Compulsory Courses

Financial Accounting 2
Author: Date:14-11-2007 Hits:


Objectives and Requirements:

Financial Accounting 2 (Intermediate accounting 1) is an intermediate financial accounting course which builds on the basic understanding that students should have acquired in Financial Accounting 1. The board aim of this course is to present the concepts, methods, and techniques concerning the valuation of assets and the related measurement of profit, all in accordance with GAAP .This course integrates the use of accounting and spreadsheet software in the setup and solutions of accounting problems. It also covers various ethical issues related.
Intermediate accounting 1 is designed to assist students in developing professional competence and skills to:
·prepare classified financial statements, focusing on the liabilities and owners’ equity elements of the balance sheet
·choose appropriate financial accounting and reporting policies in both specific and general circumstances
·determine the substance of a business transaction, especially merchandising transactions and critically assess the ability of the GAAP framework to reflect its substance
·analyze a financial accounting situation, identify issues and alternatives, then formulate recommendations using ethical, professional judgment
Financial Reporting and Accounting Concepts, Income Statement and Balance Sheet Presentation, Cash Flow Statement, Revenues and Expenses Recognition, Interest Concepts of Future and Present Value,  Current Monetary Balances, Inventory Measurement, Inventory Valuation and COGS, Investments: Current and Non-Current, Non-Current Assets: Acquisition, Disposal and Exchange , Current and Non-Current Liabilities.

Credits: 4

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