BUS 0201. Financial Accounting I
Units: 3
Formerly known as BUS 1
Hours: 54 lecture
Principles of accounting and recording transactions within the accounting cycle. Students analyze financial statements, compare and contrast different forms of business entities, and discuss internal controls for entities to reduce the risk of fraud. Topics also include the preparation of a bank reconciliation, petty cash transactions, inventories, and cost of goods sold. (combined with BUS 202, C-ID ACCT 110) (CSU, UC)
BUS 0201 - Financial Accounting I
http://catalog.sierracollege.edu/course-outlines/bus-0201/
Catalog Description Formerly known as BUS 1 Hours: 54 lecture Description: Principles of accounting and recording transactions within the accounting cycle. Students analyze financial statements, compare and contrast different forms of business entities, and discuss internal controls for entities to reduce the risk of fraud. Topics also include the preparation of a bank reconciliation, petty cash transactions, inventories, and cost of goods sold. (combined with BUS 202, C-ID ACCT 110) (CSU, UC) Course Student Learning Outcomes CSLO #1: Evaluate the use of Generally Accepted Accounting Principles (GAAP) in a variety of business transactions. CSLO #2: Apply the accounting cycle in a corporate setting. CSLO #3: Determine the specific accounting treatment for cash and inventory valuation. CSLO #4: Identify internal controls used in the protection of assets. Effective Term Fall 2020 Course Type Credit - Degree-applicable Contact Hours 54 Outside of Class Hours 108 Total Student Learning Hours 162 Course Objectives Through written activities and computations, the student will: 1. Explain the nature and purpose of generally accepted accounting principles (GAAP) and International Financial Reporting Standards (IFRS). 2. Explain and apply the components of the conceptual framework for financial accounting and reporting, including the qualitative characteristics of accounting information, the assumptions underlying accounting, the basic principles of financial accounting, and the constraints and limitations on accounting information; 3. Define and use accounting and business terminology; 4. Explain what a system is and how an accounting system is designed to satisfy the needs of specific businesses and users; 5. Summarize the purpose of journals and ledgers; 6. Apply transaction analysis, input transactions into the accounting system, process this input, and prepare and interpret the four basic financial statements; 7. Distinguish between cash basis and accrual basis accounting and their impact on the financial statements, including the revenue recognition and matching principles; 8. Identify and illustrate how the principles of internal control are used to manage and control the firm’s resources and minimize risk; 9. Explain the content, form, and purpose of the basic financial statements (including footnotes) and the annual report, and how they satisfy the information needs of investors, creditors, and other users; 10. Identify the ethical implications inherent in financial reporting and be able to apply strategies for addressing them. General Education Information Approved College Associate Degree GE Applicability CSU GE Applicability (Recommended-requires CSU approval) Cal-GETC Applicability (Recommended - Requires External Approval) IGETC Applicability (Recommended-requires CSU/UC approval) Articulation Information CSU Transferable UC Transferable Methods of Evaluation Classroom Discussions Example: Find a news article about a corporate fraud or company embezzlement and come prepared to discuss your article with the class. Students will present their article in class and the instructor will grade based on completion, relevance of the article, and how they engaged the class in discussion. Essay Examinations Example: Describe the three factors of the fraud triangle and which factor is best reduced by internal controls. The instructor will read each students' essay and provide feedback for review in class. Objective Examinations Example: Using multiple choice questions, the student will respond to topics about perpetual and periodic inventory systems. Which of the following is not true under a perpetual inventory system? a) Cost of Goods Sold is updated at the end of the period b) Companies know how much inventory they have at any given time c) The account Merchandise Inventory is used in all buyer transactions d) Two journal entries are needed to record purchases. Problem Solving Examinations Example: Using a given set of ledger balances, prepare a multi-step income statement. The instructor will grade each students' statement and provide feedback for review in class. Skill Demonstrations Example: Enter a given set of transactions into the accounting records by journalizing, posting, preparing trial balances, preparing adjusting entries, preparing financial statements, and closing the books for the period. This problem will be graded by the publisher's assignment software and the student's grade will be transferred to the course management system. Repeatable No Methods of Instruction Lecture/Discussion Distance Learning Lecture: Instructor lectures on financial statements. Students are expected to actively participate in the lecture. (Objective 2) Instructor guides a group discussion of the fraud triangle and internal controls to prevent fraud. Students shall be able to identify internal control to prevent fraud. (Objective 8) Given a set of transactions, instructor monitors students' work preparing journal entries, posting to ledger, and a trial balance Instructor sets up and monitors in-class group problems, including preparation of financial statements. Distance Learning Using the publisher's software, prepare financial statements. Instructor will evaluate work online. Using the class discussion board, students discuss fraud and embezzlement cases found online. Instructor will monitor discussions and add comments where appropriate. Typical Out of Class Assignments Reading Assignments 1. Read the chapter that covers double entry accounting and be prepared to discuss how double entry accounting ensures accuracy. 2. Read the chapter that covers internal controls and the bank reconciliation. Be prepared to discuss the importance of internal controls. Writing, Problem Solving or Performance 1. Based on the exercise assigned at the end of the chapter, prepare in written form the bank reconciliation and record the resulting journal entries in the general journal provided. 2. Complete the accounting cycle from analyzing transactions through a post closing trial balance. Other (Term projects, research papers, portfolios, etc.) Required Materials Financial and Managerial Accounting: The Financial Chapters Author: Miller-Nobles Publisher: Pearson Publication Date: 2016 Text Edition: 5th Classic Textbook?: No OER Link: OER: Other materials and-or supplies required of students that contribute to the cost of the course.
Course Identification Numbering System (C-ID)
...College Course ACCT 110 BUS 0201 and BUS 0202 ACCT 120 BUS 0203 AG-AS...
