ACC 151FINANCIAL ACCTG

Catalog

Financial Accounting is a foundation course for accounting and other business disciplines. Financial Accounting is an information system that produces summary financial data primarily for external users. Students study the common transactions entered into by service and merchandising businesses. The emphasis is on understanding and applying basic accounting principles including inventory systems, depreciation methods, analysis of accounts receivable and payable, analysis of the cash account and other concepts that guide the reporting of the effect of transactions on the financial position and operating results of a business. Students will prepare, analyze and interpret historical financial statements including period-end adjustments. The usefulness and limitations of using accounting information for business decision making will be covered. The primary emphasis will be on preparing the income statement, statement of retained earnings, and balance sheet. (1.1-Articulated) [IAI Major Course Equivalent: BUS903] NOTE: This course requires advanced reading, basic writing, and basic math.