Course Overview

Introduction to Financial Accounting

This course provides a comprehensive introduction to the fundamental concepts and procedures of financial accounting, focusing on the application of U.S. Generally Accepted Accounting Principles (GAAP) to business transactions and events. Students will learn to analyze, measure, and record financial transactions, and prepare essential financial statements for external users. The course also introduces International Financial Reporting Standards (IFRS) and emphasizes the use of financial information for decision-making.

• Course Code: ACCT 2301_W080

• Instructor: Jessica Hazel, CPA

• Format: 16-week, Online

• Textbook: Horngren’s Financial & Managerial Accounting: The Financial Chapters, 8th Edition, Miller-Nobels, Mattison (Pearson)

Course Objectives and Competencies

Learning Outcomes

• Accounting Terminology: Understand and use basic accounting terms, concepts, and the underlying assumptions, principles, and constraints of the accounting environment.

• Accrual vs. Cash Basis: Identify and explain the differences between accrual and cash basis accounting.

• Transaction Analysis: Analyze and record business events in accordance with U.S. GAAP.

• Adjusting and Closing Entries: Prepare adjusting entries and close the general ledger at period end.

• Financial Statement Preparation: Prepare the income statement, balance sheet, statement of cash flows, and statement of shareholders’ equity in proper U.S. GAAP format.

• Financial Statement Analysis: Analyze and interpret financial statements using financial analysis techniques.

• IFRS vs. GAAP: Describe conceptual differences between International Financial Reporting Standards and U.S. GAAP.

Course Structure and Weekly Topics

Chapter Coverage and Schedule

The course covers approximately 13 of the 15 chapters in the textbook, with one chapter addressed most weeks. The following table outlines the weekly schedule, assignments, and chapter topics:

Additional info: Chapters 10 and 15 (Investments, Financial Statement Analysis) are not explicitly listed in the schedule but may be covered if time permits.

Key Topics by Chapter

• Ch. 1: Accounting and the Business Environment

• Ch. 2: Recording Business Transactions

• Ch. 3: The Adjusting Process

• Ch. 4: Completing the Accounting Cycle

• Ch. 5: Merchandising Operations

• Ch. 6: Merchandise Inventory

• Ch. 7: Internal Control and Cash

• Ch. 8: Receivables

• Ch. 9: Plant Assets, Natural Resources, and Intangibles

• Ch. 11: Current Liabilities and Payroll

• Ch. 12: Long-Term Liabilities

• Ch. 13: Stockholders' Equity

• Ch. 14: The Statement of Cash Flows

Assessment and Grading

Grading Components

• Grading Scale:

  • A: 89.5 - 100%

  • B: 79.5 - 89.4%

  • C: 69.5 - 79.4%

  • D: 59.5 - 69.4%

  • F: < 59.5%

Course Policies and Student Expectations

Attendance and Participation

• Attendance is tracked by assignment completion, not just logging in or emailing.

• Missing two consecutive weeks of work without an excused absence before the 60% point results in withdrawal.

• Excused absences require timely written or electronic notification and must comply with MCC policy.

Academic Integrity

• Unauthorized assistance on assignments results in a zero, loss of grade drops, and possible disciplinary action.

• Repeat offenses lead to course failure and further college discipline.

Late Work Policy

• Assignments may be submitted up to one week late with a 20% penalty (maximum grade: 80%).

• No extra credit or make-up assignments are offered.

Testing Policies

• Midterm and final exams are proctored (via Zoom or in-person lab).

• Only paper notes are allowed during exams; electronic notes are prohibited.

• Non-essential electronic devices must be turned off and put away during exams.

Required Materials

• Access to eText and MyLab Accounting (included with course fees unless opted out).

• Calculator (simple or graphing; phones/tablets not allowed during tests).

• Binder for organizing paper notes (permitted during quizzes and exams).

• Excel (Office 365 Education provided free to students).

• Device for Zoom during exams (if not using campus lab).

Student Support and Resources

• Free tutoring (online via Zoom or in-person via Upswing).

• Academic Support and Tutoring (one-on-one, study skills, essay writing).

• Success Coaching Services (personalized support for academic and life challenges).

• Paulanne’s Pantry (food assistance), CREW (resources for food, housing, transportation).

• Student Counseling Center (confidential mental health counseling).

• Technology loans (laptops, hotspots, calculators, webcams) available via application.

Communication and Technology

• Official communication via MCC email and Brightspace announcements.

• Students are expected to check MCC email regularly.

• Minimum technical skills: basic computer, word processing, and web navigation.

• Reliable computer and internet required for online coursework.

Summary Table: Key Chapters and Topics

Study Recommendations

• Read textbook chapters and take notes before lectures.

• Engage in lectures and complete provided notes and exercises.

• Practice with weekly problems and "Check Your Understanding" questions.

• Review notes and textbook regularly; seek help as needed.

• Utilize available tutoring and academic support resources.

Additional Information

• Accommodations for disabilities are available through MCC Disability Services.

• Title IX protections and resources are available for all students.

• Emergency grants and support services are accessible for students facing hardships.