers and ask for help as needed.  Hours and locations are posted in D2L.

Health Issues
Students who have a change of health status need to contact the instructor as soon as possible so arrangements can be handled in a timely manner. Documentation will be required.

Religious Observances
Oakton Community College recognizes the broad diversity of religious beliefs of its constituencies.  Students who inform instructors in advance of an intended absence for a major religious observance will not be penalized, but it is the responsibility of students to disclose any religious observances to the instructor at the beginning of the semester so that arrangements can be made.  Please look at your religious calendar right away, because last minute requests will not be considered.

Campus Closure
In the event that a campus is closed, please see your D2L course shell for further guidance from your instructor.

Withdrawal Dates

  • The last day to withdraw and receive a full refund is xx.
  • The last day to withdraw and receive a 50% refund is xx.
  • The last day to switch to audit status is xx. Audit students receive no credit.  (This is the only one that must be done in-person at the registration window with student signature.)
  • The last day to withdraw and have nothing appear on your transcript is xx.
  • The last day to withdraw and have a “W” on your transcript is xx. After that date, you must receive a grade in the course.


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.

Oakton Community College is committed to maintaining a campus environment emphasizing the dignity and worth of all members of the community, and complies with all federal and state Title IX requirements.

Resources and support for
  • pregnancy-related and parenting accommodations; and
  • victims of sexual misconduct
can be found at www.oakton.edu/title9/.

Resources and support for LGBTQ+ students can be found at www.oakton.edu/lgbtq.

Electronic video and/or audio recording is not permitted during class unless the student obtains written permission from the instructor. In cases where recordings are allowed, such content is restricted to personal use only. Any distribution of such recordings is strictly prohibited. Personal use is defined as use by an individual student for the purpose of studying or completing course assignments.

For students who have been approved for audio and/or video recording of lectures and other classroom activities as a reasonable accommodation by Oakton’s Access Disabilities Resource Center (ADRC), applicable federal law requires instructors to permit those recordings. Such recordings are also limited to personal use. Any distribution of such recordings is strictly prohibited.

Violation of this policy will result in disciplinary action through the Code of Student Conduct.