{"id":2772,"date":"2020-09-04T18:49:49","date_gmt":"2020-09-04T18:49:49","guid":{"rendered":"https:\/\/courses.lumenlearning.com\/wm-financialaccounting\/chapter\/learning-outcomes\/"},"modified":"2020-11-18T17:58:28","modified_gmt":"2020-11-18T17:58:28","slug":"learning-outcomes","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/suny-clinton-financialaccounting\/chapter\/learning-outcomes\/","title":{"raw":"Learning Outcomes","rendered":"Learning Outcomes"},"content":{"raw":"<img class=\"aligncenter wp-image-254\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/2025\/2017\/07\/01225024\/outcomes.jpg\" alt=\"icon of a magnifying glass over a list\" width=\"200\" height=\"201\" \/>\r\n\r\nThe content, assignments, and assessments for Financial Accounting<strong>\u00a0<\/strong>are aligned to the following learning outcomes. A full list of course learning outcomes can be viewed here: <a href=\"https:\/\/docs.google.com\/spreadsheets\/d\/1zzCFCzawgmUrT1OhPQfIeDqNhIhl6y-nElP6nYfXyLc\/edit\" target=\"_blank\" rel=\"noopener\"><strong>Financial Accounting Learning Outcomes<\/strong><\/a>.\r\n<h2>Module 0: Discuss the importance of accounting principles in your personal life<\/h2>\r\n<ul>\r\n \t<li>0.1 Use your knowledge of accounting to garner resources to fund your education<\/li>\r\n \t<li>0.2 Use your knowledge of accounting to create a healthy financial picture for you and your family<\/li>\r\n \t<li>0.3 Use your knowledge of accounting to finance your retirement and leave a legacy for your loved ones<\/li>\r\n<\/ul>\r\n<h2>Module 1: Explain the role of accounting in business<\/h2>\r\n<ul>\r\n \t<li>1.1 Define accounting and explain its history<\/li>\r\n \t<li>1.2 Identify the ways we use accounting<\/li>\r\n \t<li>1.3 State the accounting equation<\/li>\r\n \t<li>1.4 Explain the effect of transactions on the accounting equation<\/li>\r\n \t<li>1.5 Identify challenges in accounting<\/li>\r\n<\/ul>\r\n<h2>Module 2: Explain the basic principles of accounting<\/h2>\r\n<ul>\r\n \t<li>2.1 Describe organizations and rules that govern accounting<\/li>\r\n \t<li>2.2 Identify fundamental concepts of Generally Accepted Accounting Principles<\/li>\r\n \t<li>2.3 Identify fundamental principles of accrual based accounting<\/li>\r\n \t<li>2.4 Explain the relationship between the U.S. and international accounting standards<\/li>\r\n<\/ul>\r\n<h2>Module 3: Understand double-entry accounting<\/h2>\r\n<ul>\r\n \t<li>3.1 Identify the basic reporting structure of accounting information<\/li>\r\n \t<li>3.2 Identify the accounting books of record<\/li>\r\n \t<li>3.3 Account for business transactions using double-entry bookkeeping<\/li>\r\n<\/ul>\r\n<h2>Module 4: Describe the complete accounting cycle<\/h2>\r\n<ul>\r\n \t<li>4.1 Describe the process of making adjusting journal entries<\/li>\r\n \t<li>4.2 Create adjusting journal entries<\/li>\r\n \t<li>4.3 Creating the adjusted trial balance<\/li>\r\n \t<li>4.4 Use an adjusted trial balance to prepare financial statements<\/li>\r\n \t<li>4.5 Prepare and post closing entries<\/li>\r\n<\/ul>\r\n<h2>Module 5: Describe the accounting and reporting of cash and cash equivalents<\/h2>\r\n<ul>\r\n \t<li>5.1 Explain the concept of internal control over cash<\/li>\r\n \t<li>5.2 Establish and maintain a petty cash system<\/li>\r\n \t<li>5.3 Recognize the significance of the bank reconciliation as an internal control<\/li>\r\n \t<li>5.4 Compare methods of recording credit card transactions<\/li>\r\n \t<li>5.5 Present cash and cash equivalents on the financial statements<\/li>\r\n<\/ul>\r\n<h2>Module 6: Describe the accounting and reporting of receivables and revenues<\/h2>\r\n<ul>\r\n \t<li>6.1 Recognize revenue received on account<\/li>\r\n \t<li><span style=\"font-size: 1rem; orphans: 1; text-align: initial;\">6.2 Understand accounting for uncollectible accounts\u00a0<\/span><\/li>\r\n \t<li>6.3 Account for notes receivable<\/li>\r\n \t<li>6.4 Describe the proper financial statement presentation of receivables<\/li>\r\n<\/ul>\r\n<h2>Module 7: Describe the accounting and reporting of