Principles of Accounting I
- Course Number:
- BA 211
- Transcript Title:
- Principles of Accounting I
- Jul 26, 2022
- Aug 17, 2022
- Total Credits:
- Lecture Hours:
- Lecture / Lab Hours:
- Lab Hours:
- Satisfies Cultural Literacy requirement:
- Satisfies General Education requirement:
- Grading Options
- A-F, P/NP, Audit
- Default Grading Options
- Repeats available for credit:
Introduces financial accounting theory, including the accounting cycle, analysis and recording of transactions, and reporting financial information in accordance with generally accepted accounting principles. Recommended: placement into MTH 65. Prerequisite: IRW 115 or WR 115 or equivalent placement. Audit available.
Upon successful completion of BA 211, the student will be able to:
- Use the accounting cycle to develop financial statements from business transactions.
- Analyze basic business economic events to determine their effect on accounts and financial statements.
- Interpret and analyze financial statements to aid in decision making.
- Demonstrate a basic understanding of the principles of internal control and apply them to relatively straight-forward situations to identify strengths and weaknesses.
- Interpret and analyze accrual and cash flow information presented in accounts.
- Analyze issues relating to inventory, receivables, long-lived assets, liabilities, and stockholder’s equity and recommend appropriate accounting treatment.
- Describe basic generally accepted accounting principles.
Suggested Outcome Assessment Strategies
Assessment methods can include: examinations, quizzes, homework assignments, research papers, case study analysis, and small group problem-solving of questions arising from application of course concepts and concerns to actual experience, oral presentations, and class participation.
Course Activities and Design
The determination of teaching strategies used in the delivery of outcomes is generally left to the discretion of the instructor. Here are some strategies that you might consider when designing your course: lecture, small group/forum discussion, flipped classroom, dyads, oral presentation, role play, simulation scenarios, group projects, service learning projects, hands-on lab, peer review/workshops, cooperative learning (jigsaw, fishbowl), inquiry based instruction, differentiated instruction (learning centers), graphic organizers, etc.
Outcome #1: Use the accounting cycle to develop financial statements from business transactions.
- Record transactions by journalizing entries and posting to ledger accounts in a manual system
- Complete the adjusting process including accruals, deferrals, depreciation, and amortization
- Prepare financial statements
- Complete the accounting cycle through to preparation of the Post-Closing Trial Balance
- The basic functionality of accounting software and its relationship to a manual system
Outcome #2: Analyze basic business economic events to determine their effect on accounts and financial statements.
- The similarities and differences between service businesses and merchandising businesses from an accounting perspective
- The effect of basic economic events on service and merchandising businesses
Outcome #3: Interpret and analyze financial statements to aid in decision making.
- Perform basic analysis and interpretation of financial statements using:
- Basic financial ratios
- Horizontal, and vertical analysis
- Segment analysis
Outcome #4: Demonstrate a basic understanding of the principles of internal control and apply them to relatively straight-forward situations to identify strengths and weaknesses.
- Summary of internal control principles, especially as they relate to cash.
Outcome #5: Interpret and analyze accrual and cash flow information presented in accounts.
- The purpose, use, and interpretation of information on the balance sheet and income statement.
- Summary of the purpose, use, and interpretation of information on the statement of cash flows.
Outcome #6: Analyze issues relating to inventory, receivables, long-lived assets, liabilities, and stockholder’s equity and recommend appropriate accounting treatment.
- The principles behind perpetual and periodic inventory systems and how to account for both in a merchandising business
- Summary of the principles on how to:
- Account for receivables, to include their recognition, disposal and valuation.
- Record the acquisition, depreciation and disposal of plant assets.
- Explain the nature of natural resources and intangible assets and the methods of cost expiration.
- Explain the nature and types of current liabilities.
- Explain the nature, purpose and valuation of bonds payable.
- Account for bonds payable, to include the issuance, retirement and amortization of discounts and premiums.
- Account for common and preferred stock issuance.
- Account for cash dividends, and stock dividends.
- Account for the acquisition and re-issuance of treasury stock.
Outcome #7: Describe basic generally accepted accounting principles.
- The nature of and relationship between business, accounting, and Generally Accepted Accounting Principles
- The Accounting Equation and the relationship between assets, liabilities, and equity
- The four components of equity (contributions, distributions, revenue, and expenses)
- The double-entry accounting system
Suggested Texts and Materials
Text: Accounting, 27th Ed; Warren/Reeve/Duchac; Cengage Learning