Upon course completion, students will be able to:
1. Explain how accounting is the system that produces information for business decisions.
2. Demonstrate the ability to determine how financial transactions affect the financial reports.
3. Classify financial transactions as operating, investing, and financing activities.
4. Recognize the order of assembling data in the accounting system and prepare financial statements using a manual and/or computerized system.
5. Discuss the purpose, form, and content of financial statements through written and verbal communications emphasizing issues dealing with ethics and values.
6. Analyze the differences between accrual accounting and cash flows especially the difference between cash flow and revenue/expense recognition.
7. Explain the relationship between the valuations of assets: including inventory, receivables and other assets and the measurement of net income.
8. Compare depreciation methods and understand the factors affecting the choice of method and impact of changes in the estimate of the asset-life or residual value.