BUS103: Introduction to Financial Accounting

Read and take notes on Chapter 1 on pages 14-29.

This will be the primary textbook used within this course. The beginning of every chapter provides chapter-specific learning objectives. Do not confuse these learning objectives with the learning outcomes you see in the course syllabus and at the outset of each unit. You should use the chapter-specific learning objectives as a guide as you read and understand the information presented in the textbook. The learning outcomes indicate what you should know and be able to do at the end of a particular unit of this course.

• Section 1.2 discusses how to define accounting and what the end result of accounting (accounting information) may be used for.
• Section 1.3 looks at potential employment opportunities associated with accounting for business. Note Exhibit 1 on page 18, which reviews the functions performed by accountants.
• Section 1.4, discusses the difference between financial and managerial accounting. If you think you might be interested pursuing financial accounting further, you may want to take BUS105: Managerial Accounting.
• Section 1.5 introduces the Generally Accepted Accounting Principles, or GAAP, and the various organizations that have a major impact on how GAAP is administered, including the Securities and Exchange Commission (SEC), the Financial Accounting Standards Board (FASB), and the American Accounting Association (AAA).
• Section 1.6 explains how important it is to be ethical in your application of accounting principles and discusses the importance of managing your reputation. Be mindful of this, especially if you are considering a career in accounting.
• The final section is optional but might help you get more from the textbook.