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Nov 22, 2024
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2021-2022 Catalog [ARCHIVED CATALOG]
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ACCT 118 - Financial Concepts for Accounting
PROGRAM: Accounting
CREDIT HOURS: 3
LECTURE HOURS: 3
DATE OF LAST REVISION: Fall, 2013
Surveys the applications of mathematics to various business and accounting activities. Includes a brief review of basic mathematical operations and their subsequent application to such commercial activities as payroll, consumer finance, business borrowing, inventory control, pricing, depreciation, and time value of money.
MAJOR COURSE LEARNING OBJECTIVES: Upon successful completion of this course the student will be able to:
- Calculate invoice amounts, trade, cash and chain discounts rates, terms of payment, partial payments and shipping charges, as well as markups based on sales or cost, markdowns and sales tax rates.
- Calculate cost of goods, gross profit and ending inventories using methods including LIFO, FIFO and average value. The student will also estimate inventory values and calculate inventory turnover ratios.
- Create depreciation schedules using various methods of depreciation.
- Calculate simple interest, principal, interest rate, time, and maturity value for a loan or a note, as well as calculate proceeds on bank discounts.
- Calculate finance charges and determine effective interest rates.
- Calculate the APR and interest costs for various types of credit offerings, as well as compound interest amounts.
- Compute present and future values of ordinary annuities and develop loan amortization tables.
- Evaluate financial statements and compute various financial ratios.
- Calculate payrolls reflecting Federal, State and local taxes, as well as charges for various employee benefits.
COURSE CONTENT: Topical areas of study include - Inventory methods
Interest rate calculations and applications
Depreciation methods
Financial ratios
Pricing
Payroll
Present/Future Value
Course Addendum - Syllabus (Click to expand)
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