purchases and sales of merchandise<\/h2>\r\n<ul>\r\n \t<li>7.1 Identify issues unique to merchandising companies<\/li>\r\n \t<li>7.2 Accounting for inventory under the periodic method<\/li>\r\n \t<li>7.3 Accounting for inventory under the perpetual method<\/li>\r\n<\/ul>\r\n<h2>Module 8: Describe the accounting and reporting of inventory<\/h2>\r\n<ul>\r\n \t<li>8.1 Establish the cost of items in inventory<\/li>\r\n \t<li>8.2 Apply the conservatism principle to inventory costing<\/li>\r\n \t<li>8.3 Demonstrate proper financial statement presentation of inventory and cost of goods sold<\/li>\r\n<\/ul>\r\n<h2>Module 9: Describe the accounting and reporting of property, plant, and equipment<\/h2>\r\n<ul>\r\n \t<li>9.1 Identify property, plant, and equipment<\/li>\r\n \t<li>9.2 Compute depreciation expense on plant assets<\/li>\r\n \t<li>9.3 Journalize entries for disposal of assets<\/li>\r\n \t<li>9.4 Recognize proper financial presentation of property, plant, and equipment<\/li>\r\n<\/ul>\r\n<h2>Module 10: Describe the accounting and reporting of other current and noncurrent assets<\/h2>\r\n<ul>\r\n \t<li>10.1 Accounting for natural resources<\/li>\r\n \t<li>10.2 Accounting for intangibles<\/li>\r\n \t<li>10.3 Accounting for other assets<\/li>\r\n \t<li>10.4 Present financial information for other assets<\/li>\r\n<\/ul>\r\n<h2>Module 11: Describe the accounting and reporting of current liabilities<\/h2>\r\n<ul>\r\n \t<li>11.1 Define current liabilities<\/li>\r\n \t<li>11.2 Accounting for trade accounts payable<\/li>\r\n \t<li>11.3 Describe payroll accounting<\/li>\r\n \t<li>11.4 Identify other current liabilities<\/li>\r\n \t<li>11.5 Illustrate proper reporting of current liabilities<\/li>\r\n<\/ul>\r\n<h2>Module 12: Describe the accounting and reporting of non-current liabilities<\/h2>\r\n<ul>\r\n \t<li>12.1 Recognize long-term debt financing options<\/li>\r\n \t<li>12.2 Demonstrate an understanding of bonds payable<\/li>\r\n \t<li>12.3 Understand accounting for leases<\/li>\r\n \t<li>12.4 Illustrate proper reporting of non-current liabilities<\/li>\r\n<\/ul>\r\n<h2>Module 13: Describe the accounting and reporting concepts unique to corporations<\/h2>\r\n<ul>\r\n \t<li>13.1 Describe the corporate form of doing business<\/li>\r\n \t<li>13.2 Account for issuance of Stock<\/li>\r\n \t<li>13.3 Account for distributions to shareholders<\/li>\r\n \t<li>13.4 Illustrate financial statement presentation of stockholder's equity<\/li>\r\n<\/ul>\r\n<h2>Module 14: Prepare a Statement of Cash Flows<\/h2>\r\n<ul>\r\n \t<li>14.1 Define cash flows and the purpose of the Statement of Cash Flows<\/li>\r\n \t<li>14.2 Understand how a statement of Cash Flows is prepared using the indirect method<\/li>\r\n \t<li>14.3 Prepare a Statement of Cash Flow<\/li>\r\n<\/ul>\r\n<h2>Module 15: Compare financial statements and analyze performance<\/h2>\r\n<ul>\r\n \t<li>15.1 Describe how financial statements are used to analyze a business<\/li>\r\n \t<li>15.2 Calculate ratios that indicate a company's ability to pay short-term debt<\/li>\r\n \t<li>15.3 Calculate ratios that indicate a company's operating efficiency<\/li>\r\n \t<li>15.4 Calculate ratios that analyze a company\u2019s earnings performance<\/li>\r\n \t<li>15.5 Calculate ratios that analyze a company\u2019s long-term debt-paying ability<\/li>\r\n \t<li>15.6 Compare financial statements: intercompany and intracompany<\/li>\r\n<\/ul>","rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-254\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/2025\/2017\/07\/01225024\/outcomes.jpg\" alt=\"icon of a magnifying glass over a list\" width=\"200\" height=\"201\" \/><\/p>\n<p>The content, assignments, and assessments for Financial Accounting<strong>\u00a0<\/strong>are aligned to the following learning outcomes. A full list of course learning outcomes can be viewed here: <a href=\"https:\/\/docs.google.com\/spreadsheets\/d\/1zzCFCzawgmUrT1OhPQfIeDqNhIhl6y-nElP6nYfXyLc\/edit\" target=\"_blank\" rel=\"noopener\"><strong>Financial Accounting Learning Outcomes<\/strong><\/a>.