The first course in a comprehensive three course sequence covering a substantial portion of U.S. financial reporting principles known as GAAP including an in-depth review of the conceptual framework and principal financial statements. Emphasis on revenue and expense recognition, together with accounting for current assets.
- Evaluate the environment in which business operates, emphasizing events and other factors that determine generally accepted accounting principles.
- Assess the objectives of general purpose financial statements (Balance Sheet, Income Statement, and Statement of Cash Flows), stressing articulation among the statements, including discussion of the conceptual framework.
- Discuss and apply accounting theory as it relates to revenue recognition in special situations such as long-term contracts, installment sales, franchises, and consignments.
- Apply generally accepted accounting principles for cash, including its composition, balance sheet presentation, preparation of bank reconciliation and adjusting entries, and other internal control procedures for safeguarding cash.
- Apply generally accepted accounting principles for sales and accounts receivable. Measure estimated uncollectible accounts receivable, and bad debt expense, under the allowance method (balance sheet emphasis and income statement emphasis), prepare adjusting entries, and analyze the effects of the adjustment on the financial statements.
- Measure ending inventory, cost of goods sold, and net income under the various alternative cost flow assumptions (FIFO, LIFO, Average) and tracking methods (periodic and perpetual), and specify the reason for management’;s choice among alternative methods.
- Provide the rationale in support of inventory valuation based on the lower-of-cost or market and its proper accounting application; compute ending inventory under Dollar-Value-Lifo method and discuss the advantages in using such method.
- Apply appropriate methods to estimate ending inventory using the gross profit and retail inventory methods.
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