acc/537 outline
Week One Content Outline: University of Phoenix Tools and Basic Concepts of Accounting
OBJECTIVE: Use the tools available to University of Phoenix graduate students.
Resource: University of Phoenix student Web site: https://ecampus.phoenix.edu
Content
University Library
Center for Writing Excellence
Student Web site
OBJECTIVE: Identify the hierarchy of sources for generally accepted accounting principles.
Resource: Ch. 1 of Intermediate Accounting
Content
Financial accounting standards board (FASB) standard categorizes the major sources of generally accepted accounting principles (GAAP) as:
FASB standards, interpretations, and staff positions
Accounting principles board (APB) Opinions
American Institute of Certified Public Accountants (AICPA) accounting research bulletins
Other sources of GAAP
Category A (most authoritative): FASB standards, interpretations, and staff positions; APB Opinions; AICPA Accounting Research Bulletins
Category B: FASB Technical Bulletins; AICPA Industry Audit and Accounting Guides; AICPA Statements of Position
Category C: FASB Emerging Issues Task Force; AICPA AcSEC Practice Bulletins
Category D (least authoritative): AICPA Accounting Interpretations; FASB Implementation Guides (Q&A); widely prevalent and recognized industry practices
OBJECTIVE: Describe the qualities of accounting information.
Resource: Ch. 2 of Intermediate Accounting, Ch. 4 of Financial Accounting
Content
Relevance
Predictive value
Feedback value
Timeliness
Reliability
Verifiability
Representational faithfulness
Neutrality
Comparability
Consistency
OBJECTIVE: Compare and contrast accrual basis and cash basis of accounting
Resource: Ch. 4 of Financial Accounting
Content
Accrual-basis accounting
Revenue recognized on financial statements when earned (revenue recognition principle)
Expenses recognized on financial statements when incurred (matching principle)
Cash-basis
OBJECTIVE: Use the tools available to University of Phoenix graduate students.
Resource: University of Phoenix student Web site: https://ecampus.phoenix.edu
Content
University Library
Center for Writing Excellence
Student Web site
OBJECTIVE: Identify the hierarchy of sources for generally accepted accounting principles.
Resource: Ch. 1 of Intermediate Accounting
Content
Financial accounting standards board (FASB) standard categorizes the major sources of generally accepted accounting principles (GAAP) as:
FASB standards, interpretations, and staff positions
Accounting principles board (APB) Opinions
American Institute of Certified Public Accountants (AICPA) accounting research bulletins
Other sources of GAAP
Category A (most authoritative): FASB standards, interpretations, and staff positions; APB Opinions; AICPA Accounting Research Bulletins
Category B: FASB Technical Bulletins; AICPA Industry Audit and Accounting Guides; AICPA Statements of Position
Category C: FASB Emerging Issues Task Force; AICPA AcSEC Practice Bulletins
Category D (least authoritative): AICPA Accounting Interpretations; FASB Implementation Guides (Q&A); widely prevalent and recognized industry practices
OBJECTIVE: Describe the qualities of accounting information.
Resource: Ch. 2 of Intermediate Accounting, Ch. 4 of Financial Accounting
Content
Relevance
Predictive value
Feedback value
Timeliness
Reliability
Verifiability
Representational faithfulness
Neutrality
Comparability
Consistency
OBJECTIVE: Compare and contrast accrual basis and cash basis of accounting
Resource: Ch. 4 of Financial Accounting
Content
Accrual-basis accounting
Revenue recognized on financial statements when earned (revenue recognition principle)
Expenses recognized on financial statements when incurred (matching principle)
Cash-basis