Syllabus for ACC-604

FUNDAMENTALS OF ACCOUNTING I

COURSE DESCRIPTION

This course presents a comprehensive study of the theory and practice of financial accounting. This course explains the role of generally accepted accounting principles (GAAP) and Financial Accounting Standards Board (FASB) and their impact on financial statement presentation. Students will demonstrate how financial transactions from beginning of the business cycle to closing entries affect the health and condition of an entity as well as identifying and proposing corrections to the financial statements. Finally, students will interpret financial results of an entity through applying financial ratios and evaluating management’s financial disclosures.

COURSE TOPICS

Transactions affecting the events of an entity
Financial statements and business decisions
Communicating and interpreting accounting information
Classification and reporting of assets, liabilities, and equity

COURSE OBJECTIVES

After completing this course, students should be able to:

CO 1 Identify the role of both FASB and GAAP in determining financial statement content and how companies ensure the accuracy of their financial data.

CO 2 Apply appropriate judgment derived from knowledge of accounting theory to financial analysis and decision making.

CO 3 Employ critical-thinking skills to analyze financial data as well as the effects of differing financial accounting methods on the financial statements.

CO 4 Recognize events requiring appropriate recording in an organization's’ accounting records.

CO 5 Develop, interpret, analyze, and communicate the results of financial operations to internal and external users.

COURSE MATERIALS

You will need the following materials to complete your coursework. Some course materials may be free, open source, or available from other providers. You can access free or open-source materials by clicking the links provided below or in the module details documents. To purchase course materials, please visit the University's textbook supplier.

Required Textbook

Libby, R., Libby, P. A., & Hodge, F. (2017). Financial accounting (9th ed.). New York, NY: McGraw-Hill Education.

ISBN-13: 978-1259222139

COURSE STRUCTURE

Fundamentals of Accounting I is a three-credit, online course consisting of eight modules. Modules include an overview, topics, learning objectives, study materials, and activities. Module titles are listed below.

Module 1: Overview of FASB and an Entity’s Financial Statements
Course objectives covered in this module: CO 1, CO 4, CO 5
Module 2: Operating Decisions and the Accounting System, Operating Activities, and the Income Statement
Course objectives covered in this module: CO 1, CO 2, CO 3, CO 4, CO 5
Module 3: Adjusting Entries, Closing Entries, Notes/Disclosures to Financial Statements, and Communicating Results
Course objectives covered in this module: CO 4, CO 5
Module 4: Reporting and Interpreting Sales Revenue, Receivables, and Cash
Course objectives covered in this module: CO 2, CO 4, CO 5

Module 5: Reporting and Interpreting Cost of Goods Sold, Inventory, Property, Plant, and Equipment, Intangibles, and Natural Resources

Course objectives covered in this module: CO 2, CO 4

Module 6: Reporting and Interpreting Liabilities, Bonds, and Debt

Course objectives covered in this module: CO 2, CO 4, CO 5

Module 7: Reporting and Interpreting Stockholders’ Equity

Course objectives covered in this module: CO 1, CO 3, CO 5

Module 8: The Statement of Cash Flows and Analyzing Financial Statements

Course objectives covered in this module: CO 2, CO 5

ASSESSMENT METHODS

For your formal work in the course, you are required to participate in online discussion forums, complete written assignments, take module quizzes, and complete a final project. See below for details.

Consult the Course Calendar for due dates.

Promoting Originality

One or more of your course activities may utilize a tool designed to promote original work and evaluate your submissions for plagiarism. More information about this tool is available in About SafeAssign.

Discussion Forums

You are required to participate in four graded discussion forums. There is also one ungraded but required Introductions Forum in Module 1.

Discussion forums are on a variety of topics associated with the course modules. The purpose of the discussion forums is to help make the connection between the course concepts and the goals of the course. In discussion posts, you express your opinions and thoughts, provide support and evidence for the position(s) you take on a subject, and have the opportunity to ask questions and expand on insights provided by your colleagues. Active participation is vital to your overall success in this course.

Located within the Evaluation Rubrics folder of the course website is the online discussion forum rubric used to aid in the grading of all online discussion assignments.

Quizzes

You are required to take eight module quizzes for this course. All quiz items are multiple choice. You may use any materials that you wish when taking the quizzes, and there is no time limit for taking each quiz. You will be able to take each quiz an unlimited number of times, and the gradebook will record your most recent score. This arrangement will allow you to go back and reread portions of the text that you need to review and then take the quiz again for further practice.

Written Assignments

You are required to complete seven written assignments. The written assignments are on a variety of topics associated with the course modules.

Course Project

You are required to complete a course project during Week 8. This is a comprehensive problem-solving activity that includes two parts. For the first part, you evaluate transactions and prepare financial statements with provided account balances. And in the second part, you analyze and evaluate a company’s publicly available financial information. The detailed information for the course project will be available at the beginning of Module 8.

GRADING AND EVALUATION

Your grade in the course will be determined as follows:

Online discussions (4)—20%
Quizzes (8)—15%
Written assignments (7)—40%

Written assignments 1 and 3—15%
Written assignments 2, 4, 5, 6, and 7—25%

Course project—25%

All activities will receive a numerical grade of 0–100. You will receive a score of 0 for any work not submitted. Your final grade in the course will be a letter grade. Letter grade equivalents for numerical grades are as follows:

A	=	93–100	B	=	83–87
A–	=	90–92	C	=	73–82
B+	=	88–89	F	=	Below 73

To receive credit for the course, you must earn a letter grade of C or higher on the weighted average of all assigned course work (e.g., assignments, discussion postings, projects). Graduate students must maintain a B average overall to remain in good academic standing.

STRATEGIES FOR SUCCESS

First Steps to Success

To succeed in this course, take the following first steps:

Read carefully the entire Syllabus, making sure that all aspects of the course are clear to you and that you have all the materials required for the course.
Take time to read the entire Online Student Handbook. The Handbook answers many questions about how to proceed through the course and how to get the most from your educational experience at Thomas Edison State University.
Familiarize yourself with the learning management systems environment—how to navigate it and what the various course areas contain. If you know what to expect as you navigate the course, you can better pace yourself and complete the work on time.
If you are not familiar with web-based learning be sure to review the processes for posting responses online and submitting assignments before class begins.

Study Tips

Consider the following study tips for success:

To stay on track throughout the course, begin each week by consulting the Course Calendar. The Course Calendar provides an overview of the course and indicates due dates for submitting assignments, posting discussions, and scheduling and taking examinations.
Check Announcements regularly for new course information.

ACADEMIC POLICIES

To ensure success in all your academic endeavors and coursework at Thomas Edison State University, familiarize yourself with all administrative and academic policies including those related to academic integrity, course late submissions, course extensions, and grading policies.

For more, see: