Course Syllabus

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Syllabus: ACC-2121 Financial Accounting

 

Course Description

This course introduces students to problems of external reporting as they relate to service providers, merchandisers, and corporations. Students examine the various accounts found in financial statements and learn how to put these accounts together to render meaningful statements that communicate pertinent information to those who read them. Basic math skills are required. Students have the opportunity to take the Bookkeeping Certification from the National Association of Certified Public Bookkeepers (NACPB) in this course.

Essential Objectives

  1. Recognize, classify, and record accounting transactions and describe the effect of each accounting transaction on the resultant financial statements.
  2. Prepare, adjust, and close journal entries and post them to the ledger.
  3. Construct an adjusted trial balance so that a proper set of financial statements can be prepared.
  4. Describe and compare cash and accrual methods of accounting.
  5. Analyze information and prepare buyer and seller journal entries for a merchandising business, including terms of sale.
  6. Calculate inventory and cost of merchandise sold using FIFO, LIFO, average cost, retail, and LCM methods.
  7. Understand the basic requirements of good internal control including reconciliation of bank accounts, and discuss ethical considerations inherent in accounting practice and decisions.
  8. Estimate the net realizable value of receivables using the allowance method.
  9. Calculate depreciation using straight line, units of output, and double declining balance methods.
  10. Properly account for current assets, property plant and equipment, current and long term liabilities, and stockholders’ equity and dividends.
  11. Prepare an income statement, statement of owners’ equity, and balance sheet, and be familiar with and understand the cash flow statement.
  12. Identify and investigate the scope and diversity of career opportunities in the fields of accounting and finance.

Textbook & Technology

Great news: your textbook for this class is available for free online!

Principles of Accounting Volume 1 Financial Accounting from OpenStax, ISBN-10: 1-947172-67-0

You have several options to obtain this book:

You can use whichever formats you want. Web view is recommended -- the responsive design works seamlessly on any device.

Suggested Progression

This is a self-paced asynchronous course which means that students will be starting and progressing at different rates throughout the term. Once you feel like you have a strong handle on the material, and you have completed all of the assignments for the module, you should feel comfortable moving on, regardless of the pace, as long as you complete the course within the semester timeframe.  If you are starting at the beginning of the term, you could spend one week on each module to successfully complete the course within the term. If you are starting 7 weeks into the course, you could spend one week covering two modules so that you complete the course successfully within the term.

Suggested progression if you start week 1 of the semester: Complete one module per week 

Suggested progression if you start halfway through the semester: Complete two modules per week

Grading 

Your final grade will be based on the following assessments:

Grading Assessments
Assignment Category Grade Weight Percentage
Demonstrate Your Learning Discussions 25%
Module Assignments 50%
Quizzes 25%

 

Assignments Overview

Demonstrate Your Learning forums are a part of every learning module and are post-first discussions, which means that you will post your reply before seeing the replies of others. Discussions will be graded based on the following rubric:

Discussion Rubric
Exceeds Expectations Meets Expectations Approaching Expectations Does Not Meet Expectations Points
Knowledge Comprehensive, in-depth and wide-ranging
(5 points)		 Up to date and relevant
(4 points)		 Relevant but not comprehensive
(3 points)		 Limited superficial knowledge/response
(2 points)		 5 points
Understanding Outstanding ability to grasp concepts and relate theory to practice
(5 points)		 High level of ability to conceptualize essential ideas and relate theory to practice
(4 points)		 Some ability to conceptualize essential ideas and relate theory to practice
(3 points)		 Limited ability to draw out concepts and relate theory to practice
(2 points)		 5 points
Writing Skills Excellent mechanics, sentence structure, and organization
(5 points)		 Significant mechanics, structure and organization
(4 points)		 Some grammatical lapses, uses emotional response in lieu of relevant points
(3 points)		 Poor grammar, weak communication
(2 points)		 5 points
Application & Analysis Grasps inner relationship of concepts. Excellent use of a wide range of supporting material
(5 points)		 Demonstrates the ability to analyze and synthesize, independent analysis, good use of a range of supportive material
(4 points)		 Informed commentary with some evidence of genuine analysis; some supportive materials used
(3 points)		 Lacks evidence of critical analysis, poor use of supportive evidence
(2 points)		 5 points
Total Points: 20 points

Assessment 

Rubrics are attached to each of your discussions and assignments. It’s important to review the grading rubrics before starting your work so that you will know exactly how your work will be assessed. Please review the instructions for  viewing assignment rubrics  and for  viewing discussion rubrics . 

Feedback

It is important to review feedback for your assignments and discussions to see where you are meeting expectations and where additional work may be needed. You can  review rubric results  from the instructor for your assignments and discussions. Your instructor may also leave  general comments   or  annotation feedback   within the assignment link.

 

Student Support & Policies

Please review the following policies and support services:

 

Course Summary:

Course Summary
Date Details Due