BA 120 Professional Accounting I
Provides an advanced study of accounting theory and practice for measurement of income and valuation of assets in financial statement presentation. Reviews accounting concepts and alternative approaches to various problems.
Prerequisite
Prerequisite:
BA 113 Practical Accounting III or
BA 211Z Principles of Accounting: Financial and
BA 213Z Principles of Accounting: Managerial with a C or better.
Offered
Offered Fall only
Notes
Career Technical Education (CTE) Course
Outcomes
Upon successful completion of this course, students will be able to:
Define financial accounting and describe the demand for accounting information, including the role of general-purpose financial statements, the information needs of financial statement users and other parties, and the factors that influence financial reporting. Demonstrate an understanding of recognition and measurement in financial reporting including general recognition principles, revenue and expense recognition, and accrual accounting. Discuss the role of accountants' assumptions and estimates and the related disclosures in the financial reporting process. Explain the difference between net income and comprehensive income; assess the usefulness and limitations of the income statements. Discuss the usefulness and limitations of the statement of financial position, including its use in understanding liquidity, solvency, and financial flexibility. Explain the time value of money concept, including the calculations of simple and compound interest; define the effective interest rate. Describe basic revenue recognition and measurement issues.