ACC (0201) 206 - Financial Reporting & Analysis

1. explain the important terms used in financial reporting.
2. demonstrate an understanding of the role of the SEC and the FASB in the U.S.-based financial reporting environment, and be able to read and interpret various components of a typical Form 10-K, including Selected Financial Highlights, MD&A, Consolidated Financial Statements, and Notes to Financial Statements.
3. calculate the amounts of allowance for doubtful accounts and net receivables; cost of goods sold and value of ending inventory using different cost-flow assumptions; acquisition cost, depreciation/amortization expense and impairment loss related to plant assets and intangible assets; realized and unrealized gains and losses on investments in debt and equity securities; earnings per share; and stock-based compensation, among other things.
4. demonstrate an understanding of and apply U.S. GAAP to the reporting of routine and non-routine business events, current and long-term operating assets, liabilities and stockholders’ equity, revenues and expenses, and a variety of other items such as earnings per share, leases, post-retirement obligations, and income taxes in the financial statements of a corporation.
5. demonstrate familiarity with the preparation of income statement and comprehensive income statement, balance sheet and statement of cash flows for a U.S.-based corporation.
6. be able to calculate and interpret various financial ratios used to analyze the profitability, effectiveness, solvency, and financial flexibility of U.S.-based corporations.