Accounting: Understanding and Analyzing Financial Statements

Section 1, Fall 16

Schedule Information

Enrollment: 46/80
Credits: 2

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): Fixed
Description: A fixed exam will be administered shortly after the completion of the course (likely Saturday, October 22, 2016, but finalized date to announced by instructor).
Final Exam Notes:

A fixed exam will be administered shortly after the completion of the course (likely Saturday, October 22, 2016, but finalized date to announced by instructor).


Written Work Product
Written Work Product:

Other Work

Other Course Details
Prerequisites: None Concurrencies: None
Mutually Exclusive With: Students who have completed one or more university level accounting courses or have practical training in accounting are not eligible to enroll in this course unless they obtain instructor permission.
Laptops Allowed: Yes
First Day Attendance Required: No
Course Notes: During the fall semester 2016, this course is the first half of the semester-long two-course sequence of Accounting and Corporate Finance. The course meets between Aug. 31, 2016 and Oct. 18, 2016.  Students who enroll in this course will automatically be enrolled in the fall section of Corporate Finance as well. Students who have completed one or more university level accounting courses or have practical training in accounting are not eligible to enroll in this course unless they obtain instructor permission. Similarly, students who have completed one or more university level corporate finance courses or have practical training in corporate finance are not eligible to enroll in the corporate finance course unless they obtain instructor permission. Once enrolled, students who are not eligible to enroll in either accounting or corporate finance must drop the "completed" course. To do so, e-mail the Student Records Office (lawsro@virginia.edu) at any time prior to the end of the add/drop period and ask to be dropped from the completed course.

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.

General Information

Schedule No.
116819742
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: