This course is a comprehensive study of generally accepted accounting principles as they relate to the measurement and reporting of various liability and equity accounts. Students examine the nature, composition, valuation, and classification of these accounts as well as important financial reporting concepts, proper financial statement presentation, and related disclosures.

A continuation of the studies undertaken in ACC 305 with emphasis on practices and problems in accounting for liabilities and equity. A variety of accounting topics are covered in-depth. Topics include: operational assets, investments, current liabilities, contingencies, bonds and long-term notes, leases, pensions, and earnings per share. Computer usage is integrated into course work