This course prepares students to take the Financial Accounting and Reporting (FAR) section of the Certified Public Accountant (CPA) Exam. Students begin by gaining a foundation of accounting theory in which CPAs must operate. Students learn about financial reporting, the types of transactions involved and the different business types. Upon completion of this course, students gain knowledge of not only U.S. Generally Accepted Accounting Principles (GAAP), but also foreign standards through the International Financial Reporting System (IFRS).
Compare the four financial statements and their formats.
Define Generally Accepted Accounting Principles (GAAP).
Explain the importance of foreign currency transactions and translations.
Explain derivatives and hedges.
Analyze partnership accounting from creation to dissolution.
Fundamentals, Bonds, Debt restructuring, Pensions and Leases
Calculate present value and future value.
Identify foundational tools for evaluation (pensions, bonds, debt restructuring, and leases).
Inventory and Deferred Taxes
Explain how to create, sell, resell, and count inventory.
Explain how inventory accounting methods for International Financial Reporting Standards (IFRS) differ from those of GAAP.
Differentiate among deferred taxes.
Fixed Assets and Statement of Cash Flows
Identify fixed assets.
Identify the three primary sections of the cash flow statement.
Compare direct and indirect methods of reporting operating activities.
Monetary Current Assets and Current Liabilities, Investments, Business Combinations & Consolidations
Identify types of current assets and liabilities.
Explain the relationship between concepts of accounting and investment percentage.
Identify types of business combinations and consolidations.
Stockholders’ Equity, Governmental Accounting, and Not-for-Profit Accounting
Determine stockholders’ equity.
Compare governmental, proprietary and fiduciary funds.
Explain how governmental accounting deviates from GAAP.
Explain how not-for-profit accounting differs from for-profit accounting.
The University of Phoenix reserves the right to modify courses.
While widely available, not all programs are available in all locations or in both online and on-campus formats. Please check with a University Enrollment Representative.
Continuing Education Units (CEUs) and Professional Development Units (PDUs) cannot be converted into academic credit. It is the student's responsibility to confirm whether or not CEUs/PDUs earned at University of Phoenix will be accepted by employers and/or applicable licensing agencies.