If you do well in this course, you will be able to:

• 1.1 Analyze business transactions and their effect on the accounting equation
• 1.2 Journalize and post daily transactions, adjusting and closing entries using the double-entry accrual basis accounting system
• 1.3 Prepare the income statement, statement of owner's equity, and balance sheet from the adjusted trial balance
• 2.1 Explain the purpose, objective and principles of internal control
• 2.2 Illustrate the application of internal control to cash (receipts and disbursements) and other assets
• 2.3 Prepare bank reconciliation and the associated journal entries
• 3.1 Journalize the purchase and sale of inventory
• 3.2 Account for inventory and cost of goods sold using various cost flow assumptions
• 3.3 Compute the lower of cost or market
• 4.1 Account for bad debt
• 4.2 Account for notes receivable using accrual based accounting methods
• 5.1 Compute depreciation, depletion and amortization in accordance with acceptable accounting methods
• 5.2 Account for the life cycle of long-term operational assets
• 6.1 Account for current liabilities using accrual based accounting methods
• 6.2 Differentiate between current and long-term liabilities
• 7.1 Account for long-term liabilities using acceptable accounting principles to include bonds payable and installment notes
• 7.2 Calculate the amounts involved in accounting for long-term liabilities to include bond issue price, interest and redemption and installment note payments and interest
• 8.1 Account for corporate transactions with stockholders to include issuance of stock, dividends, repurchase of stock and stock splits
• 8.2 Prepare a statement of retained earnings and a statement of stockholders' equity
• 9.1 Differentiate between operating, investing and financing activities as well as noncash investing and financing transactions
• 9.2 Prepare the statement of cash flows
• 10.0 Analyze financial statements to assess the liquidity, efficiency, solvency, market prospects and profitability of businesses