PRINCIPLES OF ACCOUNTING LEVEL 1 Course Syllabus
PRINCIPLES OF ACCOUNTING LEVEL 1 Course Syllabus
Course Mentor: Arlene Stewart, AA Course Type: 135 hours/4 Months (120 Days) /Mentor Supported
A. COURSE DESCRIPTION
Are you good with computing numbers and analyzing financial data? Whether you dream of working for a large company or envision owning your own business, accountants are in demand. Our Principles of Accounting Level 1 course provides students with the opportunity to explore basic accounting systems, processes, and the resulting financial statements. Additionally, the students will closely examine accounting rules, procedures, and controls that are applicable to cash, receivables, and inventory. Included in this program is accounting for investments in long-term productive assets. Our curriculum provides a thorough introduction to financial accounting and the responsibilities one should be prepared for in the world of accounting.
B. METHOD OF INSTRUCTION
This course is self-paced, independent study, in an online environment. It takes a lot more discipline than an in person class. You are responsible for scheduling your study time and sticking to it regularly. This course will take approximately 135 hours to complete. This includes your reading, module activities, and module exams.
Your course includes either a Kindle book or a PDF textbook. If your course has a Kindle eBook, you do not need a special device. The Kindle Reader App is free and available inside the classroom under Student Resources. Kindle eBooks will be sent to you via email.
Each of your modules consists of reading materials, learning activities, videos, websites, and a module exam. Your module exams determine your grade in the course. The final module of the course involves a cumulative, timed, proctored exam. Your exams include questions from the reading only, however we encourage you to view all the videos and read the associated articles. These materials are an extension of your reading materials and will be great resources for you in the future.
C. LEARNING OUTCOMES
1. Identify the conceptual underpinnings of accounting 2. Recall the features, tools and methods used to enhance and improve accounting systems and processes 3. Define the basics of income measurement and the accounting cycle 4. Recognize the classification framework and typical examples of current assets and liabilities 5. Identify trends in profitability through examining margins and rates of returns
Principles of Accounting Level 1
1
D. COURSE TOPICS/UNITS
Module # and Topics
Module 1:
Introduction to Accounting
Module Subtopics
Stereotypes of an Accountant
Entity Concepts Core Accounting
Principles The Language of
Business Disciplines of
Accounting Financial Accounting Key Concepts The Financial
Reporting Model Usefulness of
Accounting in Careers and Life The Importance of Ethics
Module 2:
Cost Estimation and Cost- The Accounting System
System Design Accounts Debits Accounts Credits Transaction Analysis General Journal Charts of Accounts Source Documents Thinking About
Automation No Guarantee of
Correctedness Critical Thinking
About Debits and Credits
Module Learning Objectives
Assignments
Recall the common stereotypes of an accountant
Differentiate between sole proprietorship, partnership, and corporation
Identify the division of specialties within the accounting field
Recall the responsibilities of the Financial Accounting Standards Board
Identify the various disciplines in the field of accounting
Define financial accounting Identify the key concepts in
financial accounting Define each of the components
of the financial reporting model Identify popular career choices
in accounting specialties Identify the code of ethics all
accountants must adhere to Identify the core elements of a
proper system Define an account debit Define an account credit Recall the processes used in
developing the skills necessary to evaluate transactions and describe the debit/credit impacts on all affected accounts Define general journal Identify the common numbering scheme to communicate information about the nature of accounts Identify the type of information found in a source document Recall the module subdivision of automated systems Recall the major processes used to verify the correctedness of accounts
1. Read Chapter 1 PDF
2. Practice the Learning Activities
3. Watch the Videos
4. Review the Webliography (Web Links)
5. Take the Exam
1. Read Chapter 2 PDF
2. Practice the Learning Activities
3. Watch the Videos
4. Review the Webliography (Web Links)
5. Take the Exam
Learning Outcomes
1, 2
2
Principles of Accounting Level 1
2
Module 3: Income Measurement and the Accounting Cycle
Module 4: Cash, Receivables, and Controls
Differentiate between debits and credits as it relates to accounting versus banking
An Emphasis on
Define the historical cost
1. Read Chapter 3
Transactions and
principle
PDF
Events The Periodicity
Recall the significance of the
2. Practice the
3, 4
periodicity assumption as it
Learning
Assumption
relates to the financial
Activities
Revenue
statement
3. Watch the
Recognition
Identify when revenue
Videos
Expense Recognition
recognition occurs
4. Review the
Adjusting Entries
