Upon successful completion of this course, students will be able to: describe and illustrate the characteristics of stock, classes of stock, and entries for issuing stock; describe and illustrate the reporting of long-term liabilities, including bonds and installment notes payable; describe and illustrate the use of free cash flow in evaluating a company’s cash flow; define and illustrate the following costs: direct and indirect costs; direct materials, direct labor, and factory overhead costs, and product and period costs; and describe the basic elements of the budget process, the two major types of budgeting, and the use of computers in budgeting.