An in-depth study of generally accepted accounting principles in relation to reporting financial information to external users. Emphasis is placed on financial accounting theory and concepts for the development of the income statement and balance sheet. Theoretical and conceptual discussion focuses on accounting standards, fundamental characteristics of accounting information, and recognition and measurement of financial information. This course also includes a comprehensive review of the accounting cycle. Additional topics include the time value of money, cash, receivables, and inventories. This course is the first of a three part series required of all accounting majors.
Course Hours: 3