Principles of Accounting I

Course Number: BA 211
Transcript Title: Principles of Accounting I
Created: September 1, 2012
Updated: July 18, 2020
Total Credits: 3
Lecture Hours: 30
Lecture / Lab Hours: 0
Lab Hours: 0
Satisfies Cultural Literacy requirement: No
Satisfies General Education requirement: No
Grading options: A-F (default), P-NP, audit
Repeats available for credit: 0

Prerequisites

WR 115, RD 115 and MTH 20 or equivalent placement test scores

Recommended

Course Description

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: MTH 60. Prerequisites: WR 115, RD 115, and MTH 20 or equivalent placement test scores. Audit available.

Intended Outcomes

Upon successful completion of BA 211, the student will be able to:

  1. Describe the fundamentals of accounting theory.
  2. Demonstrate basic-level recording and reporting of financial information for business.
  3. Apply accounting principles and knowledge of each step in the accounting cycle.

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.

Texts and Materials

Text: Accounting, 27th Ed; Warren/Reeve/Duchac; Cengage Learning

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.

Course Content (Themes, Concepts, Issues and Skills)

Outcome #1: Describe the fundamentals of accounting theory.

To address this outcome, students should be taught:

  • 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
Outcome #2: Demonstrate basic-level recording and reporting of financial information for business.

To address this outcome, students should be taught:

  • How to use accounts to record transactions
  • How to record transactions by journalizing entries and posting to ledger accounts in a manual system
  • How to complete the adjusting process including accruals, deferrals, depreciation, and amortization
  • How to prepare financial statements
  • How to 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 #3: Apply accounting principles and knowledge of each step in the accounting cycle.

To address this outcome, students should be taught:

  • How to perform basic analysis and interpretation of financial statements
    • Basic financial ratios
    • Horizontal, and vertical analysis
    • Segment analysis
  • The similarities and differences between service businesses and merchandising businesses from an accounting perspective
  • The principles behind perpetual and periodic inventory systems and how to account for both in a merchandising business

Department Notes

This is the first term of the traditional accounting principles sequence. The course emphasizes the theoretical foundations of accounting and analytical skills needed by business and accounting students.