4 hours lecture, 4 units Grade Only

Advisory: English 47A or English 48 and English 49, each with a grade of “C� or better, or equivalent or Assessment Skill Levels R5 and W5; Mathematics 46 with a grade of “C� or better, or equivalent or Assessment Skill Level M40.

Description: This introductory course is an overview of financial accounting, why it is important, and how it is used by investors and creditors to make decisions. It covers the accounting information system, and the recording and reporting of business transactions with a focus on the accounting cycle, the applications of generally accepted accounting principles (GAAP), the classified financial statements, and statement analysis. Other topics include issues related to asset, liability, and equity valuation; revenue and expense recognition; cash flows; internal controls; and ethics. This course is intended for students majoring in accounting or other fields related to business administration. (FT) AA/AS; CSU; UC; C-ID ACCT 110.

3 hours lecture, 3 units Grade Only

Advisory: Completion of or concurrent enrollment in: Accounting 116A with a grade of “C� or better, or equivalent.

Description: This course introduces the student to tax concepts and tax laws that govern individuals who pay federal income taxes. Emphasis is placed on recognizing the social, economic, and political factors that Congress considers when they create tax laws. This course relates tax codes to the individual and identifies how tax planning skills can determine economic outcomes. Furthermore, it demonstrates and differentiates between tax avoidance and tax evasion. (FT) AA/AS; CSU.