May 27, 2024  
2021-2022 College Catalog and Student Handbook 
2021-2022 College Catalog and Student Handbook [ARCHIVED CATALOG]

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ACCT 1010 - Financial Accounting

Academic Division: Business, Industry and Technology
Academic Discipline: Accounting
Assistant Dean: Vincent Palombo PhD
4 Credit(s)
This is an introductory course of study in financial accounting and financial reporting for business entities. (TAG# OBU010) UG OBU001
4 Lecture Hour(s);
Student Learning Outcomes for Course
1.    Explain the broad role that accounting information plays in the economy.

2.    Explain basic financial statements-their nature, purposes and use by business decision makers.

3.    Use the language of accounting and apply the important concepts on which financial reporting is based.

4.    Summarize general business concepts and processes.

5.    Analyze the impact of basic business transactions on the financial statements of a business corporation.

6.    Prepare basic financial statements for a simple corporate business entity.

7.    Evaluate the financial performance of a simple corporation on the basis of its financial statements.

  • Accounting and the Business Environment – Week 1
  • Recording Business Transactions – Weeks 2 & 3
  • The Adjusting Process   - Week 4
  • Completing the Accounting Cycle – Week 5
  • Merchandising Operations – Week 6
  • Merchandise Inventory – Week 7
  • Internal Control and Cash – Week 8
  • Receivables – Week 9
  • Plant Assets and Intangibles – Week 10
  • Current Liabilities and Payroll – Week 11
  • Long-Term Liabilities, Bonds Payable, and Classification of Liabilities on the Balance Sheet- Week 12
  • Corporations: Paid-In Capital and the Balance Sheet – Week 13
  • Corporations: Effects on Retained Earnings & the Income Statement – Week 14
  • The Statement of Cash Flows – Week 15
  • Financial Statement Analysis – Weeks 15 and 16

  • Practice of course topics in class
  • Daily homework
  • Practice problems using computer program
  • Exams.
  • Presentation of financial statements

Standard Grading Scale
93-100      A

90 - 92      A-

87- 89       B+

83 - 86      B

80 -82       B-

77- 79       C+

73 - 76      C

70 -72       C-

67- 69       D+

63 - 66      D

60 -62       D-

00- 59       F

Statement on Diversity
North Central State College believes that every student is a valued and equal member of the community.*  Every student brings different experiences to the College, and all are important in enriching academic life and developing greater understanding and appreciation of one another. Therefore, NC State College creates an inclusive culture in which students feel comfortable sharing their experiences. Discrimination and prejudice have no place on the campus, and the College takes any complaint in this regard seriously. Students encountering aspects of the instruction that result in barriers to their sense of being included and respected should contact the instructor, assistant dean, or dean without fear of reprisal. 

*Inclusive of race, color, religion, gender, gender identity or expression, national origin (ancestry), military status (past, present or future), disability, age (40 years or older), status as a parent during pregnancy and immediately after the birth of a child, status as a parent of a young child, status as a foster parent, genetic information, or sexual orientation, 

Standard NCSC Course Policies
Important information regarding College Procedures and Policies can be found on the syllabus supplement located at this link



Textbook(s): Horngren’s Financial and Managerial Accounting, The Financial Chapters with MyLabAccounting , Authors: Miller-Nobles, Mattison, Copyright Year: 2021, Edition: 7th, ISBN #:  9780136715221 Workbook(s) and/or Lab Manual:  None

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