ACC 201 - Financial Accounting

IAI Number Major: BUS903
3 Credit Hour(s)
3 Lecture Hour(s)
0 Lab Hours(s)
Financial Accounting is designed to be a complete learning package for the first accounting course at the college level. Financial Accounting presents accounting as an information system that produces summary financial statements, primarily for users external to a business or other enterprise. The emphasis is on understanding and applying basic accounting principles and other concepts that guide the reporting of the effect of transactions and other economic events on the financial condition and operating results of a business. Students study the forms of business organizations and the transactions required for the owner’s equity section of sole proprietors, partnerships and corporations. The course is designed to analyze and interpret historical financial statements and the limitation of using these in making forward-looking business decisions are included. The course will expose the students to such topics as ethics, alternative forms of business organizations, typical business practices, legal instruments and financial statements. The content will include accounting for current and long-term assets and liabilities, stock and bond transactions from both the issuer’s and the buyer’s perspective, corporate financial statements, including accounting for cash flow, extraordinary items, discontinued operations, changes in accounting principles, income taxes, and financial statement analyses. Present value will be introduced in conjunction with the valuation of both assets and liabilities.