Examines financial accounting from both the user and preparer perspective, emphasizing public corporations. Explores accounting as an information system, why it is important and how it is used by investors, creditors and others in making decisions. Emphasizes recording and reporting of business transactions with a focus on the accounting cycle, the application of Generally Accepted Accounting Principles (GAAP), and the form and content of the basic financial statements. Includes issues relating to asset, liability, and equity valuation, revenue and expense recognition, cash flow, internal controls, ethics, and financial statement analysis. Prerequisites: MATH M01 or equivalent. Recommended Prep: BUS M30 and ENGL M02. Transfer credit: CSU; UC. Formerly: ACCT M02A; ACCT M02B. Applies to Associate degree. C-ID: ACCT 110.
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