Thomas Jefferson School of Law

 

This course introduces basic accounting principles, concepts and terminology. It is intended for the law student who does not have an accounting background. Permission of the instructor to enroll is required for students who have had any accounting courses. The course begins with an introduction to the basic accounting principles and how firms record transactions and summarize their economic activities on their financial statements. The course will consider the accounting for, and presentation of, specific financial statement elements including receivables, inventories, fixed assets, intangible assets, liabilities and contingencies, and revenue and expenses. Further the course will discuss the role and responsibilities of the independent auditor and the concept of full and fair disclosure of financial information as required by generally accepted accounting principles. Additionally, certain basic tax issues will also be introduced.

 

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