Introductory Accounting 1

Course Critical Performance and Learning Outcomes

CRITICAL PERFORMANCE:

By the end of this course, students will have demonstrated the

ability to complete the accounting cycle for a business entity.

LEARNING OUTCOMES:

To achieve the critical performance, students will have demonstrated

the ability to:

1. Analyze business transactions using the accounting equation.

2. Record transactions in the journal, post from the journal to the
ledger and prepare a trial balance.
3. Prepare a worksheet.
4. Record typical adjusting entries at the end of the accounting
period and prepare an adjusted trial balance.
5. Prepare a balance sheet, an income statement and a statement of
owner's equity from the adjusted trial balance.
6. Prepare closing entries for the revenue, expense and drawings
accounts.
7. Classify assets and liabilities as current or long-term.
8. Prepare financial statements for a merchandising entity that uses
the perpetual inventory system.
9. Prepare journal entries for a perpetual inventory system.
10.Prepare a bank reconciliation and account for petty cash
transactions.
11.Prepare journal entries to record and pay payroll liabilities for
employees and for payroll costs levied on employers.
12.Identify the correct activity classification on the cash flow
statement for a variety of business transactions.

Introductory Accounting 2
1. Account for current assets using a variety of acceptable methods

to report their balances on the financial statements.

2. Describe long-term assets and apply the cost principle to

calculate their costs.

3. Calculate and record amortization using straight-line, units-of-

production and declining balance methods.

4. Prepare journal entries for the disposition of assets.

5. Describe the characteristics of current and long-term liabilities.

6. Calculate interest with respect to notes payable.

7. Prepare journal entries to account for all aspects of

partnerships.

8. Prepare the shareholders' equity section of a corporate balance

Sheet.

9. Record the issuance and retirement of common and preferred shares

and account for the distribution of a variety of dividends. .

10.Record closing entries for a corporation.

11.Calculate earnings per share and describe its uses.

12.Record issuance of bonds.

13.Prepare a simple cash flow statement.

Intermediate Accounting 1A
1. Explain the objectives of financial reporting and the need for generally accepted
accounting principles.

2. Define the basic elements of financial statements.

3. Describe the basic foundational concepts and constraints in accounting.

4. Explain the steps of the accounting cycle.

5. Prepare a single-step and multiple-step income statement with irregular items and
discontinued operations.

6. Prepare a retained earnings statement and explain how comprehensive income is

reported.

7. Explain the difference between the cash basis of accounting and the accrual basis of
accounting.

8. Prepare a classified balance sheet and identify information that requires supplemental
disclosure.

9. Prepare the operating activities section of the cash flow statement.

10. Analyze financial performance using ratios.

11. Apply the revenue recognition principle to various types of sales and service contracts.
 ACCG21646
Intermediate Accounting 1B
1. Explain the accounting issues related to cash, cash equivalents,

accounts receivable, notes receivable, loans receivable and the

disposition of receivables.

2. Use the two common techniques to control cash.

3. Explain how receivables and loans are measured, reported and

analyzed.

4. Determine the cost of inventory items to be included on an

enterprise's balance sheet.

5. Estimate inventory by using the gross profit method and retail

method.

6. Account for investments in various equity and debt instruments.

7. Apply the equity method of accounting.

8. Identify the costs to include in the initial and subsequent

valuation of property, plant and equipment.

9. Calculate amortization charges using various methods of

amortization.

10. Apply the accounting standards for capital asset impairment and

long-lived assets that will be disposed of through sale.

11. Identify the characteristics, recognition and measurement

requirements for intangible assets.

12. Record goodwill at acquisition and subsequent to acquisition.

Intermediate Accounting 2A
1. Report known and estimated current liabilities.

2. Prepare the proper accounting journal entries for Asset

Retirement Obligations (AROs) and for contingencies.

3. Properly record bond issuance and retirement transactions.

4. Record common stock issuance and repurchase

transactions.

5. Prepare a Shareholders' Equity section of the Balance

Sheet.

6. Record all types of dividends.

7. Report the issuance and retirement of complex financial

instruments.

8. Report derivatives.

9. Report stock option transactions.

10. Calculate basic and diluted earnings per share.

Intermediate Accounting 2B
1. Report the effect of permanent and temporary

differences between accounting income and taxable income

2. Report tax loss carryback and carryforward transactions

3. Determine the correct amount of pension expense for a

defined benefit pension plan

4. Report the effects of past service contributions, actuarial gains

and losses and post retirement benefits

5. For lessees prepare the appropriate journal entries

for capital and non-capital leases

6. For lessors, prepare the journal entries for sale-type leases and

direct financing leases

7. Prepare journal entries and financial statement

changes for prior year errors and for accounting policy changes

8. Prepare financial statement error analysis

9. Prepare a cash flow statement using the direct and

indirect methods
10. Report a company's operations by major segments

11. Report related party transactions and subsequent events