Financial Accounting ACCG 5110

Upon successful completion, the student will be able to:

• Evaluate the nature and purpose of accounting information.
• Apply generally accepted accounting principles in the analysis and recording of business transactions for service and merchandising operations under Generally Accepted Accounting Principles (GAAP).
• Apply each step of the accounting cycle.
• Generate financial statements (Income Statement, Statement of Retained Earnings, Balance Sheet and Statement of Cash Flows), and interpret the results.
• Analyze financial statements using vertical, horizontal, and ratio analysis.
• Describe accounting information systems.
• Compare and contrast the three basic forms of business organization (proprietorships, partnerships, and corporations).
• Assess the need for internal controls and apply them to cash and cash equivalents.
• Define common types of receivables and use the allowance method to account for uncollectible amounts.
• Apply appropriate measurement to property, plant, and equipment.
• Assess the purpose and demonstrate the calculation of amortization (straight-line, units-of-production, and declining-balance methods).
• Define goodwill and amortize intangible assets.
• Assess the appropriate treatment of known, estimated, and contingent liabilities.
• Demonstrate the accounting required for shareholders' equity of a corporation.
• Evaluate the accounting treatment of bonds and leases.
• Analyze and record transactions for short and long-term investments.
• Apply the equity method to account for investments with significant influence.
• Analyze and record foreign currency transactions.

Effective as of Fall 2023