Equivalency Details

Financial statement preparation with special attention to revenue recognition and asset valuation. Emphasis on generally accepted accounting principles and accounting theory. Students will develop a familiarity with the official pronouncements.

This course is a comprehensive study of contemporary accounting theory, concepts, and procedures and their application to financial reporting. Intermediate problems pertaining to cash, receivables, inventories, plant and equipment, and investments in securities are presented. Understanding of the concepts covered in this course is crucial to successfully completion of all subsequent financial accounting and courses in the accounting sequence. Upon successful completion of this course, students should be able to: Discuss the need for a conceptual framework for accounting; Explain the importance of recognizing, measuring and reporting income and the content, purposes and limitations of a balance sheet; Define cash and identify those items that are properly classified as cash; Describe and apply generally accepted accounting principles for temporary and long-term investments; Discuss issues involved in valuation and reporting of accounts and notes receivable; Describe and explain the nature of inventories, the accounting for inventories, and effect of inventory accounting alternatives on the financial statements; Distinguish between tangible and intangible assets, and understand the types of problems and related solutions involved in recording the acquisition, utilization and retirement of real property, equipment and intangible assets.