Introduction:
Financial Accounting uses an integrated approach to teach accounting. Students first learn how
businesses plan for and evaluate their operating, financing and investing decisions and then how
accounting systems gather and provide data to internal and external decisions makers. This year-long
course covers all the learning objectives of a traditional college level financial accounting course, plus
those from a managerial accounting course. Topics include an introduction to accounting, accounting
information systems, time value of money, and accounting for merchandising firms, sales and
receivables, fixed assets, debt and equity. Other topics include statement of cash flows, financial ratios,
cost-volume profit analysis and variance analysis.
Curriculum
- 10 Sections
- 64 Lessons
- 14 Days
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- Introduction to Accounting & Financial Reporting1
- Cost-Volume-Profit Analysis14
- 3.0Explain how and why the conceptual framework of accounting and generally accepted accounting principles provide guidance and structure for preparing financial statements
- 3.1Describe the information provided in each financial statement and how the statements articulate with each other
- 3.2Identify business ownership structures
- 3.3Explain the role of management and the auditor in preparing and issuing an annual report
- 3.4Describe the relationship between assets, liabilities and equity on the balance sheet
- 3.5Identify and explain the classifications within assets, liabilities, and equity
- 3.6Define and calculate the current ratio and debt-equity ratio
- 3.7Describe the information presented in an income statement
- 3.8Calculate return on sales (net profit margin) and return on equity
- 3.9Identify and explain the three phases of the management cycle
- 3.10Identify and explain the four business processes
- 3.11Explain and calculate the operating cycle ( accounts receivable turnover and inventory turnover)
- 3.12Explain how internal control procedures are used to safeguard assets
- 3.13Prepare bank reconciliation
- Accounting Information System8
- 4.0Describe the purpose of the accounting system
- 4.1Describe the purpose of journals and ledgers and their relationship
- 4.2Analyze and describe how business transactions impact the accounting equation
- 4.3Apply the double-entry system of accounting to record business transactions and prepare a trial balance
- 4.4Explain the need for adjusting entries and record adjusting entries
- 4.5Prepare the financial statements for the different types of business operations and ownership structures
- 4.6Explain the purposes of the closing process and record closing entries
- 4.7Complete the steps in the accounting cycle and prepare financial statements
- Accounting for Merchandising Companies15
- 5.0Describe the differences between the periodic and perpetual inventory systems
- 5.1Record business transactions using the periodic inventory system and the perpetual inventory system
- 5.2Describe the difference between the gross price method and the net price method
- 5.3Record business transactions using the gross price method and the net price method
- 5.4Determine cash paid for inventory and operating expenses
- 5.5Identify and describe the cost flow assumptions for inventory and explain the impact on the balance sheet and income statement
- 5.6Calculate cost of goods sold and ending inventory using LIFO and FIFO inventory costing methods
- 5.7Explain how inventory for a manufacturing business differs from inventory for a merchandising business
- 5.8Explain how an activity-based costing system operates, including the identification of activity cost pools, and the selection of cost drivers
- 5.9Explain the flow of costs through the manufacturing accounts used in product costing
- 5.10Compute a predetermined overhead rate, and explain its use in job-order costing
- 5.11Determine whether manufacturing overhead is over/under-applied
- 5.12Prepare journal entries to record the costs of direct material, direct labor, and manufacturing overhead in a job-order costing system
- 5.13Prepare a schedule of cost of goods manufactured, a schedule of cost of goods sold, and an income statement for a manufacturer
- 5.14Calculate payroll taxes
- Accounting for Sales and Accounts Receivable4
- 6.0Describe the criteria used to determine revenue recognition
- 6.1Record revenue-related transactions
- 6.2Explain the accounting methods used to determine the value of accounts receivable to be reported on the balance sheet and describe the effect on the income statement
- 6.3Record transactions for accounts receivable, including uncollectible accounts, write-offs, and recoveries
- Time Value of Money1
- Accounting for Fixed Assets4
- 8.0Use net present value concepts to make investment decisions
- 8.1Explain the purpose and methods of cost allocation
- 8.2Calculate and record depreciation, depletion and amortization and explain the impact on the financial statements
- 8.3Record the sale and disposal of fixed assets and the impact on the financial statements
- Accounting for Debt7
- 9.0Compare and contrast debt and equity financing
- 9.1Define and calculate TIE (Times-interest-earned ratio)
- 9.2Compare and contrast a periodic payment note payable, a lump-sum note payable, and a periodic and lump-sum note payable
- 9.3Calculate the carrying value, interest expense and cash payment for note payable (periodic payment, lump-sum, periodic and lump-sum) transactions
- 9.4Record transactions for notes payable: issuance and interest expense
- 9.5Record transactions for bonds issued at face value, a premium and a discount
- 9.6Record interest expense for bonds issued at face value, a premium and a discount using the straight-line method and effective-interest method
- Accounting for Stockholder’s Equity3
- 10.0Identify and describe the different classes of stock and explain the rights afforded each class of stock
- 10.1Describe the difference between cash dividends, stock dividends and stock splits, and the impact on the financial statements
- 10.2Record stock transactions: contributions by owners, corporate distributions (dividends), and the reacquisition of company stock
- Financial Statements7
- 11.0Describe the information provided in an income statement, and the purpose of an income statement
- 11.1Prepare an income statement
- 11.2Explain the difference in net income and income from continuing operations (discontinued operations, extraordinary items)
- 11.3Describe the information provided in a balance sheet and statement of equity, and the purpose of a balance sheet and statement of equity
- 11.4Prepare a balance sheet and statement of equity
- 11.5Describe the information provided in statement of cash flows, and the purpose of a statement of cash flows
- 11.6Prepare a statement of cash flows using the direct method
