Concordia University - ACCO 310: Financial Reporting I (Solutions)

- Concordia University's ACCO 310: Financial Reporting I dives into the world of financial accounting, covering everything from the accounting information system and the financial reporting environment to the conceptual framework for measurement and financial statement creation. The course then explores how to report financial performance, financial position, and cash flows, along with specific topics like revenue recognition, accounting for various assets like cash, receivables, inventories, property, plant, and equipment, and intangible assets like goodwill. Finally, you'll learn about depreciation, impairment, disposition, and how to account for changes and errors.

✔ At the completion of the course students should:

• Understand the fundamentals of Accounting Information Systems, including its role in financial reporting and decision-making.
• Gain knowledge of the conceptual framework underlying financial reporting, including principles of measurement and recognition.
• Analyze and interpret financial performance through various reporting methods, such as income statements and statement of comprehensive income.
• Evaluate the financial position of an entity using balance sheet analysis and related reporting techniques.
• Interpret cash flow statements to assess the liquidity and solvency of an organization.
• Demonstrate comprehension of revenue recognition principles and their application in financial reporting.
• Identify and analyze accounting treatment for cash and receivables, including recognition, valuation, and impairment.
• Analyze inventory accounting methods and their impact on financial statements.
• Understand the basics of accounting for property, plant, and equipment, including acquisition, capitalization, and initial measurement.
• Apply depreciation methods and understand impairment testing and disposal of property, plant, and equipment assets.
• Recognize and account for goodwill and intangible assets, including measurement and impairment testing.
• Identify and rectify errors in financial reporting and understand the accounting treatment for changes in accounting policies or estimates.