Earning Criteria

• Completion of ACCT 2113 - Financial Accounting course: application of the theory and principle of financial and managerial/cost accounting, which the student receives through classroom discussions & participation, assignments, comprehensive accounting cycle problem, and a final proctored exam.
• Completion of ACCT 2213 - Managerial Accounting course: application of the theory and principle of financial and managerial/cost accounting, which the student receives through classroom discussions & participation, assignments, comprehensive accounting cycle problem, and a final proctored exam.
• Analyze business transactions for a corporation.
• Identify users of accounting information and identify characteristics of the corporate form of business.
• Prepare, journalize, and post corporate business transactions using the double-entry accounting system.
• Prepare, journalize, and post adjusting and closing journal entries using the accrual basis of accounting.
• Identify elements of and prepare trial balance reports and corporate financial statements.
• Identify elements of accounting for retail businesses.
• Record transactions for merchandising and retail businesses.
• Calculate and report gross profit in a multi-step income statement.
• Analyze the accounting practices for valuing and reporting of current and long-term assets.
• Calculate inventories using LIFO, FIFO and Weighted-Average methods of inventory costings and lower-of-cost or market rule.
• Identify objectives and elements of internal controls.
• Measure cash and prepare bank reconciliation.
• Calculate net accounts receivable, using allowance and write-off methods, and notes receivable.
• Calculate and record the cost and depreciation of fixed assets.
• Analyze the accounting practices for valuing and reporting of current and long-term liabilities and stockholders' equity.
• Calculate and record current liabilities including accounts payable and payroll liabilities.
• Calculate the accounting for payroll liabilities.
• Identify characteristics of bonds and record bonds payable transactions.
• Identify characteristics of stocks and record stock transactions.
• Calculate and report retained earnings and stockholders' equity for corporate financial statements.
• Develop managerial reports and utilize financial information for decision making.
• Distinguish between Managerial Accounting and Financial Accounting.
• Identify basic cost behavior patterns.
• Prepare managerial reports for decision-making.
• Determine short- and long-term decisions using relevant financial information.
• Evaluate cost flows.
• Evaluate a job order cost accounting system.
• Evaluate a process costing system.
• Allocate factory overhead and support department costs using various methods.
• Analyze planning tools for decision making in management.
• Analyze cost-volume-profit CVP (effects).
• Develop comprehensive budgets.
• Evaluate operations performance utilizing various techniques.
• Evaluate data using standard costing and variance analysis.
• Evaluate data for decentralized operations.
• Demonstrate capital budgeting techniques.
• Evaluate payback and accounting rate of return in capital investment decisions.
• Calculate present and future values of lump sums and annuities.
• Use discounted cash flow models to make capital investment decisions.