Principles of Accounting I - Financial

Download as PDF

This course is an introduction to the fundamental concepts of financial accounting as prescribed by U.S. generally accepted accounting principles (GAAP) as applied to transactions and events that affect business organizations. Students will examine the procedures and systems to accumulate, analyze, measure, and record financial transactions. Students will use recorded financial information to prepare a balance sheet, income statement, statement of cash flows, and statement of shareholders’ equity to communicate the business entity’s results of operations and financial position to users of financial information who are external to the company. Students will study the nature of assets, liabilities, and owners’ equity while learning to use reported financial information for purposes of making decisions about the company. Students will be exposed to International Financial Reporting Standards (IFRS).

Course Learning Objectives

Upon completion of the course, students will be able to:

Use basic accounting terminology and the assumptions, principles, and constraints of the accounting environment.
Identify the difference between accrual and cash basis accounting.
Analyze and record business events in accordance with U.S. generally accepted accounting principles (GAAP).
Prepare adjusting entries and close the general ledger.
Prepare financial statements in an appropriate U.S. GAAP format, including the following: income statement, balance sheet, statement of cash flows, and statement of shareholders’ equity.
Analyze and interpret financial statements using financial analysis techniques.
Describe the conceptual differences between International Financial Reporting Standards and U.S. generally accepted accounting principles.

Required Textbooks

Looseleaf w/Connect+: by Wild et al. Financial and Managerial Accounting with Connect Plus 9th 2022

Evaluation Standards

The chapter exams may consist of problems, multiple choice, and matching.

A 10-key calculator may be used on the exams.

Tentative grade allocation is:

Chapter Exams 4 1,000 points total
Assignments 350 points
Total 1,350 points

A: 90 -100%
B: 80 – 89%
C: 70 – 79%
D: 60 – 69%
F: Below 60%

Disabilities

ADA Statement:

Any student with a documented disability (e.g. learning, psychiatric, vision, hearing, etc.) may contact the Office on the Weatherford College Weatherford Campus to request reasonable accommodations. Phone: 817-598-6350 Office Location: Office Number 118 in the Student Services Building, upper floor. Physical Address: Weatherford College 225 College Park Drive Weatherford, TX.

Academic Integrity

Academic Integrity is fundamental to the educational mission of Weatherford College, and the College expects its students to maintain high standards of personal and scholarly conduct. Academic dishonesty of any kind will not be tolerated. Academic dishonesty includes, but is not limited to, cheating on an examination or other academic work, plagiarism, collusion, and the abuse of resource materials including unauthorized use of Generative AI. Departments may adopt discipline specific guidelines on Generative AI usage approved by the instructional dean. Any student who is demonstrated to have engaged in any of these activities will be subject to immediate disciplinary action in accordance with institutional procedures.

Hope Statement

Any student who faces challenges securing basic resources such as food, clothing, or housing and believes this may affect their performance in their course of study is urged to contact the Director of Student Resources, Dr. Deborah Cregger, for support at (817) 598-6444. Her office is on the first floor of Student Services. If the student prefers, they may contact their instructor, who can reach out on their behalf. Weatherford College also provides the Coyote Pantry. The Pantry maintains boxed and canned foods for students in need. The location of the Coyote Pantry is two blocks west of the Weatherford campus at the Baptist Student Ministry (118 E. Park Ave., Weatherford). Pantry hours are Mon-Thurs. 8:30 am-4:30 pm and Fri. 8.30 am-12:00 pm (817-599-6586).