Financial Accounting for Corporations
date_range Starts on December 17, 2019
event_note End date February 12, 2020
list 8 sequences
assignment Level : Advanced
chat_bubble_outline Language : English
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Key information

credit_card Free access
verified_user Fee-based Certificate
timer 64 hours in total

About the content

Want to learn a new language and keep your finger on the pulse of business? Accounting is the language of business. Be among a small percentage of business professionals who can prepare, interpret, and analyze financial statements of corporations. You will find financial accountants anywhere from the accounting department to the positions of CEO and CFO.

In this course, part of the UMGC Accounting and Financial Management MicroMasters program, you will learn to prepare corporate financial statements in compliance with the U.S. Securities and Exchange Commission (SEC) and in conformance with the Financial Accounting Standards Board's (FASB) generally accepted accounting principles (GAAP).

You will learn how the FASB creates new GAAP, how to research the FASB Accounting Standards Codification system, and how to prepare and analyze financial statements including the Income Statement, Comprehensive Statement of Income, Balance Sheet, Statement of Shareholder's Equity, and Statement of Cash Flows. An overview of accounting theory provides a foundation for applying financial accounting concepts and principles to real business issues. The course is taught within the framework of the American Association of Certified Public Accountants ' Code of Professional Conduct.

  • Use the Financial Accounting Standards Board's(FASB) Conceptual Framework
  • Research accounting topics using FASB's Accounting Standards Codification
  • Prepare financial statements for U.S. corporations according to FASB's GAAP
  • Analyze, interpret, and communicate financial information in a clear, correct, concise, and well-articulated manner
  • Apply the AICPA Code of Professional Conduct when making financial decisions

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Prerequisite

To ​pursue a MicroMasters certificate in Accounting and Financial Management, an undergraduate degree from an accredited college or university is required. If you are not pursuing a MicroMasters certification, Course 1: Financial Decision Making is highly recommended.

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Syllabus

Week 1: Overview of Financial Accounting, FASB 's Codification, FASB's Conceptual Framework, and a review of accounting principles
Learn how FASB's Conceptual Framework helps to inform the development of future GAAP, use the FASB Codification system to research accounting topics, and review accounting principles. Review accounting principles used to prepare the four required financial statements of publically held corporations.
Week 2: Income Statement and Statement of Comprehensive Income
Learn FASB's new revenue recognition rules. Further, learn to prepare an Income Statement and Statement of Comprehensive Income.
Week 3: Balance Sheet: Current Assets
The Balance Sheet is used to report assets, liabilities, and equities. Learn how corporate leaders measure and report current assets including cash, receivables, and inventory. Further, learn how companies collect or sell their receivables to pay for operating expenses.
Week 4: Fixed and Intangible Assets
Learn how accountants measure and report property, plant, and equipment; and intangible assets. Further, you will learn to compute deprecation and amortization for plant, equipment, and all relevant intangible assets. You will also learn how accountants assess intangible assets for impairment and consider implementing the optional fair value option.
Week 5: Balance Sheet: Liabilities and Equities
Learn how to account for current liabilities, contingencies, and equities. You will review and expand your understanding of time value of money concepts to value bonds and other long-term liabilities. You will also learn how to determine the equivalent of one's net worth for a corporation and how to compute earnings per share; a ratio investors use to compare alternative investments.
Week 6: Statement of Cash Flows
Learn how managers and investors use the statement of cash flows to make important decisions regarding the operational efficiencies of a company, its investments, and various financing opportunities. You will learn to prepare the Statement of Cash Flows using both the direct and indirect methods.
Week 7: Notes to Financial Statements and Accounting for Changes and Errors
Investors read the notes to financial statements to gain an in depth understanding of how a corporation applies accounting principles, calculates estimates, and other important issues that do not appear on the face of financial statements.You will learn how to correct errors in measuring and reporting of financial information.
Week 8: Final Exam

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Instructors

Sharon L. Levin
Chair and Professor of Accounting and Financial Management
University of Maryland Global Campus

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University of Maryland, College Park

The University of Maryland is the state's flagship university and one of the nation's preeminent public research universities. A global leader in research, entrepreneurship and innovation, the university is home to more than 37,000 students, 9,000 faculty and staff, and 250 academic programs. Its faculty includes three Nobel laureates, three Pulitzer Prize winners, 47 members of the national academies and scores of Fulbright scholars. The institution has a $1.8 billion operating budget, secures $500 million annually in external research funding and recently completed a $1 billion fundraising campaign.

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