ARC417 Theory of Accounts (A01-C1)

This course covers the students’ ability to demonstrate understanding and application of accounting principles and standards relating to:  nature  and  composition  of  accounts,  initial  recognition,  measurement  and  valuation,  subsequent  events  and transactions,  subsequent  measurement  and  recognition  of  losses  due  to  impairment  and  other  causes,  related  party transactions, financial statement presentation and disclosures.

 This also covers concepts and principles in advanced financial accounting and reporting which include: accounting  for  partnerships,  corporate  liquidation,  joint arrangements, revenue recognition, home office and branch/ principal and agency transactions, business combinations and consolidations, foreign currency transactions and translations, not for-profit organizations, including government accounting and cost  accounting  and  treatment  and  presentation  of  consolidated  financial  statements.