Course Description
This is the first course in a three course sequence on Financial Accounting for Accounting and Financial Controllership students. This course provides a presentation and examination of topics introduced Principles of Financial Accounting. The emphasis is on the conceptual foundations of accounting principles and translating them into procedural treatments of financial information. Topics covered in this course will include coverage of the following: financial accounting standards, the conceptual framework, qualitative characteristics of accounting, the accounting cycle, and a detailed discussion of the preparation and use of financial statements. There will also be an in-depth analysis of specific accounts such as cash, accounts receivable, inventories, property, plant and equipment and intangibles.
Intended Learning Outcomes
CILO-1: Students will be able to describe the major policy-setting bodies, their roles in the standard-setting process and understand the usefulness of a conceptual framework.
CILO-2: Students will be able to describe the principles, concepts, theories, framework and language related to the preparation of financial statements and particular asset items.
CILO-3: Students will be able to explain, compare and perform different accounting treatments related to the preparation of financial statements and particular asset items.
CILO-4: Students will be able to develop a greater appreciation for the complex judgements and decisions that go into financial accounting and reporting.
CILO-5: Students will be able to identify and describe the major gap between the international accounting standards and the U.S. GAAP.