Course

Course Summary
Credit Type:
Course
ACE ID:
USDA-0551
Organization:
Location:
Classroom-based
Dates Offered:
Credit Recommendation & Competencies
Description

Objective:

To have students gain experience in financial reporting, financial statements and related disclosures, as well as asset measurement and income determination.

Learning Outcomes:

  • Describe the generally accepted accounting principles
  • Discuss the 4 financial statements specified by the FASB to be used by companies
  • Prepare a classified corporate balance sheet
  • Know footnote disclosure requirements
  • Prepare a bank reconciliation and proof of cash
  • Prepare a financial statement presentation of receivables
  • Understand and calculate the four cost flow assumptions
  • Calculate dollar-value LIFO
  • Estimate the cost of inventory
  • Understand construction cost capitalization
  • Compute depreciation
  • Define intangible assets
  • Define research and development
  • Differentiate between managerial and financial accounting
  • Describe the Financial Accounting Standards Board
  • Discuss the 5 qualitative characteristics of useful accounting information
  • Prepare statements of income, retained earnings, and cash flows
  • Record journal entries
  • Define PPE
  • Know how to change and correct depreciation
  • Know the nature and definition of liabilities
  • Prepare the current liabilities section of a balance sheet
Instruction & Assessment
Supplemental Materials