Course Schedule
Principles of Accounting #201
Course Schedule
Tuesday January 5th thru Wednesday January 13th
Chapter One: Accounting Principles and the Financial Statements
Learning Objectives:
Define accounting, and explain the concepts underlying accounting measurement.
Define financial position, and state the accounting equation.
Identify the four basic financial statements.
Explain how generally accepted accounting principles ( GAAP) and international financial reporting standards ( IFRS) relate to financial statements and the independent CPA’s report, and identify the organizations that influence GAAP.
Identify the users of accounting information, and identify business goals, activities, and performance measures.
Explain the importance of ethics in financial reporting.
Wednesday January 13th thru Thursday January 21st
Chapter Two: Analyzing and Recording Business Transactions
Learning Objectives:
Explain how the concepts of recognition, valuation, and classification apply to business transactions.
Explain the double-entry system and the usefulness of T accounts in analyzing business transactions.
Demonstrate how the double- entry system is applied to common business transactions.
Prepare a trial balance, and describe its value and limitations.
Record transactions in the general journal, and post transactions to the ledger.
Explain why ethical financial reporting depends on proper recording of business transactions.
Show how the timing of transactions affects cash flows and liquidity.
Thursday January 21st thru Friday January 29th
Chapter Three: Adjusting the Accounts
Learning Objectives:
Define net income, and explain the concepts underlying income measurement.
Distinguish cash basis of accounting from accrual accounting, and explain how accrual accounting is accomplished.
Identify four situations that require adjusting entries, and illustrate typical adjusting entries.
Prepare financial statements from an adjusted trial balance.
Explain the importance of ethical measurement of net income and the relation of net income to cash flows.
Exam #1 Saturday January 30th thru Sunday January 31st
Monday February 1st thru Monday February 8th
Chapter Four:Completing the Accounting Cycle
Learning Objectives:
Describe the role of closing entries in the preparation of financial statements.
Prepare closing entries.
Prepare reversing entries.
Prepare a work sheet.
Explain the importance of worksheet and closing entries when managing a business.
Monday February 8th thru Tuesday February 16th
Chapter Five: 1) Foundations of Financial Reporting and the Classified Balance Sheet
Learning Objectives:
Describe the objective of financial reporting and identify the conceptual framework underlying accounting information.
Identify and define the basic components of financial reporting and prepare a classified balance sheet.
Use classified financial statements to evaluate liquidity and profitability.
Tuesday February 16th 5 thru Wednesday February 24th
Chapter Six: Accounting for Merchandising Operations
Learning Objectives:
Define merchandising accounting and differentiate perpetual from periodic inventory systems.
Describe the features of multistep and single-step classified income statements.
Describe the terms of sale related to merchandising transactions.
Prepare an income statement and record merchandising transactions under the perpetual system.
Prepare an income statement and record merchandising transactions under the periodic system.
Explain the role of the operating cycle and foreign business transactions in evaluating the liquidity of a merchandising company.
Exam #2 Thursday February 25th thru Friday February 26th
Saturday February 27th thru Saturday March 5th
Chapter Seven: Inventories
Learning Objectives:
Explain the concepts underlying inventory accounting.
Calculate inventory cost under the periodic inventory system using various costing methods.
Explain the effects of inventory costing methods on income determination and income taxes.
Calculate inventory cost under the perpetual inventory system using various costing methods.
Using the retail method and gross profit method to estimate the cost of ending inventory.
Evaluate inventory level, and demonstrate the effects of inventory misstatements on income measurement.
Saturday March 5th thru Sunday March 13th
Chapter Eight: Cash and Internal Control
Learning Objectives:
Describe the components of internal control, control activities, and limitations on internal control.
Apply internal control activities to common merchandising transactions.
Define cash equivalents, and explain methods of controlling cash, including bank reconciliations.
Identify the internal control roles of management and the auditor.
Sunday March 13th thru Monday March 21st
Chapter Nine: Receivables
Learning Objectives:
Define receivables, and explain the allowance method for valuation of receivables as an application of accrual accounting.
Apply the allowance method of accountng for uncollectible accounts.
Make common calculations for notes receivable
Show how to evaluate the level of receivables, and identify alternative means of financing receivables.
FINAL EXAM - Tuesday March 22nd thru Thursday March 24th