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    This course focuses on ways in which accounting principles are used in business operations. Students learn to identify and use Generally Accepted Accounting Principles (GAAP), ledgers and journals, and steps of the accounting cycle. This course introduces bank reconciliation methods, balance sheets, assets, and liabilities. Students also learn about financial statements, including assets, liabilities, and equity. Business ethics are also discussed. Includes 10 hours of 1-on-1 live, on demand instructional support from SMARTHINKING. Find out more about the course here: http://straighterline.com/courses/descriptions/accounting-1/

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    This course focuses on ways in which accounting principles are used in business operations. Students learn to identify and use Generally Accepted Accounting Principles (GAAP), ledgers and journals, and steps of the accounting cycle. This course introduces bank reconciliation methods, balance sheets, assets, and liabilities. Students also learn about financial statements, including assets, liabilities, and equity. Business ethics are also discussed. Includes 10 hours of 1-on-1 live, on demand instructional support from SMARTHINKING. Find out more about the course here: http://straighterline.com/courses/descriptions/accounting-1/

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    3K views5 pages

    Accounting I Syllabus

    Uploaded by

    Ryan Busch
    This course focuses on ways in which accounting principles are used in business operations. Students learn to identify and use Generally Accepted Accounting Principles (GAAP), ledgers and journals, and steps of the accounting cycle. This course introduces bank reconciliation methods, balance sheets, assets, and liabilities. Students also learn about financial statements, including assets, liabilities, and equity. Business ethics are also discussed. Includes 10 hours of 1-on-1 live, on demand instructional support from SMARTHINKING. Find out more about the course here: http://straighterline.com/courses/descriptions/accounting-1/

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    Attribution Non-Commercial (BY-NC)
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    of 5

    Accounting I

    Course Text
    Wild, John J., Kermit D. Larson, and Barbara Chiapetta. Fundamental Accounting Principles,
    Volume 1, 18th edition. McGraw-Hill/Irwin, 2007. ISBN 0-07-328661-3

    Course Description
    This course focuses on ways in which accounting principles are used in business operations.
    Students learn to identify and use Generally Accepted Accounting Principles (GAAP), ledgers
    and journals throughout the steps of the accounting cycle. This course introduces bank
    reconciliation methods, balance sheets, assets, and liabilities. Students also learn about
    financial statements including assets, liabilities, and equity. Business ethics are also discussed.

    Course Objectives
    After completing this course, students will be able to:

    • Identify and apply Generally Accepted Accounting Principles (GAAP).


    • Apply the steps of the accounting cycle.
    • Post and analyze transactions using ledgers and journals.
    • Record adjusting entries for prepaid expenses and unearned revenue.
    • Complete an adjusted trial balance.
    • Perform a bank reconciliation.
    • Explain the purpose of the sales journal and the Accounts Receivable ledger and post
    entries to both.
    • Record the costs associated with the acquisition of property, plant, and equipment.
    • Explain the purpose of and prepare entries for the purchase order journal and accounts
    payable (A/P) ledger.
    • Identify the fundamental principles of an accounting information system.

    Course Prerequisites
    There are no prerequisites to take Accounting I.

    Course Evaluation Criteria

    StraighterLine does not apply letter grades. Students earn a score as a percentage of 100%. A
    passing percentage is 70% or higher.

    If you have chosen a Partner College to award credit for this course, your final grade will be
    based upon that college's grading scale. Only passing scores will be considered by Partner
    Colleges for an award of credit.
    There are a total of 859 points in the course:

    Topic Assessment Points Available


    3 Graded Quiz A 26
    4 Graded Quiz B 25
    5 Graded Quiz C 26
    5 Graded Exam #1 150
    6 Graded Quiz D 26
    7 Graded Quiz E 26
    7 Graded Exam #2 150
    8 Graded Quiz F 25
    9 Graded Quiz G 25
    10 Graded Quiz H 26
    10 Graded Exam #3 150
    13 Graded Quiz I 28
    14 Graded Quiz J 26
    14 Exam #4 150

