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ACC 121 Principles of Financial Acctg

This course is an introduction to the terminology, quantitative and qualitative analysis, application and integration of financial knowledge. It encompasses financial understanding and reasoning among individuals, groups and societies. The course will concentrate on the theory and application of financial communication systems and information flow as a determinant in resource allocation. Coverage will include: nature of assets, liabilities and equity; the recording and reporting cycle; internal controls; and, international financial reporting standards (IFRS). Students will be exposed to computer applications, cooperative learning, ethical issues and will develop communication skills. Accounting and Finance majors may take the course as freshmen. All other majors must have earned at least 24 credits before taking this course. (L10)