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Unformatted text preview: UNIVERSITY OF MIAMI Department of Accounting ACC 211 Financial Accounting Fall 2010 Sections P and Q Name: Professor Mario J. Perez, CPA Office: Jenkins Building, 4 th Floor (enter through CIS department) Phone: (954) 499 - 9632 Email: [email protected] Office Hours: 2 pm - 4 pm Tuesdays and Thursdays, and by appointment COURSE DESCRIPTION Accounting is often called the language of business. Accordingly, an understanding of accounting is beneficial regardless of your academic major or career goals. This course is the first in the sequence of courses offered by the Department of Accounting of the University of Miami. It introduces you to a series of topics generally described as financial accounting. This course explores the role of accounting in providing financial information about an enterprise to decision- makers. LEARNING OBJECTIVES At the conclusion of this course students should: Recognize the information conveyed in each of the four basic financial statements and the way that it is used by different decision makers (investors, creditors, &amp; managers). Define the objective of financial reporting, the elements of the balance sheet, and the related key accounting assumptions and principles. Explain the accrual basis of accounting and apply the revenue and matching principles to measure income. Analyze the adjustments necessary at the end of the period to update balance sheet and income statement accounts. Identify the steps in the accounting communication process, including the issuance of press releases, annual reports, quarterly reports, and SEC filings as well as the role of electronic information services in this process. Apply the revenue principle to determine the accepted time to record sales revenue for typical retailers, wholesalers, manufacturers, and service companies. Report inventory and cost of goods sold using the four inventory costing methods. Define, classify, and explain the nature of long-lived productive assets and interpret the fixed asset turnover ratio. Apply the cost principle to measure the acquisition and maintenance of property, plant, and equipment. Define, measure, and report current liabilities. Describe the characteristics of bonds and use the debt-to-equity ratio. Explain the role of stock in the capital structure of a corporation. Analyze the earnings per share ratio. Describe the characteristics of common stock and analyze transactions affecting common stock. Discuss dividends and analyze transactions. Classify cash flow statement items as part of net cash flows from operating, investing, and financing activities. Report and interpret cash flows from operating activities using the indirect method. REQUIRED TEXTBOOK Financial Accounting, by Libby, Libby, &amp; Short, 6 th Ed., McGraw-Hill, 2009, www.mhhe.com/libby6e OTHER REQUIRED MATERIAL Building Blocks of Accounting - A Financial Perspective, by Mark Friedman Financial Analysis and Decision Making, by Juan Rodriguez...
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