Course Description:
ACCTING 2010 Financial Accounting
| Course Number: | ACCTING 2010 |
| Course Name: | Financial Accounting |
| Course Description: | Introduction to accounting concepts and procedures including the accounting cycle, assets, liabilities, and financial statements. Develops the ability to use accounting information for decision making. |
| Prerequisites: | None |
| Level: | Undergraduate |
| Credits: | 3 |
| Format: | Online (This course is also offered in print.) |
| Semesters Offered: |
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| Registration Instructions |
Additional Information
Learning Outcomes
The overall outcomes in this course should enable you to become comfortable with accounting information, to understand its meaning, and to be able to use it in the business world.
Upon completion of Accounting 2010, Financial Accounting, you should be able to do the following:
- Understand how financial accounting information is used in to help make decisions.
- Describe the content and purpose of each of the financial statements, and discuss the users and uses of financial information.
- Understand and use the basic accounting equation.
- Understand generally accepted accounting principles.
- Use ratios and other tools to analyze companies.
- Use the accounting information system, including preparing journal entries, adjusting entries, and closing entries.
- Prepare journal entries and financial statements for merchandising firms.
- Report and analyze inventories, including cost flow assumptions.
- Explain internal control and fraud.
- Account for cash, including preparation of a bank reconciliation.
- Report and analyze receivables including accounting for bad debts.
- Report and analyze plant assets including cost, depreciation, and disposals.
- Report and analyze intangible assets.
- Report and analyze current liabilities.
- Report and analyze log-term liabilities, including bonds payable issued at a discount or premium.
- Report and analyze stockholders' equity.
- Report and analyze investments.
- Prepare a statement of cash flows and use it to analyze a company.
Unit Descriptions
Unit 1 Rationale
In general, the study of accounting is crucial for business people because accounting is the language of business. To a large extent, most of the information that is used in the business world consists of accounting information, which is necessary for informed decision making. Accounting information directs the attention of decision makers to problems and opportunities, provides the input necessary to make business decisions concerning those problems and opportunities, and then provides feedback on the success or failure of those decisions.
Financial accounting provides information to external decision makers such as investors and creditors. Unit 1 will introduce you to financial accounting and the basic financial accounting information system.
Unit 2 Rationale
Unit 1 introduced us to the basics of financial accounting, which provides information to external decision makers such as investors and creditors. Unit 1 looked at these basics though the perspective of companies that sell only services, since accounting for service firms is easier. Unit 2 starts out by looking at accounting issues unique to merchandising firms. Throughout the rest of Unit 2 (and the rest of the course), we look at the specific financial statement elements in more detail, such as inventory and cost of goods sold (chapter 6) and internal control and cash (chapter 7).
Unit 3 Rationale
Unit 3 continues our examination of specific financial statement elements by looking at accounts and notes receivable (chapter 8), plant assets and intangible assets (chapter 9), and liabilities (chapter 10). All these items are integral components of financial statements, and an understanding of these items is necessary for an understanding of those statements.
Unit 4 Rationale
Unit 4 continues our examination of specific financial statement elements by looking at stockholders' equity (chapter 11), investments (appendix D), and statement of cash flows (chapter 12). All these items are integral components of financial statements, and an understanding of these items is necessary for an understanding of those statements.
Number of Exams
There are 4 exams for this course. This course has proctored exams. You must submit a proctor nomination form at the time you register. For proctor information visit our website at: http://www.uwplatt.edu/disted/student-resources-proctor.html
Number of Assignments
There are 13 assignments and 13 two-part discussions for this course.
Number of Projects
There are 4 group collaborations for this course.
Grading Information
Your final grade will be based on total points accumulated from unit examinations and completed written activities. These factors will be assigned the following values:
Unit examinations (4 @ 100 points each): 400
Discussion activities: 24
Collaborative activities: 40
Individual activities: 36
TOTAL: 500
The grading scale is as follows:
A 90%
B 80%
C 70%
D 60%
F 50% or less
You will be evaluated based on how well you answer questions in a variety of assessment formats, including multiple-choice questions, short answer essays, brief case analysis, and problems. The grading criteria for each format is as follows:
Short Answer Essay and Brief Case Analysis
Comprehensiveness (thorough response supported by appropriate and sufficient details) = 30%
Technical Accuracy (correct response that is relevant, appropriate, and supported by evidence, if necessary) = 50%
Organization and Clarity (well-organized and logical response rather than choppy and disjointed response) = 10%
Readability and Mechanics (response conveys meaning effectively using correct grammar, sentence structure, spelling, and punctuation) = 10%
Problems
Technical Accuracy (correct answers * with all necessary supporting computations ** ) = 80%
Organization and Clarity (well-organized and understandable presentation of supporting computations and answer) = 20%
*If an incorrect answer is used correctly in a later part of a problem, no additional points will be lost because the later part of the problem is wrong as a result.
**Minimal credit will be given for a correct answer that is not accompanied by supporting computations.