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

 ................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download