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COURSE BASICS
Credit Hours
Lecture(s)
Recitation/Lab (per week)
Tutorial (per week)
3 Credits
Nbr of Lec(s) Per Week
Nbr of Lec(s) Per Week
Nbr of Lec(s) Per Week
2
None
1
Duration
Duration
Duration
75 mins
N/A
60 mins
COURSE DISTRIBUTION
Core
Elective
Open for Student Category
Close for Student Category
COURSE DESCRIPTION
The course is designed to provide an understanding of financial accounting fundamentals for prospective users of corporate
financial information, such as investors, creditors, employees, and other stakeholders (e.g., suppliers, customers). The course
focuses on understanding how economic events such as operating activities, corporate investments, and financing transactions are
recorded in the three main financial statements (i.e., the income statement, balance sheet, and statement of cash flows). The main
emphasis of this course is placed on the basic framework of accounting so as to provide the student with an understanding of the
fundamental accounting principles and concepts. A heavy reliance will be placed on problem solving and practical analyses to
achieve the aforementioned level of understanding. Students will develop the technical skills needed to analyze financial
statements and disclosures for use in financial analysis. Students will also learn how accounting standards and managerial
incentives affect the financial reporting process. The tools and skills you learn in this course will help you throughout your
professional career and your life.
COURSE PREREQUISITE(S)
The course is recommended for students with little or no prior background in financial accounting that want to improve their
financial literacy. There are no academic prerequisites for the course. Although we will work with numbers in the course, the only
required math knowledge is addition, subtraction, multiplication, and division.
Classroom discussions
10%
30%
10%
20%
30%
Please note that no quiz will be dropped. Under extenuating circumstances, for a missed quiz, the mean of the class in the missed
quiz or the mean of the students other quizzes, whichever is lower will be posted for only one missed quiz. Quizzes are normally
given at the beginning of a session, you are expected to be in your seats 5 minutes before each class session, late walk-ins on a quiz
EXAMINATION DETAIL
Midterm
Exam
Final Exam
Yes/No: Yes
Combine/Separate: Combine
Duration: 2 hours
Preferred Date: Midterm Week
Exam Specifications: MCQ Format. Closed books, closed notes, you may bring calculator. You will not be allowed to
use your cell phone as a calculator or borrow calculator from someone in class
Yes/No: Yes
Combine/Separate: Combine
Duration: 2 hours
Preferred Date: Final Exam week
Exam Specifications: MCQ Format. Closed books, closed notes, you may bring calculator. You will not be allowed to
use your cell phone as a calculator or borrow calculator from someone in class
COURSE OVERVIEW
Session
Session Topic
Reading
Material
Accounting in Action
Chapter 1
Chapter 2
Chapter 2
Same as above
Session Outcome(s)
(After completing this session, you should be able to)
Chapter 3
Chapter 3
Chapter 4
Same as above
1. Prepare a worksheet.
2. Explain the process of closing the books.
3. Describe the content and purpose of a post-closing trial balance.
4. State the required steps in the accounting cycle.
5. Explain the approaches to preparing correcting entries.
6. Identify the sections of a classified statement of financial position.
(CLO 1 12)
Accounting for
Merchandising
Operations
Chapter 5
Accounting for
Merchandising
Operations
Inventories
Chapter 5
Same as above
Chapter 6
Inventories
Fraud, Internal Control,
and Cash
Chapter 6
Chapter 7
Same as above
1. Define fraud and internal control.
2. Identify the principles of internal control activities.
3. Explain the applications of internal control principles to cash receipts.
4. Explain the applications of internal control principles to cash
disbursements.
5. Describe the operation of a petty cash fund.
6. Indicate the control features of a bank account.
7. Prepare a bank reconciliation.
8. Explain the reporting of cash
(CLO 1 7)
10
11
Chapter 8
Accounting for
Receivables
Plant Assets, Natural
Resources and Intangible
Assets
Chapter 8
Same as above
Chapter 9
Chapter 9
Same as above
Chapter 10
Liabilities
Accounting for Sole
Proprietors and
Partnerships
(Retirement, death,
dissolution, liquidation.)
Chapter 10
Chapter 12
Same as above
1. Identify the characteristics of the partnership form of business
organization.
2. Explain the accounting entries for the formation of a partnership.
3. Identify the bases for dividing net income or net loss.
4. Describe the form and content of partnership financial statements.
5. Explain the effects of the entries to record the liquidation of a
partnership.
(CLO 8)
12
13
14
15
16
17
18
19
20
21
Corporations:
Organization, Share
Transactions, Dividend
and Retained Earnings
(including branch
accounting)
Chapter 11
Corporations:
Organization, Share
Transactions, Dividend
and Retained Earnings
(including branch
accounting)
Statement of Cash Flows
Chapter 11
Chapter 13
Chapter 13
Chapter 14
Financial Statement
Analysis
Financial Statement
Analysis
Preparation of Financial
Statements from
Incomplete Record
Chapter 14
Chapter 14
Same as above
Chapter 13
22
23
24
25
26
27
28
To be
provided
TEXTBOOK(S)/SUPPLEMENTARY READINGS
Financial Accounting, IFRS Edition: 1st Edition
by Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso