Financial Accounting and Reporting I

Description

The course examines accounting theory and concepts which form the background for external financial reporting. It addresses the U.S. Generally Accepted Accounting Principles (GAAP) related to the preparation of financial statements, with particular emphasis on asset valuations, their relationship to income determination, and current liabilities and bonds. The course addresses skills to record and report the impact of transactions and events in compliance with GAAP, identify financial reporting and measurement alternatives, and determine their effects on financial statements, and apply professional accounting literature to determine the applicable GAAP in a real-world context.