This course is an introduction to financial accounting concepts and the communication of financial information to external users. It examines the accounting process, transaction analysis, asset and equity accounting, financial statement preparation and analysis, and related topics.

This section of ACCT 2301 will be offered in a 16 week Online format for Fall 2024 from August 26, 2024 through December 15, 2024. 

Before enrolling in Fall 2024 courses, students will need to make sure that they have the technology and equipment necessary for an online class and online testing. Please use this link to ACC’s Online Orientation to find out more information about online course. ACC Online Orientation | Austin Community
College District (austincc.edu)

TESTING: Please use this LINK to find out more information about the technology and equipment requirements (you will need a webcam and a microphone) for this course and taking online exams. Exams in this course must be taken with a desktop, laptop or Chromebook.  Mobile and tablet devices are not allowed for testing purposes.

For a more detailed syllabus, please review the syllabus posted in the Blackboard course. This syllabus is intended to be a brief overview of the course and is subject to change. The final syllabus will be posted in the blackboard course. 

Course Requirements:

 COURSE EVALUATION/GRADING SYSTEM :

 Basis for Grading:

Course Assessments:

There will 2 assessments of course concepts (assessment 1 and assessment 2). These 2 assessments have been designed by the Accounting Department for use by all ACCT 2301 sections.

The final day to withdraw from the course and receive a "W" on your transcript is Monday, December 9, 2024. 

Required Text:  Horngren’s Financial and Managerial Accounting with MyAccountingLab , 8th ed , Miller-Nobles, Mattison, Pearson.

This course is part of ACC's "First Day Access” program. ACC has partnered with the bookstore and the publisher to provide you with digital course materials on the first day of class at a discounted rate of approximately $105.54 (includes tax). The cost of the course materials will be included as an additional charge when you register.

 If you do not wish to participate in the program, you may "Opt Out". If you "Opt Out" of receiving and paying for your materials via this program, you will be responsible for obtaining those on your own. Instructions for “opting out” will be available on my Blackboard site.

 If you participate in the "First Day Access" program, you will gain access to the eBook and MAL (MyAccountingLab) through my Blackboard site. Do not go to the publisher website to purchase this text or to join the trial period! You will access the eBook and MAL in Blackboard. To do this:

• Log in to Blackboard and open the ACCT 2301 course
• On the left-hand menu, click on First Day Access Digital Materials.  To access the eBook, click Read Now.
• To access MAL, click Launch Courseware.  The first time you access MAL, you will be asked to either create a Pearson MyLab account or log in with an existing account.

 To recap, there are three options:

1.      All Digital Access at the time of registration: E-book and CONNECT.

2.      Digital Access with a Physical Textbook: Students who participate in the program will be eligible to purchase a low cost print upgrade.

3.      Independent purchase of textbook with CONNECT: If you have purchased a used textbook or have "Opted Out" of the program, you must still purchase an access code for CONNECT.

You must “bring” your eBook to class via a computer, tablet or smartphone or the paper copy if purchased.

Course Subjects

For a more detailed syllabus, please review the syllabus posted in the Blackboard course. This syllabus is intended to be a brief overview of the course and is subject to change. The final syllabus will be posted in the blackboard course.

Chapter 1: Accounting and the Business Environment

Chapter 2: Recording Business Transactions

Chapter 3: The Adjusting Process

Chapter 4: Completing the Accounting Cycle

Chapter 5: Merchandising Operations

Chapter 6: Merchandise Inventory

Chapter 7: Internal Control and Cash

Chapter 8: Receivables

Chapter 9: Plant Assets, Natural Resources, and Intangibles

Chapter 11: Current Liabilities and Payroll

Chapter 12: Long-Term Liabilities

Chapter 13: Stockholders’ Equity

Chapter 14: Statement of Cash Flows

Chapter 15: Financial Statement Analysis

Instructional Methodology:

The objectives of this course will be met by incorporating a variety of instructional methods. These may include lecture, class exams and quizzes, group activities and project, student presentations, class problem-solving, written analysis, spreadsheet, word processing, power point, excel, data analytics, and the use of accounting software and online activities and research.

