ACC 255 - Principles of Financial Accounting

1. demonstrate problem solving techniques through accounting problem analysis;
2. interpret different types of accounting statements;
3. explain the purpose of the general ledger;
4. prepare  and explain the balance sheet, income statement, and statement of retained earnings;
5. explain the accounting equation and the interaction of its elements;
6. determine through t-account analysis where a transaction should be properly recorded;
7. explain the components of an annual report and its significance to the stockholders;
8. explain the difference between short-term and long-term assets;
9. interpret appropriate asset “valuation” for inventory using different inventory systems;
10. describe the methods of depreciation, identify the methods applicable to given situations;
11. demonstrate through problem analysis the reasoning behind corporate issuance of long-term debt;
12. calculate and apply the necessary tools and techniques for ratio analysis related to statement analysis;
13. evaluate the statement of stockholders’ equity for purposes of comparison;
14. explain how bonds are accounted for.