- Code
- EMS 113
- Name
- Introduction to Accounting
- Semester
- 1
- Lecture hours
- 3.00
- Seminar hours
- 1.00
- Laborator hours
- 0.00
- Credits
- 3.50
- ECTS
- 5.00
- Description
-
This course tries to give the student a basic understanding of the theories, principles, and applications of accounting. Following an investigation of the accounting information system and accounting cycle, the course will deepen knowledge on the components of the balance sheet, using a double entry bookkeeping perspective. By the end of the course, students are expected be able to analyse and record business transactions and to prepare financial statements for service and merchandising companies
- Objectives
-
This course aims to: • Explain and analyze the Accounting Equation and the interaction of its elements. • Determine by T-Account analysis where a transaction should be properly recorded. • Record transactions in the appropriate ledger accounts using the double-entry bookkeeping system • Completing and analyzing the accounting cycle for service and merchandising companies • Prepare and analyze the Income Statement, Statement of Retained Earnings, Statement of Financial Position and Statement of Cash Flow.
- Java
- Tema
- 1
- Syllabus Presentation Review Syllabus, Introduction to Accounting Course
- 2
- Chapter 1- Basic Accounting Equation and Financial Statements Explain what accounting is. 2 Identify the users and uses of accounting. 3 Understand why ethics is a fundamental business concept. 4 Explain accounting standards and the measurement principles. 5 Explain the monetary unit assumption and the economic entity assumption. 6 State the accounting equation, and define its components. 7 Analyze the effects of business transactions on the accounting equation. 8 Understand the four financial statements and how they are prepared
- 3
- Chapter II- The Recording Process Explain what an account is and how it helps in the recording process. Define debits and credits and explain their use in recording business transactions. Identify the basic steps in the recording process. Explain what a journal is and how it helps in the recording process.
- 4
- Chapter II – The Trial Balance and its Limitations Explain what a ledger is and how it helps in the recording process. Explain what posting is and how it helps in the recording process. Prepare a trial balance and explain its purposes.
- 5
- Chapter III – Adjusting the Accounts (Part I) Explain the time period assumption. 2 Explain the accrual basis of accounting. 3 Explain the reasons for adjusting entries. 4 Identify the major types of adjusting entries. 5 Prepare adjusting entries for deferrals. 6 Prepare adjusting entries for accruals. 7 Describe the nature and purpose of an adjusted trial balance
- 6
- Chapter III – Adjusting the Accounts (Part II) Explain the time period assumption. 2 Explain the accrual basis of accounting. 3 Explain the reasons for adjusting entries. 4 Identify the major types of adjusting entries. 5 Prepare adjusting entries for deferrals. 6 Prepare adjusting entries for accruals. 7 Describe the nature and purpose of an adjusted trial balance
- 7
- Review before Midterm Exam – Chapter I, II, III
- 8
- Midterm Exam
- 9
- Chapter IV- Completing the Accounting Cycle Prepare a worksheet. 2 Explain the process of closing the books. 3 Describe the content and purpose of a post-closing trial balance. 4 State the required steps in the accounting cycle. 5 Explain the approaches to preparing correcting entries. 6 Identify the sections of a classified statement of financial position
- 10
- Chapter V– Accounting for Merchandising Operations Identify the differences between service and merchandising companies. 2 Explain the recording of purchases under a perpetual inventory system. 3 Explain the recording of sales revenues under a perpetual inventory system. 4 Explain the steps in the accounting cycle for a merchandising company. 5 Prepare an income statement for a merchandiser
- 11
- Chapter V– The Classified Statement of Financial Position Identify the differences between service and merchandising companies. 2 Explain the recording of purchases under a perpetual inventory system. 3 Explain the recording of sales revenues under a perpetual inventory system. 4 Explain the steps in the accounting cycle for a merchandising company. 5 Prepare an income statement for a merchandiser
- 12
- Chapter V– Multiple Step Income Statement Identify the differences between service and merchandising companies. 2 Explain the recording of purchases under a perpetual inventory system. 3 Explain the recording of sales revenues under a perpetual inventory system. 4 Explain the steps in the accounting cycle for a merchandising company. 5 Prepare an income statement for a merchandiser
- 13
- Chapter VII - Accounting Information Systems 1. Identify the basic concepts of an accounting information system. 2. Describe the nature and purpose of a subsidiary ledger. 3. Explain how companies use special journals in journalizing.
- 14
- Review before Final Exam – Chapter IV, V, VII
- 15
- Project Presentations
- 16
- Final Exam
- 1
- Competent in fundamentals of accounting
- 2
- Competence to explain and analyze accounting equation
- 3
- Competence in determining T ledger and record of transactions
- 4
- Ability to analyze and prepare 4 basic accounting statements
- 5
- Ability to complete and analyze accounting cycle
- Quantity Percentage Total percent
- Midterms
- 1 30% 30%
- Quizzes
- 0 0% 0%
- Projects
- 1 20% 20%
- Term projects
- 0 0% 0%
- Laboratories
- 0 0% 0%
- Class participation
- 1 10% 10%
- Total term evaluation percent
- 60%
- Final exam percent
- 40%
- Total percent
- 100%
- Quantity Duration (hours) Total (hours)
- Course duration (including exam weeks)
- 16 4 64
- Off class study hours
- 14 4 56
- Duties
- 1 0 0
- Midterms
- 1 1 1
- Final exam
- 1 2 2
- Other
- 1 2 2
- Total workLoad
- 125
- Total workload / 25 (hours)
- 5.00
- ECTS
- 5.00