ACC601M Foundations of Financial Acc
Lead Faculty: Dr. Joyce Ellis
Basic financial accounting theory, including the recording of business transactions and preparation of financial statements using "generally accepted accounting principles" (GAAP). Analysis and interpretation of financial data to assist users in their decision-making. Spreadsheets and accounting system software.
- Describe the purpose and composition of each of the four financial statements.
- Evaluate the revenue recognition and expense recognition principles of accrual basis accounting, and how they exemplify the matching principle.
- Analyze and record common business transactions in the appropriate financial statement accounts both manually and by computer accounting software.
- Analyze account balances, and from facts provided, prepare appropriate adjusting journal entries.
- Prepare from adjusted account balances a set of financial statements in good form.
- Assess a company's financial position, financial operations and cash flows based on the analysis of the company's financial statements.
- Apply time value of money principles in the context of accounting.