LAW 9400 - Accounting for Lawyers

This course provides an introduction to basic accounting principles and their sources. It will look at how firms record transactions and summarize their economic activities. Having established this foundation, the course will then move on to 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. Interspersed with the discussion of these specific financial statement elements will be presentation of the concept of the time value of money and its pervasive influence on accounting principles and economic decisions. 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 in the U.S.A. will also be introduced. The implication of International Accounting Standards will also be discussed. The course is intended for students with no accounting background. Credit(s): 2