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Accounting 1140

Financial Accounting
 

ACCOUNTING
THE LANGUAGE OF BUSINESS

Many successful businessmen and women attribute part of their success to their understanding of accounting, the language of business. Business schools at baccalaureate institutions require their students to take a full year of accounting. It is recommended that transfer students planning careers in accounting, finance, human relations, marketing, management or sales take Financial Accounting (ACCOU 1140) and Managerial Accounting (ACCOU 1150) at C.O.D. before transferring to a baccalaureate business program. Transfer credit is generally awarded for this two-course sequence.

The C.O.D. accounting sequence (1140 and 1150) is also an appropriate choice for students planning to operate their own businesses at some point in the future, even if their current plans do not include a transfer to a business program at a baccalaureate institution.

This Financial Accounting course provides an introduction to financial accounting concepts. The accounting cycles of service organizations and merchandisers are studied with emphasis on the recording of business transactions, and the preparation of financial statements for such organizations. Emphasis is also placed on the accounting principles relating to the measurement, valuation, and reporting of assets, liabilities, and equity, and related internal control considerations.

Most students begin by taking Financial Accounting (ACCOU 1140). Others are more suited for Accounting Procedures I (ACCOU 1110). Accounting 1140 is especially designed for (1) students who have successfully completed or are currently enrolled in college-level English and Math courses (1000-level or above) or (2) students who have business experience or those who took accounting in high school. Students who do not fall into one of these two categories should enroll instead in Accounting 1110. Accounting 1110 students should meet with an adviser regarding transferability of these courses.

Financial Accounting (Accounting 1140) is a four credit hour course.

CAREER OPPORTUNITIES

Occupational Accounting Program:
The Occupational Accounting program at College of DuPage prepares students to become accounting clerks, bookkeepers, junior accountants, bank tellers, credit analysts, auditing clerks and tax preparers. Job opportunities exist in accounting firms, manufacturing companies, financial institutions, insurance companies, service organizations and not-for-profit and government entities.

You may be well-suited for a career in accounting if you:

bean bullet Desire a job with a good starting salary and potential for advancement
bean bullet Like working with people in an office setting
bean bullet Can effectively follow instructions and assume responsibility
bean bullet Enjoy working with numbers and are detail-oriented and organized
bean bullet Would like to combine your accounting skills with state-of-the-art computer technology

Employment prospects for entry-level jobs are expected to be steady for individuals who have accounting skills that are supplemented by excellent oral and written communication skills and strong computer skills.

To advance in the accounting field, students should plan to continue their education after completing their initial program of study at College of DuPage. Educational plans that include transferring to a baccalaureate-granting school will enhance the student's opportunities for advancement.

Transfer Accounting Program:
The Transfer Accounting program at College of DuPage starts students on the road to becoming professional accountants by providing the first two years of college course work. To advance in the accounting field, students should plan to continue their education after completing their initial program of study at College of DuPage. Students who receive their associate's degree from College of DuPage may transfer to a baccalaureate-granting school and earn a bachelor's degree in accounting.

Career opportunities include public accountant, auditor, tax specialist, management consultant, Internal Revenue Service agent, financial analyst, credit analyst, cost accountant and budget analyst. Job opportunities exist in public accounting firms, manufacturing companies, financial institutions, insurance companies, service organizations and not-for-profit and governmental entities.

Educational plans that include preparation for examinations required for certification will further enhance the student's opportunities for advancement. Students should consider earning certification as a Certified Public Accountant, Certified Management Accountant, Certified Fraud Examiner, Certified Internal Auditor and/or Enrolled Agent.

The employment prospects for entry-level positions are very competitive, so a student should be well prepared academically and must possess excellent oral and written communication skills and strong computer skills.


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