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Description
A review of the overall accounting cycle, followed by an in-depth study of accounting concepts and FASB statements dealing with topics to include balance sheets, income statements, receivables, inventories, and cash flows.
Prerequisites
Students are required to pass prerequisite courses with a grade of C or higher. Exceptions apply; please consult your department chair.
- Review the overall accounting cycle and in-depth study of accounting concepts and FASB statements, dealing with topics to include balance sheets, income statements, receivables, inventories, and cash flows.
- Understand the meaning of generally accepted accounting principles and identify the major policy setting bodies and their role in the standards setting process.
- Have a complete knowledge of the accounting cycle.
- Possess the ability to develop and interpret all four financial statements with ease.
- Understand the accounting principles used in recognition, measurement, presentation, and disclosure.
- Identify and solve accounting topics where time value of money is relevant.
- Understand accounting issues related to the recognition and valuation of accounts and notes receivable.
- Comprehend the major cost flow assumptions used in accounting for inventories including dollar-value LIFO.
- Determine the value of ending inventory by applying the lower of cost or market rule, applying the gross profit method and the retail inventory method.
