A complete and balanced treatment of the concepts, procedures and uses of financial accounting. Coverage includes the accounting cycle, accounting principles, mass processing of transactions, internal control, inventories and merchandising operations, long-lived assets and liabilities, corporate accounting and reporting, partnership accounting, financial statements, funds flow analysis, cost systems for manufacturing operations, managerial accounting, and capital budgeting. The relation between accounting theory and practice is covered in detail.
Accounting research is discussed in relation to the standards setting process in accounting.
Current developments in U.S. and international accounting standards are covered. The federal income tax system and how it affects management systems. Includes IRS audits and penalties, record keeping requirements, compensation planning, retirement planning, business tax credits, property transactions, financial instruments, accounting methods, taxable entities, corporate mergers and acquisitions, estate and gift taxation, international taxation, and tax policy. An advanced seminar designed to provide a sound understanding of the significance of management control systems for manufacturing, service, and nonprofit organizations. Topics include the planning and control process, behavior in organizations, responsibility accounting, controls for different strategies, performance measurement, capital budgeting, management compensation, multinational and service organizations, and project controls.