Principles I Syllabus Fall 2017.docx - Department of...

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Department of Economics and Management ACCT 0104 Principles of Accounting I Course Syllabus Fall 2017 Instructor Christine Irujo Office W411-L Office Phone 572-5314 E-mail Use Plato e-mail tool only. Office Hours Drop in hours. No appointment necessary. Monday 12:30 – 1:30 Wednesday 3:00 – 4:00 Friday 8:15 – 9:15 OR by appointment Prerequisite All students are required to have completed MGMT0107 Software Applications in Management prior to taking this course. Required Materials Financial and Managerial Accounting Volume I (Custom Edition for WSU) with the passcode for MyAccountingLab Working access to (and working knowledge of) Word & Excel Calculators for every class A scanner either desktop or on your phone that can scan multiple pages (I tried CamScanner which worked well but there are other ones out there.) Course Objectives Development of a framework of concepts underlying the preparation of corporate financial statements that is useful to investors, economists, the general public, and other interested external parties. The balance sheet and income statement as conventionally reported by American corporations are studied as to methodology for their preparation, their interpretation, and their strengths and limitations. We will cover chapters 1 – 9 & 11 (All the chapters in Volume 1). By the end of this course you should be able to:
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1. Understand and complete each step of the accounting cycle including the preparation of multi-step and single-step income statements, classified balance sheets, statements of retained earnings including the preparation of adjusting and closing entries. 2. Define and give examples of all elements of the financial statements (assets, liabilities, stockholders’ equity, revenues, expenses, gains & losses and all contra accounts). 3. Explain how debits and credits affect each of the different types of accounts. 4. Explain the qualitative characteristics of accounting information along with the conventions and assumptions used in determining the rules of GAAP. Students should be able to explain why transactions are recorded the way they are based on the characteristics, conventions and assumptions. 5. Discuss how different types of business transactions will affect the financial statements. 6. Know when an item is realized and when it will be recognized. 7. Understand what accrual accounting is and why it is superior to cash based accounting. 8. Know the difference between an income statement for a service firm and an income statement for a merchandising firm. 9. Define internal control and its basic components giving examples of internal controls and describing some of the limitations of internal control. 10. Understand and demonstrate how short-term financial assets are recorded and reported including allowance for bad debt and bank reconciliations.
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