Some Catching Up: Financial Accounting I

This class is one of the primary reasons I decided to go back to school. Since my undergrad work was primarily in the liberal arts arena (Bachelors of Applied Communications, Public Speaking Emphasis), I was not exposed to finance and accounting until I investigated the disciplines on my own and with the direction of the Personal MBA (reference Finance for Non-Financial Managers).

This course was one of my first two. SMU's Part-time MBA program used the modular structure: two courses, each 8 weeks in length, meeting once a week for a three hour session. This makes the courses compact and intense. I prefer it this way. I don't really have the opportunity to forget what was covered 16 weeks prior on the semester basis.

This introductory course is really broken up into two pieces: Part 1 and 2. Every MBA student can decide what subject matter to pursue in part two. I can either go after a more in-depth exploration of Financial Accounting according the GAAP, or I can delve into the more subjective world of Managerial Accounting. Each builds on the foundation Financial Accounting 1 provides:

1. An Overview of GAAP and Financial Statements
2. The Balance Sheet
3. The Income Statement
4. Financial Ratio Analysis
5. The Cash Flow Statement
6. Revenue Recognition (GAAP)

I am right now beginning week six (Revenue Recognition). I strongly suggest dedicating a lot of effort and time to mastering these fundamentals listed above.