Completing this online financial accounting course satisfies the financial accounting prerequisite requirement for MPAC at Seattle University. This class is open to incoming Seattle University students as well as those seeking to fulfill prerequisites for other programs and is a non-credit course. It satisfies the Introduction to Financial Accounting requirement for the MPAC Track Two, and Accounting Certificate programs here at Seattle University.
To develop a professional understanding of the accounting information cycle, including the proper recording of business transactions and economic events in the books of account, explained in the context of the basic accounting model. Emphasis will be placed on accounting concepts and techniques and the rationale for their use. Special attention will focus on the books of original and final entry, the accrual basis of accounting, sources of GAAP, and the financial statement framework, including the proper matching of revenues and expenses on the income statement and the appropriate valuation of economic resources and obligations on the balance sheet. Emphasis also will be placed on the meaning of certain accounting terms and expressions necessary for effective communication in the business environment.
No prerequisites to this course are necessary.
The course should enhance a student's ability to assess and record the effect of a business transaction or economic event on the operating performance and financial status of a firm. In particular, the course should prepare students for success in the MPAC program and, specifically, the intermediate accounting series.