ACCT 1 Financial Accounting (5)
Credit, Degree Applicable
Introduction to accounting information system and recording and reporting of business transactions with a focus on the accounting cycle, terminology, application 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: Record transactions in the accounting records of a for-profit business in a manner satisfying ethical and legal requirements.
- Outcome 2: Produce the four required financial statements using the accounting records.
- Outcome 3: Distinguish the content, form and purpose of the four required financial statements and how they satisfy the information needs of the users of the financial statements.
- Outcome 4: Measure the value of assets, liabilities, equity, revenues and expenses in accordance with Generally Accepted Accounting Principles.
- Outcome 5: Validate that the financial statements contain all information necessary for the user to make informed decisions.