All accounting courses have an objective to teach the theoretical foundations of accounting. These "scientific roots" include the knowledge of the purpose of accounting -- to provide managers, owners and regulators of the business with verifiable information relating to the activity of the firm. The theoretical foundations also include principles used to prepare financial statements, for example full disclosure and conservatism.
Financial statements are probably the most important objects of accounting. Accordingly, another objective of an accounting course is to teach students about different accounting statements, including the balance sheet, income statement (also known as the profit and loss statement) and statement of cash flows. The course should instruct students how to compile and interpret the various financial statements.
A course in accounting also needs to teach students about reporting requirements -- the documents that firms need to submit to different regulatory bodies, for example, the U.S. Securities and Exchange Commission (or SEC). The issue is of particular concern to public companies -- those that have their shares traded on an organized stock exchange.
Accounting courses should teach students the basics of accounting according to particular accounting standards. The most commonly used accounting standards include Generally Accepted Accounting Principles, or GAAP, and International Financial Reporting Standards, or IFRS. Students should also understand the differences between different accounting standards.