Introduction to the accounting system and generally accepted accounting principles that govern income determination and financial position presentation. Credit will be granted for only one of BSAD 060 or BSAD 065. Prerequisites: EC 011 and either MATH 019 or MATH 021; Business Administration, Computer Science & Information Systems, Dietetics, Nutrition & Food Science, or Engineering Management major or Business Administration minor; Minimum Sophomore standing.
Dates: May 22 - June 30, 2017; Pre-reqs: MATH 019 or 021, and EC 011.
Pre-requisites: BSAD, CSIS, EMGT majors or BSAD minors only; Minimum Sophomore standing; Required course specific fee of $20; Degree students only even after level restrictions removed; CE students register for BSAD 060 ZRA,B. Goals & Objectives: Course Goals: The overarching goal is the development of skills necessary to think critically and analytically about financial accounting issues. We will emphasize: • Applying computational processes and accounting policies to communicate information to assist in solving financial problems. • Obtaining an understanding of Generally Accepted Accounting Principles for the preparation of financial statements. • Locating, computing and using accounting information to make business decisions. • Analyzing results of operations and financial position to determine the health of an organization. Included will be the impact of accounting methods on the communication of financial information. • Understanding how accounting is used in business including the roles of auditing, systems, financial managerial and tax accounting. • Improving critical thinking, communication, interpersonal, research and computer skills. • Developing an awareness of the trust that users of financial information place in accountants, and of the responsibility accountants have to make ethical decisions in selecting how to report items in financial statements. • Acquiring a basic knowledge about the role of accountants in society and possible career choices for individuals who pursue further studies in accounting. • Gaining a strong foundation for further studies in the School of Business Administration. Specific Learning Objectives: The following objectives have been identified by the accounting area faculty as minimum competency learning objectives for all BSAD60 classes. Your understanding of these objectives will be tested on examinations and you must demonstrate an ability to perform these key learning objectives in order to receive a passing grade for the course: Understanding the Business Context • Differentiate the key attributes and advantages of proprietorships, partnerships and corporations • Identify steps in the business operating cycle • Understand the importance of the concept of internal control • Apply the concept of internal control to a simple business context Understanding Financial Statements • Define the purpose of accounting • Identify the four basic financial statements • Understand the purpose of the four basic financial statements and accompanying notes • Identify the components of the balance sheet, income statement and statement of cash flows (e.g., accounts receivable appears in the balance sheet) • Prepare a basic balance sheet, income statement and statement of cash flows • Understand how the basic financial statements interrelate • Understand the basic accounting equation Analyzing Transactions and Understanding their Impact on Financial Statements • Understand the role of GAAP and IFRS in financial reporting • Apply principles/concepts of historical cost, fair value, revenue recognition and full disclosure • Analyze and record transactions • Understand the impact of transactions on financial statements • Understand the purpose and impact of accruals and deferrals • Analyze and prepare adjusting entries • Understand the following additional concepts: o Differences between capitalization and expense o The concept of present value techniques o The impact of present value on account valuation o Cost allocation (e.g., depreciation) and impairment (write down of assets) o Inventory cost flow assumptions Specific Content Areas within the Financial Statements • Differentiate components of current operating income from other income statement components • Understand the use and misuse of earnings per share • Understand the nature of retained earnings • Differentiate the book value of equity from the market value of equity
Class Environment: In this course, students are encouraged to be active participants in the learning process. You are expected to attend class each day and to come prepared for that day’s work by having read the material assigned. I generally spend less than half a class per week on lecturing. We dedicate much of our time in class solving problems and applying what you have studies before coming to class. Students should expect to be called on to answer questions during class. My assumption is that you have read the material assigned. Homework assignments are assigned to reinforce your understanding of the accounting concepts. I expect that students will behave with common courtesy and refrain from texting and using social media during valuable class time. This class will be challenging, demanding and rewarding. Expect to spend between a good deal of time each week on work outside of class. Be sure to budget your time accordingly. I will do my best to provide you with the resources you need to be successful. Required Materials: • Calculator • Required textbook is "Fundamentals of Financial Accounting", 5th edition by Phillips, Libby and Libby. Along with the textbook you will need the access code for McGraw-Hill Connect
Evaluation will be based upon exams, projects, homework and in class participation.
Waterman Bldg 400 (View Campus Map)
to on Monday and Wednesday