Accounting for planning, control and managerial decision making. A study of the legal process and how the law affects the internal and external relationship of business organizations. This course is designed to identify the restraints placed on the actions taken by business organizations and how they affect business decisions. An introduction to the law of contracts, agency, torts, and business organizations is included. An intensive study of the financial reporting function of the accounting process, including an examination of generally accepted accounting principles and how they relate to the preparation of statements of financial position, income, and cash flows.
Specific emphasis is on asset valuation.
A continuation of AB 301. Emphasis is on the reporting of liabilities and stockholders equity. The course provides an in-depth study of product costing and cost allocation, systems for planning and control. An introductory study of the principles and concepts of federal income taxation of individuals, corporations, partnerships, and fiduciaries. Students will be familiarized with the tax research process and will acquire a foundation of tax knowledge for responsible action as accountants, businesspersons, and citizens.