The accounting cycle, accounting systems, theories and policies relative to asset valuation, liability measurement, and income determination are presented.
Emphasis is placed on accounting for sole proprietorships and partnerships.
The conceptual framework of accounting and further discussion of the income statement, retained earnings statement, balance sheet, and statement of cash flow. Also covered are revenue recognition and measurement of cash, receivables, inventory, operational assets, intangible assets, natural resources, and investments in debt and equity securities. Analysis of more complex accounting topics, including corporations contributed capital, retained earnings, stock options, liabilities, statements of cash flow, pension plans, leases, earnings per share, income taxes, changes and error corrections, and financial statement analysis. The Internal Revenue Code as it applies to the individual, partnership, and corporation. Emphasis is placed on the review of commonly filed income tax forms as well as retirement plans and gift and estate taxation.