ACCT 214: Financial Accounting |
Knowing how to use external financial reports to make basic inferences about a business entity is a fundamental tool that should be possessed by entry level business professionals. To accomplish this one must possess a grasp of the financial statement “language” as well as an understanding of the underlying process by which the financial statements are produced. This course is designed to provide students with an understanding of basic accounting terminology, the financial accounting cycle, and the primary financial statements: the balance sheet, the income statement, and the statement of cash flows. The accounting alternatives of specific financial statement items are then examined in greater detail. These items include: cash; accounts receivable; inventory; property, plant & equipment; current liabilities and stockholders' equity. A major emphasis of the course is placed on the information communicated (as well as the information not communicated) by the financial statements and how this information is used for decision making purposes. Students will gain an understanding of how the financial statements are useful in assessing the profitability, liquidity and solvency of a business entity. The Financial Accounting course ties in directly to the department’s program learning goals in that it is intended to develop: (1) the technical knowledge necessary for entry-level business positions; (2) critical thinking skills; and, (3) an understanding of the ethical responsibilities of the accounting profession.
Students must take either ACCTG 214 or ACCTG 214H.
|