Couse Objectives: 

1. Prepare a multiple-step income statement, classified balance sheet and statement of earnings.

2. Analyze and record the effects of common business transactions.

3. Prepare adjusting entries.

4. Describe the role of closing entries.

5. Apply elements of the conceptual framework to accounting issues.

6. Explain the components of the statement of cash flows.

7. Understand the relationship between financial components.

Learning Outcomes:

Chapter 1

1. Explain why accounting is important and list the users of accounting information
2. Describe the organizations and rules that govern accounting
3. Describe the accounting equation and define assets, liabilities, and equity
4. Use the accounting equation to analyze transactions
5. Prepare financial statements
6. Optional: Use financial statements and return on assts (ROA) to evaluate business performance

Chapter 2

1. Explain accounts as they relate to the accounting equation and describe common accounts
2. Define debits, credits, and normal account balances using double-entry accounting and T-accounts
3. Record transactions in a journal and post journal entries to the ledger
4. Prepare the unadjusted trial balance
5. Describe the accounting cycle
6. Optional: Use the debt ratio to evaluate business performance

Chapter 3

1. Differentiate between cash basis accounting and accrual basis accounting
2. Define and apply the time period concept, revenue recognition, and matching principles
3. Explain the purpose of and journalize and post adjusting entries for deferrals
4. Explain the purpose of and journalize and post adjusting entries for accruals
5. Explain the purpose of and prepare an adjusted trial balance
6. Identify the impact of adjusting entries on the financial statements
7. Describe the accounting cycle

Chapter 4

1. Prepare the financial statements including the classified balance sheet
2. Explain the purpose of, journalize, and post closing entries
3. Prepare the post-closing trial balance
4. Describe the accounting cycle
5. Use the current ratio to evaluate business performance

Chapter 5

1. Describe merchandising operations and the two types of merchandise inventory systems
2. Account for the purchase of merchandise inventory using a perpetual inventory system
3. Account for the sale of merchandise inventory using a perpetual inventory system
4. Prepare a merchandiser’s financial statements
5. Optional: Use the gross profit percentage to evaluate business performance
6. Optional: Account for the purchase and sale of merchandise inventory using a periodic inventory system (Appendix 5A)

Chapter 6

1. Identify accounting principles and controls related to merchandise inventory
2. Account for merchandise inventory costs under a perpetual inventory system
3. Compare the effects on the financial statements when using the different inventory costing methods
4. Optional: Apply the lower-of-cost-or-market rule to merchandise inventory
5. Measure the effects of merchandise inventory errors on the financial statements
6. Use inventory turnover and days’ sales in inventory to evaluate business performance
7. Optional: Account for merchandise inventory costs under a periodic inventory system (Appendix 6A)

Chapter 7

1. Define internal control and describe the components of internal control and control procedures
2. Explain the internal controls associated with and journalize debit and credit card sales
3. Demonstrate the use of bank account as a control device and prepare a bank reconciliation and related journal entries
4. Optional:  Use the cash ratio to evaluate business performance

Chapter 8

1. Define and explain common types of receivables and journalize sales on credit
2. Record transactions using the allowance method for uncollectibles
3. Modified:  Estimate bad debts expense based on the percent-of-receivables, and aging-of-receivables methods
4. Account for notes receivable including computing interest and recording honored and dishonored notes
5. Optional: Use the acid-test ratio, accounts receivable turnover ratio, and days’ sales in receivables to evaluate business performance

Chapter 9

1. Measure the cost of property, plant, and equipment
2. Account for depreciation using the straight-line, units-of-production, and double-declining-balance methods
3. Journalize entries for the disposal of plant assets
4. Account for natural resources (terminology only)
5. Account for intangible assets (terminology only)
6. Optional: Use the asset turnover ratio to evaluate business performance

Chapter 11

1. Account for current liabilities of known amount
2. Calculate and journalize basic payroll transactions
3. Account for current liabilities that must be estimated
4. Account for contingent liabilities
5. Optional: Use the times-interest earned ratio to evaluate business performance

Chapter 12

1. Journalize transactions for long-term notes payable and mortgages payable
2. Describe bonds payable
3. Journalize transactions for bonds payable and interest expense using the straight-line amortization method
4. Journalize transactions to retire bonds payable
5. Report liabilities on the balance sheet
6. Optional: Use the debt to equity ratio to evaluate business performance

1. Use time value of money to compute present value (Appendix 12A)

Chapter 13

1. Identify the characteristics of a corporation
2. Journalize the issuance of stock
3. Account for the purchase and sale of treasury stock
4. Account for cash dividends, stock dividends, and stock splits
5. Explain how equity is reported for a corporation
6. Optional: Use earnings per share, rate of return on common stockholders’ equity, and the price/earnings ratio to evaluate business performance

Chapter 14

1. Identify the purposes of the statement of cash flows and distinguish among operating, investing, and financing cash flows
2. Prepare the operating activities section of the statement of cash flows by the indirect method
3. Prepare the investing, financing, and non-cash activities sections of the statement of cash flows
4. Optional: Use free cash flow to evaluate business performance

Chapter 15

1. Explain how financial statements are used to analyze a business
2. Perform a horizontal analysis of financial statements
3. Perform a vertical analysis of financial statements
4. Compute and evaluate the standard financial ratios