- COURSE DESCRIPTION
- This course is an introduction to the fundamental concepts of financial accounting as prescribed by U.S. generally accepted accounting principles (GAAP) as applied to transactions and events that affect business organizations. Students will examine the procedures and systems to accumulate, analyze, measure, and record financial transactions. Students will use recorded financial information to prepare a balance sheet, income statement, statement of cash flows, and statement of shareholders’ equity to communicate the business entity’s results of operations and financial position to users of financial information who are external to the company. Students will study the nature of assets, liabilities, and owners’ equity while learning to use reported financial information for purposes of making decisions about the company. Students will be exposed to International Financial Reporting Standards (IFRS).
- Prerequisite: Meet TSI college-readiness standard for Mathematics; or equivalent
Recommended co-requisite: MATH 1324 – Mathematics for Business & Social Sciences, or
MATH 1325 – Calculus for Business and Social Sciences
- INSTRUCTIONAL MATERIALS
- Required Resources
Horngren’s Financial and Managerial Accounting, 4th edition, by Nobles, Mattison, and Matsumura. ISBN-13: 9780133251241 (this number is for the book only) ISBN-13: 9780133359848 (this number is for the book and access code) this book will be used for both Accounting 1 and Accounting 2. The book is published by Pearson/Prentice Hall and is available at the WTC bookstore. (WTC bookstore: 1-325-574-7601 or www.wtcbookstore.com). We will also be using MyAccountingLab. MyAccountingLab requires an access code. If you are purchasing the book through the bookstore, the access code will be included with the book. This code may be purchased with the textbook, the e-text, or separately on-line.
- COURSE LEARNING OUTCOMES
- Use basic accounting terminology and the assumptions, principles, and constraints of the accounting environment.
- Identify the difference between accrual and cash basis accounting.
- Analyze and record business events in accordance with U.S. generally accepted accounting principles (GAAP).
- Prepare adjusting entries and close the general ledger.
- Prepare financial statements in an appropriate U.S. GAAP format, including the following: income statement, balance sheet, statement of cash flows, and statement of shareholders’ equity.
- Analyze and interpret financial statements using financial analysis techniques.
- Describe the conceptual differences between International Financial Reporting Standards and U.S. generally accepted accounting principles.
- WEEKLY COURSE SCHEDULE
- The standard requirement for 3 credit hour course is for students to spend 12 hours in weekly work. This includes preparation, activities, and evaluation regardless of delivery mode.
- Course Schedule is developed through MY ACCOUNTING LAB.
- COURSE EVALUATION CRITERIA:
*The above schedule, policies, procedures, and assignments in this course are subject to change.
- EVALUATION POLICY:
- Grade Course Requirements
How many of what types of assignments: There will be 15 homework assignments. The online homework is required and counts 50% of the student’s grade.
Number and types of quizzes and examinations: There will be 4 on-line tests covering chapter homework.
- Attendance Policy – Financial Aid
You are expected to participate in the discussion forum each week. This attendance will help you to meet the financial aid and discussion/participation requirement. This will also help you to not have to repay student loans due to lack of classroom participation online. This is very important and is expected to be taken seriously.
- EVALUATION SCALE:
F: below 60
- OTHER POLICIES: Please refer to the Western Texas College Course Catalog for the following:
- Campus Calendar
- Final Exam schedule
- How to drop a class
- Withdrawal information
- Student Conduct/Academic Integrity
- Students with disabilities
March 4, 2014