This course helps students learn the basics of accounting by providing a solid presentation of the root of the principles course, the accounting cycle. Accounting helps students build a foundation upon which they’ll continue to learn and grow in their study. Students who take this course will know where the numbers come from and how to find the information they need to make important decisions.
Upon completion of this course, the student will be able to:
- Use accounting and business terminology, and understand the nature and purpose of accounting principles.
- Explain the objective of financial reporting, the elements of the financial statements, and the related key accounting assumptions and principles.
- Recognize the information conveyed in each of the basic financial statements and the way it is used by investors, creditors, regulators, and managers.
- Explain the nature of current assets including the measuring and reporting of items such as short-term investments, receivables and bad debts, inventory and costs of goods sold, and prepaid expenses.
- Explain the valuation and reporting of current liabilities, estimated liabilities, and contingencies.
- Identify and illustrate issues relating to the acquisition, use, depreciation, and disposal of long-lived assets.
- Identify and illustrate issues relating to the valuation, issuance, and retirement of long-term liabilities.