Financial Accounting I

Course Description:

This three-credit course introduces students to the fundamental concepts and techniques of the basic accounting system as it applies to sole traders in both merchandising and service industries. Through exercises and problems, students will gain an understanding of the accounting cycle under the accrual basis; they will also demonstrate proficiency in performing tasks associated with the completion of the accounting cycle, including the preparation of the income statement, statement of owner’s equity and the balance sheet. Students will also be able to interpret information presented on financial statements in order to make operational, investment and financing-related decisions.