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May 03, 2026
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Undergraduate Catalog 2026-2027
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BUS 105 Financial Accounting Credits: (3)
Financial Accounting is an introduction to accounting as a means of recording business activities. The course includes a study of the classification and recording of original business transactions, the preparation and evaluation of financial statements, and the application of Generally Accepted Accounting Principles. The course will incorporate appropriate computer technology in the instruction process.
Learning Outcomes
- Prepare Financial Statements to include: a single-step and multiple-step Income Statement, a Statement of changes in Equity and a Classified Balance Sheet.
- Apply the rules of debits and credits to the preparation of journal entries for business transactions, to include, but not be limited to:
-Cash receipts and disbursement
-Purchase and Sale Merchandise on account
-Investment and Withdrawals by business owner(s)
-Cost of Goods Sold
-Petty Cash and Bank Reconciliations
-Estimate of Bad Debts using both the Balance Sheet and Income Statement approaches
-Write-off and recovery of customer accounts
-Depreciation, Amortization, and Depletion
-Sale and Depreciable Assets
-Payroll and Payroll Tax Expense
-Notes Receivable and Notes Payable
- Prepare adjusting entries and understand their purpose and effect on financial statements.
- Calculate Cost of Goods Sold and Inventory valuation using Perpetual FIFO, Perpetual LIFO and Average Cost.
- Calculate the amount of depreciation expense and the book value of depreciable assets using Straight-Line, Units of Production and Declining Balance methods.
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