ACCT 121 | Introduction to Financial Accounting 1

ACCT 121 | Introduction to Financial Accounting 1

Introduction to Financial Accounting 1 (ACCT 121) provides a foundational understanding of accounting principles used to record, summarize, and report financial information. The course focuses on how financial data is prepared and presented to support decision-making by internal and external users. Students learn the accounting cycle, basic financial statements, and the rules and standards that guide financial reporting. Emphasis is placed on understanding accounting concepts, not just memorizing procedures, to build a strong base for advanced accounting courses. By the end of this course, students will understand: The role of financial accounting in business The accounting equation and basic accounting principles The accounting cycle and journal entries Preparation of financial statements (Income Statement, Balance Sheet, and Cash Flow Statement) How financial information is used for analysis and decision-making Introduction to Financial Accounting 1 (ACCT 121) provides a foundational understanding of accounting principles used to record, summarize, and report financial information. The course focuses on how financial data is prepared and presented to support decision-making by internal and external users. Students learn the accounting cycle, basic financial statements, and the rules and standards that guide financial reporting. Emphasis is placed on understanding accounting concepts, not just memorizing procedures, to build a strong base for advanced accounting courses. By the end of this course, students will understand: The role of financial accounting in business The accounting equation and basic accounting principles The accounting cycle and journal entries Preparation of financial statements (Income Statement, Balance Sheet, and Cash Flow Statement) How financial information is used for analysis and decision-making This course is essential for business and accounting students seeking a solid introduction to financial accounting and financial reporting.