PRINCIPLES OF FINANCIAL ACCOUNTING

Catalog description

This course is an introduction to accounting concepts and principles used in the preparation of financial reports for proprietorships, partnerships, and corporations. The generally accepted accounting principles (GAAP) that are used in this process will be explained and incorporated into all of the instructions. It involves the application of the techniques of using debits and credits, the preparation and analysis of the trial balances (both unadjusted and adjusted), making adjusting entries, and assessing the effectiveness of the internal control system of an entity. The student will continuously be exposed to the preparation and analysis of the basic financial statements, showing students how to evaluate an entity’s performance, and how outside parties use financial statements to make various decisions on those statements.