Upon successful completion of the learning experience, students will be able to:

Describe career opportunities in the accounting profession; Explain the need for a code of ethics in accounting and ethical responsibilities required of accountants; Define assets, liabilities, equity, revenue, expenses, gains, and losses; Describe methods for controlling and safeguarding cash; Record transactions affecting accounts receivable, including uncollectible accounts, write-offs, and recoveries; Identify inventory methods; Determine the cost of inventory for businesses and apply appropriate valuation methods; Identify, calculate, and record depreciation and depletion and explain the impact on the financial statements; Apply transactions for accounts payable and other short-term debt; Record transactions for long-term debt instruments; Describe and record equity-related transactions; Describe and record revenue-related transactions; Analyze transactions involving accruals; Describe and record expense-related transactions; Analyze and describe how basic business transactions impact the accounting equation; Explain the need for adjusting entries and record basic adjusting entries; Complete the closing process; Describe the users and uses of financial information; Describe the information provided in each financial statement and how the statements relate; Calculate component percentages; Discuss the information that can be obtained from analyzing financial statements; Prepare and calculate payroll withholdings; Prepare and calculate gross pay; Prepare and calculate net pay.