Accounting
Approved course information last updated: 1 year, 7 months ago
Pre-requisites: ACC 112
Requisite To: ACC 202 ACC 333 ACC 335 ACC 342 ACC 435
Lab Session:
Accounting 201 is the first post-introductory financial accounting course dealing with the first part of intermediate accounting topics. this course is designed to provide students with an intensive coverage of the development of financial accounting theory and practice. the primary emphasis will be on the accounting cycle, financial statements disclosure, and the discussion of how accounting is intrinsically linked to operating activities (revenue, receivables, cash, cost of goods sold and inventory).
- 1. understand the objective of financial reporting and explain the need for high-quality standards to implement that objective.
- 2. identify the major policy-setting bodies and their role in the standard-setting process and explain the meaning of ifrs.
- 3. describe the usefulness of conceptual framework for financial reporting and the efforts to construct the conceptual framework.
- 4. understand basic accounting terminology and describe steps in the accounting information system.
- 5. explain the usefulness and limitations of income statement, the content and format of the income statement and describe how to prepare an income statement and retained earnings statement and accounting issues related to accounting changes.
- 6. understand the usefulness and limitations of statement of financial position and statement of cash flows. identify the major classifications of the statement of financial and explain how to prepare a classified statement of financial position and statement of
- 7. identify accounting topics and accounting applications when the time value of money is relevant.
- 8. identify items considered cash and cash equivalents, and indicate how to report cash and related items.
- 9. define receivables and explain accounting issues related to recognition, derecognition and valuation of receivable.
- 10. understand major classifications of inventory and identify the differences between perpetual and periodic inventory systems related to recognition and valuation of inventory at cost. describe and compare the methods used to price inventories.
- 11. understand and apply the “lower-of-cost-or-net realizable value when companies value inventories at net realizable value.
- 12. describe the methods of estimating inventory either “gross profit percentage” or retail inventory” method.