Financial Accounting is a study of accounting theories and concepts involved in analyzing, processing, interpreting, and communicating decision-making information for internal and external uses. Financial Accounting is the theory and practice of recording business transactions, preparing and analyzing financial statements, and applying procedures related to current assets, current liabilities, long-term assets, long-term liabilities, and payroll. ACCT 1413 or high school bookkeeping strongly recommended. OSRHE Matrix: AC 201

This course studies the double-entry accounting system, including: the accounting cycle, books of original entry, preparation of journal entries, worksheets, the trial balance, and statements of financial position and income. Emphasis is on the proper recording and reporting of assets, liabilities, equity, revenue, and expenses.