Acc 200- Introduction to Accounting
Fall 2011 – Sections 1 and 2
Earl K. Stice
Office: 520 TNRB
Office Hours: Tu and Th 10:00 a.m. – 11:00 a.m. and 2:00 p.m. – 3:00 p.m.
Accounting is the system that organizations (such as businesses, families, and churches) use to
monitor financial resources, generate financial information for making decisions, and produce
summary reports to evaluate financial performance. Accounting reports and accounting
terminology provide the vocabulary that businesses use to talk about their operations. In short,
accounting is the language of business.
Acc 200 provides you with an introduction to accounting. This course will expose you to all of
the major topics in accounting: external financial reports, internal managerial reports, income
taxes, auditing, and accounting information systems. Most of the course material will be in the
areas of financial accounting (reporting financial strengths and weaknesses to parties outside the
business such as investors and lenders) and managerial accounting (constructing detailed internal
information, such as budgets and product costs, for use in internal decision making).
Course Learning Objectives:
After completing Acc 200, a student should be able to
Construct and interpret a balance sheet and income statement.
Construct and use internal accounting tools such as budgets, product cost reports,
breakeven analysis, and nonroutine decision analyses.
Analyze transactions, record those transactions, and then use the accounting cycle to
generate accounting reports.
Apply the financial accounting rules that exist in the following areas: revenue recognition,
inventory, compensation, long-term assets, bonds, and leases.
Discuss accounting issues and solve accounting problems in a time-constrained group
Intelligently discuss the ethical dimensions of a variety of accounting-related business
Intelligently converse about the following areas:
a. Earnings management
b. Fraud and how to prevent fraud
c. The theory and practice of income taxes
d. Investing in stocks
e. Personal budgeting and financial planning
f. Career planning and spiritual decision making
Write a brief, focused memo demonstrating basic understanding of accounting and business