Introduces financial accounting concepts and practices for recording, analyzing, and reporting business transactions used in business decision making. Students apply generally accepted accounting principles (GAAP), complete the accounting cycle, and prepare basic financial statements. This class may include students from multiple sections. (Elective)
Course Outcomes
- Demonstrate understanding of generally accepted accounting principles (GAAP) by preparing and interpreting basic financial statements.
- Apply internal control concepts to evaluate the prevention and detection of accounting errors and fraud.
- Analyze and record business transactions throughout the accounting cycle, including adjusting and closing entries.
- Analyze the valuation and presentation of financial assets in financial statements.
- Apply the accounting equation to evaluate the effects of business transactions on assets, liabilities, and equity.
- Apply inventory valuation methods and explain their impact on financial statements.
- Use spreadsheet software to record accounting data and generate trial balances and financial statements.