Accounting Systems and Financial Statements

All business entities require information to operate efficiently and effectively. The accounting system is one of the most important systems for the organization’s decision-makers. Accounting information systems collect and process data from transactions and events, organize them in useful reports and communicate results to decision-makers. Accounting Systems and Financial Statements is a course that will describe what information must be collected to properly report on a business. This course will describe the four major types of financial statements and define the standards that are used to create financial reports. This course will define the various elements of the four major financial statements. This course will review the framework for adjustments and describe the common adjustments that must be made at the end of each accounting period, so they are accurate.

Learning Objectives

At the end of this course, students will be able to:

  • Identify the organization that is responsible for creating financial statements.
  • Recognize the underlying foundations for U.S. accounting standards.
  • Identify the SFACs that define the important characteristics of financial statements.
  • Identify the four basic assumptions underlying GAAP.
  • Recognize the five measurement attributes employed in GAAP.
  • Recognize the adjustments that must be made at the end of each accounting period so financial statements are accurate.