Course

Objective:

Learning Outcomes:

• Analyze and record transactions using journal entries and describe the different types of adjusting journal entries
• Describe the four basic financial statements, identify and describe the various balance sheet asset classifications, and discuss the importance of income from continuing operations and describe its components
• Compute the future value and present value of a single amount as well as annuities
• Describe the accounting treatment of anticipated uncollectible accounts receivable
• Describe the variables that influence a company's investment in receivables and calculate the key ratios used by analysts to monitor that investment
• Describe the function and primary focus of financial accounting and explain the difference between cash and accrual accounting
• Discuss the primary differences between U.S. GAAP and IFRS with respect to the development of accounting standards and the conceptual framework underlying accounting standards
• Understand routine economic events, transactions, and determine their effects on a company's financial position and on specific accounts
• Differentiate between a perpetual inventory system and a periodic inventory system and between the specific identification, FIFO, LIFO, and average cost methods used to determine the cost of ending inventory and cost of goods sold
• Identify the various costs included in the initial cost of property, plant, and equipment, natural resources, and intangible assets and explain the concept of cost allocation as it pertains to property, plant, and equipment and intangible assets.

General Topics: