Excellent course even for someone who has been doing this for decades.
The course had valuable information.
Understand and use the four basic financial statements.
Define and apply the accounting equation.
Review and employ the principles of accrual and deferral accounting.
Record debits and credits, and close a fiscal year's books.
Make merchandising entries and handle inventory.
Practice cash accounting and internal control.
Understand and handle long-term assets and liabilities.
Explain the purpose and importance of accounting.
Identify users and uses of, and opportunities in accounting.
Explain why ethics are crucial to accounting.
Explain generally accepted accounting principles and define and apply several accounting principles.
Define and interpret the accounting equation and each of its components.
Analyze business transactions using the accounting equation.
Identify basic financial statements and explain how they interrelate.
Explain the steps in processing transactions and the role of source documents.
Describe an account and its use in recording transactions.
Describe a ledger and a chart of accounts.
Define debits and credits and explain double-entry accounting.
Analyze the impact of transactions on accounts and financial statements.
Compute the debt ratio and describe its use in analyzing financial condition.
Record transactions in a journal and post entries to a ledger.
Prepare and explain the use of a trial balance.
Prepare financial statements from business transactions.
Explain the importance of periodic reporting and the time period assumption.
Explain accrual accounting and how it improves financial statements.
Identify steps in the accounting cycle.
Explain and prepare a classified balance sheet.
Explain how accounting adjustments link to financial statements.
Compute profit margin and describe its use in analyzing company performance.
Compute the current ratio and describe what it reveals about a companys financial condition.
Prepare and explain adjusting entries.
Explain and prepare an adjusted trial balance.
Explain and prepare a post-closing trial balance.
Describe merchandising activities and identify income components for a merchandising company.
Identify and explain the inventory asset and cost flows of a merchandising company.
Compute the acid-test ratio and explain its use to assess liquidity.
Compute the gross margin ratio and explain its use to assess profitability.
Analyze and record transactions for merchandise purchases using a perpetual system.
Analyze and record transactions for merchandise sales using a perpetual system.
Prepare adjustments and close accounts for a merchandising company.
Define and prepare multiple-step and single-step income statements.
Identify the items making up merchandise inventory.
Identify the costs of merchandise inventory.
Analyze the effects of inventory methods for both financial and tax reporting.
Analyze the effects of inventory errors on current and future financial statements.
Assess inventory management using both inventory turnover and days sales in inventory.
Compute inventory in a perpetual system using the methods of specific identification, FI FO, LIFO, and weighted average.
Compute the lower of cost or market amount of inventory.
Define internal control and identify its purpose and principles.
Define cash and cash equivalents and explain how to report them.
Compute the days sales uncollected ratio and use it to assess liquidity.
Apply internal control to cash receipts and disbursements.
Explain and record petty cash fund transactions.
Describe accounts receivable and how they occur and are recorded.
Describe a note receivable, the computation of its maturity date, and recording of its existence.
Explain how receivables can be converted cash.
Compute accounts receivable turnover to help assess financial condition.
Apply the direct write-off method of accounts receivable.
Apply the allowance method and estimate uncollectibles based on sales and accounts receivable.
Record the honoring and dishonoring of a note and adjustments for interest.
Understand the term plant asset.
Compute depreciation expense under the various methods and understand its impact on the financial statements.
Compare and contrast revenue and capital expenditures.
Determine the cost of an intangible asset and test for impairment when necessary.
Calculate and record the cost of natural resources.
Describe current and long-term liabilities and their characteristics.
Identify and describe known current liabilities.
Compute the times interest earned ratio and use it to analyze liabilities.
Prepare entries to account for short-term notes payable.
Compute and record employee payroll deductions and liabilities.
Compute and record employer payroll expenses and liabilities.
Account for estimated liabilities, including warranties and bonuses.
Compare bond financing with stock financing.
Assess debt features and their implications.
Compute the debt-to-equity ratio and explain its use.
Identify characteristics of corporations and their organization.
Explain the items reported in retained earnings.
Record the issuance of corporate stock.
Record transactions involving cash dividends, stock dividends, and stock splits.
treasury stock and the retirement of stock.
Distinguish between operating, investing, and financing activities.
Describe how noncash investing and financing activities are disclosed.
Analyze the statement of cash flows.
Prepare a statement of cash flows.
Compute cash flows from operating activities using the indirect method.
Determine cash flows from both investing and financing activities.
Explain the purpose and identify the building blocks of analysis.
Describe standards for comparisons in analysis.
Summarize and report results of analysis.
Explain and apply methods of horizontal analysis.
Describe and apply methods of vertical analysis.
Define and apply ratio analysis.
There are no prerequisites for this financial accounting course. StraighterLine does suggest that students complete Accounting I and II (ACC101 and ACC102) prior to enrolling in this course.
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