Business: Accounting - Student Learning Outcomes

Upon completion of the Business: 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.

Nadine Samuels, Ph.D., CPA
Assistant Professor
MacArthur Hall 528

Business Department Director
Nick Kocher
MacArthur Hall 422