ACCT 2401 Principles of Financial Accounting I

This course is an introduction to the fundamental concepts of financial accounting as prescribed by U.S. generally accepted accounting principles (GAAP) as applied to transactions and events that affect business organizations.  Students will examine the procedures and systems to accumulate, analyze, measure, and record financial transactions.  Students will use recorded financial information to prepare a balance sheet, income statement, statement of cash flows, and statement of shareholders' equity to communicate the business entity's results of operations and financial position to users of financial information who are external to the company.  Students will study the nature of assets, liabilities, and owners' equity while learning to use reported financial information for purposes of making  decisions about the  company.  Students will be exposed to international Financial Reporting Standards (IFRS).

Semester Hours

4

Lecture Hours

4

Lab Hours

2

Corequisite

Recommended MATH 1324 Mathematics for Business and Social Sciences

CB Number

CB 5203015104