Accounting Legal Environment

Catalog description

This course familiarizes students with the fundamentals of external financial reporting for business enterprises and not-for-profit entities. The financial accounting segment of the course focuses on the preparation, analysis, and limitations of financial statements per generally accepted accounting principles (GAAP). The conceptual framework that serves as the basis for developing financial reporting standards is also discussed. The managerial accounting segment of the course covers such internal reporting issues as break-even analysis, capital budgeting, cost behavior patterns, and cost allocation. Finally, the legal component of the course addresses the formation of different types of business entities (e.g., corporations and partnerships) and the regulatory role that the SEC, PCAOB, and Sarbanes-Oxley play in financial reporting. Offered every fall, even-numbered years.