This course examines the conceptual framework of accounting, including cash versus accrual accounting, the income statement and balance sheet, the time value of money, revenue recognition, statement of cash flows, and full disclosure issues.
This undergraduate course is 5 weeks.
This course has a prerequisite. Please see details in the Prerequisite section below.
Attendance and participation are mandatory in all university courses, and specific requirements may differ by course. If attendance requirements are not met, a student may be removed from the course. Please review the Course Attendance Policy in the Catalog for more information.
Topics and Objectives
- Explain the purpose of accounting and financial reporting for the business community.
- Apply the Codification for GAAP to accounting situations.
- Identify the roles and hierarchy of the various accounting governing bodies.
- Perform the steps of the accounting cycle.
Income Statement and Revenue Recognition
- Explain the purpose and components of the income statements.
- Prepare single-step and multiple-step income statements.
- Apply the guidelines for revenue recognition to various business situations.
Balance Sheet, Full Disclosure, and Ratio Analysis
- Identify the major classifications in a balance sheet, as well as which accounts each contains.
- Prepare a classified balance sheet.
- Explain the major financial ratios and how they are used to evaluate a company.
- Determine what information needs to be included in the financial statement notes, according to the full disclosure principle.
Statement of Cash Flows
- Prepare a statement of cash flows using the direct and indirect methods.
- Identify the three sections of the statement of cash flows and determine what activity is included in each.
- Distinguish between the direct and indirect methods of the statement of cash flows.
Time Value of Money
- Explain time value of money and when it is appropriate to use present or future values in accounting.
- Identify when it’s appropriate to use the future and present value calculations.
- Distinguish between an ordinary annuity and an annuity due for both present value and future value.
A prerequisite is required for this course. The purpose of a prerequisite is to ensure students have the knowledge and/or skills needed to be successful in the course. Students are required to provide proof of prerequisite during the enrollment/registration process. To meet to a course prerequisite requirement, a student must have successfully completed the prerequisite course at University of Phoenix, provide proof via transcript of completing a comparable course (at least 75% match) or higher level course with at least a grade of C at another institution or have a University of Phoenix approved Student Appeal on file with the University.
This course requires the prerequisite below. Click on the prerequisite course to review the course topics and objectives.
ACC/290 or ACC/290T– Principles of Accounting I or equivalent
During the checkout process you will be prompted to provide proof of the requirement(s). If you completed the prerequisite at another institution be prepared to upload an official/unofficial transcript. If you have questions about meeting the prerequisite requirements for this course please contact an enrollment representative at 866-354-1800.
The University of Phoenix reserves the right to modify courses.
While widely available, not all programs are available in all locations or in both online and on-campus formats. Please check with an Enrollment Representative.
Transferability of credit is at the discretion of the receiving institution. It is the student’s responsibility to confirm whether or not credits earned at University of Phoenix will be accepted by another institution of the student’s choice.
If you have a question contact us at 866-354-1800.