acg2021-outcomes
ACG 2021
PRINCIPLES OF FINANCIAL ACCOUNTING
Course Description: Fundamentals of GAAP rules, financial accounting and financial reporting.
Outcome Criteria of Excellence Possible Demonstration
A Student’s
understanding of
financial accounting
should enable them to:
In a competent demonstration of this
outcome, students will: To demonstrate this
outcome, students might be
asked to:
1. Evaluate the uses and
limitations of
accounting
information.
1. Identify the users of accounting
information and the types of
decisions that they make.
2. Identify information that is not
included in accounting reports.
3. Compare and contrast the
objectives and basic
characteristics of financial
accounting and management
accounting.
1. List the users of accounting
information and the types of
decisions they make.
2. Summarize a magazine or
newspaper article that
discusses an accounting issue.
2. Recognize the role of
accounting in the
capital markets and
the responsibilities
and ethical duties
imposed on
accountants.
1. Identify the role of GAAP and
the FASB.
2. Describe how efficient capital
markets depend on accounting
information.
3. Explain how an audit enhances
the usefulness and reliability of
information.
4. Recognize the ethical
responsibilities imposed on
accountants.
1. Write a brief memo
explaining the consequences
of an Audit failure (e.g. the
Enron case).
2. Write a brief memo
explaining what GAAP rules
are and what would happen
if companies could set their
own rules when disclosing
accounting information to the
public.
3. Enter transactions into
the accounting
information system
and determine their
affects on the financial
statements.
1. Enter transactions into the
accounting information system.
2. Maintain account balances.
3. Understand the affects of
transactions on entity financial
condition, profit and/or cash
flows.
4. Understand the adjustment and
closing process.
1. Complete a problem
starting with transaction
analysis and ending with the
trial balance or financial
statements.
2. Identify which transactions
affect the income statement.
3. Write a brief memo
explaining the need for
adjusting and closing entries.
4. Prepare each of the
required financial
statements and other
reports as needed.
1. Prepare a multiple-step income
statement including earnings per
share, if applicable.
2. Prepare a statement of changes
to Owner’s Equity.
3. Prepare a classified balance
sheet.
4. Prepare a direct method
statement of cash flows.
5. Explain how the financial
statements articulate.
6. Prepare other reports as needed.
1. Prepare a classified balance
sheet and be able to correctly
total the assets, liabilities or
owners equity.
2. Prepare a multiple-step
income statement and be able
to correctly state the net
income or loss.
3. Explain the link or
connection between each of
the required financial
statements.
