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Financial Accounting 2 (ACCT 2250)

Total Credits: 3
Lecture Credits: 3

Description: This course is an intermediate study of accounting theory and practices. You will gain an in-depth preparation and understanding of financial information using Generally Accepted Accounting Principles (GAAP). You will study topics on financial statements, time value of money, revenue recognition, cash and receivables, inventories, fixed assets, current liabilities, and shareholder’s equity. You will also learn to read and analyze annual reports and current trends in accounting.

Topical Outline:
1. Accounting Standards, Framework and Processes
2. Financial Statements and Analysis
3. Time Value of Money and Revenue Recognition
4. Assets, Current Liabilities, and Shareholder’s Equity
5. Annual Reports and Current trends in Accounting

Learning Outcomes:
1. Apply Financial Accounting Standards Board's (FASB) conceptual framework when providing guidance about appropriate recognition, measurement, and reporting.
2. Create, describe and analyze the specific elements of a balance sheet, income statement, shareholder's equity and statement of cash flows.
3. Examine revenue recognition, profitability analysis, and time value of money concepts.
4. Demonstrate accounting for current and fixed assets, current liabilities, and shareholder's equity.
5. Read, analyze, and critique annual reports and current trends in accounting.

Prerequisites:  ACCT 2202