    Course Topics and Objectives

    Topic Lesson Topic Subtopics Objectives


    1 Accounting for • The Purpose and Use of • Describe the users of accounting
    Business Today Financial Information information, their informational needs,
    • Generally Accepted and the people responsible for
    Accounting Principles providing this information.
    (GAAP) • Explain why ethics and personal
    • Business Ethics integrity are important issues in the
    • Careers in Accounting practice of accounting.
    • Review the importance of GAAP in
    relation to various standard bodies,
    including the SEC, FASB, and IASB.
    2 Recording • The Accounting Cycle • List the steps in the accounting cycle.
    Business • Transactions • Describe the various source documents
    Information • Journalizing the required for processing an accounting
    Transactions transaction.
    • Posting to the Ledger • Explain the processes of journalizing
    • The End of the and posting.
    Accounting Period • Outline the process of balancing and its
    • The Unadjusted Trial importance.
    Balance • List the different stages of a trial
    • Adjusting Entries balance.
    • The Adjusted Trial • Outline the process of entering
    Balance adjustment entries to journals.
    • Financial Statements • Identify different financial statements
    • Closing Journal Entries that can be completed at the end of an
    • Post-Closing Trial accounting cycle.
    Balance • Describe the process of closing
    • Overview of the accounts and explain why it is
    Accounting Cycle important.
    3 Financial • Fundamental Accounting • Define assets, liabilities, and equity.
    Statements Equation • State the fundamental accounting
    • Income Statements equation.
    • Statement of Owner’s • Explain the elements of an income
    Equity statement, and explain its purposes
    • Balance Sheet and uses.
    • Financial Statements • Define the elements of a statement of
    owner’s equity (SOE,) and explain its
    purposes and uses.
    • List and explain the elements of a
    balance sheet, and explain their
    purposes and uses.
    4 Journalizing and • Double-entry Accounting • Define the terms debit and credit.
    Posting Debits and Credits • Understand the role of double-entry
    Transactions • Using T-accounts bookkeeping in journalizing and
    • Entering and Analyzing posting transactions.
    Transactions • Record and analyze transactions using
    • Preparing a Trial Balance T-accounts while maintaining the
    integrity of the accounting equation.
    • Post and analyze transactions using
    ledgers and journals.
    • Explain the importance and purpose of
    a trial balance.
    5 Preparing • Accrual Versus Cash • Compare and contrast accrual and cash
    Adjusting Entries Basis of Reporting basis reporting methods in relation to
    • Recognition and the accounting period principle.
    Matching Principles • Explain the importance of revenue
    • Journalizing and Posting recognition and the matching principle.
    Adjusting Entries • Identify various types of adjusting
    • Prepaid Expenses and entries for accruals, and describe how
    Unearned Revenue accounts are adjusted.
    • Record adjusting entries for prepaid
    expenses and unearned revenue.
    6 The Accounting • Preparing the Adjusted • Understand and complete an adjusted
    Cycle Trial Balance trial balance.
    • Calculating Net Income • Prepare financial statements from an
    or Loss adjusted trial balance.
    • Journalizing and Posting • Explain the closing process including
    Closing Entries the use of temporary and permanent
    • Preparing the Post- accounts and record closing entries.
    closing Trial Balance • Create a post-closing trial balance.
    • The Accounting Cycle • Name the steps in the accounting
    and Classification cycle.
    Structure • Describe the classification structure
    and categories.
    • Prepare a classified balance sheet.
    7 Assets: Cash and • Cash Transactions • Identify the various types of cash
    Controls • Establishing Internal transactions including receipts and
    Controls disbursements.
    • Cash Receipts and • Explain the purpose and use of a petty
    Disbursements cash fund.
    • Reconciling the Bank • Describe the purposes, principles, and
    Statement limitations of limitations of internal
    controls.
    • Identify the major guidelines and
    internal measures for controlling cash
    receipts and disbursements.
    • Perform a bank reconciliation.
    8 Assets: Sales and • Sales Journal and • Explain the purpose of the sales
    Receivables Accounts Receivable journal and the Accounts Receivable
    Ledger ledger and post entries to both.
    • Recognizing Accounts • Describe how accounts receivable are
