Oct 23, 2021
ACCT 1010 - Foundations of Accounting
Introduction to the accounting process, external financial reporting, and analysis. Introduction to compound interest concepts, Financial Literacy concepts and budgeting. Some managerial accounting concepts will be discussed. This course is required for all College of Business Majors.
Requisites: MATH 1200 or higher or Math Placement Level 1 or higher
Credit Hours: 3
Repeat/Retake Information: May be retaken two times excluding withdrawals, but only last course taken counts.
Lecture/Lab Hours: 3.0 lecture
Grades: Eligible Grades: A-F,WP,WF,WN,FN,AU,I
Course Transferability: TAG course: OBU010 Introduction to Financial Accounting
College Credit Plus: Level 1
- Understanding of Generally Accepted Accounting Principles (GAAP), how transactions are recorded, and the resulting effect on financial statements.
- Understanding of Time Value of Money and Financial Literacy Concepts.
- Understanding of the Language of Business-Accounting!
- Understanding of the relationships among the Financial Statements and the importance of the Statement of Cash Flows.
- Understanding the importance of understanding and using Accounting data for strategic decision making.
- Understanding various managerial accounting topics such as Break Even Analysis, Contribution Margin, and Budgeting.
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