This course introduces principles, concepts, and problems in summarizing, reporting, and analyzing financial data. Heavy emphasis is placed on understanding and interpreting accounting information included in annual reports of publicly owned corporations. This course is an intensive study of the theory, principles, and practice of asset, liability, and equity valuation, and the measurement of business income and cash flow. Other topics include revenue realization and income determination, error analysis and correction, departures from cost, estimation methods, depreciation and dispositions. This course is a continuation of ACCT 510.
Topics covered include leases, pensions, price level adjustments, and earnings per share.
It also includes the study of business combinations and the preparation of consolidated financial statements, fund type accounting for government units and nonprofit institutions and accounting for partnerships. This course focuses on the study of generally accepted auditing standards. Emphasis is on professional standards, planning internal control, audit evidence, audit sampling, and standard reports for the various attestations functions. It also includes a study of fundamental accounting systems, accounting system applications, the internal control of accounting information, the development and operation of accounting systems, and methods for auditing computerized accounting systems. This course focuses on the study of the theoretical and conceptual foundations of generally accepted accounting principles and practices, as well as some principles and practices which are not generally accepted.