Susan Swan Forsyth
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About the Course
Business 112 Financial Accounting is a 4 unit course with no prerequisite. There are four lecture hours weekly.
This is an introduction to accounting practice, principles, and analysis. This course is basic for students in accounting, business administration, economics, law, and other professions. Also, it should be the first course in accounting theory for vocational bookkeepers as well as small business owners needing basic accounting theory. The course covers the accounting cycle for a service enterprise and for a merchandising enterprise, preparation of financial statements, internal control, valuation of receivables, depreciation and fixed asset disposal, debt structure, corporate capitalization and retained earnings, and finishing with a thorough discussion of financial statement analysis.
The student will have an understanding of the conceptual framework of accounting, the assumptions, principles and constraints of Generally Accepted Accounting Principles, and the role of the Financial Accounting Standards Board in today's accounting atmosphere. The student will be able to carry out the tasks of a full charge bookkeeper and make the appropriate year-end adjusting entries. Furthermore, the student will be able to prepare and communicate to the external reader the four basic financial statements; balance sheet, statement of earnings, statement of stockholders' equity, and cash flow statement.
Student Learning Outcomes
At the conclusion of this course, the student should be able to: 1. Explain the nature and purpose of generally accepted accounting principles (GAAP) and International Financial Reporting Standards (IFRS). Explain and apply the components of the conceptual framework for financial accounting and reporting, including the qualitative characteristics of accounting information, the assumptions underlying accounting, the basic principles of financial accounting, and the constraints and limitations on accounting information; 2. Define and use accounting and business terminology; 3. Explain what a system is and how an accounting system is designed to satisfy the needs of specific businesses and users; summarize the purpose of journals and ledgers; 4. Apply transaction analysis, input transactions into the accounting system, process this input, and prepare and interpret the four basic financial statements; 5. Distinguish between cash basis and accrual basis accounting and their impact on the financial statements, including the revenue recognition and matching principles; 6. Identify and illustrate how the principles of internal control are used to manage and control the firm?s resources and minimize risk; 7. Explain the content, form, and purpose of the basic financial statements (including footnotes) and the annual report, and how they satisfy the information needs of investors, creditors, and other users; 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; 9. Explain the valuation and reporting of current liabilities, estimated liabilities, and other contingencies; 10. Identify and illustrate issues relating to long-term asset acquisition, use, cost allocation, and disposal; 11. Distinguish between capital and revenue expenditures; 12. Identify and illustrate issues relating to long-term liabilities, including issuance, valuation, and retirement of debt;(including the time value of money) 13. Identify and illustrate issues relating to stockholders equity, including issuance, repurchase of capital stock, and dividends; 14. Explain the importance of operating, investing and financing activities reported in the Statement of Cash Flows; 15. Interpret company activity, profitability, liquidity and solvency through selection and application of appropriate financial analysis tools; and 16. Identify the ethical implications inherent in financial reporting and be able to apply strategies for addressing them.
Method of Instruction
The class will be a mix of lecture, problem-solving activities and quizzes. The student will need access to a computer in order to access the class website, do homework and extra credit, take chapter online quizzes, and receive emails. Class attendance is strongly encouraged but not mandatory. There are no points assigned for participation. However, I will call on students whether or not they volunteer to answer a question. Each class, students are expected to work on the homework assigned in order to input it successfully at home using the My Accounting Lab online program. Students can expect homework of approximately 2.5 hours a week to read the chapter assigned and do the homework, and an hour every two weeks in order to complete the on-line quiz. There is additional time spent if the student chooses to do extra credit problems. There are no group work/projects/presentations.
Students are responsible adults with busy lives. I do not have an issue with students coming late to class/missing class with the understanding that homework/quiz/extra credit deadlines are adhered to without exception. If the student will be missing more than one class, the student should discuss this with me. I drop/withdraw a student at certain intervals during the semester if it appears that the student is no longer participating. Participation is defined as a combination of completed work, quizzes and class attendance.
Textbooks and Materials
See the Textbook/Materials section of this website.
The schedule of assignments/quizzes and their respective deadlines is shown at Syllabus - IVC or Kentfield on this website. The extension of time ("grace period") for specified Chapter homework assignments is covered at Class Overview and at FAQ on this website, as well as the syllabus. Submission criteria for assignments and quizzes is covered at FAQ. The topics covered (by chapter) is shown in the outline below. There is no midterm or final exam. Drop-dates are shown at Important Dates on this website.
The activities which will be graded, and their respective weights is shown at Class Overview. I use points rather than grades with each type of assignment earning a possible maximum as shown at Overview. The deadline for Pass/No Pass grade option is shown at Important Dates on this website
Business 112 Financial Accounting Textbook: Financial and Managerial Accounting - The Financial Chapters, 5th edition by Miller-Nobles, Mattison, Matsumura. Publisher: Pearson
This content is located in the following textbook chapters of the above text: