| Credit- Degree applicable | | Effective Quarter: Fall 2020 | I. Catalog Information
| ACCT 1A | Financial Accounting I | 5 Unit(s) |
| | (Not open to students with credit in ACCT 1AH.)
Advisory: EWRT 211 and READ 211, or ESL 272 and 273; MATH 212 or equivalent. Lec Hrs: 60.00
Out of Class Hrs: 120.00
Total Student Learning Hrs: 180.00 The primary objective of this course is to help students learn how accounting meets the information needs of various users by developing and communicating information that is used in decision-making. Accordingly, the expected student outcome is the demonstration that the student can read, analyze and interpret external financial statements. |
| Student Learning Outcome Statements (SLO)
| | | Demonstrate a knowledge of double entry accounting for business transactions and adjustments and prepare, explain and analyze financial statements using GAAP. |
| | | Analyze fundamental business concepts, how businesses operate, how accounting serves them and identify ethical issues in an accounting context. |
|
II. Course Objectives | A. | Recognize accounting's role in society and how accounting meets the information needs of investors and creditors. |
| B. | Analyze fundamental business concepts, how businesses operate and how accounting serves them. |
| C. | Analyze fundamental accounting concepts underlying financial statements. |
| D. | Evaluate the uses and limitations of financial statements. |
| E. | Evaluate the usefulness of information produced by an accounting system and how it is directly related to that system's design. |
| F. | Analyze ethical issues within an accounting/business framework. |
| G. | Define and explain the conceptual framework of accounting. |
III. Essential Student Materials IV. Essential College Facilities V. Expanded Description: Content and Form | A. | Recognize accounting's role in society and how accounting meets the information needs of investors and creditors. |
| 1. | Identify types of decisions investors and creditors make |
| 2. | Describe information in the financial statements which meet the needs of each group |
| 3. | Discuss role of ethics the in preparation of financial statements |
| 4. | Explain the nature and purpose of generally accepted accounting principles (GAAP). |
| 5. | Explain the nature and purpose of International Financial Reporting Standards (IFRS). |
| B. | Analyze fundamental business concepts, how businesses operate and how accounting serves them. |
| 1. | Explain the meaning of key business terminology |
| 2. | Distinguish among profit, governmental and other nonprofit entities |
| 3. | Identify the characteristics of the sole proprietorship, partnership and corporation |
| 4. | Discuss the advantages and disadvantages of the forms of business organization |
| C. | Analyze fundamental accounting concepts underlying financial statements. |
| 1. | Discuss the information found on the Financial Statements |
| 2. | Apply the fundamental accounting equation |
| a. | Analyze the effects of accounting transactions on the elements of the balance sheet |
| b. | Prepare a balance sheet that reports the financial condition of any entity (e.g., a person, sole proprietorship, partnership, corporation, etc.) |
| 3. | Apply the income statement equation |
| a. | discuss and apply criteria used to determine revenue recognition |
| b. | discuss process used to recognize expense |
| c. | prepare an income statement that reports the results of operations for any entity |
| 4. | Distinguish between the accrual and cash basis of income measurement |
| 5. | Prepare accrual basis and cash basis income statements from the same business transactions |
| 6. | Differentiate the balance sheet from the income statement by being able to classify account titles into assets, liability, owners' equity, and non-balance sheet accounts |
| 7. | Link the related financial statements - Balance Sheet, income statement, statement of owners' equity, and statement of cash flow |
| 8. | Explain the nature of current assets and related issues, including the measurement and reporting of cash and cash equivalents, receivables and bad debts, and inventory and cost of goods sold |
| D. | Evaluate the uses and limitations of financial statements. |
| 1. | Identify several ways in which financial accounting information is uses to make business and personal decisions. |
| 2. | Calculate financial statement ratios. |
| 3. | Discuss usefulness and limitations of financial ratios in making decisions |
| E. | Evaluate the usefulness of information produced by an accounting system and how it is directly related to that system's design. |
| 1. | Discuss how the need for relevance and reliability affect the design of an accounting information system. |
| 2. | Discuss the basic principles of internal control |
| 3. | Explain the significance of debits and credits as they are used in an accounting information system |
| 4. | Distinguish between the recording and reporting phases of the accounting process |
| a. | record the effects of accounting transactions in an accounting information system |
| b. | transfer the effects of these explicit transactions to individual assets, liability, and owner's equity accounts |
| c. | analyze adjustments or corrections needed in specific situation |
| d. | record and transfer the effects of adjustments and corrections to individual assets, liability, and owners' equity accounts |
| e. | prepare the financial statements |
| 5. | Use general ledger accounting software to solve accounting problems |
| F. | Analyze ethical issues within an accounting/business framework. |
| 1. | Analyze and discuss ethical issues throughout the business cycle |
| 2. | Analyze and discuss current accounting topics in light of ethical issues |
| G. | Define and explain the conceptual framework of accounting. |
| 1. | Identify the key items of the conceptual framework |
| 2. | Describe the basic objectives of financial reporting |
| 3. | Discuss the qualitative characteristics of accounting information and elements of financial statements |
| 4. | Identify basic assumptions used by accountant |
| 5. | Identify the basic principles of accounting |
| 6. | Identify the two constraints in accounting |
| 7. | Explain the accounting principles, objectives, and assumptions used in International Financial Reporting Standards (IFRS). |
VI. Assignments | 2. | Reading from current business publications |
| B. | Written and Oral Communications |
| 1. | Written/computer homework assignments to include accounting cycle entries and financial statement presentation. |
| 2. | Oral presentation and class participation |
| 1. | Solve qualitative and quantitative business problem concepts. |
| 2. | Discuss current readings where accounting and business concepts apply. |
| 3. | Analyze case studies and/or work on projects |
| 1. | Problem solving activity using accounting software |
| 2. | Prepare and edit document using general ledger software, word processing and/or spreadsheet software |
VII. Methods of Instruction | | Lecture and visual aids
Discussion of assigned reading
Discussion and problem solving performed in class
In-class exploration of Internet sites
Quiz and examination review performed in class
Homework
Guest speakers
Collaborative learning and small group exercises
Collaborative projects |
VIII. Methods of Evaluating Objectives | A. | Written and problem-solving examinations and quizzes to include accounting cycle comprehension through financial statement preparation. |
| B. | Group projects and class participation to include quantitative and qualitative problem-solving demonstrating ability to apply and communicate course concepts. |
| C. | Comprehensive final examination to include problem-solving, analytics, as well as essay and/or short-answer questions that requires students to summarize, integrate, and critically analyze and apply concepts examined throughout the course. |
| D. | Computerized accounting homework and projects to evaluate the ability to critically analyze, apply, and synthesize course materials |
IX. Texts and Supporting References | A. | Examples of Primary Texts and References |
| 1. | Warren, Reeve, and Duchac, Accounting, 26th ed, Cengage Learning, Mason, OH, 2016. |
| 2. | Weygandt, Kimmel, & Kieso, Accounting Principles, 12th ed, Wiley Publishing, Danvers, MA, 2015. |
| B. | Examples of Supporting Texts and References |
| 1. | Current Business and Financial Publications (examples-Wall Street Journal, Forbes Magazine) |
| 2. | Annual Reports of various corporations. |
|
