This course is an introduction to the fundamentals of financial accounting reporting. At the end of this course, the student will be able to:
(1) discuss the role and importance of financial statement information.
(2) construct the four main financial statements at the end of a business period.*
(3) demonstrate the links between the four main financial statements.
(4) apply journal entries and T-accounts to book transactions in the journal and the general ledger during the year.**
(5) apply different accounting methods for the evaluation of, amongst others, inventory & cost of goods sold, PPE& depreciation, and intangible assets & amortization (IFRS – US GAAP).
(6) make adjusting journal entries and closing journal entries at the end of the business period.
(7) analyze companies financial performance based on the information reported in financial statements.
(8) journalize national and international investments in other firms and discuss the consolidation of financial statements.
(9) discuss the current international evolution of the accounting standards (IASB – FASB).
* the four main financial statements are the balance sheet, the income statement, the statement of changes in shareholders equity, and the cash flow statement
** Questions related to this learning goal can deal with topics such as: Sales revenues & Receivables & Cash, PPE, Liabilities, Financial assets, and Other general costs and revenues.
It is not possible to use this course as an elective for other programs.
Teaching approach: This course offers you a variety of educational learning methods: lectures, tutorials, web tests, web lectures, web tutorials