Accounting
Course Learning Outcomes are measurable statements that are used to identify the specific knowledge and skills that a student should have at the end of a course.
L1- Apply Generally Accepted Accounting Principles (GAAP) to appropriately categorize common types of business transactions.
L2- Prepare the basic financial statements: balance sheet, income statement, statement of cash flows, and statement of retained earnings.
L3- Apply ratio analysis to financial statement information for the purpose of evaluating company performance.
L1- Apply managerial accounting concepts to classify costs for the purpose of making business decisions.
L2- Apply job order costing by assigning direct materials, direct labor, and manufacturing overhead to a specific job or cost object.
L3- Conduct cost-volume-profit analysis using contribution margin income statements.
L4- Apply overhead costs to products and customers using activity-based costing (ABC).
L5- Apply budgeting principles to create a master budget.
L6- Conduct variance analysis by comparing budgeted and actual results.
L1- Identifying, analyzing, and recording the major classifications of business/economic transactions.
L2- Reading, analyzing, interpreting, and preparing the four major financial statements.
L3- Understanding how top officers and managers of the firm use financial accounting information to manage and govern the firm
L4- Read and analyze financial statements and then use this information in setting or modifying the strategic plans of a firm.
L5- Interpreting financial information and making business decisions.
L6- Applying basic cost analysis techniques.
L1- To understand major assumption of accounting theory, accounting principles, and constraints/regulations that guide external financial reporting
L2- To understand the relationship among different financial statements – balance sheet and statement of cash flows, income statement, statement of retain earnings and balance sheet
L3- To apply US GAAP as it pertains to current and non-current assets
L4- To be able to understand the constant changes taking place in the GAAP environment.
L1- Distinguish between gross income and excluded items, deductible and nondeductible expenditures, determine the basis, amount, nature of gain or loss in property disposition, and basic tax planning when applicable
L1- Learn the basics of tax research, communication skills and the use of emerging technologies
L2- Gain a deeper understanding of and a working knowledge of federal income taxation as it applies to property transactions, partnerships, C Corporation and S corporations
L3- Increased understanding of the role taxation has in decision making and tax planning
L4- Prepare for various professional exams
L5- Students will be able to determine a taxpayer’s basis in property, amount and nature of any gain/loss on the disposition of the property.
L6- Understand the new tax law changes including the Qualified Business deduction
L1- Analyze different allocation and costing methods in order to choose and apply the correct method. Calculate and apply chosen method correctly.
L2- Examine cases based in principles learned in the course and give recommendations and brief implementation strategy for your recommendations.
L3- Design and develop financial budgets.
L4- Apply tools for cost estimation and short-term planning.
L1- Describe in detail the purpose of an accounting information system and its role in business structure, processes, and performance.
L2- Prepare and use systems documentation techniques to analyze information flows and processes in an organization.
L3- Describe and demonstrate how data is organized and stored in an accounting information system, including journals, ledgers, and charts of accounts.
L4- Perform appropriate procedures to extract information from an accounting information system.
L5- Explain how systems can be designed to facilitate effective internal controls.
L1- Translate journal entries into financial statements.
L2- Record transactions in journal entries using proper valuation and accounts.
L3- Apply GAAP as it pertains to the above listed topics through proper interpretation and classification.
L4- Evaluate competing forms of acceptable GAAP standards to produce desired results.
L1- Learn the basics of tax research, learn how to communicate results and write a tax memo, and learn how to use emerging technologies such as Checkpoint
L2- Gain a deeper understanding of and a working knowledge of federal income taxation as it applies to partnerships, S corporations, trusts, estates, taxation under multiple jurisdictions, and how to accounting for income taxes on the financial statements (fundamental concepts and mechanics)
L3- Understand the administrative and judicial aspects of the tax law. Understand the federal code, regulations, revenue rulings and other IRS guidance.
L4- Have an increased understanding of the role taxation has in decision making and tax planning
L5- Prepare for various professional exams such as the CPA Exam
L1- Develop an understanding of the fraud triangle and be able to identify each component in a given circumstance.
L2- Understand and identify types of evidence gathered by auditors and the related assertions.
L3- Understand and apply critical aspects involved in planning an audit, including: assessing appropriate risk levels; evaluating internal controls; identifying management assertions and connecting them to audit procedures