Financial Accounting (20405). 3 units. Financial Reporting will help students acquire basic accounting knowledge that is extremely useful in the day-to-day practice of law. Accounting systems provide important financial information for all types of organizations across the globe. Despite their many differences, all accounting systems are built on a common foundation. Economic concepts, such as assets, liabilities, and income, are used to organize information into a fairly standard set of financial statements. Bookkeeping mechanics compile financial information with the double entry system of debits and credits. Accounting conventions help guide the application of the concepts through the mechanics. This course provides these fundamentals of accounting and more. It looks at how U.S. Generally Accepted Accounting Principles (GAAP) report transactions and events. The methodology will always be the same: understand the underlying economics of the transaction, and then understand GAAP. A key goal of the course is to have the student develop the ability to infer the economic events and transactions that underlie corporate financial reports. The institutional context within which financial reports are produced and used also plays a vital role in extracting and interpreting the information in those reports. The cases we study are invariably embedded in some context, and we will explore important elements of this context as they arise. Scheduled examination. R. Antle and S. Gartska.
SLB - 121 (Tue) SLB - 121 (Thu) Grade mode: graded CRN: 10191
Exam: 12/14/2015 at 9:00 AM SLB: 128 Questions available online Name or Id: Id Length: 3 hour(s)