Introduction to accounting principles and practices used to record and communicate financial information. Analyze methods for valuating assets, liabilities, and equity of an organization.
Prerequisites
Placement into ENG 100 or equivalent
Course Outcomes
- Describe and understand the nature, environment and role of accounting as it relates to individuals, business organizations, and the business community.
- Analyze, record and report the business activities and transactions of a service and/or merchandising type organization using generally accepted accounting principles (GAAP).
- Understand and describe what internal controls are, including its basic components and limitation, and apply internal control activities in the control of cash and merchandising transactions.
- Apply GAAP in accounting for financial assets and liabilities including, but not limited to, short-term financial assets, inventories, long-term assets, and current liabilities.