    Receivable recognized and valued.
    • Sales Returns and • Record transactions for different types
    Allowances of credit sales.
    • Accounting for Bad Debts • Record transactions for sales
    allowances and returns.
    • Describe how to estimate bad debt
    expense.
    • Post adjusting entries using the
    percent of sales, percent of A/R, and
    aging of A/R methods.
    9 Assets: Inventory • Accounting for • Describe the physical elements,
    Valuation Inventory: Physical controls, and costs that make up
    Count, Costs, and inventory valuation.
    Controls • Explain inventory closing.
    • Inventory Closing • Calculate the cost of inventory using
    Methods the specific identification, first-in first-
    • Valuing Inventory and out, last in-first out, or weighted
    Lower of Cost or Market average method.
    (LCM) • Determine the value of inventory using
    the Lower of Cost or Market method.
    10 Acquisition of • Acquisition of Property, • Record the costs associated with the
    Property, Plant, Plant, and Equipment acquisition of property, plant, and
    and Equipment • Depreciation of Property, equipment.
    Plant, and Equipment • Account for subsequent improvements
    • Disposition of Property, of property, plant, and equipment.
    Plant, and Equipment • Define the term depreciation, and
    • Accounting for Natural utilize particular methods to record
    Resources depreciation expense.
    • Accounting for Intangible • Record the appropriate entries for the
    Assets disposal of plant, property, and
    equipment for a realized gain or loss.
    • Explain the procedures for acquiring
    and accounting for natural resources.
    • Identify the procedures for acquiring
    and accounting for intangible assets.
    11 Liabilities: • Purchasing and the A/P • Explain the purpose of and prepare
    Purchasing and Ledger entries for the purchase order journal
    Payables • Recording Account and the accounts payable (A/P) ledger.
    Payables • Describe how accounts payable are
    • Purchase Returns and recognized and valued, and then
    Allowances record transactions for different types
    of payables.
    • Analyze and record transactions for
    returns and allowances.
    12 Liabilities: Notes • Classifying Current • Describe common types of liabilities,
    Payable and Other Liabilities methods for estimating their values,
    Current Liabilities • Notes Payable and their implications for accounting
    • Taxes Payable purposes.
    • Accounting for • Define short-term notes payable and
    Contingent Liabilities demonstrate the ability to record
    journal entries for these transactions.
    • Discuss how deferred taxes are
    accounted for and the journal entries
    that are required to account for these
    items.
    • Explain how to account for contingent
    liabilities and the journal entries
    needed to record these liabilities.
    13 Liabilities: • Employee versus • Determine if a person is an
    Employee and Contractor independent contractor or an employee
    Payroll Accounting • Recording Wages using various criteria.
    Payable • Compute wages payable for full-time,
    • Accounting for Employee part-time, salaried, hourly,
    Benefits: Health, commission, and piece-rate
    Pension, and Vacation employees.
    • Legal Responsibilities: • Demonstrate the ability to calculate
    Federal Withholdings and payroll tax deductions and liabilities
    Reporting including vacation, health, and
    pension-related transactions.
    • Describe the responsibilities for
    withholding and submitting payroll
    taxes to the federal government.

    14 Accounting • Foundation Principles for • Identify the fundamental principles of


    Information Accounting Information an accounting information system.
    Systems Systems • Describe the components of an
    • Elements of an accounting information system.
    Accounting Information • Explain the need for special journals
    System and how to post to and from these
    • Use of Special Journals journals.
    in an Accounting • Explain the use of subsidiary ledgers in
    Information System an accounting system.
    • Use of the Sales Journal • Explain the impact of technology on
    in an Accounting small, mid-size, and large companies’
    Information System accounting systems.
    • Use of a Cash Receipts
    Journal in an Accounting
    Information System
    • Use of a Purchases
    Journal in an Accounting
    Information System
    • Use of a Cash
    Disbursements Journal in
    an Accounting
    Information System
    • Technology Solutions for
    Small, Mid-Sized, and
    Large Companies
    15 Review • Course Review • None

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