ACCT2301 — Principles of Accounting I—Financial
(3-3-0) 52.0301.51 04 (E) This course is an introduction to the fundamental concepts of financial accounting as prescribed by U.S. generally accepted accounting principles (GAAP) as applied to transactions and events that affect business organizations. Students will examine the procedures and systems to accumulate, analyze, measure, and record financial transactions. Students will use recorded financial information to prepare a balance sheet, income statement, statement of cash flows, and statement of shareholders’ equity to communicate the business entity’s results of operation and financial position to users of financial information who are external to the company. Students will study the nature of assets, liabilities, and owner’s equity while learning to use reported financial in formation for purposes of making decisions about the company. Students will be exposed to International Financial Reporting Standards (IDRS). Prerequisite: Must Meet TSI college-readiness standard for Mathematics; or equivalent. Recommended Co-requisite: MATH 1324 Mathematics for Business & Social Sciences