Financial Accounting

Catalog description

This course is an introduction to the basic concepts and standards underlying financial accounting systems. The entire accounting cycle for both service and merchandising businesses is covered. Several important concepts will be studied in detail, including: revenue and expense recognition, inventory, receivables, long-lived assets, and liabilities. The course emphasizes the construction of the basic financial accounting statements - the income statement, statement of stockholders' equity , balance sheet, and cash flow statement - as well as their interpretation.