BA 211 - Financial Accounting I

• CLO#1: Use accounting vocabulary; apply accounting concepts and principles; use the accounting equation; analyze business transactions; prepare financial statements; and evaluate business performance.
• CLO#2: Use accounting terms; apply the rules of debit and credit; record transactions in the journal; post from the journal to the ledger; and prepare and use a trial balance.
• CLO#3: Distinguish accrual accounting from cash-basis accounting; apply the revenue and matching principles; make adjusting entries; prepare an adjusted trial balance; and prepare the financial statements from the adjusting trial balance.
• CLO#4: Prepare an accounting work sheet; use the work sheet; close the revenue, expense, and dividend accounts; classify assets and liabilities as current or long-term.
• CLO#5: Account for the purchase of inventory; account for the sale of inventory; adjust and close the accounts of a merchandising business; prepare a merchandiser’s financial statements; use gross profit percentage and inventory turnover to evaluate a business; and compute cost of goods sold in a periodic inventory system.
• CLO#6: Account for inventory by the FIFO, LIFO, and average-cost methods in the perpetual and periodic inventory systems; compare the effects of FIFO, LIFO, and average cost; apply the lower-of-cost-or-market rule to inventory; measure the effects of inventory errors; and estimate ending inventory by the gross profit method.
• CLO#7: Define internal control; describe good internal control procedures; prepare bank reconciliation and the related journal entries; apply internal controls to cash receipts; apply internal controls to cash payments; and make ethical business judgments.
• CLO#8: Design internal controls for receivables; use the allowance method to account for receivables; understand the direct write-off method for receivables; account for notes receivable and discount a notes receivable; report receivables on the balance sheet; and use the acid-test ratio and days’ sales in receivables to evaluate a company.
• CLO#9: Measure the cost of a plant asset; account for depreciation; select the best depreciation method for tax purposes; account for the disposal of a plant asset; account for natural resources; and account for intangible assets.
• CLO#10: Account for current liabilities of known amount; account for current liabilities that must be estimated; compute payroll amounts; record basic payroll transactions; use a payroll system; account for bonds payable; measure interest expense by the straight-line amortization method; account for retirement and conversion of bonds payable; report liabilities on the balance sheet; and apply the time value of money concepts for bond purchases.
• CLO#11: Identify the characteristics of a corporation; record the issuance of stock; prepare the stockholders’ equity section of a corporation balance sheet; account for cash dividends; use different stock values in decision making; evaluate return on assets and return on stockholders’ equity; and account for the income tax of a corporation.
• CLO#12: Account for stock dividends; distinguish stock splits from stock dividends; account for treasury stock; report restrictions on retained earnings; and analyze a corporate income statement.
• CLO#13: Indicate the usefulness of the statement of cash flows; distinguish among operating, investing, and financing activities; prepare a statement of cash flows using the indirect and direct methods; and analyze the statement. (ILO: Quantitative Literacy and Reasoning)