Financial Accounting I is one of the core area courses offered by the department of Accounting. It is designed for an intermediate-level of financial accounting course following the introductory course in accounting, Principles of Accounting, and it will be completed when students take financial Accounting II.
The course focuses on financial reporting for business entities. The first chapter of the course discusses an overview of the accounting environment and the conceptual framework for financial accounting and reporting. A concise summary of the accounting process is provided in the second chapter. Recognition of revenue and expenses and financial statements and additional disclosures are discussed under chapters three and four. The last chapter addresses the issue of accounting and reporting for some basic working capital elements. It includes reporting cash and accounting and reporting receivables.
The general objective of the course is to provide students with the underlying concepts and analysis of the problems that arise in the application of the concepts of financial accounting. It also aims to make students appreciate the use of accounting information as a basis for business decisions.
The specific objectives of the course are to:
Ø familiarize students with the environment and application of accounting exists;
Ø reinforce students’ understandings of fundamental recording, classifying and summarizing procedures;
Ø help students prepare financial statements including statements of income, retained earnings, balance sheet, and statement of cash flows.
Ø make students properly value, measure and report receivables and understand the accounting issues in use of receivables as a source of cash.