The FBI has notified all Philadelphia area colleges and universities about a recent social media posting threatening violence at an unspecified Philadelphia area college or university on Monday, October 5 at 2 p.m. EST. Since the shooting last week at a community college in Oregon, the FBI has seen similar social media postings throughout the country. Delaware County Community College takes campus safety very seriously and in response to this threat the College has notified the local police departments presiding over all of the College's locations and is working in conjunction with them to enhance security. The College’s Office of Safety & Security will also increase security patrols on Monday and monitor the situation closely. We ask that you remain aware of your surroundings and report any suspicious activity or behaviors to Security at 610-359-5303. 


ACC 111 - Financial Accounting

Course Description

This course provides students with a comprehensive treatment of the complete accounting cycle for both service and merchandising businesses in accordance with Generally Accepted Accounting Principles (GAAP). The course also focuses on accounting systems, concepts, issues and the preparation and analysis of financial statements. Upon successful completion of this course, students should be able to: Perform all the steps of the accounting cycle in accordance with GAAP for service and merchandising businesses. Prepare financial statements for sole proprietorships, partnerships and corporations. Calculate quantities and dollar amounts of merchandise inventory and cost of goods sold using GAAP and IRS methodologies. Provide for uncollectible accounts receivable and calculate the estimated amount of accounts receivable that will ultimately be collected. Calculate depreciation, depletion and amortization, and calculate the book value of plant and intangible assets. Broadly describe the principles of internal control over assets and the accounting profession's Code of Ethics. Discuss the income tax consequences resulting from the use of alternate GAAP methodologies. Describe the differences among cash, accrual and other comprehensive bases of accounting. Make calculations and prepare journal entries for various end-of-period adjustments. Make calculations and prepare journal entries for the issuance and redemption of debt and equity securities by corporations.

Credit Hours: 3
Lecture Hours: 3

Course Prerequisites: ENG 050, REA 050, MAT 060