Financial Accounting

Catalog description

This course introduces the basics of financial accounting with emphasis on accounting as an information system which aids in the decision-making process. The focus is on the analysis and classifying of accounting information necessary for the preparation of external general-purpose financial statements. Topics include transaction analysis, development of financial reports, the accounting cycle, accruals and deferrals, receivables, payables, payroll, promissory notes, inventory costing, plant assets and depreciation methods, corporate equity concepts, bonds payable, and present value. Students with no high school or career accounting background, who believe they need introductory work, may want to take BUS-107 prior to taking this course. (4 contact hours)