AC301 Financial Accounting Principles (3 cr.)

This course is an introduction to the accounting principles and procedures used to maintain an organization’s financial records and to prepare its financial statements for use by its stakeholders. Topics include an introduction to the accounting profession, the accounting cycle and process of analyzing and recording transactions, and the Generally Accepted Accounting Principles used in the preparation and analysis of financial statements.

Upon completion of the course, students are expected to be able to do the following:

1. Study the role of the professional accountant in today’s business environment.
2. Employ the basic concepts of the accounting cycle and the valuation of current assets and liabilities used in the preparation of a company’s financial statements.
3. Analyze and record a company’s economic transactions in accordance with the appropriate generally accepted accounting principles.
4. Prepare financial statements according to Generally Accepted Accounting Principles.
5. Recognize various types of computer software and relate the importance in recording transactions and preparing reports.
6. Identify the ethical issues involved in the financial reporting of a company’s operations and balance sheet values.