Students who successfully complete the Associate of Science in Accounting will achieve the following objectives:
- Describe the general role of accounting in business and how it is best used by managers, investors, businesses, and governmental regulatory agencies (Securities & Exchange Commission and the Justice Department).
- Examine the continuing accounting problems of many major U.S. corporations and discuss what may/could have been done to prevent similar problems/fraud in the future.
- Differentiate revenue from actual cash when evaluating the solvency of a business, a key factor in the current accounting “difficulties” of major corporations.
- Construct the major financial statements (financials), demonstrating how they interrelate and reflect a variety of accounting transactions on those statements. The student will have a thorough knowledge of terms such as accounts receivable, accounts payable, fixed assets, intangible assets, expenses, liabilities, and stockholders’ equity.
- Explain how accounting systems provide reports needed to assist in making managerial decisions and controlling the financial aspects of business operations.
- Interpret and illustrate the basics of cash- and accrual-based accounting, depreciation, and depletion.