Concepts such as flow charting, data flow diagrams, security and control are stressed. A comprehensive study of tax accounting principles as applied to corporations and partnerships, corporate organization and reorganizations, corporate liquidations, corporate distributions, and special classes of corporations. Includes such areas as special deductions and computation of the normal tax, surtax, and tax on net long term capital gains. An overall view of the significant areas of transnational accounting which are relevant to accounting practices, procedures and requirements of enterprises engaged in international operations. 3 credits The tools and techniques needed to explore the balance sheet, income statement, and the statement of cash flow.
Heavy emphasis is on the use of ratios to evaluate the statements.
Current topics which have influenced the accounting profession and the financial community such as partnerships, accounting for business combinations, government accounting, and foreign operations are studied. Emphasis is placed on areas stressed on the CPA examination. The authoritative pronouncements of the Financial Accounting Standards Board and of its predecessor, the Accounting Principles Board, are interwoven into class discussions and problems assigned throughout the course. The application of advanced accounting theories to complex, practical problems is an integral part of the course. An analysis of the current areas of controversy in the accounting profession such as pensions and deferred taxes.