Wow. The classroom is really full. Combined enrollment is 58, and there are only 60 seats in the room. If you come late, you don’t have much option as to where you sit.
This is a very key time in financial accounting and regulation. The U.S. is very heavy into regulation. Why? The policy of the U.S. government is to force companies to act in certain ways. Actually, the U.S. economy is more heavily regulated than almost any other country. Since one aspect of capitalism is that companies and individuals have complete freedom in the process of capital allocation, I guess it is reasonable to conclude that the U.S. does not have an environment condusive to capitalism.
I don’t know if you yet have visited CFO.COM to sign up for e-mail accounting alerts, but you should if you haven’t. A recent e-mail alert pointed to an article in the January edition of the magazine. Titled Which One When?, it discusses possible issues to look for in 2009. Please make sure that you read this article.
In going over the syllabus, I pointed out that this course is more than simply studying the details of particular accounting rules, and taking tests over them. There will be many learning experiences that will help you learn how to apply the accounting rules as well as come to an appreciation for what the rules accomplish. Consequently, this course is going to be a fair amount of work.
In class I showed an animated film, Hariold Rosenbaum, Chartered Accountant Extreme. Chartered accountants are the British/Canadian/Australian/South African equivalent to the U.S. CPA.
The five episodes in the series are:
- Audit Of Evil (aired December 22, 2005)
- Depreciation To Death (aired December 29, 2005)
- The Taxable Trap (aired January 5, 2006)
- Ledger Lad Liquidation (aired January 12, 2006)
- Dam: It’s Exploding (aired January 19, 2006)
We’ll have a class discussion on these in Thursday’s class.
It is so important ot have a framework for remembering where everything goes in the financial statements. I have relied upon the financial statement equations for my framework.
A = L + SHE
R – CGS – S&A = Operating income
Operating income + int rev – int exp + G – L – income tax expense = NI
Beg Cash ± OA ± IA ± FA = End Cash
Beg SHE ± changes = End SHE
Any comments? Any questions? Fill out the comment form below.
11:14 pm - 11-20-2010
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1:47 pm - 12-15-2010
for most of the basic accounting rules but do have some differences in some of. through depreciation – we would instead have to record assets at their market.
2:17 pm - 3-3-2011
GAAP for Financial Institutions..Financial institutions have unique and sometimes complex transactions that follow special accounting rules. GAAP have moved more in-line in recent years significant differences still remain. Insurance and Reinsurance Companies Update and Hot Topics..This course is geared toward those who have already attended the Accounting and Reporting for Insurance and Reinsurance Companies course or those with a fundamental understanding of the accounting and reporting issues in this industry.
2:34 pm - 4-11-2011
.In this capstone course students tie together all they have learned in the finance certificate program and apply their knowledge to solving real world situations. .Through the use of case studies in each session students have the opportunity to analyze various situations identify which theories and quantitative approaches would be relevant to the situation and make recommendations resulting from the application of these tools.
6:00 pm - 5-27-2011
You may have even heard that accounting is only about number-crunching cookbook of rules. You will also have good overviews of the accounting process functional areas of accounting and the financial statement reporting regulations at the national and international levels.
4:03 pm - 6-12-2011
Course Format ClassroomMake MYOB work for you whether you have a few employees or many! Course Format ClassroomConcerns about the survival of planet earth and the role played by organisations in creating a sustainable environment have triggered the need for information that is useful for formulating strategy and making decisions.
8:09 am - 6-14-2011
Course Format ClassroomMake MYOB work for you whether you have a few employees or many! Course Format ClassroomConcerns about the survival of planet earth and the role played by organisations in creating a sustainable environment have triggered the need for information that is useful for formulating strategy and making decisions.
10:23 pm - 8-8-2011
WE HAVE PROVIDED LINKS TO IMPORTANT GOVERNMENT SITES AND TO A GREAT BUSINESS OPPORTUNITY. We have woven the theory and practice of accounting together using a multi-media hands-on learning strategy.
8:25 pm - 8-15-2011
Financial Managerial Accounting The Basis for Business Decisions 14 eJan R. Carcello .University of TennesseeISBN 0072996501Copyright year 2008 Student motivation Problem-Solving Skills Balanced Coverage and an unrivaled presentation of the Accounting Cycle. The fourteenth edition of Financial Managerial Accounting A Basis for Business Decisions continues this texts long-running standard of excellence with a thorough revision reflecting contemporary concepts and issues in accounting.
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