(TCO 1) Identify Users of Financial Statements
(TCO 1) what information is provided by financial reporting pertains to and how it is used.
(TCO 1) Identify the level of different authoritative categories under GAAP off of a list.
(TCO 2) Identify objectives of financial accounting.
(TCO 2) what consistency is and how it is present in the financial statements.
(TCO 2) Define and understand the full disclosure principle.
(TCO 3) Calculate the cost of supplies purchased during the year.
(TCO 3) Identify a recordable event from a list.
(TCO 3) Identify the required adjusting entry involving unearned revenue.
(TCO 4) Define and understand the term “net assets”.
(TCO 4) Know the rules on classification of current vs. non-current assets.
(TCO 4) Calculate one of the liquidity ratios.
(TCO 5)What are the major elements of the income statement, what is included in earnings per share and how comprehensive income relates to net income.
(TCO 5) What effect on the income statement that a listed transaction might have.
(TCO 5) Calculate the total infrequent losses amount that would not be considered extraordinary.
(TCO 6) Identify the differences in table factors between the tables.
(TCO 6) Identify the proper table and calculation that would be used for a present or future value example.
(TCO 6) Calculate the present value of a lump sum formula given a small exert from the table.
(TCO 7) what is included in accounts receivable, non-trade receivables and what is involved with a sale of receivables.
(TCO 7) What are the characteristics of different types of receivables and how interest and discounts are handled.
(TCO 8) What costs are included in the inventory account.
(TCO 8) what are the effects on the financial statements that an error in recording a certain inventory situation would have.
(TCO 8) what are the advantages and disadvantages of choosing one inventory method over another.
(TCO 1) cover the ruling bodies involved with GAAP, and discuss on history and the process on standard setting.
(TCO 2) what is the conceptual framework and some of its specific areas included in that.
(TCO 3) explain the importance of accruals and deferrals, permanent and temporary accounts and internal/external events.
(TCO 6) You are given a table with 5 rows: Future value of 1, Present value of 1, Future value of ordinary annuity of 1, Present value of ordinary annuity of 1 and Present value of annuity due of 1. You will be given different columns of time periods. You will also be given data regarding leasing of office equipment and told how many payments, the percent and the amount of payment. You will be asked to first calculate the original cost of the computer and then to convert the payment required based in a change of the payment being due at the beginning of the period instead of the end of the period.
(TCO 7)discuss the different methods of bad debt handling on the financial statements and also reasons behind each.
(TCO 8) You will be given information on inventory including the beginning number of units and cost per unit, two different purchases with number of units and cost per unit and the ending balance in number of units. You will be required to calculate the ending inventory amount using FIFO and the cost of goods
TCO 1
KEY CONCEPTS
What are The role of various stakeholders?
What are The development process of the accounting standards?
TCO 2
KEY CONCEPTS
Explain the development of the conceptual framework underlying financial statements. ?
Describe the different financial statement elements. ?
Analyze the value created by the conceptual framework and its elements.?
TCO 4
KEY CONCEPTS
Explain the different categories, characteristics, and limitations of the balance sheet.?
Describe the financial disclosures required related to the balance sheet.?
Analyze risk based on totals on the balance sheet and calculate key balance sheet ratios.?
TCO 5
KEY CONCEPTS
Explain the importance of the income statement and its limitations?.
Calculate the income from continuing operations?.
Describe the handling of separately reported items and corrections of accounting errors. ?
Explain the earnings per share calculations and its importance?.
Explain the Cash flows statement, and identify the different categories?.
Identify differences between U.S. GAAP and IFRS?.
Analyze situations regarding revenue recognition timing, and calculate totals.?
TCO’S These are notes
1
Given information related to accounting standards, describe the role of the various stakeholders in developing accounting standards. Explain how these standards facilitate the use of financial statements in organizations.
2
Given the environment of financial accounting, describe the development of a conceptual framework and the nature and measurement of financial statement elements.
3
Given a comprehensive set of financial data related to fundamental accounting principles, complete the accounting cycle activities.
4
Given financial data recorded in an accounting information system, prepare a Balance Sheet.
5
Given financial data recorded in an accounting information system, prepare an Income Statement and a Statement of Comprehensive Income. Identify the purpose and content of the Statement of Cash Flows.
6
Given the concepts of time value of money, determine the future cash flows and present value of one time transactions, ordinary annuities, and annuity due elements.
7
Given the details of the liquid assets of a business enterprise, distinguish the management and control issues and apply related accounting concepts and procedures in order to properly account for these financial elements.
8
Given the importance of the inventory account to merchandising and manufacturing companies as a significant asset, determine how inventory is valued and analyzed under various inventory methods.
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