Balance Sheet and Financial Accounting

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Syllabus
School of Business
ACC/290 Version 3
Principles of Accounting I
Copyright © 2011 by University of Phoenix. All rights reserved.

Course Description

This course covers the fundamentals of financial accounting as well as the identification, measurement, and reporting of the financial effects of economic events on an enterprise. Students will learn to examine financial information from the perspective of management. Other topics include decision making, planning, and controlling from the perspective of a practicing manager.

Policies

Faculty and students/learners will be held responsible for understanding and adhering to all policies contained within the following two documents:

University policies: You must be logged into the student website to view this document. Instructor policies: This document is posted in the Course Materials forum.

University policies are subject to change. Be sure to read the policies at the beginning of each class. Policies may be slightly different depending on the modality in which you attend class. If you have recently changed modalities, read the policies governing your current class modality.

Course Materials

Kimmel, P. D., Weygandt, J. J., & Kieso, D. E. (2009). Financial accounting: Tools for business decision making (5th ed.). Hoboken, NJ: John Wiley & Sons.

All electronic materials are available on the student website.

Week One: Basic Accounting Principles and Concepts

Details
Due
Points
Objectives
1.1 Identify the four basic financial statements.
1.2 Classify transactions using the rules of debit and credit. 1.3 Journalize basic transactions.
1.4 Post transactions from journals to ledgers.

Reading
Read Ch. 1 of Financial Accounting.

Reading
Read Ch. 2 of Financial Accounting.

Reading
Read Ch. 3 of Financial Accounting.

Reading
Read this week’s Electronic Reserve Readings.

Participation
Participate in class discussion.

2
Individual
Financial Statements Paper
Write a 700- to 1,050-word paper in which you do the following:

Identify the four basic financial statements.
Describe the purpose of each of the four financial statements. Discuss how the financial statements would be useful to internal users such as managers and employees. Discuss how the financial statements would be useful to external users such as investors and creditors.

Format the paper consistent with APA guidelines.

9

Week Two: Starting the Accounting Cycle

Details
Due
Points
Objectives
2
2.1 Differentiate between accrual basis and cash basis accounting. 2.2 Create adjusting entries.
2.3 Prepare an adjusted trial balance.

Reading
Read “Timing Issues” & “The Basics of Adjusting Entries” in Ch. 4 of Financial Accounting.

Reading
Read this week’s Electronic Reserve Readings.

Participation
Participate in class discussion.

2
Individual
WileyPLUS Assignment: Week Two Assignment
Resources: WileyPLUS and Financial Accounting
Complete the following in WileyPLUS:

Exercise E3-4
Exercise E3-9
Problem 3-5A
Problem 3-6A

4
Learning Team
Weekly Reflection
Discuss the objectives for Week One. How do they relate to the practice of accounting and its uses in business?

Identify the four basic financial statements.
Classify transactions using the rules of debit and credit.
Journalize basic transactions.
Discuss how financial statements would be useful to external users such as investors and creditors.

Write a 350- to 500-word summary of your Learning Team’s discussion.

2

Week Three: Completing the Accounting Cycle

Details
Due
Points
Objectives
3
3.1 Prepare closing entries, reversing entries, and a post-closing trial balance. 3.2 Prepare a classified income statement, retained earnings statement, and balance sheet.

Reading
Read “The Adjusted Trial Balance and Financial Statements” to “Appendix 4A” in Ch. 4 of Financial Accounting.

Reading
Read Appendices A...
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