ACCT 123 - Financial Accounting Theory and Practice ISemester Hours: 3
In depth study of accounting theory and its application, specifically focused on transactions related to financial statement preparation, assets and revenues. Some specific topics include inventory, property, plant and equipment and investments. Utilizing automated accounting information systems, students will apply the steps in the financial accounting process to record and summarize financial transactions. Through data analysis and visualization tools, student will learn how accounting information, such as the balance sheet and income statement, is used as the foundation for decision-making by management, stockholders, creditors, and other stakeholders. Conflicts and shortcomings that exist within the traditional structure of accounting theory, as well as global reporting issues are discussed. Current developments in corporate social responsibility as it relates to applicable financial reporting tools are also explored.
Prerequisites: IT 001; IT 015 ; ACCT 102 ; sophomore class standing or above, C- or better in ACCT 101 and ACCT 102 (Students who have completed 24 s.h. or above may seek a waiver from the department chairperson.)
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