Sophomore standing Introduction to financial accounting concepts. Emphasis is placed on the accounting cycle.
Emphasis is placed on use of accounting information in decision-making.
Introduction to the conceptual framework including an in-depth study of inventory, fixed and intangible assets, and cost and receivables to material covered. Study of present and future value concepts, current liabilities to material covered, long-term liabilities and related issues, accounting changes, leases, principles of revenue recognition and accounting for investments. A continuation of ACG 3113. Study of the accounting for owners equity, earnings per share, pensions, deferred taxes and statement of cash flows. Job order and process cost accounting systems utilizing standard costs will be examined in conjunction with the process of developing information for inventory valuation and managerial decision-making.