ACC 500 Accounting Concepts I (2 credits)

This course is designed to provide an overview of how financial information is accumulated, analyzed, interpreted, summarized, and communicated. Emphasis is placed upon an understanding of the concepts necessary to use accounting data effectively. In keeping with this focus, a user’s or manager’s approach (as opposed to a preparer’s or accountant’s approach) is adopted throughout this consideration of accounting principles and reports. In addition to the discussion of aspects of "external" reporting, this module will provide an introduction to "internal" reporting (i.e., managerial accounting) by way of examining the methods by which product costs are accumulated. The role of accounting in the manufacturing, merchandising, service industry and government will be examined. Also, the auditing implications for organizations including internal control systems and the role of the external auditor will be discussed.