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:

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

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