Accounting: Understanding and Analyzing Financial Statements

Section 1, Spring 23

Schedule Information

Enrollment: 33/64
Credits: 2
Days* Time Room Start Date End Date
  • TR
  • 1130-1330
  • WB152
01/24/2023 03/02/2023
*“R” means Thursday

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:
Final Type (if any): Flex
Description: A flex exam will be administered via EXPO at the end of the course with the answers due to be uploaded to EXPO no later than March 12, 2023 (details to be announced).

Written Work Product
Written Work Product:

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 Resources:
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 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

*If “Yes,” then students are required to submit a substantial research paper in this course, which means students do not need to submit any form to SRO for this paper to meet their upper-level writing requirement. If “No,” then students must submit a “special request” e-form to SRO (available via LawWeb) no later than five weeks after the start of the term for a paper in this class to be counted toward the upper-level 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.
Law No.
Modified Type
Cross Listed: No
Cross-Listed Course Mnemonic:
Public Syllabus Link: None
Evaluation Portal Via LawWeb Opens: Thursday, February 23, 12:01 AM
Evaluation Portal Via LawWeb Closes: Saturday, March 04, 11:59 PM