Principles of Accounting I

Catalog description

Introduces fundamental principles in accounting and demonstrates their use in financial reporting for business organizations. It covers the four financial statements, preparation of those financial statements and accounting rules governing the preparation of those financial statements. The course provides students with a comprehensive coverage of financial reporting and the relevant components of the annual report. Topics include the accounting cycle and generally accepted accounting principles for cash, merchandise inventory, long-lived assets, liabilities and stockholders’ equity. Financial statement ratios and ethical issues in financial accounting are introduced, applied and emphasized throughout the course.