BA 211Z Principles of Financial Accounting

Imparts an understanding of the purpose of accounting, common financial statement items, and the principles of internal controls. Focuses on recording the impact of economic events on account balances using U.S. Generally Accepted Accounting Principles, and the creation and analysis of financial statements to aid in external decision making. 

Student Learning Outcomes:

1. Describe the purpose of accounting and its role in business and society. 
2. Explain common balance sheet and income statement items and how they fit in the accounting equation. 
3. Analyze and record the impact of basic business events on account balances within the accounting cycle in accordance with U.S. Generally Accepted Accounting Principles. 
4. Create the income statement and balance sheet using account balances in accordance with U.S. Generally Accepted Accounting Principles. 
5. Describe the purpose and principles of internal controls. 
6. Conduct basic analysis and interpretation of the income statement, balance sheet, and cash flow statement to aid in stakeholder decision making. 

• Principles, Practices, Role of Accounting in Society 
• Analyzing, Journalizing, and Posting Transactions 
• Adjusting and Closing Entries 
• Preparing  Income Statement, Statement of Owner’s Equity, Balance Sheet and Statement of Cash Flow 
• Issues Related to Inventories and Merchandising Companies 
• Internal Control, Cash and Bank Reconciliations 
• Sales and Accounts Receivables 
• Long Term Assets 
• Current and Long Term Liabilities 
• Corporation and Stockholders’ Equity 
• Financial Statement Analysis