P: A100; sophomore standing. Provides balanced coverage of the
mechanics, measurement theory, and economic context of financial
accounting. Strikes a balance between a preparer's and a user's
orientation, emphasizing that students must understand both how
transactions lead to financial statements (preparer's orientation) as
well as how one can infer transactions given a set of financial
statements (user's orientation). Relies on current real-world examples
taken from the popular business press. The first part of the course
introduces students to the financial accounting environment, financial
statements, the accounting cycle, and the theoretical framework of
accounting measurement. The second part of the course covers the
elements of financial statements, emphasizing mechanics, measurement
theory, and the economic environment. Students cannot receive credit for
both A201 and A200.