Financial Accounting

Catalog description

A study of accounting as an information system; examining why it's important, and how it's used by investors and creditors to make decisions. Includes the recording and reporting of business transactions with a focus on the accounting cycle, the application of generally accepted accounting principles and comparing it to international financial reporting standards, preparation and analysis of the classified financial statements for merchandising and service companies. Also includes issues related to recording and valuation of assets, liabilities, equities and cashflow, recognition of revenues, expenses using effective internal controls and ethical standards. 72 hours lecture, 18 hours laboratory. Transfer: CSU, UC; C-ID# ACCT 110.