COURSE/CODE: FINANCIAL ACCOUNTING I (ACC 101)

SYLLABUS
I. Introduction to Accounting and Business
II. Analyzing Transactions
III. The adjusting Process
IV. Completing the Accounting Cycle
V. Accounting Systems
VI. Accounting for Merchandising Businesses
VII. Inventories
VIII. Sarbanes- Oxley, Internal Control, and Cash
IX. Receivables
X. Fixed Assets and Intangible Assets

Core Reading List:

Text Book:
Warren, Carl, Reeve J. &Duchac, J. (2018) Accounting, 27th Edition. Cengage Learning

Other Recommended Books:

Warren, Carl, Reeve J. &Duchac, J. (2013) Accounting, 26th Edition. Cengage Learning
Larson, Wild, Chiapetta, (2005) Fundamental Accounting Principles, 17th Edition, McGraw Hill Publishing Company

Required Reading List

Warren, Carl, Reeve J. &Duchac, J. (2009) Accounting, 23rd Edition. Thomson South-Western Company
Larson, Wild, Chiapetta, (2005) Fundamental Accounting Principles, 17th Edition, McGraw Hill Publishing Company

Course Objectives:
This course is an introduction to the accounting process as it relates to recording measuring and communicating economic
information for service and merchandising oriented business organizations. The material emphasizes both the concepts underlying
income determination, measurement of assets and equities, and the mechanics and techniques of double-entry Accounting.
Learning Outcomes:
Upon successful completion of this course the students will be able to:
Know the basic mechanics of double entry accounting.
Prepare financial statements.
Learn adjusting process and prepare adjusting entries for deferrals and accruals
Apply different methods of valuing inventory and computing depreciation.
Demonstrate the skills needed to be a better manager
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 COURSE/CODE: FINANCIAL ACCOUNTING I (ACC 101)

Teaching Strategy:
Lectures
Discussion
Quizzes
Term Paper/Project/Presentations

Final Assessment Criteria:

Mid-term Exam 10%
Final-term Exam 15%
Term Paper/Project/Presentations 25%
Quizzes/Assignments (Cases) 40%
Attendance & Participation 10%
Total 100%
 COURSE/CODE: FINANCIAL ACCOUNTING I (ACC 101)

Lecture Plan
LECTURE CH. # CONTENTS QUIZ/ASSIGN
NUMBERS MENT
1 Introduction of the Course
2 1 Nature of Business, Role of Exercise: 1 to 3
Accounting in Business, Business
Ethics, Importance of Accounting,
Users of Accounting
3 1 Generally Accepted Accounting Exercise: 4 to
Principles, Business Transactions 13
and the Accounting Equation Problem: 1-1A,
1-1B
4 1 Preparation of Financial Exercise: 14 to
Statements 25
Problem: 1-2A
to 6A
5 2 Usefulness of an Account, Chart of Quiz 01
Accounts, Characteristics of an Exercise: 1 to 4
Account Analyzing and and
Summarizing Transactions in Ex. 7 to 12
Accounts, Normal Balances of
Accounts
6 2 Illustration of Analyzing and Exercise: 2-5,2-
Summarizing Transactions 13 to,2-15
Problem 2-1A
7 2 Trial Balance Exercise: 2-6 ,
Discovery and Correction of Errors 2-16 to 2-22
Problem: 2-2A
to 6A
8 3 The Matching Concept: Cash Basis Quiz 02
& Accrual Basis of Accounting Exercise: 3-1,
Nature of the Adjusting Process 3-2
9 3 Recording Adjusting Entries, Exercise: 3-3 to
Summary of Adjustment Process, 3-22, 3-25 to 3-
Adjusted Trial Balance 27
Problem 3-1A
to 3-3A, 6A
10 4 Accounting Cycle, Worksheet, Quiz 03
Financial Statements Exercise: 4-1.to
4-7, 4-10 to 4-
18
Problem: IA,
2A
11 4 Adjusting and Closing Entries, Exercise: 4-
Post-Closing Trial Balance, Fiscal 8,9,19 to 25, 28,
Year, Reversing Entries 29
Problem: 4-1A,
2A, 4A, 5A
12 6 Nature of Merchandising Quiz 04
Businesses Exercise: 6-1, 2
13 6 Year End Tasks Exercise: 6-3 to
Multiple Step Income Statement, 6-7, 6-10,
Balance Sheet, Retained Earning 6-11
Statement Problem: 6-1A,
2A
LECTURE CH. # CONTENTS QUIZ/ASSIGN
NUMBERS MENT
14 6 Accounting for the sale and Exercise: 6-12
purchase of merchandise, to 6-27
Accounting for transportation
 costs, sales taxes and trade Problem: 6-3A
discounts. Illustration of dual to 6A
nature of merchandising
transactions
14 6 Closing and Reversing Entries for Exercise: 6-34
a merchandiser Problem: 6-7A
Reversing Entries for Accrued Quiz 05
Liabilities
15 Mid Term Exam
16 Paper Checking
16 5 Principles of Exercise: 5-1 to 5-7
Accounting Problem:
System
Accounting
System,
Installation &
Revision
17 5 Subsidiary Exercise: 5-8 to 5-22
Ledgers & Problem: 5-1A to 5A
Special Ledger
18 5 Controlling Problem:
Accounts Quiz 06
Accounting for
deferrals
19 7 Cash and Exercise: 7-1 to 7-5
Importance of Problem: 1, 2, 3
internal control
over cash
Cash Change
Fund and Cash
Short and Over
20 7 Internal control Exercise: 7-6, 7-7 Problem: 7-1A
of cash
payments Basic
feature of
Voucher
System
21 7 Nature of bank Exercise: 7-8 to 7-15
account Problem: 7-3A to 7-5A Ex. 7-16
Bank Problem: 7-2A
reconciliation
Petty cash fund
22 8 Classifications Quiz 07
of receivables Exercise: 8-1 to 8-11
Internal Control Problem: 8- 1A, 2A
of Receivables
Nature and
accounting for
uncollectible
receivables
23 8 Estimating Exercise: 8-10, 12 13, 14 Problem:
Uncollectible 8-3A
24 8 Nature and Exercise: 8-15 to 8-20 Problem:
characteristics 4A, 5A, 6A
of promissory
notes
Accounting for
notes
receivables
25 9 Inventories Quiz 08
Effect of Exercise: 9-1, 2, 3, 4, 5, 6
Inventory of
 current period,
inventory
systems
26 9 Valuation of Exercise: 9-7 to 19 Problem: 9-
Inventory at 1A, 2A, 3A, 5A
cost
Estimation of
Inventory
LECTURE CH. # CONTENTS QUIZ/ASSIG
NUMBERS NMENT
27 10 Characteristics Quiz 09
of Plant Assets Exercise: 10-1 to 13
Nature of Problem: 10-1A, 2A,3A
Depreciation
Methods of
computing
Depreciation
28 10 Capital & Exercise: 10-14 to 10-17
Revenue Problem:
Expenditure
29 10 Disposal of Exercise: 10-18 to 10-24, 26
Plant Assets Problem: 10- 4A, 5A, 6A
Depletion, Quiz 10
Leasing,
Intangible
Assets
30 Final Exam