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ACCT 331 Financial Accounting I (3 Credits)

This course teaches the students to audit financial statements as well as to examine independent third party financial statements. Students will know the importance of financial audits and how they function for businesses.

Learning Outcomes:

  • Explain the twelve traditional accounting concepts.
  • Explain the distinction between capital and revenue.
  • Understand the role and scope of auditing in business both external and internal auditing. Analyze the external publication of companies' financial statements.
  • Gain knowledge about the elements that make up the external financial reports, e.g. the principal financial statements, the directors' report, the corporate governance report and the auditors' report.
  • Explain the rules contained in International Generally Accepted Accounting Principles in relation to assets, liabilities, income and expenses.
  • Analyze and interpret financial statements.