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Learning Objectives for the second exam

Learning Objectives for the second exam - • Be able to...

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GB112, Fall 09 Learning Objectives for the Second Exam Day 11 Understand the accounting equation. Be able to list and describe the four basic financial statements. Be able to define and give examples of the financial statement elements. Understand the concept of articulation Days 12 through 16 Compare cash and accrual accounting, and be able to define and illustrate accrual accounting. Be able to create a balance sheet, an income statement and a statement of retained earnings in good form.
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Unformatted text preview: • Be able to conduct transaction analysis (given a business transaction know how it affects the accounting equation and the financial statements). • Know the generally accepted accounting principles of financial reporting (such as revenue recognition, matching, separate entity, full disclosure, materiality, etc.). • Define and explain the acronym IFRS and be aware of the U.S. roadmap. • Be able to prepare journal entries and record transactions in T accounts....
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