Feb 02, 2023  
2022-2023 Lane Community College Catalog 
2022-2023 Lane Community College Catalog
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BA 211 - Financial Accounting

4 Credit(s)

Students will gain an understanding of basic terms, the accounting model, and the content of financial statements and then focus on understanding and interpreting the information they contain.

Prerequisite: MTH 095  or higher or test, BA 101  and WR 121  or WR 122  or WR 123 . Sophomore standing recommended.
Learning Outcomes
Upon successful completion of this course, the student will be able to:

  1. Describe who uses accounting information and why
  2. Describe how financial reporting standards evolved
  3. Describe the kinds of information reported on corporate financial statements and annual reports
  4. Analyze business transactions and prepare journal entries
  5. Prepare and interpret an income statement and a balance sheet for a service business
  6. Describe qualities and principles of accounting information
  7. Describe why adjustments are necessary to financial statements
  8. Prepare and interpret an income statement for a merchandising business
  9. Compute the cost of inventory with the FIFO, LIFO, and average cost methods
  10. Prepare and interpret a balance sheet for a merchandising business
  11. Compute the estimated bad debt loss on accounts receivable
  12. Compute depreciation using the straight-line, units-of-production, and declining-balance methods
  13. Describe the accounting treatment for contingent liabilities
  14. Compute the present value of bonds payable
  15. Prepare and interpret financial statement presentations of stockholder’s equity
  16. Prepare and interpret a statement of cash flows using the indirect methods
  17. Conduct financial analysis on an annual report

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