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Identify the basic elements of financial statements
Assessment Strategies
through examination
through selected homework
Criteria
you identify business accounting transactions
you identify accounts as assets, liabilities, owner's equity, revenue or expense
you record events with the accounting equation
you explain the role of accounting in organizations
you identify the major elements of financial statements
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Explain accounting for accruals
Assessment Strategies
through examination
through selected homework
Criteria
you explain the concept of accrual vs cash accounting
you identify accrual transactions
you record accrual transactions under an accounting equation
you explain the effects of end-of-period adjustments related to accruals
you prepare simple financial statements for a business
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Record transactions
Assessment Strategies
through examination
through selected homework
Criteria
you explain double-entry accounting systems
you explain debit and credit functions
you prepare T account transactions
you explain closing entries
you prepare a trial balance
you record transactions in a general journal
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Explain accounting internal controls
Assessment Strategies
through examination
through selected homework
Criteria
you explain purpose of internal controls
you identify key elements of strong internal control
you prepare a bank reconciliation
you explain the use of petty cash fund
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Demonstrate accounting for cash
Assessment Strategies
through examination
through selected homework
Criteria
you prepare a bank reconciliation
you explain the use of the petty cash fund
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Analyze accounting for property, plant and equipment
Assessment Strategies
through examination
through selected homework
Criteria
you explain the characteristics of property, plant, and equipment
you explain the difference between current and long term assets
you explain the basics of acquiring property, plant, and equipment
you compute depreciation using different methods
you explain the basics of disposing property, plant and equipment
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Analyze accounting for liabilities
Assessment Strategies
through examination
through selected homework
Criteria
you explain accounting for warranty obligations
you calculate discounts and interest on notes
you explain difference between current and long term liabilities
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Analyze financial statements
Assessment Strategies
through examination
through selected homework
Criteria
you describe the purpose of financial analysis
you evaluate financial statements analysis techniques
you calculate and interpret common ratios used in analysis
you prepare vertical and horizontal analysis
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Explore managerial accounting concepts
Assessment Strategies
through examination
through selected homework
Criteria
you describe the major characteristics of managerial accounting
you classify costs
you compute and analyze unit contribution margin
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Analyze cost/volume/profit
Assessment Strategies
through examination
through selected homework
Criteria
you explain the purpose of CVP analysis
you describe the application of CVP analysis
you compute and interpret the contribution margin
you compute the break even point for single and multiple products
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Prepare budgets
Assessment Strategies
through examination
through selected homework
Criteria
you explain the importance and benefits of budgets
you prepare a master budget
you prepare a cash budget
you prepare a flexible budget
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Use budgets
Assessment Strategies
through examination
through selected homework
Criteria
you explain the importance and benefits of flexible budgets
you prepare a flexible budget
you use a flexible budget to assess operating results