Financial Accounting

Catalog description

Units: 4 Formerly known as BUS 1 Hours: 72 lecture Principles of accounting and recording transactions within the accounting cycle. Students analyze financial statements, compare and contrast different forms of business entities, and discuss internal controls for entities to reduce the risk of fraud. Topics also include the preparation of a bank reconciliation, petty cash transactions, inventories, and cost of goods sold, accounts receivable and how to account for bad debts and depreciation of assets. Study of current and long-term liabilities and how to account for them, including accounts payable, payroll taxes, mortgages, and bonds. Covers the concept of equity including stocks and dividends. Financial ratio analysis tools also help students quickly assess the overall financial health of a business. (C-ID ACCT 110) (CSU, UC)