Learning Outcomes

Upon successful completion of this course, students should be able to:

• Discuss the overall mandate of GAAP in the accounting industry
• Assess balance sheets, financial statement ratios and calculations
• Summarize the purpose of account cycles
• Identify different accounting transactions
• Explain the purpose of inventory and how a company controls and reports it
• Distinguish between raw materials, work in process, finished goods and goods for resale
• Review the differences between the four cost accounting methods and demonstrate how to calculate the cost of goods sold
• Describe how a company would use the specific identification method to value inventory
• List important rules to follow when calculating cash flows from operating activities
• Unpack the methods used to calculate cash flows