ACCT20: FINANCIAL ACCT
An introduction to accounting as an information system, examining why it is important and how it is used by investors, creditors, and others to make decisions. The course covers the accounting information system including the process, purpose, concepts, rules, and theory. The course will include the application of accounting principles, concepts, and theory used to accumulate and summarize financial data into financial statements. The course will include issues relating to asset, liability, and equity valuation, revenue and expense recognition, cash flow, internal controls, and ethics. The course will include the critical analysis and interpretation of financial information and financial statements. This course has the option of a letter grade or pass/no pass. (C-ID: ACCT 110) ADVISORY: Intermediate Algebra (Math 233 or Math 240), English College Reading (English 260), English Practical Writing (English 250), and basic computerized spreadsheet knowledge.
- Recognize, define and explain the purposes of Financial Accounting as it relates to business and government including the various users of financial accounting information.
- Recognize, define, explain and demonstrate how financial accounting works including the rules, systems, processes and procedures of the accounting cycle, including the government rules and organizations involved in the process.
- Recognize, define, explain, and demonstrate the definitions, rules, purposes and functions related to Financial Statements