ACT 205 - Fundamentals of Accounting

  • 3 credits

The course is designed to provide the student with a basic understanding of the role of financial and managerial accounting information in business. It will focus on economic events that occur throughout the business cycle and how to account for them in the financial records of a business. This course will also give students a better understanding of the financial information used by investors and business managers to make informed business decisions.

Upon mastering the material in this course, you should be able to:
1. Define basic accounting terms and concepts.
2. Identify how the economic events of a business are reflected in financial statements.
3. Prepare and interpret financial statements using analytical tools.
4. Identify and present information used for organizational decision-making.
5. Apply analytical and critical thinking skills necessary for managerial decision-making.
6. Demonstrate knowledge of ethical issues in the context of financial and managerial accounting.

Prerequisite

For nonbusiness majors. Credit not allowed for both ACT 205 and ACT 210.

Important Information

Required Textbooks:

Survey of Accounting, 1st Ed.
Paul D. Kimmel & Jerry J. Weygandt
The course materials are available through the CSU Inclusive Access Program. These materials include online homework, quizzes and/or access to the eBook. The access is REQUIRED for this class.

Optional Textbooks:

A printed version of the text is not required. However, the accounting faculty have found that many students perform better with a printed version at hand. The bookstore carries a loose-leaf companion that you can insert into a 3-ring binder. If you would like to order the printed text outside of the bookstore, the ISBN for the loose-leaf companion is 978-1-119-44424-4.

Instructors

Falene Young

(970) 491-5610 | falene.young@colostate.edu

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