COB 241-242 Financial and Managerial Accounting learning objectives
The primary goal of our six hour introductory accounting sequence is to help students learn how accounting meets the information needs of various users through the preparation, communication, and use of financial information, including financial statements to support operating, investing, and financing decisions. This goal is achieved by pursuing the following outcomes and core competencies.
- Use basic business and accounting terminology appropriately and describe basic business and accounting transactions.
- Interpret the financial statement effect of business events, including transactions with creditors, owners, customers, and vendors.
- Prepare financial statements, applying generally accepted accounting principles applicable to business enterprises.
- Measure, classify, and estimate costs, including the costs of producing goods and services.
- Apply cost constructs to enhance management decision making.
- Apply cost estimation constructs to prepare budgets and proforma financial statements.
- Identify the components of an effective system of internal controls.