BUSINESS
ADMINISTRATION
ACCOUNTING
PROGRAM
SYLLABUS
Course Title
: Introduction to the Fundamentals of
Financial Accounting I
Code : CONT 3005
Credits : Four (4)
Previous
Requirements :
none
Meeting hours :
Four (4) hours a week; 60 hours per semester
Description
:
The study of the principles, concepts and procedures for a basic
financial accounting. The
accounting cycle for merchandise and services businesses will be studied. Emphasis is made on valuation,
classification, presentation, organization, and control of the following
assets: Cash, Marketable Securities, Accounts Receivable, Inventories, and
Long-term assets.
Textbook : Accounting,
21st Edition,
Students active
Learning
aids : PERSONAL Trainer 3.0
– lets students complete their assigned homework
from the text or practice on unassigned homework online. Provides a real-time guided self-correcting
learning reinforcement system outside the classroom.
PASS – Power Accounting System Software is a general ledger
package for solving the end-of-chapter problems, the continuing problem and the
comprehensive problems. Allows students
to see the difference between manual and computerized accounting systems.
Spreadsheet Application Software – is a set of electronic
worksheets that help students solve selected exercises and problems that are identified
in the text with an icon. These
spreadsheets give students the opportunity to solve problems using Microsoft
Excel.
Evaluation
Criteria
: The
evaluation alternatives will include:
1. Partial
tests will be given two (2) to three (3) with a value of 100 points each.
2. Short
test, quizzes, cases, computerized exercises, internet exercises, and general
ledger software exercises, will be given according to the professor’s
discretion and may have the value as an
additional test.
3. Mid-term
may be given depending on faculty member’s decision.
4. Comprehensive
general ledger software problems that integrates and summarize concepts and principles from different chapters according
to professor’s discretion.
5.
Final test will be a general one that will include topics of the complete
course objectives with a value of 100 points.
General
Objectives
: At the end of the course
the student should:
1.
Use technology
and Internet to gather information used in accounting problem solving situations.
2.
Apply
judgments and critical analysis skills in solving problems and arriving at
conclusions.
3.
Acknowledge
and observe ethical behavior proper to an accounting professional.
4.
Apply the use
of accounting vocabulary in developing written and oral communication related
to accounting issues.
5.
Work in teams
in solving assigned cases and problems.
Specific
Objectives : At
the end of the course the student should be able to:
1.
Use the skills
for accounting processes that include the analysis of business transactions
using debits and credits, journals, ledger and subsidiaries, identify and
explain adjustments, prepare closing entries and financial statements using
general ledger software which emulates a real world accounting software
program.
2.
Apply
accounting concepts and principles in preparing and analyzing information for
decision making by interested users.
3.
Understand the
accrual basis of accounting; analyze the adjusting and closing process to
prepare financial statements of a sole proprietorship service business and
merchandising business.
4.
Understand the
nature of cash, the importance of internal control over cash, summarize basic
procedures for achieving internal control over cash receipts and payments, prepare bank reconciliation and journal
entries related.
5.
Know the characteristics of the receivables,
internal control
procedures, and
accounting methods for uncollectible accounts.
6.
Understand the
cost flow assumptions related to inventory, costs related to record the
inventory accounts and the financial statements presentation. Estimate inventory account using
different accounting methods.
7.
Identify
different permanent assets, tangible and intangible, costs related and the cost
allocation through the estimated life using different methods.
Educational
Strategies : Conferences, analysis of financial reporting
problems, comparative analysis problems, group decision cases, interpreting
financial statements, ethic cases, exploring the web, real world emphasis,
comprehensive computerized problems, general ledger problems and spreadsheet
problems.
Scale of grades :
100 -
90 A
89
- 80 B
79
-
70 C
69
-
60 D
59
- 0 F
Grade distribution :
Tests……………………………………… 50%
Special
projects………………………. 40%
Class participation…………………… 10%
100%
Topic
|
Chapter |
Hours |
|
I.
Introduction to accounting and business A.
Nature of the business B.
The role of accounting in business C.
