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Accounting I (ACC 206 3.0 Cr)
Business & Management

Course Description

Making sound business decisions means having good information and using it effectively. Accounting plays a vital role in this process because the function of accounting is to keep track of a business' economic resources and activities and to use that information in the decision-making process.

In this course, we take an innovative approach to learning accounting by integrating financial accounting and managerial accounting. Thus, this course covers accounting concepts and practices and includes: classification, recording, and reporting of business transactions and economic data; corporate planning; managing liquidity; evaluating operations; and raising, investing, and accounting for capital.

Learning Objectives
Upon completion of this course, students will be able to:

• Explain the difference between management accounting and financial accounting
• Prepare budgets and business plans for analysis and planning
• Prepare and analyze internal and external accounting reports using a balance sheet, an income statement, and ratio analysis
• Record accounting transactions and evaluate the effects these transactions have on the financial statements
• Evaluate a company's operating performance
• Analyze cash inflows and cash outflows and prepare a cash flow statement
• Apply accounting skills to analyze operating costs and break-even points of a company
• Collect and analyze annual reports and other relevant information to make business decisions
• Perform cost-volume-profit analysis for multiple products to select the best product to manufacture.

Breadth of Assignments
This course utilizes a variety of assignment types in exploring the basic principles of Accounting including reading assignments, both online and textbook based, individual assignments involving online research, essay writing, and analytical review questions, group projects involving discussion boards, collaborative thought, and a course-wide research and writing case study assignment.

Required Texts
Cunningham B., Nikolai, L., and Bazley, J. (2004). Accounting: Information for Business Decisions (2nd ed.). Mason OH: South-Western. ISBN: 0-324-18599-5

Principles of Accounting I
Business & Management

Module 1: Overview
• The role of accounting information in business
• Planning, operating, and evaluating activities of managing a company
• The difference between management accounting and financial accounting
• Internal and external accounting reports
• Applying creative and critical thinking in business decisions

Module 2: Planning in an Entrepreneurial Environment
• Composing a business plan
• Preparing a budget and using it to make business decisions
• Collecting and organizing the information needed to start a company
• How a budget contributes to helping a company achieve its goals
• The operating cycles of retail companies and service companies
• The many types of budgets
• How to use the master budget to evaluate the company's performance
• Non-financial business issues that arise in using budgets to make decisions

Module 3: Operating, Reporting, and Evaluating

• Recording accounting transactions and evaluating the effects of these transactions on the financial statements
• Preparing a balance sheet from the accounting records
• Evaluating a company's operating performance using a balance sheet, an income statement, and ratio analysis

Module 4: Cash Flow and Internal Controls
• Cash inflows and outflows and preparing a cash flow statement
• Internal control weaknesses and good internal control procedures
• Analyzing the operations of a company
• Using financial statements to make business decisions

Module 5: Planning in a Corporate Environment

• Analyzing annual reports
• Formulating alternatives to resolve a given problem, and determine how each alternative will affect a company's costs and break-even point
• Performing cost-volume-profit analysis

Module 6: Budgets, Sales Forecasting, and Course Summary

• Identifying the budget schedules included in the master budget
• Formulating a plan to keep costs in line with a budget
• Recognizing the structure, reports, and analyses of a corporation, and writing a business plan

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