SYL151.F08_Yu - LEHIGH UNIVERSITY Department of Accounting...

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LEHIGH UNIVERSITY Department of Accounting Accounting 151 (Sec 12: M/W 12:45-2:00pm; RB101) Fall 2008 Introduction to Financial Accounting Professor Yu COURSE CONTENT AND OBJECTIVES It is often said that "Accounting is the language of business." This course provides an introduction to that language. One must understand accounting to function effectively in today's world and cope with a myriad of business decisions and situations. To obtain more than a basic understanding of accounting, we stress the use and interpretation of accounting information, especially the principal financial statements issued by business organizations , along with the preparation of accounting information. We want to motivate you to understand the importance of companies’ financial statements and the need to interpret them, and to appreciate the study of data entry–the mechanics of how economic events find their way into companies’ financial statements. Course requirements are also designed to enhance your research, writing and teamwork skills. Although most students do not specialize in accounting, even those that do not will find their skills strengthened by being able to work with and explain the meaning and limitations of accounting information. We believe that taking a more user-oriented approach will make everyone more interested in the subject matter. This course explicitly addresses the following Learning Objectives adopted by the Lehigh University Accounting Department. Skill Objectives The teaching approach and nature of the course assignments should enable students to: 1. Cultivate and develop a capacity for life-long, self-learning. 2. Develop problem-solving skills, including critical thinking and decision-making skills. 3. Develop oral and written communication skills. Content Objectives As the course progresses, students should be able to: 1. Explain the basic concepts and principles underlying financial reports and the decision-making environment in which they are used. 2. Identify accounting events and process them in the double-entry accrual framework. 3. Prepare simple balance sheets, income statements, and cash flow statements. 4. Demonstrate familiarity with the form and content of real-world financial statements, including use of financial statements, notes, and other annual report information and ratios to assess a company’s financial performance. 5. Apply the variety of asset and liability valuation concepts—acquisition cost, net realizable value, current value, and present value (and related time value of money concepts)—reflected in a company’s balance sheet. 6. Explain the limitations of accounting information and how accounting policy choices affect financial statements.
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2 Accounting 151 (Sec 12: M/W 12:45-2:00pm; RB101) Fall 2008 Introduction to Financial Accounting Professor Yu TEACHING APPROACH We want you to get involved in the learning process to the maximum extent possible to enhance what you learn and to help you develop the life-long skill of learning on your own. You will be reading, and analyzing
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SYL151.F08_Yu - LEHIGH UNIVERSITY Department of Accounting...

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