The course provides an in-depth knowledge of the first part of financial accounting. It covers the environment of financial accounting and the development of accounting standards; the conceptual framework underlying financial accounting; statements of income and retained earnings; balance sheets; accounting and the time value of money; cash and receivables; valuation of inventories; acquisition and disposition of property, plant and equipment; depreciation and depletion; intangible assets; current liabilities and contingencies; long-term liabilities; temporary investments and longterm investments ; and revenue recognition.