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MGT 5000 Financial Accounting

Course Description

Financial accounting examines accounting concepts, the accounting model, measurement processes, financial statements, financial analysis, the accounting cycle, monetary and fixed assets, inventory, current and long-term liabilities and equity structures of partnerships, proprietorships and corporations.

Course Objectives

Upon completion of this course, students should be able to

  • Use Excel to perform a variety of analyses
  • Understand how to prepare and interpret the four basic financial statements
  • Understand the importance of the accrual basis of accounting.
  • Explain the accounting cycle
  • Understand the basics of accounting internal control
  • Account for receivables and bad debts
  • Account for inventory under the four basic inventory cost flow assumptions
  • Account for the acquisition, depreciation and disposition of long-term assets
  • Distinguish between and account for current and long-term liabilities
  • Apply the rules associated with accounting for stockholders' equity

Week 1

Lecture: Course Introduction
Lecture: Accounting Fundamentals


  • Understand the point of accounting and who needs it
  • Explore the fundamental accounting principles
  • Become familiar with the accounting equation
  • Examine the four basic GAAP - Generally Accepted Accounting Principles
  • Consider different forms of business organization

Week 2

Lecture: Accounting Mechanics and Cycle
Lecture: Debit and Credit Drill
Lecture: Accrual Drill
Lecture: Trial Balance Preparation
Lecture: Accrual Accounting


  • Understand the Mechanics of Accounting
  • Learn the Accounting Cycle

Week 3

Lecture: Internal Control Systems
Lecture: Investments and Receivables
Lecture: Investments and Receivables - Drill


  • Examine the internal control system
  • Understand bank reconciliation and related journal entries
  • Learn how to use a budget to manage cash
  • Learn how to report cash on the balance sheet

Week 4

Lecture: Inventory
Lecture: Cost Flow


  • Understand inventory and periodic and perpetual inventory systems
  • Become familiar with the cost of goods sold methods
  • Explore inventory costing methods and accounting principles
  • Understand gross profit percent and inventory turnover concepts
  • Know when and how to estimate inventory
  • Examine inventory cost flow examples
  • Explain perpetual system
  • Identify rising price assumptions

Week 5

Lecture: Depreciation Examples
Lecture: Stocks
Lecture: Assets


  • Understand plant assets
  • Determine the cost of plant assets
  • Learn depreciation methods
  • Understand partial year depreciation
  • Know how to change the useful life of a plant asset
  • Become familiar with the disposition of a plant asset
  • Explain depletion and natural resources
  • Explain intangible assets and amortization
  • Identify corporate form of organization
  • Explain issuing stock, and purchase and sale of treasury stock
  • Identify cash dividends, stock dividends, stock splits, return on assets and return on common equity

Week 6

Lecture: Liabilities
Lecture: Accounting for Current Liabilities


  • Explain known and unknown amounts
  • Identify contingent liabilities
  • Understand bond accounting
  • Distinguish debt from equity financing
  • Explain reporting and lease liabilities

Week 7

Lecture: The Complex Income Statement
Lecture: Cash Flows and Activities


  • Explain the complex income statement
  • Identify continuing operations and discontinued operations
  • Learn about changes in accounting principles
  • Explore EPS
  • Understand management's responsibility
  • Examine the auditors' report
  • Explore the statement of cash flows
  • Become familiar with operating, investing and financing activities
  • Identify noncash investing and financing activities
  • Explain the indirect method and direct method
  • Learn about reconciliation of net income to net operating cash flow

Week 8

Lecture: Analysis


  • Understand horizontal and vertical analysis
  • Identify common-size financial statements
  • Learn ratios:
  1. Current liabilities
  2. Collect receivables
  3. Pay long-term debt

The course description, objectives and learning outcomes are subject to change without notice based on enhancements made to the course. November 2011