210objectives-assignments

210objectives-assignments - North Carolina State University...

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North Carolina State University ACC 210 – Course Objectives CHAPTER 1 – Introduction to Financial Statements Students should be able to: 1. Describe the role of accounting in business and society, 2. Identify the primary users of accounting information, 3. Identify the financial statements and explain how they are interrelated, 4. Explain and contrast the forms of business organization. 5. Explain the meaning of assets, liabilities, and stockholder’s equity, and state the basic accounting equation, 6. Prepare an income statement, balance sheet and cash flow statement, 7. Describe the components that supplement the financial statements in an annual report. CHAPTER 2 – A Further Look at Financial Statements Students should be able to: 1. Identify the sections of a classified balance sheet, 2. Identify and compute ratios for analyzing a company’s profitability, 3. Explain the relationship between a retained earnings statement and a statement of stockholders’ equity. 4. Identify and compute ratios for analyzing a company’s liquidity and solvency using a balance sheet. 5. Use the statement of cash flows to evaluate solvency, 6. Explain the meaning of generally accepted accounting principles, 7. Discuss financial reporting concepts. CHAPTER 3 – The Accounting Information System Students should be able to: 1. Analyze the effects of business transactions on the basic accounting equation, 2. Explain what an account is and how it helps in the recording process. 3. Define debits and credits and explain how they are used to record business transactions, 4. Record transactions using debits and credits, 5. Identify the basic steps in the recording process, 6. Explain what a journal is and how it helps in the recording process, 7. Explain what a ledger is and how it helps in the recording process, 8. Explain what posting is and how it helps in the recording process, 9. Explain the purposes of a trial balance, 10. Record transactions, post transactions to a ledger, and prepare a trial balance. CHAPTER 4 – Accrual Accounting Concepts Students should be able to: 1. Explain the revenue recognition principle and the matching principle, 2. Differentiate between the cash basis and the accrual basis of accounting, 3. Explain why adjusting entries are needed, and identify the major types of adjusting entries, 4. Prepare adjusting entries for prepayments, 5. Prepare adjusting entries for accruals, 6. Describe the nature and purpose of the adjusted trial balance,
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This note was uploaded on 04/21/2009 for the course ACC 210 taught by Professor Staff during the Spring '07 term at N.C. State.

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210objectives-assignments - North Carolina State University...

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