ACFI 502 - Fundamentals of Financial Accounting

(3 credits)
Prerequisite: Matriculation in MBA program or Business Foundations graduate certificate
This course is a foundation course that provides in-depth coverage of the financial accounting process and external financial reporting using U.S Generally Accepted Accounting Principles (GAAP). It focuses on the financial statements; their preparation, meaning, interpretation and use. Topics will include the conceptual framework of GAAP, the accounting cycle, the financial statements, and issues and methods used to account for and report on cash and cash equivalents, accounts receivable, inventory, certain investments, plant assets, intangible assets, current liabilities, long-term liabilities and stockholders’ equity.

An underlying assumption of the course is that an individual’s ability to understand and effectively use financial statement information is directly affected by their knowledge and understanding of the underlying GAAP concepts and the procedures used to measure and record financial data and prepare financial statements. Offered annually.