ACCT 105 - Financial Accounting

3 Credit(s)

In this course, students learn the steps in the accounting cycle leading up to the preparation and basic analysis of corporate financial statements. Students complete a comprehensive project that requires them to produce a journal, ledger, trial balances, income statement, retained earnings statement, and balance sheet. They use accounting theory and practice as it falls within the framework of U.S. Generally Accepted Accounting Principles (GAAP). They receive a brief introduction to International Financial Reporting Standards (IFRS) and be made aware of the opportunities within the accounting profession and the major organizations that influence and contribute to its body of knowledge, such as the FASB and SEC. Finally, ethical issues confronted by the accountant are also introduced and discussed. Guest speakers from public accounting and private industry address the students during the semester. Students may not receive credit for both ACCT 105 and ACCT 204.

Prerequisite(s): Second-semester freshman standing or permission from the head of the Department of Accounting, Economics, and Finance.