1AA3-F15 - Commerce 1AA3 Fall 2015 1 of 10 Commerce 1AA3 Financial Accounting Fall 2015 Course Outline Accounting and Financial Management Services Area

1AA3-F15 - Commerce 1AA3 Fall 2015 1 of 10 Commerce 1AA3...

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Commerce 1AA3 - Fall 2015 - 1 of 10 Commerce 1AA3 Financial Accounting Fall 2015 Course Outline Accounting and Financial Management Services Area DeGroote School of Business McMaster University C OURSE O BJECTIVE This course will help all students (whether or not they plan a career in accounting) understand why accounting exists, how it is implemented, its usefulness for decision making, how it affects behaviour and contracts and why there are controversies over accounting methods. The specific objectives of this course are: 1) Help students develop a thorough understanding of accounting procedures and the choices possible in preparing corporate financial statements. 2) Help students become intelligent readers and users of corporate financial reports, which include the fundamental statements (balance sheet, income statement, retained earnings statement, and cash flow statement) plus explanatory notes, auditor’s report, etc. 3) Develop students’ appreciation of the usefulness and limitations of financial accounting information. I NSTRUCTOR AND C ONTACT I NFORMATION Section 1-3: Weeks 1-4 Section 1-3: Weeks 5-12 Dr. Emad Mohammad Aadil Merali [email protected] [email protected] Office: DSB 317 Office: ETB 217 Office Hours: by appointment Office Hours: Thursday 11:00 12:30 pm Tel: (905) 525-9140 x27432 Tel: (905) 525-9140 x26102 Class Location: BSB 147 Class Location: BSB 147 Teaching Assistants: Information to be posted on Avenue Course Website: C OURSE E LEMENTS Credit Value: 3 Leadership: No IT skills: Yes Global view: Yes Avenue: Yes Ethics: Yes Numeracy: Yes Written skills: Yes Participation: Yes Innovation: No Group work: No Oral skills: No Evidence-based: Yes Experiential: No Final Exam: Yes Guest speaker(s): Yes
Commerce 1AA3 - Fall 2015 - 2 of 10 C OURSE D ESCRIPTION This course provides an introduction to the fundamental concepts of financial accounting. The focus of this course will be on how accounting is used for recording economic events and for the financial reporting, primarily to users external to business organizations. The course will emphasize underlying concepts and principles, as well as cover accounting procedures in sufficient detail to enable students to record accounting transactions and prepare financial statements. A major emphasis in the course will be on understanding the information in corporate financial reports and its use by individuals external to a corporation in making investment and contracting decisions. The course will examine alternative accounting policies and methods that may legitimately be used in financial reporting, and motivations that may influence managers in choosing among them. C OURSE L EARNING O UTCOMES Upon completion of this course, students will be able to: 1. Read and understand financial statements 2. Understand the accounting conceptual framework, and relate it to all accounting transactions 3. Understand the accounting cycle and implement all its steps including analyzing, journalizing

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