Foundations of Financial Reporting II. 3 credits

Catalog description

Students learn to analyze business transactions, record these events in the accounting system, and use this information to prepare GAAP financial statements for a corporation (the income statement, balance sheet, and statement of cash flows). GAAP Financial statements provide useful information for external capital providers: creditors (e.g., banks) and investors (stockholders). These statements report the operating, investing, and financing activities of a business and help external users make rational lending and investment decisions. Following on Acct 531, this course examines business transactions affecting the balance sheet liability and stockholders’ equity sections and the related income statement revenues and expenses. We also learn to prepare the statement of cash flows and to report accounting changes. All topics covered in this course are regularly tested on the Uniform CPA Exam (FAR section).Offered by Accounting. May not be repeated for credit.