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COMM 217: Financial Accounting, Concordia University is an introductory course designed to provide students with a basic understanding of financial accounting, focusing on the theory and practice involved in measuring, reporting, and analyzing an organization's financial information. Concepts underlying financial statements are discussed, with an emphasis on generally accepted accounting principles. Disclosures and requirements concerning financial statements, as well as information needs of decision-makers, are introduced.
✔ (Summary) What You Will Learn:
- Financial Statements and Business Decisions: The central point of this section is the purpose and structure of financial statements, emphasizing the significance of balance sheets, income statements, and cash flow statements in making informed business decisions.
- Investing and Financing Decisions and the Accounting System: Concentrating on the accounting system's role in recording investing and financing decisions, this section encompasses the double-entry system, journal entries, T-accounts, and trial balances.
- Operating Decisions and the Accounting System: This section investigates the accounting system's function in recording operating decisions, addressing aspects such as revenue recognition, expense recognition, and adjusting entries.
- Adjustments, Financial Statements, and the Quality of Earnings: Covering the concept of adjusting entries, this section delves into the preparation of adjusted financial statements and the importance of the quality of earnings.
- Reporting and Analyzing Inventories: This section touches on inventory systems like FIFO and WACM, inventory valuation methods, and the impact of inventory decisions on financial statements.
- Reporting and Analyzing Non-Current Assets: Dealing with accounting for non-current assets, this section includes property, plant, and equipment, as well as intangible assets.
- Reporting and Analyzing Current and Non-Current Liabilities: This topic explores the accounting for current and non-current liabilities, addressing aspects such as bonds payable, leases, and pensions.
- Reporting Shareholder's Equity: The focus of this section is on the reporting of shareholder's equity, covering stock issuance, dividends, and stock repurchases.
- Statement of Cash Flows: Discussing the preparation and analysis of the statement of cash flows, this section reports an organization's cash inflows and outflows during a specific period.
✔ Knowledge & Skills Gained:
Upon completing COMM 217: Financial Accounting at Concordia University, you will gain a solid foundation in financial accounting principles and practices. You will learn how to measure, report, and analyze an organization's financial information, understand the concepts underlying financial statements, and become familiar with generally accepted accounting principles. Additionally, you will be able to interpret disclosures and requirements concerning financial statements and address the information needs of decision-makers. This course will equip you with the skills necessary to make informed business decisions based on financial data and effectively integrate financial accounting knowledge into your future career.
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