Accounting: Understanding and Analyzing Financial Statements

Section 1, Spring 19

Schedule Information

Enrollment: 65/85
Credits: 2
Day Time Room Start Date End Date
12/31/1969 12/31/1969

Course Description

The principal goal of this course is to provide an understanding of the concepts of financial accounting and published financial statements. Attorneys need a basic understanding of financial statements in order to work with corporate clients and certified public accountants. This knowledge is particularly important if the practice involves investment banking, initial public offerings, and the issuance of securities. Course content will include the conceptual framework of accounting, specialized accounting terminology, generally accepted accounting standards, and the distinction between financial accounting and income tax accounting. The roles of the Securities and Exchange Commission, the Public Company Accounting Oversight Board, the Financial Accounting Standards Board, and the Internal Revenue Service will be delineated. Upon completion of the course, the student should be able to understand how components of financial statements such as inventories, plant and equipment, bonds, leases, sales revenues, cost of goods sold expense, and depreciation expense are measured and reported. In addition, the student should be able to analyze financial statements to derive more information about a corporation. The course is designed to provide a financial accounting knowledge base to students with no previous course work or practical training in accounting. To help students quickly become competent in understanding and using financial information, the course content is relatively extensive and rigorous.

Course Requirements

Exam Info:
Midterm Type (if any): None
Description: None

Final Type (if any): Flex
Description:

A 3-hour FLEX exam will be administered during the week of March 4-8. Students can obtain the exam during SRO open hours on a day of their choosing during that week, which starts the exam clock, and then take the exam in the Law School. Students will upload their answers to EXPO upon completion and return the exam to SRO.


Written Work Product
Written Work Product: 70% of grade will be final exam and 30% will be other written work (TBD).

Other Work

Other Course Details
Prerequisites: None Concurrencies: Students will be enrolled in Corp. Finance concurrently with this course. Students wishing to take Accounting without Corporate Finance (or vice versa) must submit a written waiver from the professor to SRO.
Mutually Exclusive With: Students who have completed more than one university level accounting courses or have practical training in accounting are ineligible to enroll in this course unless they obtain instructor permission.
Laptops Allowed: Yes
First Day Attendance Required: No
Course Notes: This course is the first half of the semester-long two-course sequence of Accounting and Corporate Finance. Students who enroll in this course will automatically be enrolled in the fall section of Corporate Finance (2 credits) as well. Students who have completed more than one university level accounting course, or students who have practical experience in accounting, are ineligible to enroll in this course without instructor permission. Similarly, students who have completed more than one university-level corporate finance courses, or students who have practical experience in corporate finance, are ineligible to enroll in the corporate finance course without instructor permission. Once enrolled, students who are ineligible for either accounting or corporate finance must contact the Student Records Office via email to drop the ineligible course prior to the close of the add/drop period.

Graduation Requirements

*Satisfies Writing Requirement: No
**Credits For Prof. Skills Requirement: No
Satisfies Professional Ethics: No

*Yes means professor requires everyone in the course to submit a substantial research paper (which is the requirement standard in Academic Policies), so no paperwork required to be submitted to SRO. No means student must timely submit paperwork to SRO if intending to use a paper in this course to satisfy the Writing Requirement.

**Yes indicates course credits count towards UVA Law’s Prof. Skills graduation requirement, not necessarily a skills requirements for any particular state bar.

Schedule No.
119210002
Law No.
LAW6100
Modified Type
Lecture
Cross Listed: No
Cross-Listed Course Mnemonic:
Public Syllabus Link: None
Evaluation Portal Via LawWeb Opens:
Evaluation Portal Via LawWeb Closes:
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