ACC-103: Financial Accounting

Learn the principles of financial accounting in this online course. Explore the accounting cycle, financial statements, inventories, liabilities, equity, cash flows, and analysis to build a foundation for careers in accounting, business, or finance.

Course Description

The Corporate Financial Accounting course introduces students to the core principles and practices of financial accounting, focusing on how businesses record, report, and interpret financial data. Using Corporate Financial Accounting, 17th Edition by Carl Warren, Jeff Jones, and William B. Tayler, this course covers the complete accounting cycle, from transaction analysis to the preparation of financial statements in compliance with generally accepted accounting principles (GAAP).

Students will explore key topics such as merchandising operations, inventories, receivables, internal controls, liabilities, stockholders’ equity, and cash flow reporting. The course also emphasizes financial statement analysis, equipping learners with the skills to evaluate business performance and make informed decisions. Through practical examples and real-world applications, students gain experience in applying accounting methods used across corporate, service, and merchandising environments.

Designed for those pursuing careers in accounting, business, or finance, this course builds a strong foundation for further study in managerial accounting, auditing, and advanced accounting. By the end of the course, students will be able to prepare, analyze, and interpret financial statements, strengthening their ability to support decision-making for managers, investors, and other stakeholders.

Textbook: Corporate Financial Accounting (17th Edition) by Carl Warren, Jeff Jones, William B. Tayler, William B. Tayler

Course Objectives

Explain the role of accounting in business and apply the accounting equation to transactions.

Complete the accounting cycle, including journalizing, adjusting, and closing entries.

Prepare and interpret financial statements in accordance with GAAP.

Analyze and apply accounting procedures for merchandising operations, inventories, and receivables.

Evaluate internal control systems and apply accounting for cash, liabilities, and stockholders’ equity.

Prepare and analyze statements of cash flows and financial ratios to assess business performance.

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Course Contents

Introduction to Accounting and Business

Analyzing Transactions

The Adjusting Process

Completing the Accounting Cycle

Accounting for Merchandising Businesses

Inventories

Internal Control and Cash

Receivables

Long-Term Operating Assets

Liabilities: Current, Notes, and Contingencies

Liabilities: Bonds Payable

Corporations: Organization, Stock Transactions, and Dividends

Statement of Cash Flows

Financial Statement Analysis

Single Course or Program Option

This course may be purchased individually or as part of the certificate programs listed below.

Recommended Prerequisites

Accreditation You Can Trust

Washington Technical Institute is fully accredited by the Middle States Association Commissions on Elementary and Secondary Schools (MSA-CESS)—a regional accrediting agency recognized for setting high standards in education. This accreditation affirms that our programs, operations, and outcomes meet rigorous academic and institutional benchmarks. MSA-CESS accreditation is a mark of quality that ensures our students receive an education that is both credible and respected. It also means WTI is committed to continuous improvement, student success, and accountability at every level.