ACC 581 – Financial Accounting I

5 credit(s)

Accounting process and the application of GAAP to the recognition and measurement of cash, receivables, inventories, property plant and equipment, depreciation and depletion, intangibles, current liabilities, and long-term liabilities. A-F only.

This course is the first in a series of two upper division courses (ACC 581 and ACC 582) covering financial accounting. The series is designed to give the student a basic knowledge of financial accounting theory and practice as well as to develop the analytical skills necessary for careers in corporate or public accounting. This course begins with the theoretical basis of financial accounting and a review of the four principal financial statements. The course then examines valuation, measurement and reporting issues related to selected financial statement items, including assets, liabilities and stockholders’ equity. Students are expected to understand the accounting theory and concepts that underlie the accounting issues covered in class as well as to become technically proficient regarding the accounting principles governing the reporting of financial statement items.