Attention is given to recording and processing transactions and events that are necessary for the communication of financial accounting information. This course is a continuation of ACC 11, with a focus on accounting for the partnership and corporate forms of business organizations. Other topics covered include Cash Flow Statements, Financial Statement Analysis, and an introduction to Managerial Accounting. A practice set is a requirement of this course. The purpose of this course is to consider the underlying postulates, concepts, and principles of financial accounting, and the interpretation and application of the pronouncements of authoritative accounting bodies.
Specific attention is given to the valuation and presentation of assets and current liabilities.
Special attention is given to errors and their correction and financial statement analysis by use of comparative data, special ratios, and measurements. This course focuses on accounting as a managerial tool for decision making. The student will become familiar with costs and cost accounting systems used in the planning, control and informational feedback of business operations. The purpose of the course is to train the student to recognize and solve advanced financial accounting problems, to consider the effects these problems have on managerial decision making and their impact upon published financial reports. Particular attention is given to the problems of consolidations, corporate mergers, international operations, partnership, and liquidations.