Learning Outcomes

After studying all materials and resources presented in the course, the student will be able to:

1. Use basic accounting terminology and the assumptions, principles, and constraints of the accounting environment.

2. Identify the difference between accrual and cash basis accounting.

3. Analyze and record business events in accordance with generally accepted accounting principles (GAAP).

4. Prepare adjusting entries and close the general ledger

5. Prepare financial statements in an appropriate GAAP format, including the following: income statement, balance sheet, statement of cash flows, and statement of shareholders’ equity.

6. Analyze and interpret financial statements using financial analysis techniques.