Financial Accounting

Catalog description

In this introductory course, students learn the process of identifying, measuring, recording, and communicating the economic events of a business using Generally Accepted Accounting Principles (GAAP). Students learn how to prepare basic financial statements and understand how companies use accounting data to make business decisions. Areas of emphasis include, the accounting cycle, cash, receivables, long-lived assets, liabilities, and equity. Other topics include, ratio analysis, the regulatory environment, internal controls, and ethics. Note: Sophomore standing, except for Accounting and Actuarial Science majors, is required.