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Financial Accounting

This course includes an introduction to financial accounting concepts and procedures with emphasis on generally accepted accounting principles, the accounting cycle and the use of financial statements as a basis for small group calculators.jpgbusiness decisions.

Textbooks, calculators and solutions manuals are available in the Learning Commons.
Assistance is available on a one-on-one or small group basis.

Please bring all class notes and handouts with you when asking for assistance.

Please check the schedule for times when tutors are in the Learning Commons or Smarthinking for online assistance.


 Textbook Information


​Hardcopies of this textbook are available for use in the Learning Commons.

ACG 2021
Herrmann, Don; Spiceland, David J; Thomas, Wayne. Financial Accounting. 2nd Ed. New York, NY: McGraw-Hill, 2010.​



 Videos and Activities


The Learning Commons offers videos and interactive activities to help students understand accounting concepts.

Instructional Videos

Print the notes and watch the video to get a better understanding of the topic.

Analyzing Transactions and the Effect on the Accounting Equation notes
Rules of Debits and Credits, T-Accounts notes
Basic Financial Statements notes
Journalizing, Posting, and Preparing an Unadjusted Trial Balance notes
Adjusting Entries and Preparing an Adjusted Trial Balance notes
Closing Entries for a Company with a Profit (Net Income) notes
Closing Entries for a Company with a Loss (Net Loss) notes
Inventory Costing Methods (FIFO, LIFO, Weighted Average) notes
Allowance Method for Estimating Uncollectible Accounts Receivables (The Balance Sheet Approach) notes​
Allowance Method for Estimating Uncollectible Accounts Receivables (The Income Statement Approach) notes
Depreciation Methods/Calculations and Treatment on Financial Statements notes
Basic Stock Transactions and Stockholders Equity Section of the Balance Sheet notes


Balance Sheet Basics: Part 1 A brief lecture by FAMU instructor, Craig Reeder, explaining the origin of balance sheets. (8 minute)​
Balance Sheet Basics: Part 2 Craig Reeder continues discussion of the balance sheet, the accounting equation, and how transactions affect the elements of the equation. (7 minute) ​
Debits and Credits Craig Reeder uses a simple example to illustrate credit and debit entries into 4 T-accounts (cash, accounts receivable, notes payable, revenue. (8 minutes)​
Recording Transactions using Debits and Credits Craig Reeder demonstrates how to enter transactions in a journal, listing them as either debits or credits in the appropriate account (cash, accounts receivable, notes payable, or revenue). (8 minutes)​
T-Accounts Craig Reeder explains what T-accounts are. (8 minutes)​
The Accounting Cycle Craig Reeder explains how all this accounting stuff works in real life. (8 minutes)​


Interactive Activities

Accounting Internal Controls An interactive matching quiz​
Assumptions & Principle Concepts 1 An interactive matching quiz​
Assumptions & Principle Concepts 2 An interactive matching quiz​
Financial Statements (Balance Sheet and Income Statement) Click the card deck to view a card. Drag the card from the bottom to the correct Financial Statement​
Financial Statements Click the card deck to view a card. Drag the card from the bottom to the correct category​
Listing Account Order on the Balance Sheet Drag items from the left column to the correct order in the right column. These accounts and liabilities are listed in the Balance Sheet​



 Other Useful Links


These are additional resources that our staff and students have found helpful.

What does a trillion dollars look like?

MiddleCity - Online Accounting Tutorial from Malcolm E White, CPA, MA, Columbia College of Columbia, Missouri, Online Campus.

AICPA The American Institute of Certified Public Accountants. "The AICPA is the premier national professional association for CPAs in the U.S."

FASB Financial Accounting Standards Board. " The mission of the Financial Accounting Standards Board is to establish and improve standards of financial accounting and reporting for the guidance and education of the public, including issuers, auditors, and users of financial information."

IRS website - Get forms, publications, and information from the Internal Revenue Service.

FASAB Federal Accounting Standards Advisory Board. "The mission of the FASAB is to promulgate federal accounting standards after considering the financial and budgetary information needs of citizens, congressional oversight groups, executive agencies, and the needs of other users of federal financial information."

The Accounting Cycle by J. Edward Ketz, accounting professor at The Pennsylvania State University. A collection of accounting-related articles.

Accounting links from An extensive list of links to professional organizations, accounting firms, government offices, and publishers.

Accounting links from University of West Georgia. Links to accounting firms, professional organizations, and CPA review courses.

Online Basic Accounting Certificate Programs – Find schools that offer online accredited accounting programs and degrees.

Online Advanced Accounting Certificate Programs – Find schools that offer online accredited accounting programs and degrees.

    Contact Information

    For more information contact the Learning Commons by phone (850) 201-8193 or e-mail

    7:30 a.m. - 7:30 p.m. Mon - Thu
    7:30 a.m. - 5:00 p.m. Fri

    Connect With Us

    Students can get additional help by accessing Smarthinking via Canvas
    TCC strives to make all materials accessible to all individuals. Please contact (850) 201-8193 for materials in alternative format.

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