Student Learning Outcomes

Student Learning Outcomes

Upon satisfactory completion of the course, students will be able to:

• Prepare basic reliable corporate financial information and analyze, communicate, and make decisions based on financial information.

MPC General Education Outcome

Upon successful completion of this area, students will have demonstrated an ability to analyze and evaluate complex issues or problems, draw reasoned conclusions and/or generate solutions, and effectively communicate the results.  

Course Objectives 

Upon completion of this course, students have demonstrated the ability to:

• Explain the nature and purpose of generally accepted accounting principles (GAAP) and International Financial Reporting Standards (IFRS). Explain and apply the components of the conceptual framework for financial accounting and reporting, including the qualitative characteristics of accounting information, the assumptions underlying accounting, the basic principles of financial accounting, and the constraints and limitations on accounting information.

• Define and use accounting and business terminology.

• Explain what a system is and how an accounting system is designed to satisfy the needs of specific businesses and users including for analyzing and communicating results; summarize the purpose of journals and ledgers.

• Apply transaction analysis, input transactions into the accounting system, process this input, and prepare and interpret the four basic financial statements.

• Distinguish between cash basis and accrual basis accounting and their impact on the financial statements, including the revenue recognition and matching principles.

• Identify and illustrate how the principles of internal control are used to manage and control the firm’s resources and minimize risk.

• Explain the content, form, and purpose of the basic financial statements (including footnotes) and the annual report, and how they satisfy the information needs of investors, creditors, and other users.

• Explain the nature of current assets and related issues, including the measurement and reporting of cash and cash equivalents, receivables and bad debts, and inventory and cost of goods sold.

• Explain the valuation and reporting of current liabilities, estimated liabilities, and other contingencies.

• Identify and illustrate issues relating to long-term asset acquisition, use, cost allocation, and disposal.

• Distinguish between capital and revenue expenditures.

• Identify and illustrate issues relating to long-term liabilities, including issuance, valuation, and retirement of debt (including the time value of money).

• Identify and illustrate issues relating to stockholders’ equity, including issuance, repurchase of capital stock, and dividends.

• Explain the importance of operating, investing and financing activities reported in the Statement of Cash Flows.

• Interpret and communicate company activity, profitability, liquidity and solvency through selection and application of appropriate financial analysis tools.

• Identify the ethical implications inherent in financial reporting and be able to apply strategies for addressing them.

You will meet the outcomes listed above through a combination of the following activities in this course:

• Assignments

• Class Participation

• Data Analysis

• Exams/Tests

• Group Projects

• Homework

• Oral Presentation

• Projects

• Research Projects 

End of Student Learning Outcomes & Objectives