ACC612M Financial Accounting III
Lead Faculty: Dr. Thomas S. Rim
Course Description
The third course of a comprehensive three-course sequence covering a substantial portion of U.S. financial reporting principles known as GAAP, accounting for income taxes, compensation, pensions, leases, changes and errors, the statement of cash flows, and earnings per share.
Learning Outcomes
- Measure earnings per share and account for convertible debt and equity securities, stock warrants, and stock based compensation plans.
- Discuss and apply accounting theory as it relates to revenue recognition in special situations (long-term contracts, installment sales, franchises, consignments).
- Apply the proper concepts to accounting for deferred income taxes.
- Differentiate between capital and operating leases and apply appropriate accounting and reporting for each type of lease.
- Analyze and measure pension plan and other employee-benefit obligations, including financial statement presentation and disclosure.
- Describe the nature of accounting changes and errors, and apply accounting and reporting practices for each type of change and correction.
- Apply the theory upon which the statement of cash flows is based to prepare cash flow statements and, upon completion, evaluate the company from the viewpoint of its sources and uses of cash and cash equivalents.
- Apply the concept of full disclosure required in the presentation of financial statements under U.S. GAAP, including segment and interim reporting.
