This course builds on the fundamentals of financial accounting structure that students learned in Financial Accounting class. It expands more depth to the theories and illustrates issues relating to the theoretical structure of financial accounting and practices. The course content highlights the role of accounting as an Information System and the preparation and interpretation of an entity's financial statement in accordance to Generally Accepted Accounting Principles (GAAP). Topic materials also cover the techniques for evaluating firm performance, and the analysis of the accounts in the four financial statements and corresponding schedules and notes, the review of accounting process, income measurement and profitability analysis, revenue recognition, valuation of inventories, the time value of money concepts, as well as the accounting and reporting of tangible and intangible assets as it pertains to acquisition, disposition, impairment, depreciation, depletion, and amortization of assets. Prerequisite: ACCT 210, Fall.