Emphasizes objectives of financial statements, and their preparation. In-depth study of accounting principles with a concentration on the valuation techniques and procedures underlying the financial statements. Features several conceptual and theoretical issues that face the accounting profession. Accounting for current assets and current liabilities. Accounting for acquisition and disposition of plant assets including depreciation and depletion. Accounting for intangible assets. Study of ethics in accounting. The course also refers to International Accounting Standards (IFRS) and standards issued by the Saudi Organization for Certified Public Accountants (SOCPA).

Pre-requisites: ACCT210