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
1.Perform duties typically assigned to an entry level book-keeper in a business or non-profit organization, including recording business transactions, making routine adjusting entries, and performing period-end close procedures;
2. Prepare financial statements in accordance with Generally Accepted Accounting Principles (GAAP) and perform analyses on company's profitability,liquidity, solvency and operation efficiency;
4. Understand the principles of internal control and common control procedures to safeguard assets;
Method of Instruction
The class will be a mix of lecture and problem-solving activities, along with quizzes and a short paper. The student will need access to a computer in order to access the class website, obtain class materials, 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 complete the classwork assigned. If a student is absent from class, or does not complete the work, he/she may complete the work at home and turn it in by the due date or grace period end date, if applicable. Students can expect homework of approximately 2 hours a week to read the chapter assigned and an hour every two weeks in order to complete the on-line quiz. 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 work/quiz 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 and their respective deadlines is shown at Syllabus - IVC or Kentfield on this website. The extension of time ("grace period") for specified Chapter Classwork assignments is covered at Class Overview and at FAQ on this website, as well as the syllabus. Submission criteria for classwork and quizzes is covered at FAQ, and submission criteria for the Enron Ethics paper is shown on the website at Enron Ethics Paper. The topics covered (by chapter) is shown in the outline below. Chapter Quiz and Extra Credit Exam dates are shown at Syllabus. 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:
This content is located in the following textbook chapters:
Accounting Principles - Conceptual framework of accounting and assumptions, principles and constraints. (This topic is now located throughout the book in various chapters- as well as covered in Chapter 3 Appendix 3B)