<\/p>\n<h2>Module 0: Discuss the importance of accounting principles in your personal life<\/h2>\n<ul>\n<li>0.1 Use your knowledge of accounting to garner resources to fund your education<\/li>\n<li>0.2 Use your knowledge of accounting to create a healthy financial picture for you and your family<\/li>\n<li>0.3 Use your knowledge of accounting to finance your retirement and leave a legacy for your loved ones<\/li>\n<\/ul>\n<h2>Module 1: Explain the role of accounting in business<\/h2>\n<ul>\n<li>1.1 Define accounting and explain its history<\/li>\n<li>1.2 Identify the ways we use accounting<\/li>\n<li>1.3 State the accounting equation<\/li>\n<li>1.4 Explain the effect of transactions on the accounting equation<\/li>\n<li>1.5 Identify challenges in accounting<\/li>\n<\/ul>\n<h2>Module 2: Explain the basic principles of accounting<\/h2>\n<ul>\n<li>2.1 Describe organizations and rules that govern accounting<\/li>\n<li>2.2 Identify fundamental concepts of Generally Accepted Accounting Principles<\/li>\n<li>2.3 Identify fundamental principles of accrual based accounting<\/li>\n<li>2.4 Explain the relationship between the U.S. and international accounting standards<\/li>\n<\/ul>\n<h2>Module 3: Understand double-entry accounting<\/h2>\n<ul>\n<li>3.1 Identify the basic reporting structure of accounting information<\/li>\n<li>3.2 Identify the accounting books of record<\/li>\n<li>3.3 Account for business transactions using double-entry bookkeeping<\/li>\n<\/ul>\n<h2>Module 4: Describe the complete accounting cycle<\/h2>\n<ul>\n<li>4.1 Describe the process of making adjusting journal entries<\/li>\n<li>4.2 Create adjusting journal entries<\/li>\n<li>4.3 Creating the adjusted trial balance<\/li>\n<li>4.4 Use an adjusted trial balance to prepare financial statements<\/li>\n<li>4.5 Prepare and post closing entries<\/li>\n<\/ul>\n<h2>Module 5: Describe the accounting and reporting of cash and cash equivalents<\/h2>\n<ul>\n<li>5.1 Explain the concept of internal control over cash<\/li>\n<li>5.2 Establish and maintain a petty cash system<\/li>\n<li>5.3 Recognize the significance of the bank reconciliation as an internal control<\/li>\n<li>5.4 Compare methods of recording credit card transactions<\/li>\n<li>5.5 Present cash and cash equivalents on the financial statements<\/li>\n<\/ul>\n<h2>Module 6: Describe the accounting and reporting of receivables and revenues<\/h2>\n<ul>\n<li>6.1 Recognize revenue received on account<\/li>\n<li><span style=\"font-size: 1rem; orphans: 1; text-align: initial;\">6.2 Understand accounting for uncollectible accounts\u00a0<\/span><\/li>\n<li>6.3 Account for notes receivable<\/li>\n<li>6.4 Describe the proper financial statement presentation of receivables<\/li>\n<\/ul>\n<h2>Module 7: Describe the accounting and reporting of purchases and sales of merchandise<\/h2>\n<ul>\n<li>7.1 Identify issues unique to merchandising companies<\/li>\n<li>7.2 Accounting for inventory under the periodic method<\/li>\n<li>7.3 Accounting for inventory under the perpetual method<\/li>\n<\/ul>\n<h2>Module 8: Describe the accounting and reporting of inventory<\/h2>\n<ul>\n<li>8.1 Establish the cost of items in inventory<\/li>\n<li>8.2 Apply the conservatism principle to inventory costing<\/li>\n<li>8.3 Demonstrate proper financial statement presentation of inventory and cost of goods sold<\/li>\n<\/ul>\n<h2>Module 9: Describe the accounting and reporting of property, plant, and equipment<\/h2>\n<ul>\n<li>9.1 Identify property, plant, and equipment<\/li>\n<li>9.2 Compute depreciation expense on plant assets<\/li>\n<li>9.3 Journalize entries for disposal of assets<\/li>\n<li>9.4 Recognize proper financial presentation of property, plant, and equipment<\/li>\n<\/ul>\n<h2>Module 10: Describe the accounting and reporting of other current and noncurrent assets<\/h2>\n<ul>\n<li>10.1 Accounting for natural resources<\/li>\n<li>10.2 Accounting for intangibles<\/li>\n<li>10.3 Accounting for other assets<\/li>\n<li>10.4 Present financial information for other assets<\/li>\n<\/ul>\n<h2>Module 11: Describe the accounting and reporting of current