Faculty Syllabus

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 Description:

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.

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.

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. 

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

With ACC “First Day Access”, a digital version of the text will be purchased as part of your registration fees for the course. This fee will also include access to MyAccountingLab.  You will use MyAccountingLab for a variety of assignments including tests, homework and labs. MyAccountingLab is an integrated, online learning system that provides you 24/7 access to your study tools and assignments. 

If you acquire the eBook as part of your registration, you will have the option to buy a low cost loose-leaf paper version of the book via MyAccountingLab.

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 

Course 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