MS 4544 - Financial Management Policies

• Understand internal control systems as part of an Accounting Information System
• Have basic skills in developing a Computerized Accounting Information System
• Understand current topics in accounting including revenue recognition, inventory costing, long-term assets, earnings per share, lease accounting, pension accounting, accounting for taxes, foreign currency transactions and foreign currency hedge accounting
• Understand Financial Reporting Requirements

• None

• Long-Term Asset Accounting Historical Cost Principle Capitalization of Interest Accounting for Intangibles Patents and Copyrights Leasehold improvements Goodwill Research and development
• Inventory Costs Review of LIFO and FIFO Dollar-Value LIFO Estimating inventory using Gross Profit and Retail Methods LIFO Reserve
• Revenue Recognition Point-of-Sale When production is complete Percentage of Completion Completed Contract Investment Revenue
• Reporting Income and EPS Continuing Operations Discontinued Operations Extraordinary Items Change in Accounting Principles Diluted EPS
• Accounting for Leases Capital Leases-Lessee Capital Leases-Lessor Direct Financing Sales-Type- Lease Capital Leases with Guaranteed Residual Value Capital Leases without Guaranteed Residual Value Leases with Bargain Purchase Option Operating Leases
• Accounting for Pensions Defined Contribution Plans Defined Benefit Plans Service Cost Interest Cost Return of Plan Assets Amortization of Prior Service Cost Amortization of Unrecognized Gains and Losses Minimum Pension Liability
• Accounting for Income Taxes Reconciling Net Income with Taxable Income including Permanent and Temporary differences Deferred Tax Assets and Liabilities Net operating Loss Carry-back and Carry-Forward
• Foreign Currency Transactions Foreign Exchange Rate Arrangements Cash Transactions Credit Transactions Forward Contracts Foreign Currency Hedge Accounting
• Internal Control Systems Control Environment Control Procedures U.S. Foreign Corrupt Practices Act (FCPA) Internal Auditing General Accounting Control Systems Applications and transaction control Network Controls Flowcharting to access controls Backup controls Disaster Recovery Procedures
• Computerized Accounting Information Systems Nature and purpose of Systems Systems development and design Electronic Commerce Internet and corporate intranets Enterprise Resource Planning (ERP) Systems - integrated enterprise wide data model