ACNT 1371 - Financial Accounting Reporting Standards I

Credit Hours: 3
Contact Hours - Lecture: 2 Lab: 3
A study of financial reporting and disclosure issues with the emphasis on the use of corporate financial statements and their accompanying footnotes. Covers the theoretical structure of financial accounting, required financial statements, and operating assets. This course is for students who possess a Bachelor’s degree and is part of the Advanced Technical Certificate in Professional Accountancy. This course meets Texas State Board of Public Accountancy standards to satisfy a qualifying educational credit for the CPA examination.
Prerequisite: Enrollment in Professional Accountancy ATC (C4_ACC4), ACCT 2301, department approval required.
Student Learning Outcomes
1. Understand the significance of the FASB’s conceptual framework. 2. Apply the rules issued by authoritative standard setting bodies. 3. Identify and analyze ethical standards issued by professional organizations. 4. Record complex journal entries over various topics. 5. Identify and explain financial statement elements and prepare financial statements and related note disclosures. 6. Demonstrate an understanding of revenue recognition. 7. Apply the concepts of the time value of money to income measurement. 8. Understand the procedures to account for cash and accounts receivable. 9. Perform inventories and measurement procedures. 10. Perform accounting procedures for the acquisition of property, plant and equipment and intangible assets; and related to utilization, impairment and disposition of operational assets. 11. Compare and contrast the difference between International Financial Reporting Standards and Generally Accepted Accounting Principles (GAAP).