AC 201T - Accounting Principles I

(3 units)

This survey course in financial accounting emphasizes the use of financial accounting information in decision making by individuals in business, government, and other organizations. The accounting environment is examined along with the basic principles and concepts, which govern the recording and reporting of accounting data. Study of the language of debits and credits, accrual accounting, and the accounting cycle establishes the framework for comprehending how accounting data is transformed into the financial statements and utilized by decision makers. Accounting of current and long-term assets and liabilities is introduced along with the study of contributed capital, retained earnings and the non-operating components of income. The course concludes with comprehensive financial statement analysis for decision-making purposes. Throughout the course, where applicable, students will be exposed to global accounting standards (i.e., International Financial Reporting Standards).
Prerequisites: SC 120T and MS 182T