| Advanced Accounting
Student Learnings:
What students should know and be able to do
- Explain the purposes of notes receivable; establish
and maintain accounts for receivables and related interest.
- Compare and evaluate inventory concepts and
costing procedures.
- Explain the purpose of depreciation.
- Research and identify career options in accounting.
- Calculate and apply appropriate accounting
concepts and techniques for acquisition, depreciation, and disposal
of property, plant and equipment
- Use spreadsheet and accounting software to
maintain accounting records and the evaluation of financial statements.
- Compare and analyze various depreciation methods
and their impact on financial statements.
- Analyze and record repairs, improvements, and
exchanges of plant assets and equipment.
- Define intangible assets and the procedures
to account for them.
- Define natural resources and the procedures
to account for them.
- Define and identify current and long-term liabilities
and explain their impact on financial statements.
- Explain the purposes of notes payable; establish
and maintain accounts for payable and related interest.
- Analyze and record the issuance, amortization,
and retirement of bonds.
- Apply appropriate accounting techniques to
account for investments and withdrawals by owners.
- Explain the purpose of common stocks, preferred
stock, paid-in capital, retained earnings and dividends.
- Analyze and record investments by stockholders
and the declaration and payment of dividends.
- Analyze the income statement and balance sheet
of a business by comparing a vertical analysis with industry standards.
- Explain the importance of high ethical standards
in all areas of accounting.
- Perform horizontal and vertical analysis and
compute appropriate ratios to evaluate the solvency and earning
power of a company.
- Apply accounting principles in the preparation
of an income statement for a manufacturing business.
- Determine cost of goods sold and gross profit
for a manufacturing business.
- Describe the role of managerial accounting
in the management process.
- Describe and explain those costs and accounts
that are unique to the manufacturing process and distinguish between
product and period costs.
- Prepare a statement of cost of goods manufactured
and explain its purpose on the income statement of a manufacturing
business.
- Describe the cost flow concepts followed by
a manufacturing business.
- Explain and compare fixed, variable, and mixed
costs
- Apply cost-volume-profit and contribution margin
analyses in planning operations.
- Evaluate company performance by applying standard
costing and variance analysis.
- Apply differential analysis to leasing or buying
an asset.
- Apply present value concepts to evaluate capital
investment opportunities.
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