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Nov 23, 2024
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ACCT 124 - Financial Accounting Theory and Practice IISemester Hours: 3
Fall, Spring
This course is a continuation of ACCT 123. In depth study of accounting theory and its application, specifically focused on the transactions related to current and long term liabilities and stockholders’ equity. Majors topics include bonds, leases, earnings per share, income taxes and pensions. Utilizing automated accounting information systems, students will apply the steps in the financial reporting process to record and summarize financial transactions. Through data analysis and visualization tools, students will learn how accounting information, such as the balance sheet, statement of stockholders’ equity and statement of cash flows, is used as a basis for decisions by management, stockholders, creditors, and other stakeholders. Conflicts and shortcomings that exist within the traditional structure of accounting theory, as well as global reporting issues are discussed. Current developments in corporate social responsibility as it relates to applicable financial reporting topics are explored.
Prerequisite(s)/Course Notes:
IT 001 ; IT015; ACCT 123 ; FIN 101 ; sophomore class standing or above. (Students who have completed 24 s.h. or above may seek a waiver from the department chairperson.)
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