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ACC 120: Principles of Financial Accounting

Text: Fundamentals of Financial Accounting, Phillips Clor-Proell Libby Libby, 7th Edition

Welcome to the Principles of Financial Accounting Course Guide!

Anyone is welcome to use this Course Guide. Enjoy!

The ACC120 Principles of Financial Accounting class is taught every Spring, Summer and Fall online and in-person. Check the course schedule for availability.

Don't forget to check back! This guide is always growing and expanding. If you have any questions or suggestions for alterations or additions to this guide, please contact Anne Roberts, Accounting and Finance Instructor, at

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DISCLAIMER: There are many financial resources listed within this Course Guide. CPCC and their representatives in no way guarantee the information or results from the use of the information.

IMPORTANT NOTE: Many thanks to each person who has taken the time to comment and make suggestions to make this Research Guide even better. Your contribution is greatly appreciated!

This Research Guide follows Fundamentals of Financial Accounting 7th Edition by Phillips Clor-Proell Libby Libby. Go to for more information on this textbook.

ACC120 Principles of Financial Accounting Course Info

Course Description:  

This course introduces business decision-making using accounting information systems. Emphasis is placed on analyzing, summarizing, reporting, and interpreting financial information. Upon completion, students should be able to prepare financial statements, understand the role of financial information in decision-making and address ethical considerations. This course has been approved to satisfy the North Carolina Comprehensive Articulation Agreement pre-major and/or elective course requirements.

student learning outcomes:

This course will serve as a foundation for those seeking a general understanding of accounting as well as those interested in taking additional accounting classes and pursuing careers in the field of accounting.

Upon completion of the course, the student should be able to show competency in the following three areas:

Area #1: Distinguish between U S Generally Accepted Accounting Principles (referred to as U S GAAP) and International Financial Reporting Standards (referred to as I F R S) and identify the organizations responsible for the development and enforcement of domestic and international financial accounting standards.

Area #2: Complete all steps in the accounting cycle including: recording daily transactions in a General Journal and posting those entries to the General Ledger, preparing an Unadjusted Trial Balance, journalizing and posting monthly adjusting journal entries, preparing an Adjusted Trial Balance, preparing financial statements (including an Income Statement, Statement of Retained Earnings, Balance Sheet and Statement of Cash Flows), journalizing and posting annual closing entries and preparing a Post-closing Trial Balance

Area #3: Demonstrate how business transactions impact the elements of the financial statements

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