Financial Accounting Theory I

Catalog description

The first of a two-course sequence in intermediate-level financial accounting, which provides in-depth understanding of US Generally Accepted Accounting Principles. Topical coverage includes an introduction to basic accounting theory, study of the accounting cycle, conceptual framework of accounting, valuation of balance sheet accounts, recognition of revenue and matching expenses, and the reporting of the financial condition, operating results, and cash flows of an entity. This course builds on the framework provided by introductory courses in financial accounting and enables students to develop the ability to prepare, analyze and interpret corporate financial statements. Students must earn a grade of C or higher to enroll in B ACC 312. Prerequisite(s): declared School of Business majors. B ACC 211 or T ACC 211. Prerequisite(s) or corequisite(s): B ACC 222 or T ACC 222.