ACCT 101 — Financial Accounting 4 Units (AA/AS; CSU; UC) 72 lecture hours Equivalent to: ACCT 101H
The objectives of this course are to learn the content and meaning of the basic financial statements and their impact on the decision-making process in the business environment. This course will provide a broad overview of the importance of accounting in the business process as well as introduce the student to the double entry system of accounting, how to record, process and report on the business transactions and events and to consider the operating cycles in business. Topical areas covered in this class will include cash, accounts, inventory, property, plant and equipment, intangible assets, current liabilities and stockholder equity. The importance of internal controls will be reviewed and the components of the income statement will also be discussed.