COMM 293 - Financial Accounting

Financial Accounting is principally concerned with the construction and interpretation of financial reports prepared for external parties to the issuing firm or entity. The major objectives of this course are to develop an understanding of the concepts, principles and conventions upon which financial accounting is based, and more importantly to provide an analytical basis upon which to intelligently interpret financial statements. Consideration will be given to accounting techniques and the formulation of financial reports; however, the course will focus on understanding accounting policies, their rationale and the implications for users of the financial accounting information.

Learning objectives

Upon successful completion of this course, students will be able to:

• have a good understanding of the elements that go into the creation of the three financial statements and related reports, the kind of financial information all of them provide and how they are used.
• understand how to analyze financial information and think ahead as to the effect transactions will have on the decision making of the users of financial statements.
• effectively use the understanding of accounting principles to facilitate the computation of the calculations that go into the preparation of financial reports.

Prerequisite: One of MATH 100, MATH 102, MATH 104, MATH 110, MATH 120, MATH 180, MATH 184.