Recent SemestersFall 2026, Fall 2025, Spring 2025, Fall 2024Class Size33 studentsCredits4PrerequisiteBA1001 - Financial Accounting Minimum Grade: "C" Condition: Healthy/Safety: Additional: Outcomes Given a specific context, clearly explain the purpose and relevance of GAAP and IFRS, accounting systems, internal controls, annual reports, journals, and ledgers. Explain the nature and purpose of Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS). Define and use accounting and business terminology. Explain what a system is and how an accounting system is designed to satisfy the needs of specific businesses and users, and summarize the purpose of journals and ledgers. Apply transaction analysis, input transactions into the accounting system, process this input, and prepare and interpret the four basic financial statements. Distinguish between cash basis and accrual basis accounting and their impact on the financial statements, including the revenue recognition and matching principles. Identify and illustrate how the principles of internal control are used to manage and control the firm's resources and minimize risk. Explain the content, form, and purpose of the basic financial statements (including footnotes) and the annual report, and how they satisfy the information needs of investors, creditors, and other users. Explain the nature of current assets and related issues, including the measurement and reporting of cash and cash equivalents, receivables and bad debts, and inventory and cost of goods sold. Explain the valuation and reporting of current liabilities, estimated liabilities, and other contingencies. Identify and illustrate issues relating to long-term asset acquisition, use, cost allocation, and disposal. Distinguish between capital and revenue expenditures. Identify and illustrate issues relating to long-term liabilities, including issuance, valuation, and retirement of debt (including the time value of money). Identify and illustrate issues relating to stockholders' equity, including issuance, repurchase of capital stock, and dividends. Explain the importance of operating, investing and financing activities reported in the Statement of Cash Flows. Interpret company activity, profitability, liquidity and solvency through selection and application of appropriate financial analysis tools. Identify the ethical implications inherent in financial reporting and be able to apply strategies for addressing them. Explain and apply the components of the conceptual framework for financial accounting and reporting, including the qualitative characteristics of accounting information, the assumptions underlying accounting, the basic principles of financial accounting, and the constraints and limitations on accounting information. Transfers ToCSUDescriptionThe study of how managers use accounting information in decision-making, planning, directing operations and controlling. It focuses on cost terms and concepts, cost behavior, cost structure and cost-volume-profit analysis. It includes issues related to cost systems, cost control, profit planning, and performance analysis in manufacturing and service environments. C-ID ACCT 120. 