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Jan 15, 2025
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2023-2024 Official General Catalog [Archived Catalog]
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BUS 100 - Financial Accounting I
In this introductory course, students will learn basic financial accounting principles and theory and how to communicate financial information to external users. It covers the following topics: accounting equation and accounting cycle; accounting transaction analysis (including journalizing and posting); asset, liability, and equity accounting; financial statement preparation and analysis; merchandising and inventory accounting, accounting information systems (manual and automated), and principles of internal control.
Credits: 4
Hours
4 Class Hours
Course Profile
Learning Outcomes of the Course:
Upon successful completion of this course the student will be able to:
- Demonstrate knowledge of accounting terms, ethics in accounting, the accounting equation, transition analysis, debits and credits, journalizing and posting transactions, and basic financial statements.
- Demonstrate ability to complete the end-of-period procedures (including adjusting, closing, and correcting/reversing entries), worksheets, trial balances (including adjusted and post-closing), and completing the accounting cycle, and classified balance sheet.
- Demonstrate the ability to record inventory transactions for a merchandising concern, prepare and analyze single and multi-step income statements, perform calculations necessary to determine ending inventory and cost of goods sold valuations, and analyze the impact of inventory errors on financial statements.
- Demonstrate knowledge of special journals, subsidiary ledgers, control accounts, principles of internal control, performing bank reconciliations, and petty cash transactions.
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