ACCT 101Financial Accounting

Catalog

3 cr. hrs.; 3 lecture hours; 0 lab hours per week. Prerequisite(s): Eligibility to enroll in MATH 112 or instructor consent; ACCT 103 "C" or better or concurrent enrollment in ACCT 103 A course for the study of financial accounting principles that presents accounting as an information system used to analyze, record, and communicate financial information about business performance. Emphasis is on understanding and applying basic accounting principles and concepts guiding the reporting of business transactions for service and merchandising enterprises. Topics covered include the accounting cycle (transaction analysis, accruals and deferrals, preparation of financial statements including the income statement, statement of retained earnings, balance sheet, and statement of cash flows, and the closing process); internal controls; cash; recording and valuation of current and long-term receivables; merchandise inventory including perpetual and periodic systems and inventory valuation methods; long-term assets including property, plant and equipment, natural resources, and intangible assets; cost allocation methods related to long-term assets including depreciation, depletion, and amortization; current liabilities (accounts payable, unearned revenues, and short-term notes payable); long-term liabilities (notes and bonds payable and related interest expense); contingent liabilities; and stockholders’ equity including retained earnings and paid-in capital. IAI: BUS 903