ACC 151 - Financial Accounting

3 Credits
Lecture: 3

Financial Accounting is a foundation course for accounting and other business disciplines. Accounting is an information system that produces summary financial data primarily for external stakeholders. Students study the common transactions entered into by service and merchandising businesses. The emphasis is on understanding and applying basic accounting principles including inventory systems, depreciation methods, analysis of receivables and payables, analysis of the cash account and other concepts that guide the reporting of the effect of transactions on the financial position and operating results of a business. How to prepare, analyze and interpret historical financial statements and period-end adjustments, as well, and the limitations of using these in making forward-looking business decisions is included. The primary content emphasis will be accounting for the balance sheet, current assets and liabilities, long-term assets and liabilities and the stockholder’s equity section.

Note: This course requires advanced reading, basic writing, and basic math.

Articulation: 1.1 (IAI): BUS903

Prerequisite: None
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