FINANCIAL ACCOUNTING

Catalog description

Presentation of accounting as an information system that produces summary financial statements, primarily for users external to a business or other enterprise. Students study the common transactions entered into by service and merchandising businesses. The emphasis is on understanding and applying basic accounting principles and other concepts that guide the reporting of the effect of transactions on the financial condition and operating results of a business. How to prepare, analyze and interpret historical financial statements, as well, and the limitations of using these in making forward-looking business decisions is included. The primary content emphasis will be accounting for current assets and liabilities, long-term assets and liabilities, and the stockholder’s equity section of corporate balance sheets. (IAI BUS 903) (3 credit, 3 lecture, 0 lab)