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Introduction to financial accounting required of Business Administration
and Accounting majors. Defines financial accounting and its relevance to
business decision makers, accounting concepts and techniques, analysis
and recording of financial transactions, and preparation, analysis and
interpretation of financial statements focusing on application of
generally accepted accounting practices.
Includes asset, liability, and equity valuation, revenue and expense
recognition, cash flow, internal controls, ethics, and financial
statement analysis. General Ledger Accounting Software program is
integrated throughout and used to complete various homework assignments.
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(90 hours lecture; Degree appropriate, CSU, UC)
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Prerequisite:
BUSA 11 - Fundamentals of Accounting
or eligibility for
MATH 51 - Elementary Algebra
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Advisory Prerequisite:
Eligibility for
ENGL 1A - Freshman Composition
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Course Measurable Objectives:
- Describe the basic accounting system and how it is used to serve business needs.
- Explain the purpose of generally accepted accounting principles, including the impact of accrual basis accounting on financial statements.
- Define basic accounting vocabulary terms and effectively use the terms in both written and verbal communication.
- Compare and contrast financial statements of a corporation, sole proprietorship, and partnership.
- Analyze and record transactions, using a journal and a ledger, of varying degrees of difficulty including adjusting, closing and reversing entries.
- Illustrate the concepts of internal control, control of cash, accounting for current assets and current liabilities, including accounts receivables, notes receivable, bad debts, payroll, notes payable, and estimated liabilities.
- Illustrate inventory systems and methods of costing inventory, accounting procedures for plant assets, including depreciation, depletion and amortization of plant and intangible assets, and capital versus revenue expenditures.
- Discuss the characteristics of partnerships and corporations including terms and techniques of accounting for stock issuance, dividends, treasury stock, and other items within the stockholders equity section of corporate balance sheets.
- Illustrate accounting for long-term liabilities including notes and mortgage payables, valuation of bonds, accounting for bond issuance, interest accruals and payments.
- Prepare cash flow statements.
- Use cash flow statements to evaluate liquidity and solvency.
- Utilize accounting information including financial statements to perform financial statement analysis.
- Discuss the elements of international financial reporting standards including its impact on accounting concepts according to GAAP
- Interpret and communicate effectively in a business environment.
- Demonstrate business integrity, objectivity, and ethics.
- Perform problem solving and research activities utilizing general ledger accounting software, spreadsheets, word processing, and the internet.
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Course Level Student Learning Outcomes:
Students completing BUSA 7 - Principles of Accounting - Financial will:
- have discovered new knowledge that relate to discipline, technical and human skills, enabling them to be productive members of the community.
- have developed a genuine professional interest in topics related to the courses completed that will contribute toward motivation for life-long learning.
- have developed the ability to relate material from each course completed to their current and future professional needs, even if these needs fall into a different discipline.
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NOTE:
Every effort is made to ensure the accuracy and timeliness of this information; however, students should consult
the
college catalog
for the most current and accurate information regarding degrees,
certificates, or courses.
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OTHER ACCOUNTING COURSES:
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