Define the terms associated
Webliography
The Adjusting
with expense recognition:
(Web Links)
Process for
matching principle: systematic 5. Take the Exam
Revenues
allocations: immediate
The Accounting
recognition
Cycle
Identify the various types of
Reporting Periods
adjusting entries that are
and Worksheets
necessary for selected revenue
Cash Basis of
and expense items
Accounting
Recall how accruals relate to
Historical Cost
items that accumulate with the
Principle
passage of time
Identify the steps included in
the accounting cycle
Differentiate between calendar
and fiscal year
Define cash basis of accounting
Identify the concepts
surrounding the historical cost
principle
Concepts of Cash
Identify cash and cash
1. Read Chapter 4
Cash Management
equivalents
PDF
and Control
Recall the items cash controls 2. Practice the
3
Bank Reconciliations
are intended to safeguard
Learning
Petty Cash Funds
Identify the most common bank
Activities
Cash Short Account
reconciliation approaches
3. Watch the
Accounts Receivable Identify what petty cash funds
Videos
Selling on Credit
are used for
4. Review the
Interest Charges
Define accounts receivable
Webliography
Direct Write-Off
Recall the simplicity of selling
(Web Links)
Method
on credit
5. Take the Exam
Allowance
Define interest
Techniques for
Define the direct write-off
Uncollectible
method
Accounts
Recall the common allowance
techniques for uncollectable
accounts
Principles of Accounting Level 1
3
Module 5: Inventory
Module 6: Plant Assets
Recording Purchase
Define assets
1. Read Chapter 5
of Asset
Define gross profit
PDF
Gross Profit Categories of
Identify the various stages of
2. Practice the
4
inventory development
Learning
Inventory
Recall the costs included in
Activities
Inventory Costs
inventory
3. Watch the
Freight
Define the terms associated
Videos
Cost Assignment
with freight: FOB, FOB shipping 4. Review the
Perpetual Systems
point, FOB destination
Webliography
Comparing Methods Identify the three common
(Web Links)
The Importance of
inventory-costing methods
5. Take the Exam
Accuracy
Differentiate between perpetual
Physical Inventory
and period inventory systems
Define specific identification
Recall the relationships of
inventory and overstatements
and understatements
Define physical inventory
Property, Plant and
Define capital expenditures
1. Read Chapter 6
Equipment
Identify ordinary and necessary
PDF
Typical Vs. Mega
costs
2. Practice the
4
Company Balance
Identify items that do not bear
Learning
Sheet
on anyone's process about the
Activities
Ordinary and
company
3. Watch the
Necessary Costs
Recall the types of depreciation
Videos
Special Rules
and their service life
4. Review the
Materiality Issues
Identify the different methods
Webliography
Depreciation
of determining depreciation
(Web Links)
The Straight-Line
Define the straight-line method 5. Take the Exam
Method of
of depreciation
Depreciation
Define the double-declining-
The Double-
balance method of depreciation
Declining-Balance
Recall the revisions in
Method of
depreciation that accounting
Depreciation
rules take
Revisions in
Identify tables and processes
Depreciation
associated with expensing an
Asset-Related Costs
intangible over time
Subsequent to
Define goodwill
Acquisition
Principles of Accounting Level 1
4
Module 7:
Operating Cycle
Identify the concepts
1. Read Chapter 7
Accounts Payable
surrounding the operating cycle
PDF
Current Liabilities
Notes Payable Accruals
Define accounts payable
2. Practice the
4
Recall the specific information
Learning
Prepayments,
included in a note payable
Activities
Deposits, and
Identify the amounts on a
3. Watch the
Collections for
balance sheet that designate
Videos
Others
accrued liabilities
4. Review the
Estimated Liabilities Identify instances where
Webliography
Being a Better
prepayment is accepted
(Web Links)
Borrower
Recall types of incentives used 5. Take the Exam
Concepts in Payroll
to induce customers to
Accounting
purchase that are company
Calculating Gross
liabilities
and Net Pay
Identify the steps in becoming
Payroll Journal
a better borrower
Entries
Differentiate between employee
and independent contractor
Identify withholdings on a
paystub
Recall types of entries located
on a payroll journal entry
Module 8:
The Corporation
Identify the existence of
1. Read Chapter 8
Initial Public
corporations
PDF
Corporate and
Offering
Define initial public offering
2. Practice the
1, 2
Partnership
The Partnership
Identify the unique
Learning
Equity
The Sole
characteristics of a partnership
Activities
Proprietorship
Define sole proprietorship
3. Watch the
Accounting for Sole
Recall basic accounting
Videos
Proprietorships and
considerations when working
4. Review the
Partnerships
with corporations, partnerships,
Webliography
Basic Accounting
and sole proprietorship
(Web Links)
Considerations
Define par value
5. Take the Exam
Corporate Equity
Identify the forms of dividends
Transactions
Differentiate between stock
Corrections of Errors
splits and stock dividends
Changes in an
Recall the trickle affect in
Accounting Method
regards to accounting methods
Retrospective
Define retrospective
Adjustment
adjustment
Principles of Accounting Level 1
5
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