Course

Objective:

Learning Outcomes:

• Understand important accounting principles and concepts underlying the preparation of basic financial statements
• Understand the adjustment and closing processes and their effect on the preparation of trial balances and financial statements
• Accounting for the purchases and sales of inventory, shipping, freight, and other selling expenses in preparation of a multi-step income statement and classified balance sheet under the periodic and perpetual inventory systems
• Compute the cost of inventory using various costing methods, and understand their effects on financial statements
• Understand how to record and report cash and accounts receivables and describe internal controls use to safeguard them
• Understand, record, and report transactions involving long-term assets
• Distinguish between types of liabilities and record for and report current liabilities and long-term debt on the balance sheet
• Prepare a statement of cash flows using the direct and indirect methods and use it to evaluate the company's performance
• Perform a horizontal and vertical analysis of financial statements and compute various financial ratios
• Use the fundamentals of bookkeeping to complete the accounting cycle
• Understand the role of ethics in accounting, the use of internal controls, and the major provisions of the International Financial Reporting Standards (IFRS)
• Understand the treatment of common equity transactions and their impact on paid-in capital, dividends, and retained earnings in the stockholders' equity section of the balance sheet

General Topics: