This introductory course covers fundamental principles and procedures of financial accounting. It is designed to meet the needs of those wishing to concentrate on accounting. Emphasis is on developing the technical procedures of the accounting cycle, including journalizing, posting, adjusting entries, closing procedures, and preparing the four financial statements (i.e., balance sheet, income statement, statement of cash flow, and statement of stockholders' equity) and understanding the basics of the accounting for certain balance sheet accounts.
Successful completion of this course, or equivalent professional experience, will prepare students to enroll in Intermediate Accounting I, Financial Statement Analysis and Managerial Accounting.
- Prepare and demonstrate the four key financial statements: balance sheet, income statement, statement of cash flow, and statement of stockholders’ equity
- Analyze transactions
- Describe accrual accounting concepts and adjusting processes
- Complete the accounting cycle
- Identify and explain accounting systems, internal controls, and special journals
- Summarize cash handling rules
- Understand the accounting for receivables
- Perform the accounting related to long-lived assets, liabilities, and equity