Business: Accounting - Student Learning Outcomes

Upon completion of the Business: Accounting AAS degree program, the student will:

• Define basic generally accepted accounting principles
• Describe the accounting cycle
• Identify and journalize business transactions using debits and credits
• Compute net income, total assets, and equity in the preparation of an Income Statement, Balance Sheet, and Statement of Owners' Equity
• Identify and record accounts by classification
• Explain and interpret the balance sheet and notes to financial statements.
• Describe the major types of financial statement fraud.
• Compare and contrast between Income Statements and Statements of Cash Flow for any business activity.
• Prepare entries for the operating activities of a business such as: earnings management, revenue receivables, cash cycle, revenue recognition, inventory, and cost of goods sold.
• Explain the right associated with ownership of common and preferred stock
• Use straight line and declining balance depreciation methods to compute annual depreciation expenses.
• Determine payroll and payroll taxes and summarize the criteria for recognizing a liability associated with compensated absences.
• Detect the various types of errors that can occur in an accounting process and prepare correcting entries when necessary.
• Examine the role of financial, managerial, and cost accounting in the business environment.
• Interpret variable, fixed, and mixed costs.
• Calculate cost-volume-profit relationships apply what-if scenarios and substantiate the results.
• Allocate factory overhead to production costs and explain the effects on the balance sheet and income statement.
• Design and prepare a (1) master budget, (2) flexible budget (3) standard budget; examine their various components and analyze applicable variances.
• Utilize knowledge of product and service costs in setting prices, bidding on contracts, and analyzing the relative profitability of various products and services.
• Discuss the difference between preventative, detective, and corrective controls, both manual and electronic.
• Summarize the major accounting firms, accounting organizations, regulatory organizations and their functions in the U.S.