Business ethics D.
Profession of accounting E.
Generally accepted accounting principles F.
Assets, liabilities and owner’s equity G.
Business transactions and the accounting equation H.
Financial statements |
1 |
4 |
|
II.
Analyzing transactions A.
Usefulness of an account B.
Characteristics of an account C.
Analyzing and summarizing transactions in accounts D.
Trial balance E.
Discovery and corrections of errors F.
Financial analysis and interpretation |
2 |
6 |
|
I.
The matching concept and the adjusting process A.
The matching concept B.
Nature of the adjusting process C.
Recording adjusting entries D.
Financial analysis and interpretation |
3 |
6 |
|
II.
Completion of the accounting cycle A.
Accounting cycle B.
Work sheet C.
Financial statements D.
Adjusting and closing entries E.
Fiscal year F.
Financial analysis and interpretation |
4 |
6 |
|
III.
Accounting systems and internal control A.
Basic accounting systems B.
Internal control C.
Special Journals and subsidiary ledgers D.
Computerized accounting systems E.
E-commerce |
5 |
6 |
|
IV.
Accounting for merchandising businesses A.
Nature of merchandising businesses B.
Financial statements for a merchandising business C.
Sales transactions D.
Purchase transactions E.
Transportation costs, sales taxes, and trade discounts F.
Chart of accounts for a merchandising business G.
The accounting cycle for a merchandising business |
6 |
6 |
|
V.
Cash A.
Nature of cash and the importance of controls over cash B.
Control of cash receipts C.
Internal control of cash payments D.
Bank accounts: their nature and use as a control over cash E.
Bank reconciliation F.
Petty cash G.
Presentation of cash on the balance sheet |
7 |
4 |
|
VI.
Receivables A.
Classification of receivables B.
Internal control of receivables C.
Uncollectible receivables D.
Allowance method of accounting for receivables E.
Direct write-off method of accounting for uncollectible accounts F.
Characteristics of notes receivables G.
Accounting for notes receivable H.
Receivables on the balance sheet |
8 |
6 |
|
VII.
Inventories A.
Internal control of inventories B.
Effect of inventory errors on financial statements C.
Inventory cost flow assumptions D.
Inventory costing methods under a perpetual inventory system E.
Inventory costing methods under a periodic inventory system F.
Comparing inventory costing methods G.
Valuation of inventory at other than cost H.
Presenting merchandise inventory on the balance sheet I.
Estimating inventory cost |
9 |
6 |
|
VIII.
Fixed assets and intangible assets A.
Nature of fixed assets B.
Accounting for depreciation C.
Capital and revenue expenditures D.
Disposal of fixed assets E.
Leasing fixed assets F.
Internal control over fixed assets G.
Natural resources H.
Intangible assets I.
Financial reporting for fixed assets and intangible assets |
10 |
6 |
|
IX.
Tests |
* |
4 |
|
X.
Total hours |
|
60 |
* Tests will be programmed according to class needs.
Bibliography
Horngren,
Needles, Powers & Crosson, Financial
and Managerial Accounting, 7th Edition, Houghton Mifflin, 2005.
Needless & Powers, Principles of
Financial Accounting, 9th edition,
Houghton Mifflin, 2005.
Needless Powers & Crosson, Principles
of Accounting, 9th edition,
Houghton Mifflin, 2005.
Kieso, Weygandt & Warfield,
Intermediate Accounting, 11th edition,
John Wiley & Sons, 2004.
Weygandt, Kieso & Kimmel, Accounting Principles, 7th edition, John
Wiley & Sons, 2005.
http://www.rutgers.edu/accounting/raw
http://www.irs.ustreas.gov/prod/forms_pubs/index.html
Prepared by: Prof.
Sonia Feliciano and Prof. Elizabeth A. Serrano
August,
2005
UPR at Bayamón complies with the provisions of the
Americans with Disabilities Act and Law 51 on Integrated Educational Services
for People with Impediments.
Students with impediments should report to the professor in order to
design reasonable accommodations to those effects. Confidentiality will be maintained.