Explain the purpose and principles of financial accounting, including how accounting information supports decision-making for investors, creditors, and other stakeholders.
Apply the accounting equation and the full accounting cycle, from recording transactions to preparing and closing financial statements.
Analyze and prepare key financial statements — the income statement, balance sheet, statement of retained earnings, and statement of cash flows.
Demonstrate understanding of internal controls and cash management, including bank reconciliations and procedures to safeguard assets.
Account for receivables and revenue recognition, using appropriate estimation methods for uncollectible accounts.
Compute and report inventory and cost of goods sold under different cost flow assumptions (FIFO, LIFO, and weighted-average) and assess their financial impacts.