Learning Outcomes

icon of a magnifying glass over a list

The content, assignments, and assessments for Financial Accounting are aligned to the following learning outcomes. A full list of course learning outcomes can be viewed here: Financial Accounting Learning Outcomes.

Module 0: Discuss the importance of accounting principles in your personal life

  • 0.1 Use your knowledge of accounting to garner resources to fund your education
  • 0.2 Use your knowledge of accounting to create a healthy financial picture for you and your family
  • 0.3 Use your knowledge of accounting to finance your retirement and leave a legacy for your loved ones

Module 1: Explain the role of accounting in business

  • 1.1 Define accounting and explain its history
  • 1.2 Identify the ways we use accounting
  • 1.3 State the accounting equation
  • 1.4 Explain the effect of transactions on the accounting equation
  • 1.5 Identify challenges in accounting

Module 2: Explain the basic principles of accounting

  • 2.1 Describe organizations and rules that govern accounting
  • 2.2 Identify fundamental concepts of Generally Accepted Accounting Principles
  • 2.3 Identify fundamental principles of accrual based accounting
  • 2.4 Explain the relationship between the U.S. and international accounting standards

Module 3: Understand double-entry accounting

  • 3.1 Identify the basic reporting structure of accounting information
  • 3.2 Identify the accounting books of record
  • 3.3 Account for business transactions using double-entry bookkeeping

Module 4: Describe the complete accounting cycle

  • 4.1 Describe the process of making adjusting journal entries
  • 4.2 Create adjusting journal entries
  • 4.3 Creating the adjusted trial balance
  • 4.4 Use an adjusted trial balance to prepare financial statements
  • 4.5 Prepare and post closing entries

Module 5: Describe the accounting and reporting of cash and cash equivalents

  • 5.1 Explain the concept of internal control over cash
  • 5.2 Establish and maintain a petty cash system
  • 5.3 Recognize the significance of the bank reconciliation as an internal control
  • 5.4 Compare methods of recording credit card transactions
  • 5.5 Present cash and cash equivalents on the financial statements

Module 6: Describe the accounting and reporting of receivables and revenues

  • 6.1 Recognize revenue received on account
  • 6.2 Understand accounting for uncollectible accounts 
  • 6.3 Account for notes receivable
  • 6.4 Describe the proper financial statement presentation of receivables

Module 7: Describe the accounting and reporting of purchases and sales of merchandise

  • 7.1 Identify issues unique to merchandising companies
  • 7.2 Accounting for inventory under the periodic method
  • 7.3 Accounting for inventory under the perpetual method

Module 8: Describe the accounting and reporting of inventory

  • 8.1 Establish the cost of items in inventory
  • 8.2 Apply the conservatism principle to inventory costing
  • 8.3 Demonstrate proper financial statement presentation of inventory and cost of goods sold

Module 9: Describe the accounting and reporting of property, plant, and equipment

  • 9.1 Identify property, plant, and equipment
  • 9.2 Compute depreciation expense on plant assets
  • 9.3 Journalize entries for disposal of assets
  • 9.4 Recognize proper financial presentation of property, plant, and equipment

Module 10: Describe the accounting and reporting of other current and noncurrent assets

  • 10.1 Accounting for natural resources
  • 10.2 Accounting for intangibles
  • 10.3 Accounting for other assets
  • 10.4 Present financial information for other assets

Module 11: Describe the accounting and reporting of current liabilities

  • 11.1 Define current liabilities
  • 11.2 Accounting for trade accounts payable
  • 11.3 Describe payroll accounting
  • 11.4 Identify other current liabilities
  • 11.5 Illustrate proper reporting of current liabilities

Module 12: Describe the accounting and reporting of non-current liabilities

  • 12.1 Recognize long-term debt financing options
  • 12.2 Demonstrate an understanding of bonds payable
  • 12.3 Understand accounting for leases
  • 12.4 Illustrate proper reporting of non-current liabilities

Module 13: Describe the accounting and reporting concepts unique to corporations

  • 13.1 Describe the corporate form of doing business
  • 13.2 Account for issuance of Stock
  • 13.3 Account for distributions to shareholders
  • 13.4 Illustrate financial statement presentation of stockholder’s equity

Module 14: Prepare a Statement of Cash Flows

  • 14.1 Define cash flows and the purpose of the Statement of Cash Flows
  • 14.2 Understand how a statement of Cash Flows is prepared using the indirect method
  • 14.3 Prepare a Statement of Cash Flow

Module 15: Compare financial statements and analyze performance

  • 15.1 Describe how financial statements are used to analyze a business
  • 15.2 Calculate ratios that indicate a company’s ability to pay short-term debt
  • 15.3 Calculate ratios that indicate a company’s operating efficiency
  • 15.4 Calculate ratios that analyze a company’s earnings performance
  • 15.5 Calculate ratios that analyze a company’s long-term debt-paying ability
  • 15.6 Compare financial statements: intercompany and intracompany