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COURSE TITLE: Introduction to Financial Accounting
CREDIT WEIGHT AND WEEKLY TIME DISTRIBUTION: credits 3 (hrs lect 3 - hrs sem 0 - hrs lab 1.5)
CALENDAR DESCRIPTION: This course is about financial accounting - the preparation and reporting of financial information to users who are outside of a firm (e.g., creditors, shareholders, and tax authorities). This information is usually communicated through the preparation of a set of financial statements. This course will provide an understanding of how financial statements are prepared, and how the financial information they contain can be used and interpreted by various external decision makers. At the same time, the student will gain an understanding of assumptions and conventions that underlie accounting in general, and various financial statement components in particular.

REQUIRED TEXTS: Dauderis, H., & Annand, D. (2015). Introduction to Financial Accounting (Version 2015 - Revision B). 
Mid-Term 115%
Mid-Term 220%
Lyryx Labs15%
Case Study10%
Final Exam40%
COURSE LEARNING OUTCOMES: Upon successful completion of this course the student will be able to:
  • Record financial transactions for business organizations
    • Use the accounting equation to identify account(s) debited and credited.
    • Record payroll journal entries including the calculation of gross pay and applicable deductions.
  • Create financial statements for business organizations
    • Prepare an income statement, balance sheet, and cash flow statement
  • Assess the financial health of an organization
    • Calculate and interpret four financial ratios. 
  • Identify effective internal controls to safeguard assets
    • Identify missing internal controls, possible ramifications, and recommendations.
    • Prepare a bank reconciliation and required journal entries.
    • Record transactions to establish and replenish a petty cash fund.
  • Differentiate between inventory valuation methods
    • Calculate the inventory value using the methods of specific unit, weighted average, FIFO and LIFO
    • Explain the difference between a periodic and perpetual inventory system
    • Prepare financial statements for the different valuation methods
  • Explain how interim financial statements can be prepared without physically counting the inventory 
    • Calculate an ending inventory value using either the gross margin or retail method
  • Introduction, Syllabus
  • Introduction to Financial Accounting
  • The Accounting Process
  • Adjusting Accounts for Financial Statements
  • The Classified Balance Sheet and Related Disclosures 
  • Accounting for the Sale of Goods 
  • Assigning Costs to Merchandise
  • Cash and Receivables
  • Long-lived Assets
  • Current and Long-term Liabilities 
  • Equity Financing
  • The Statement of Cash Flows
  • Financial Statement Analysis

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