ACCT 1 Financial Accounting (5)
Credit, Degree Applicable
Introduction to the accounting information system and recording and reporting of business transactions with a focus on the accounting cycle, terminology, applications of basic principles and theories, classified financial statements and statement analysis for decision makers. Includes issues relating to Balance Sheet valuations, revenue and expense recognition and cash flows.
C-ID ACCT 110
After successful completion of this course, students will be able to:
- Outcome 1: Describe how an accounting system is designed to satisfy the needs of specific for-profit businesses including the purpose and use of the books of entry;
- Outcome 2: Prepare transaction analysis, input transactions into the system, process the input and prepare the four required financial statements;
- Outcome 3: Describe and apply accounting and business terminology
- Outcome 4: Compare and contrast cash basis and accrual basis accounting and their impact on the financial statements including the nature and purpose of G.A.A.P. (Generally Accepted Accounting Principles);
- Outcome 5: Distinguish the content, form and purpose of the basic financial statements and how they satisfy the information needs of users of financial reports;
- Outcome 6: Evaluate how the principles of internal control are used to manage and control the firm's resources and minimize risk;
- Outcome 7: Measure and value assets, liabilities, equity, revenues and expenses in an ethical manner in accordance with G.A.A.P.;
- Outcome 8: Classify and explain the operating, investing and financing activities reported in the Statement of Cash Flows when evaluating the solvency and liquidity of a company;
- Outcome 9: Interpret a company's potential solvency, profitability and liquidity through selection and application of appropriate financial analytical tools.