Course Description
Introduces the financial environment, financial statements, the accounting cycle, and the theoretical framework of accounting measurement emphasizing mechanics, measurement theory, and the economic environment. (Requirement: Must be enrolled in University Alliance.)
Course Objectives
This is a basic course in financial accounting that covers the fundamental concepts and techniques of introductory accounting. Its focus includes a study of balance sheet accounting and the preparation and analysis of financial statements.
The specific objectives of this class are many:
- To gain an understanding of basic accounting and the relation between GAAP and financial accounting concepts (the Conceptual Framework)
- To develop basic skills using financial accounting information, which include the accounting model and procedures used by businesses to provide financial information
- To learn the principles of accounting control, theft prevention, and safeguarding of assets
- To prepare students for careers in business and for upper-level accounting and management courses, including development of problem-solving abilities as well as oral and written communication skills
Week 1
Lecture: Accounting and the Business Environment, Part 1
Outcomes
After completing this module, the student will be able to
- Use basic accounting vocabulary
- Apply accounting concepts and principles
- Work with the accounting equation
- Analyze accounting transactions
Lecture: Accounting and the Business Environment, Part 2
Outcomes
After completing this module, the student will be able to
- Prepare financial statements
- Evaluate financial performance
Week 2
Lecture: Recording Business Transactions, Part 1
Outcomes
After completing this module, the student will be able to
- Use more accounting terms
- Work with debits and credits
Lecture: Recording Business Transactions, Part 2
Outcomes
After completing this module, the student will be able to
- Record transactions in a journal
- Post from a journal to a ledger
- Prepare a trial balance from a ledger
- Use a trial balance
Week 3
Lecture: The Adjusting Process, Part 1
Outcomes
After completing this module, the student will be able to
- Employ the accrual method of accounting
- Match expenses with revenue
Lecture: The Adjusting Process, Part 2
Outcomes
After completing this module, the student will be able to
- Make adjustments
- Prepare an adjusted trial balance
- Use an adjusted trial balance to prepare financial statements
Lecture: Completing the Accounting Cycle, Part 1
Outcomes
After completing this module, the student will be able to
- Prepare an accounting worksheet
- Use an accounting worksheet
Lecture: Completing the Accounting Cycle, Part 2
Outcomes
After completing this module, the student will be able to
- Close the temporary accounts
- Distinguish between current and long-term assets and liabilities
- Calculate and use the current and debt ratios
Week 4
Lecture: Merchandising Operations, Part 1
Outcomes
After completing this module, the student will be able to
- Account for the purchase and sale of inventory
Lecture: Merchandising Operations, Part 2
Outcomes
After completing this module, the student will be able to
- Adjust the accounts of a merchandising business
- Prepare a merchandiser’s financial statements
- Work with gross profit percentage and inventory turnover
- Calculate Cost of Goods Sold using the periodic inventory method
Lecture: Merchandise Inventory, Part 1
Outcomes
After completing this module, the student will be able to
- Master the basic vocabulary of inventory accounting
- Distinguish between physical flow of merchandise and cost flows
Lecture: Merchandise Inventory, Part 2
Outcomes
After completing this module, the student will be able to
- Account for inventory under the FIFO, LIFO, and average cost methods
- Use the lower-of-cost-or-market rule to inventory
- Measure the effect of inventory errors
- Use the gross profit method to estimate ending inventory
- Calculate and use the current and debt ratios
Week 5
Lecture: Receivables
Outcomes
After completing this module, the student will be able to
- Design internal controls for receivables
- Account for and write off uncollectible receivables
- Account for notes receivable
- Report receivables on the balance sheet
- Use the acid-test and days’ sales receivables ratios
Week 6
Lecture: Long-Lived Assets, Part 1
Outcomes
After completing this module, the student will be able to
- Determine the cost of a plant asset
Lecture: Long-Lived Assets, Part 2
Outcomes
After completing this module, the student will be able to
- Calculate and record depreciation
Lecture: Long-Lived Assets, Part 3
Outcomes
After completing this module, the student will be able to
- Evaluate tax depreciation alternatives
- Account for disposal of a plan asset
- Account for intangible assets
Week 7
Lecture: Current Liabilities and Payroll
Outcomes
After completing this module, the student will be able to
- Account for current liabilities
- Determine estimated liabilities
- Perform payroll calculations
- Record typical payroll transactions
- Use a payroll system
Week 8
Lecture: Corporations
Outcomes
After completing this module, the student will be able to
- Identify the attributes of a corporation
- Account for stock issuance
- Prepare the stockholders’ equity section of a balance sheet
- Account for cash dividends
- Use the return on assets and return on stockholders’ equity ratios
- Account for corporation income tax
The course description, objectives and learning outcomes are subject to change without notice based on enhancements made to the course. November 2013