liabilities<\/h2>\n<ul>\n<li>11.1 Define current liabilities<\/li>\n<li>11.2 Accounting for trade accounts payable<\/li>\n<li>11.3 Describe payroll accounting<\/li>\n<li>11.4 Identify other current liabilities<\/li>\n<li>11.5 Illustrate proper reporting of current liabilities<\/li>\n<\/ul>\n<h2>Module 12: Describe the accounting and reporting of non-current liabilities<\/h2>\n<ul>\n<li>12.1 Recognize long-term debt financing options<\/li>\n<li>12.2 Demonstrate an understanding of bonds payable<\/li>\n<li>12.3 Understand accounting for leases<\/li>\n<li>12.4 Illustrate proper reporting of non-current liabilities<\/li>\n<\/ul>\n<h2>Module 13: Describe the accounting and reporting concepts unique to corporations<\/h2>\n<ul>\n<li>13.1 Describe the corporate form of doing business<\/li>\n<li>13.2 Account for issuance of Stock<\/li>\n<li>13.3 Account for distributions to shareholders<\/li>\n<li>13.4 Illustrate financial statement presentation of stockholder&#8217;s equity<\/li>\n<\/ul>\n<h2>Module 14: Prepare a Statement of Cash Flows<\/h2>\n<ul>\n<li>14.1 Define cash flows and the purpose of the Statement of Cash Flows<\/li>\n<li>14.2 Understand how a statement of Cash Flows is prepared using the indirect method<\/li>\n<li>14.3 Prepare a Statement of Cash Flow<\/li>\n<\/ul>\n<h2>Module 15: Compare financial statements and analyze performance<\/h2>\n<ul>\n<li>15.1 Describe how financial statements are used to analyze a business<\/li>\n<li>15.2 Calculate ratios that indicate a company&#8217;s ability to pay short-term debt<\/li>\n<li>15.3 Calculate ratios that indicate a company&#8217;s operating efficiency<\/li>\n<li>15.4 Calculate ratios that analyze a company\u2019s earnings performance<\/li>\n<li>15.5 Calculate ratios that analyze a company\u2019s long-term debt-paying ability<\/li>\n<li>15.6 Compare financial statements: intercompany and intracompany<\/li>\n<\/ul>\n","protected":false},"author":17,"menu_order":3,"template":"","meta":{"_candela_citation":"[]","CANDELA_OUTCOMES_GUID":"","pb_show_title":"on","pb_short_title":"","pb_subtitle":"","pb_authors":[],"pb_section_license":""},"chapter-type":[],"contributor":[],"license":[],"class_list":["post-2772","chapter","type-chapter","status-publish","hentry"],"part":2769,"_links":{"self":[{"href":"https:\/\/courses.lumenlearning.com\/suny-clinton-financialaccounting\/wp-json\/pressbooks\/v2\/chapters\/2772","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/courses.lumenlearning.com\/suny-clinton-financialaccounting\/wp-json\/pressbooks\/v2\/chapters"}],"about":[{"href":"https:\/\/courses.lumenlearning.com\/suny-clinton-financialaccounting\/wp-json\/wp\/v2\/types\/chapter"}],"author":[{"embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/suny-clinton-financialaccounting\/wp-json\/wp\/v2\/users\/17"}],"version-history":[{"count":3,"href":"https:\/\/courses.lumenlearning.com\/suny-clinton-financialaccounting\/wp-json\/pressbooks\/v2\/chapters\/2772\/revisions"}],"predecessor-version":[{"id":6303,"href":"https:\/\/courses.lumenlearning.com\/suny-clinton-financialaccounting\/wp-json\/pressbooks\/v2\/chapters\/2772\/revisions\/6303"}],"part":[{"href":"https:\/\/courses.lumenlearning.com\/suny-clinton-financialaccounting\/wp-json\/pressbooks\/v2\/parts\/2769"}],"metadata":[{"href":"https:\/\/courses.lumenlearning.com\/suny-clinton-financialaccounting\/wp-json\/pressbooks\/v2\/chapters\/2772\/metadata\/"}],"wp:attachment":[{"href":"https:\/\/courses.lumenlearning.com\/suny-clinton-financialaccounting\/wp-json\/wp\/v2\/media?parent=2772"}],"wp:term":[{"taxonomy":"chapter-type","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/suny-clinton-financialaccounting\/wp-json\/pressbooks\/v2\/chapter-type?post=2772"},{"taxonomy":"contributor","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/suny-clinton-financialaccounting\/wp-json\/wp\/v2\/contributor?post=2772"},{"taxonomy":"license","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/suny-clinton-financialaccounting\/wp-json\/wp\/v2\/license?post=2772"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}