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How to Avoid Getting Lost

In: Business and Management

Submitted By johnsonwagner1
Words 1980
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FINANCIAL ACCOUNTING
Fall 2012

Yvonne Hinson
Work: 704-365-4710
Home: 704-765-9782
Cell: 336-407-0161
Email: hinsonyl@wfu.edu

Course Description and Requirements
The purpose of this course is to introduce you to the concepts, vocabulary and uses of Financial Accounting. As we proceed, we will adopt several different points of view.

← We will take the perspective of preparers of financial information. Preparers include accountants who work for companies that must produce Financial Statements on a regular basis and file them with the various regulatory authorities, such as the Securities and Exchange Commission (SEC). These accountants may include the Chief Financial Officer, who, along with the Chief Executive Officer, is responsible for the Financial Statements. We will learn procedures and rules about how financial events are recognized and disclosed.

← We will take the perspective of independent auditors and regulators, who oversee the financial information that companies disseminate. Independent auditors work for an accounting firm and are hired to audit financial statements before these reports are filed with the SEC. Audit firms include PricewaterhouseCoopers, KPMG, Ernst and Young, and Deloitte and Touche (which collectively are called the “Big 4”) and a host of smaller, regional firms. All firms with stock that is traded on an exchange, such as the New York Stock Exchange, must have their statements audited by an independent audit firm. Auditors and regulators are confronted with the critical task of being an intermediary between preparers of Financial Statements and users of Financial Statements.

← We will also adopt the perspective of a user of financial information. Users range from individuals trying to save for retirement, to employees, consumers, competitors, investment bankers, marketers, and research

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