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Principles of Accounting 1 Course Information

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EAC 2211 Principles of Accounting 1

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