Financial Accounting

Gain foundational knowledge in the language of business by analyzing transactions and applying basic accounting principles. Students will learn how to use QuickBooks software for day-to-day record keeping and learn how to create and read financial statements for decision-making purposes. Students will also discuss federal income taxation for small businesses. This course also explores the importance of external stakeholder communication in accounting.

Core Topics
  • Accounting Overview
  • Introduction to Financial Statements
  • Analyzing and Recording Transactions
  • The Adjustment Process
  • QuickBooks
  • Federal Income Taxation of Sole Proprietorships
  • Merchandising Transactions
  • Inventory
  • Long-Term Assets
  • Statement of Cash Flows

Learning Outcomes and Career Relevance

  • Develop a foundational understanding of accounting principles and concepts, framing accounting as “the language of business” and understand its importance in measuring and communicating business performance.
  • Describe and interpret basic financial statements, including the income statement, the balance sheet, and the statement of cash flows.
  • Create financial reports using accounting software (e.g., QuickBooks) software to create.
  • Understand the basic principles of federal income taxation with respect to sole proprietorship.