The book was on financial accounting, which traditionally has served as the building blocks for understanding accounting and finance. When compared to other similar textbooks; although, this book covers many of the same topics the manner in which the book delivered and laid out the concepts was not as clear. One of the major areas of improvement of this text concerns the financial accounting adequacyand the modularity of the content. Chapter 1, which in my opinion is the mostimportant chapter in the introductory course is very condensed and tooambitious. Chapter 1 can be presented differently with a lighter coverage sothat the students do not get discouraged. Also, Chapter 4 is twice the lengthof the other chapters and contains very condensed material.
Strategic Analysis: Understanding a Firm’s Competitive Environment
The course explores further advanced topics, including accounting changes and error analysis, full disclosure requirements in financial reporting, and interpretation of the statement of cash flows. Intermediate Accounting I and II are the prerequisites for this course. Intermediate Accounting II is the second of three in-depth financial accounting courses for accounting majors. The WGU B.S. Accounting degree program is an affordable, online way to prepare for a rewarding career in accounting, auditing, or bookkeeping, or as a CPA. Once you earn your accounting degree, you’ll be ready to complete your accounting certification. Learn to evaluate and manage business performance and develop the financial skills needed to keep companies running smoothly.
- Converting information to percentages or ratios eliminates some of the disparity between competitor sizes and operating abilities, making it easier for stakeholders to make informed decisions.
- Composition II is a foundational course designed to help candidates prepare for success at the college level.
- It provides various types of tax services to corporate and individual customers, including tax preparations, tax planning, and international tax consulting.
- Any financial statement must accurately reflect all of the company’s assets, expenses, liabilities and other financial commitments.
- Decisions ranging from cash flows and the status of resources to efficient utilization rely on this data.
GAAP Compliance
However, the non-GAAP numbers include pro forma figures, which do not include one-time transactions. Companies can use this information to their advantage and present totals that predict how their businesses will perform in the future. GAAP compliance makes the financial reporting process transparent and standardizes assumptions, terminology, definitions, and methods.
How does IFRS differ from GAAP?
I read a couple of chapters in greater depth and find the textbook offers remarkable clarity, making complex concepts easily understandable for readers. Basic principles are introduced in the proper sequence, and the authors clearly present the topics in the expected manner. On a top level the chapters were presented in a logical manner; however, the subheading material was often mixed and difficult to follow at times with the use of many charts. The different colors used in some tables also distracted from the material.
International Management
It has a 2019 copyright and is up-to-date with current financial accounting fundamentals. I do think that in its next update, some consideration should be given to the evolution of the CPA exam and the emphasis on data analytics. Also, some problem-solving with MS Excel would be a nice addition to the text. The layout of the tables, graphs, pictures sort of distracted from the material. Also, some tables seemed to overshadow other tables since they were crunched together. The textbook is formatted in a consistent manner and easy to navigate by subject.
- WGU is a pioneer in reinventing higher education for the 21st century, and our quality has been recognized.
- The course illustrates how values-driven leadership is used in goal setting as well as problem-solving at an organizational level.
- Accountants following the IFRS may interpret the standards differently, leading to added explanatory documents.
- The year being used for comparison purposes is called the base year (usually the prior period).
- This helps medical professionals develop the necessary skills to quickly and effectively diagnose and treat the various medical conditions they spent so many years learning about.
- Accounting principles are rules and guidelines that companies must abide by when reporting financial data.
- For example, a chapter on Fraud, Internal Controls, and Cash has seven subsections; one on Petty Cash and another one on Bank Reconciliations.
- As with all other OpenStax offerings, modularity is an area in which this textbook shines.
- These 10 guidelines separate an organization’s transactions from the personal transactions of its owners, standardize currency units used in reports, and explicitly disclose the time periods covered by specific reports.
- Even after taking all the measures, accounting may not unveil the actual business standing.
- I gave the text 3/5 as being both accessible prose and inaccessible (confusing) prose, adequate content and inadequate content.
- Many companies support non-GAAP reporting because it provides an in-depth look at their financial performance.
- Cost of goods sold for the current year is found on the income statement.
The company’s experienced accountants provide full-service support in matters like audits, wealth management, retirement planning, and tax planning. The company also offers peace of mind and top-quality services for families, including bookkeeping, bill paying, document management, and income tax preparation. An online accounting degree is extremely valuable if you want to become an accountant. For most accounting positions you will need at least a bachelor’s degree. This will help you learn about fundamental accounting principles, rules, regulations, financial statements, and more. And if you want to become a CPA you’ll absolutely need at least a bachelor’s degree, if not a master’s degree.
Your Accounting Degree Can Be One of Your Greatest Assets
Each chapter has subunits and it would be possible to remove or skip some of the units and there learning objectives because they are all numbered and ordered. There were no culturally insensitive or offensive words, phrases, or references observed. It would be advisable to include examples for races, ethnicities’, and inclusive backgrounds. As this is mostly a quantitative subject, issue of culture is not really relevant. But the examples that are used seemed very inclusive and there is no cultural in-sensitiveness. Accounting does have a lot of specialize language/vocabulary and the book does a nice job with that.
Look at tuition costs, accreditation, educational models, and coursework to figure out which program is best. Our online accounting degree program has helped thousands of students pursue an accounting career and find success. In general, it takes about four years or 120 credits to complete an online accounting degree. However, with a competency-based education model, like what is offered at WGU, students can graduate more quickly by passing assessments using their existing skills and knowledge. Quantitative Analysis for Business explores various decision-making models, including expected value models, linear programming models, and inventory models. This course helps student learn to analyze data by using a variety of analytic tools and techniques to make better business decisions.
