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Accounting - Student Learning Outcomes

Upon completion of the Accounting AAS degree program, the student will:

  • Define basic generally accepted accounting principles
  • Describe the accounting cycle
  • Identify and journalize business transactions using debits and credits
  • Compute net income, total assets, and equity in the preparation of an Income Statement, Balance Sheet, and Statement of Owners' Equity
  • Identify and record accounts by classification
  • Explain and interpret the balance sheet and notes to financial statements.
  • Describe the major types of financial statement fraud.
  • Compare and contrast between Income Statements and Statements of Cash Flow for any business activity.
  • Prepare entries for the operating activities of a business such as: earnings management, revenue receivables, cash cycle, revenue recognition, inventory, and cost of goods sold.
  • Explain the right associated with ownership of common and preferred stock
  • Use straight line and declining balance depreciation methods to compute annual depreciation expenses.
  • Determine payroll and payroll taxes and summarize the criteria for recognizing a liability associated with compensated absences.
  • Detect the various types of errors that can occur in an accounting process and prepare correcting entries when necessary.
  • Examine the role of financial, managerial, and cost accounting in the business environment.
  • Interpret variable, fixed, and mixed costs.
  • Calculate cost-volume-profit relationships apply what-if scenarios and substantiate the results.
  • Allocate factory overhead to production costs and explain the effects on the balance sheet and income statement.
  • Design and prepare a (1) master budget, (2) flexible budget (3) standard budget; examine their various components and analyze applicable variances.
  • Utilize knowledge of product and service costs in setting prices, bidding on contracts, and analyzing the relative profitability of various products and services.
  • Discuss the difference between preventative, detective, and corrective controls, both manual and electronic.
  • Summarize the major accounting firms, accounting organizations, regulatory organizations and their functions in the U.S.