BUS 2510 - Principles of Financial Accounting

• Utilize the accounting equation to demonstrate how different transactions impact it
• Define key accounting concepts and principles
• Understand where financial statement information originates by recording business transactions as journal entries
• Construct the balance sheet and income statement to learn their purpose and format
• Understand complex accounting transactions and how they relate to accounting principles
• Recognize the impact of judgement and bias on financial statements and accounting practices
• Prepare and use the statement of cash flows to evaluate the financial health of a business
• Analyze financial ratios and use the DuPont framework to evaluate the financial state of a business
• Understand concepts of time value of money and how they relate to valuing investments and debt

• Principles and concepts of microeconomics

• The accounting equation components
• Converting the accounting equation in to balance sheet and income statements
• Accounting principles, rules, and definitions
• Basic transactions and the accounting equation
• Double entry accounting using journal entries and T-accounts
• The trial balance
• Accrual accounting
• More complex balance sheet and income statement
• Classified balance sheet
• Completing the accounting cycle including the closing process
• Merchandising accounting
• Inventory methods and decisions
• Multi-step income statement
• Accounts receivable
• Allowance methods and decisions
• Other receivables
• Long-lived assets including plant, property and equipment, and intangibles
• Depreciation methods and judgments
• Short term liabilities including accounts payable and short-term debt
• Statement of cash flows preparation and analysis
• Indirect method
• Direct method
• Manufacturing accounting
• Cost of goods manufactured
• Fixed and variable costs
• Financial ratios and analysis
• Dupont analysis
• Impact on policy difference
• Time value of money basics (PV, FV, PVA, FVA)
• Long term liabilities including bonds