Maricopa Community Colleges  ACC230   20006-99999 
Official Course Description:   MCCCD Approval:  05/25/99  
ACC230      20006-99999 LEC 3 Credit(s) 3 Period(s)
Uses of Accounting Information I
Introduction to the uses of accounting information for internal and external purposes with emphasis on financial statement analysis. Prerequisites: Grade of "C" or better in ACC111 or ACC211, or a grade of "C" or better in (ENG101 and MAT151 and CRE101), or equivalent, or satisfactory score on District placement exam.
 
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MCCCD Official Course Competencies:
 
ACC230   20006-99999 Uses of Accounting Information I
1. Explain internal and external users' need for accounting information. (I)
2. Identify key accounting organizations and explain their role in business. (II)
3. Explain the development and significance of generally accepted accounting principles (GAAP). (II)
4. Describe current GAAP concepts. (II)
5. Describe the role of auditing in business. (III)
6. Use the basic accounting equation to analyze transactions. (IV)
7. Describe the difference between the accrual and the cash basis of accounting. (IV)
8. Identify and explain the components of an annual report. (V)
9. Analyze the individual components of a balance sheet, income statement, owners' equity, and statement of cash flows. (V)
10. Cite the sources and references external users need to analyze business organizations. (VI)
11. Identify procedures used to analyze a set of financial statements for an organization. (VI)
12. Practice and apply skills in oral and written communication and teamwork to analyzing and presenting accounting information. (I, II, III, IV, V, VI)
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MCCCD Official Course Outline:
 
ACC230   20006-99999 Uses of Accounting Information I
    I. Users of Accounting Information
        A. Groups of users
          1. Internal
          2. External
        B. Needs of users
      II. Accounting Organizations
          A. Types
          B. Role in business
            1. Development of GAAP
            2. Current GAAP concepts
        III. Role of Auditing in Business
          IV. Accounting Equation
              A. Analysis of transactions
              B. Accrual vs. cash basis of accounting
            V. Annual Reports
                A. Components
                B. Balance sheet
                C. Income statement
                D. Owners' equity
                E. Statement of cash flows
              VI. Analysis of Accounting Information
                  A. Sources and references for users
                  B. Procedures used in analysis
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