Curriculum Guideline

Principles of Accounting I & II

Effective Date:
Course
Discontinued
No
Course Code
ACCT 1235
Descriptive
Principles of Accounting I & II
Department
Accounting
Faculty
Commerce & Business Administration
Credits
3.00
Start Date
End Term
201420
PLAR
Yes
Semester Length
15 Weeks X 4 Hours per Week = 60 Hours
Max Class Size
35
Contact Hours
Lecture: 4 Hours Total: 4 Hours
Method Of Instruction
Lecture
Methods Of Instruction

Lectures, interspersed with demonstrations and discussion.

Course Description
This demanding, accelerated (is equivalent to ACCT 1110 and ACCT 1210) course will introduce the student to the theory and processes used in recording financial events and preparing financial statements. Topics include: accounting principles, the accounting cycle, assets, liabilities, equities for various forms of organizations, income measurement and analysis. Work load is extremely heavy.
Course Content
  1. The accounting cycle
  2. Closing entries and accounting for a merchandising concern
  3. Accounting for cash, temporary investments, accounts receivable, and notes receivable
  4. Inventories and cost of goods sold
  5. Capital assets
  6. Current- and long-term liabilities
  7. Partnerships
  8. Accounting principles and conceptual framework
  9. Accounting for shareholders' equity
  10. Instalment notes payable and bonds payable
  11. Cash Flow Statement
  12. Financial statement analysis
  13. Investments
Learning Outcomes

The student will be able to:

  1. Describe the functions of accounting records and financial reports
  2. Classify, record, and summarize business transactions as they relate to service and merchandising operations
  3. Prepare adjusting and closing entries and basic financial statements
  4. Account for the various classifications of assets and liabilities of a business
  5. Demonstrate skill in orderly arrangements of data, self-checking and systematic analysis of data summarization
  6. Distinguish between legal forms of business enterprises and the accounting methods appropriate for each
  7. Analyze financial information
  8. Prepare a simple Cash Flow Statement using the direct approach
Means of Assessment
Assignments (minimum of 5)         10%-15%
Practice Set &/or Quizzes 05%-10%
In-class tests     15%
*Midterm examination     30%
**Final examination     35%
    100%

*Midterm exam questions will be taken from the Accounting Department’s common 1110 midterm/final exams.

**Final exam questions will be taken from the Accounting Department’s common 1210 midterm/final exams.

Students must write both the midterm examination and the final examination to obtain credit for the course.

Textbook Materials

Textbooks and Materials to be Purchased by Students

 

Horngren, Harrison, Bamber, Lemon.  Accounting, Volume I and II.  Latest Edition.  Pearson Educational.

 

Instructor compiled materials (if applicable)

Practice set (changed each semester)

 

Any one of the following calculators:

                1. Texas Instruments BAII Plus

                2. Hewlett Packard 10B

                3. Sharp EL-733 A

Prerequisites

(BC Principles of MATH 12 with grade of B or better and Academic ENGL 12 with grade of B or better)  OR (post-secondary level GPA of B or better and BC Principles of MATH 11 with grade of C or better and Academic ENGL 11 with grade of C or better.)

Which Prerequisite

ACCT 1220 and ACCT 2310 and ACCT 2320 and ACCT 3350 and ACCT 2410 and BUSN 4470 and  FINC 2300 and FINC 2340 and FINC 2350 and FINC 2420 and BUSN 2254 and FINC 2255