Upon completion of the course, students will be able to:
- 1) Explain the nature and purpose of Generally Accepted Accounting Principles
(GAAP) and International Financial Reporting Standards (IFRS).
Explain and apply the components of the conceptual framework for Financial Accounting
and Reporting -- including the qualitative characteristics of accounting information,
the assumptions underlying accounting, the basic principles of Financial Accounting,
and the constraints and limitations on accounting information
- 1.a -- Show an understanding of (GAAP) Generally Accepted
Accounting Principles
- 1.b -- Show an understanding of (IFRS) International
Financial Reporting Standards
- 1.c -- Show an understanding of Double Entry Accounting
and T-accounts
- 2) Define and use accounting and business terminology
- 2.a -- Show an understanding of Financial Accounting
Terminology
- 3) Explain what a system is and how an accounting system is designed to
satisfy the needs of specific businesses and users; summarize the purpose of
Journals and Ledgers
- 3.a -- Show an understanding of popular business accounting
systems
- 3.b -- Show an understanding of Journals and Ledgers and how
they are used in Financial Accounting
- 4) Apply transaction analysis, input transactions into
the accounting system, process this input and prepare and interpret the four
basic financial statements
- 4.a -- Exhibit the ability to input transactions into the
accounting system
- 4.b -- Exhibit the ability to adjust and close the
books
- 4.c -- Exhibit the ability to prepare, modify and analyze
the key Financial Statements
- 5) Distinguish between cash basis and accrual basis accounting and their
impact on the financial statements, including the revenue recognition and
matching principles
- 5.a -- Show an understanding of the difference between cash
and accrual basis accounting
- 5.b -- Show an understanding of the Revenue Recognition
Principal
- 5.c -- Show an understanding of the Matching Principal
- 6) Identify and illustrate how the principles of
internal control are used to manage and control the firm's resources and minimize
risk
- 6.a -- Show an understanding of Financial Accounting
Internal Controls
- 7) Explain the content, form, and purpose of the basic financial statements
(including footnotes) and the annual report, and how they satisfy the information
needs of investors, creditors, and other users
- 7.a -- Exhibit the ability to prepare, modify and analyze
the key Financial Statements (copy of 4.c)
- 7.b -- Show an understanding of the annual report and how
it is used
- 7.c -- Show an understanding of the people who use the
Financial Reports to make business decisions
- 8) Explain the nature of current assets and related
issues, including the measurement and reporting of cash and cash equivalents,
receivables and bad debts, and inventory and cost of goods sold
- 8.a -- Exhibit the ability to identify and account for
Assets, Liabilities and Owner's Equity
- 8.b -- Exhibit the ability to identify and account for
current assets and current liabilities
- 8.c -- Exhibit the ability to identify and account for
Inventory and Cost of Goods Sold (COGS)
- 8.d -- Exhibit the ability to identify and account for
bad debts
- 9) Explain the valuation and reporting of current liabilities, estimated
liabilities, and other contingencies
- I have no idea of the actual meaning of this so I cannot map it to anything.
For now we will say it is a duplicate of 8.b
- 10) Identify and illustrate issues relating to long-term
asset acquisition, use, cost allocation and disposal
- 10.a -- Exhibit the ability to identify and account for
long-term assets
- 10.b -- Exhibit the ability to Depreciate long-term
assets
- 11) Distinguish between capital and revenue
expenditures
- 11.a -- Show an understanding of the difference between
capital outlays and revenue expenses
- 12) Identify and illustrate issues relating to long-term liabilities
including issuance, valuation and retirement of debt (including the time
value of money)
- 12.a -- Same as 10.a
- 12.b -- Show an understanding of the time value of
money
- 13) Identify and illustrate issues relating to stockholders equity including:
issuance, repurchase of capital stock, and dividends
- 13.a -- Exhibit the ability to identify and account for
ownership rights in a company
- 13.b -- Exhibit the ability to identify and account for
stocks – purchased and sold
- 13.c -- Exhibit the ability to identify and account for
bonds – purchased and sold
- 13.d -- Exhibit the ability to identify and account for
dividends
- 14) Explain the importance of operating, investing
and financing activities reported in the Statement of Cash Flows
- 14.a -- Exhibit the ability to identify and account for
operating activities in the Financial Statements
- 14.b -- Exhibit the ability to identify and account for
investing activities in the Financial Statements
- 14.c -- Exhibit the ability to identify and account for
financing activities in the Financial Statements
- 15) Interpret company activity, profitability, liquidity
and solvency through selection and application of appropriate financial analysis tools;
and
- 15.a -- Exhibit the ability to analyze company health using
the Financial Statements
- 15.b -- Exhibit the ability to create and use Financial Ratios
in the evaluation of a company’s worth
- 16) Identify the ethical implications inherent in
financial reporting and be able to apply strategies for addressing them
- 16.a -- Show an understanding of the ethical issues inherent
in the accounting profession
- 17) Other topics that should be included at this level
of specificity but were not mentioned
- 17.a -- Show an understanding of T-Accounts, Debits and
Credits
- 17.b -- Show an understanding of Intangible Assets
- 17.c -- Show a basic understanding of the Payroll
Process
- 17.d -- Show a basic understanding of Inventory Valuation
Techniques
- 17.e -- Show a basic understanding of business Tax
Liabilities
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