This course is an introduction to financial accounting concepts as they apply to business transactions. Students will explore accounting as an information system providing useful information to company stakeholders. Emphasis is on the recording, reporting, and analyzing of a variety of business transactions as they relate to content of the course. Both the preparer and user requirements and expectations are emphasized.
Student Learning Outcomes
- Comprehend the role of accounting in business, including the types of business organizations, business stakeholders, ethics in business and the overall profession of accounting.
- Journalize business transactions in accordance with Generally Accepted Accounting Principles (GAAP).
- Prepare the three basic financial statements.
- Create adjusting journal entries required under the accrual method of accounting to properly update accounts at year end.
- Define inventory systems.
- Apply perpetual and periodic inventory within the accounting system.
- Compare the direct write-off and allowance methods to account for uncollectible accounts and their affect on the financial statements.
- Account for the purchase, maintenance (depreciation, amortization, depletion) and sale of long-term assets.
- Differentiate between current and long-term liabilities.
- Explain how to account for contingent and estimated liabilities.
- Apply the concept of the time value of money.
- Describe the corporate form of business organization, including the sources of equity, characteristics and classes of stock, and effects of dividends.
- Account for the issuance of bonds as a method of financing a business.
- Account for the investment in debt and equity instruments.
Please see eServices for section availability and current pre-req/test score requirements for this course.