ACC501 Accounting Fundamentals
Lead Faculty: Dr. Joyce Ellis
Course DescriptionAn introduction to accounting for students with no previous exposure to the subject, this two-week course covers accounting and financial statement terminology and the analysis of financial statements. Grading is by S or U only.
- Understand the meaning and importance of accounting to both internal users-management, and external users- creditors and investors.
- Comprehend the articulation among the financial statements: Income Statement, Balance Sheet, and Statement of Cash Flows.
- Have an understanding of the accounting cycle and how common business transactions are reflected in the financial statements.
- Understand the key principles of accrual accounting such as income and expense recognition, cost principle, and matching concept.
- Compute financial statement ratios and trend analysis including interpretations to determine solvency, profitability, and stability of a business enterprise.