This is the first of a two part sequence in financial accounting. In this course we will explore the framework for all accounting processes. Students will learn to record economic events and follow a business process through the steps of the accounting cycle. Service and merchandising businesses will be covered and communication of the conclusions to decision-makers will be emphasized.
The course is designed for students who have successfully completed ACCT 201. We will expand on the basic framework covered in the first course. During the quarter we will emphasis specific areas of accounting: internal control, receivables, long-term assets and liabilities, debt and equity financing, and the statement of cash flows. The course goal is to provide a basic foundation for further study in accounting and the relationship to the business core and to prepare the student for further study in other business courses.
It is commonly the last accounting class for the transfer student intent on a Bachelor’s Degree in Business/Economics fields.
At the conclusion of Accounting 203 you will have developed an understanding of the following:
The users of managerial accounting information
The basics of job order and process costing
Understand and determine cost behaviors
Prepare production and cash budgets
Understand the basics of variance analysis
In this course, the formats of focus will be identified as the Income Statement, the Balance Sheet, Statement of Cash Flows, and Statement of Shareholders' Equity. In this course, you will learn how to compile and analyze these financial statements, determine the value of a firm, and compare the firm to its competitors.