BackACC 200: Principles of Financial Accounting – Syllabus and Course Structure
Study Guide - Smart Notes
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Course Overview
Introduction to Financial Accounting
This course introduces the fundamental concepts and principles of financial accounting. It focuses on the measurement and reporting of business activities, preparation and analysis of financial statements, and understanding the accounting cycle. Students will learn how to record, summarize, and interpret financial information for decision-making purposes.
Learning Objectives
Key Skills and Knowledge Areas
Analyze and record transactions: Learn the process of documenting business transactions in the accounting system.
Identify adjustments necessary for balance-sheet financial statements: Understand how to adjust accounts for accurate financial reporting.
Prepare fundamental financial statements: Includes the Income Statement, Statement of Retained Earnings, Balance Sheet, and Statement of Cash Flows.
Account for investments, receivables, long-term assets, and investments: Learn the classification and reporting of various asset types.
Account for shareholders’ equity: Understand the components and changes in equity accounts.
Analyze financial statements: Develop skills to interpret and evaluate financial information for decision-making.
Required Course Materials
Textbook and Software
Textbook: Financial Accounting by Horngren, Miller-Nobles/Mattison/Matsumura, MyAccountingLab edition.
Software: MyAccountingLab (Pearson) for homework assignments and tutorials.
Other materials: Access to Canvas, Microsoft Word, Excel, PowerPoint, PDF reader, and email-enabled devices.
Course Requirements
Participation and Assignments
Attendance: Regular attendance and participation are required for success.
Online Homework Assignments: Weekly assignments via MyAccountingLab.
Financial Statement Analysis Project & Presentation: Group project analyzing a real company’s financial statements.
Exams: Two in-class exams (one cumulative).
Grading Policy
Assessment Weighting
Component | Weight |
|---|---|
Course Participation | 10% |
FSA Project & Presentation | 20% |
Online Homework Assignments | 20% |
Exam 1 | 25% |
Exam 2 | 25% |
Total | 100% |
There is no provision for extra-credit assignments.
Course Schedule
Topics by Week
Class | Date | Day | Chapter | Topic |
|---|---|---|---|---|
1 | 3-Sep | Wed | Ch 1 | Accounting and the Business Environment |
2 | 8-Sep | Mon | Ch 1 | Accounting and the Business Environment |
3 | 10-Sep | Wed | Ch 2 | Recording Business Transactions |
4 | 15-Sep | Mon | Ch 3 | The Adjusting Process |
5 | 17-Sep | Wed | Ch 4 | Completing the Accounting Cycle |
6 | 22-Sep | Mon | Ch 5/Ch 6 | Merchandising Operations & Merchandising Inventory |
7 | 24-Sep | Wed | Ch 5/Ch 6 | Merchandising Operations & Merchandising Inventory |
8 | 29-Sep | Mon | Ch 7 | Receivables |
9 | 1-Oct | Wed | Ch 8 | Receivables |
10 | 6-Oct | Mon | Ch 9 | Financial Statement Analysis |
11 | 8-Oct | Wed | Ch 9 | Financial Statement Analysis |
12 | 13-Oct | Mon | Ch 10 | Plant Assets, Natural Resources, and Intangibles |
13 | 15-Oct | Wed | Ch 11 | Current Liabilities and Payroll |
14 | 20-Oct | Mon | Ch 12 | Long-Term Liabilities |
15 | 22-Oct | Wed | Ch 13 | Stockholders' Equity |
16 | 27-Oct | Mon | Ch 14 | The Statement of Cash Flows |
17 | 29-Oct | Wed | Ch 14 | The Statement of Cash Flows |
18 | 3-Nov | Mon | Ch 15 | Ethics Cases & Review |
19 | 5-Nov | Wed | Group Project | Group Project Report |
20 | 10-Dec | Wed | Exam 2 | Final Exam |
Additional info: Some dates and chapters are omitted for brevity. The schedule includes recesses and project deadlines.
Major Topics Covered
Summary of Key Chapters
Accounting and the Business Environment: Introduction to accounting principles, users of accounting information, and the role of accounting in business.
Recording Business Transactions: The double-entry system, journal entries, and the accounting equation:
The Adjusting Process: Adjusting entries for accruals and deferrals, impact on financial statements.
Completing the Accounting Cycle: Preparation of financial statements and closing entries.
Merchandising Operations & Inventory: Accounting for inventory, cost of goods sold, and merchandising activities.
Receivables: Recognition, valuation, and management of accounts receivable.
Financial Statement Analysis: Techniques for analyzing profitability, liquidity, and solvency.
Plant Assets, Natural Resources, and Intangibles: Depreciation, amortization, and asset impairment.
Liabilities: Current and long-term liabilities, payroll accounting.
Stockholders’ Equity: Issuance of stock, dividends, and equity transactions.
Statement of Cash Flows: Classification of cash flows and preparation using the direct and indirect methods.
Academic Policies and Support
Honor System and Academic Integrity
All students must adhere to the Stevens Honor System, pledging not to cheat, plagiarize, or engage in academic dishonesty.
Violations should be reported as outlined in the syllabus.
Accommodations and Inclusivity
Students with disabilities may request accommodations through the Office of Disability Services.
Inclusivity is emphasized, including respect for names and pronouns.
Mental Health and Emergency Resources
Resources are available for counseling, psychological services, and emergency support.
Contact information for campus services is provided in the syllabus.
Example: The Accounting Equation
The accounting equation is the foundation of double-entry bookkeeping:
This equation must always balance and is used to record every business transaction.
Additional Info
Project presentations will be held via Zoom during the Final Exam Period.
Homework and exams are strictly individual; calculators are provided for exams.
Instructor office hours are available by appointment and email.
