This introductory course shows students what financial accounting is, why it is important, and how it is used by investors and creditors to make decisions. It covers the accounting information system, and the recording and reporting of business transactions with a focus on the accounting cycle, the applications of generally accepted accounting principles, the classified financial statements, and statement analysis. This course also includes issues related to asset, liability, and equity valuation; revenue and expense recognition; cash flows; internal controls; and ethics.

Required of students pursuing majors and emphases in the School of Business, and open to other interested students. Introduces basic concepts of financial accounting, covering complete accounting cycle for service and merchandise companies, including depreciation, accounts receivable, and inventory. Inclusive Access Course Material (electronic book) fees may apply, see Fees tab under each course section for details. **COURSE LEARNING OUTCOMES (CLOs) At the successful conclusion of this course, students will be able to: 1. Explain the role of accounting in society and business. 2. Identify the components of the basic financial statements, including the Balance Sheet, Income Statement, Retained Earnings Statement and Statement of Cash flows. 3. Analyze accounting information by applying the concepts of debit and credit using journals and ledgers. 4. Record transactions by applying the debit/credit framework in journals. 5. Summarize business activity using a ledger. Account for the major types of transactions affecting cash; inventory; accounts and notes receivable including bad debt and interest computations; long-term assets including the acquisition, disposition and depreciation of these assets; and current and long-term liabilities. 6. Report the financial results of business activity using financial statements including the Income Statement, Statement of Retained Earnings, Balance Sheet, and the Statement of Cash Flows. 7. Identify internal control procedures to protect business assets and the reporting of fraudulent financial information. 8. Discuss ethics in business and accounting and their effect on society. FA, SP, SU

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