INTRODUCTION TO FINANCIAL ACCOUNTING

This course introduces the concepts of financial accounting and its underlying assumptions. It studies basic accounting procedures including transaction recording in journals and ledgers and preparation and analysis of financial statements. It covers the principles of double-entry bookkeeping, interpretation of financial statements, issues raised by corporate regulation, and the use of management information for decision making. Topics include accounting and information for decision making; basic financial statements; the accounting cycle, capturing economic events, and reporting financial results; accounting for merchandising activities; financial assets; inventories and cost of goods sold; plant assets and depreciation; liabilities and stockholders' equity; income and changes in retained earnings; statement of cash flows; and financial statement analysis. Text: John J. Wild, Winston Kwok, Ken W. Shaw, and Barbara Chiappetta, PRINCIPLES OF FINANCIAL ACCOUNTING. Assessment: attendance and participation, assignments, midterm test, group project, final exam.