Course Overview

Introduction to Financial Accounting and Reporting

This course provides a comprehensive introduction to the fundamental concepts of financial accounting and reporting. Students will learn how accounting information is generated, recorded, and presented, and how it is used by various stakeholders to make informed decisions. The course covers the conceptual framework, recording transactions, accrual accounting, financial statement presentation, and analysis.

• Conceptual Framework: Understanding the principles and objectives underlying financial accounting.

• Financial Statements: Preparation and interpretation of the balance sheet, income statement, and cash flow statement.

• Recording Transactions: Techniques for documenting business activities using journals and ledgers.

• Accrual Accounting: Recognition of revenues and expenses in the appropriate accounting period.

• Analysis: Use of ratios and other tools to evaluate financial performance.

Course Objectives

Learning Outcomes

Upon successful completion of this course, students will be able to:

1. Understand the role of accounting in business and society.

2. Prepare and interpret basic financial statements.

3. Record business transactions using the double-entry system.

4. Apply accrual accounting principles to recognize revenues and expenses.

5. Analyze financial statements using ratios and other analytical tools.

6. Use accounting terminology accurately in communication.

Course Materials

Textbook

• Financial Accounting 12th Global edition plus MyAccountingLab and Pearson e-text by Harrison, W.T., Horngren, C.T., Thomas, C.W., Tiem, W.M., Sweeney, T. Pearson Education 2023. ISBN: 9780137422118

Additional resources and assignments will be provided via MyAccountingLab and the university's online learning platform.

Grading and Assessment

Evaluation Criteria

• Assignments (Home Quizzes): 30%

• Mid-term Exam: 30%

• Final Exam: 35%

• Attendance (Bonus): 5%

Assignments are completed online and are essential for mastering the course content. Exams are held in person and require a calculator (no mobile phones allowed).

Course Schedule

Weekly Topics and Assignments

Key Academic Terms and Concepts

Definitions and Examples

• Assets: Resources owned by a business that have future economic value.

• Liabilities: Obligations of a business to pay debts to creditors.

• Equity: The owner's claim on the assets of the business after liabilities are paid.

• Revenue: Income earned from the sale of goods or services.

• Expense: Costs incurred in the process of earning revenue.

• Double-entry system: Every transaction affects at least two accounts, maintaining the accounting equation:

• Accrual accounting: Revenues and expenses are recognized when earned or incurred, not necessarily when cash is received or paid.

Tips for Success

Study Strategies

• Attend all classes and participate actively.

• Complete assignments on time using the online platform.

• Review textbook chapters and lecture notes regularly.

• Practice solving problems and interpreting financial statements.

• Use additional resources such as online tutorials and study groups.

Academic Integrity and Conduct

Policies

• Assignments must be completed individually and submitted online.

• Exams are closed book and require physical attendance.

• Use of unauthorized materials or collaboration is strictly prohibited.

• Respect classroom etiquette and participate respectfully.

Additional Info

• Artificial intelligence tools may be used to support learning, but students must ensure their work is original and reflects their own understanding.

• Attendance and participation are important for success in this course.