Major subjects include review of the basic financial statements, time value of money concepts and valuation of most assets. A study is made of the remaining balance sheet accounts with special emphasis on the capital structure of corporations. In addition complex accounting matters such as tax allocation, pension applications, lease capitalization and current value accounting concepts are reviewed. This course will deal primarily with the federal tax laws as they apply to sole proprietorships, corporations, and partnerships. Tax research will be integrated throughout the course.
Emphasis is on risk analysis, internal control review, audit evidence and procedures, and sampling.
Case analysis is used to develop analytic and judgment skills and to enhance communication skills. The special accounting considerations of nonprofit organizations, the formation and operations of a partnership, home and branch office reporting systems and the preparation of consolidated financial statements. This course will examine, through case study, how a controller assembles financial and other information for operating managers. Topics might include product line analysis, variance analysis, use of accounting data for planning, supervision of budgeting process, and analysis of internal statements. A study of the basic principles of business taxation using a code section approach.