AC201

A survey course of the basics of accounting and financial reporting and its use in communicating and evaluating a business entity's financial condition and performance. Commencing with the basic accounting equation, students learn how the financial transactions entered into by a business entity are captured, organized and summarized to reflect their impact on the financial position of the entity. Students also learn the contents and structure of the basic financial statements used to communicate the financial position, results of operation, and cash flows of the entity to both internal and external stakeholders. In addition, students will learn about available optional choices in the accounting treatment of certain items and the ramifications of those choices on financial reporting. Finally, student are exposed to basic financial statement analysis tools used to determine relative financial strengths and weaknesses of the entity. 3 Lecture hours. Not open to Management and Accounting majors. Offered: Fall, Spring