- 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. Through a primary review of accounting transactions, integrated real-world examples, and a variety of practice opportunities, students develop a thorough understanding of how to apply accounting principles and techniques in practice. Students work through an entire program that builds their mastery of accounting concepts with an emphasis on decision making and key data analysis skills appropriate at the introductory level that keeps them engaged and better prepared to connect the classroom to the real world.
- Objectives
-
The aim of this course is to present the fundamental accounting concepts and principles in a logical and clear manner as a preparatory for future business courses. This course aims 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 analyze and record business transactions and to prepare financial statements for service and merchandising companies.
- 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 (Accounting Principles, 14th Edition Jerry J. Weygandt, Paul D. Kimmel, Jill E. Mitchell, 2020, Wiley, Page 4-48)
- 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. (Accounting Principles, 14th Edition Jerry J. Weygandt, Paul D. Kimmel, Jill E. Mitchell, 2020, Wiley, Page 51-95)
- 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. (Accounting Principles, 14th Edition Jerry J. Weygandt, Paul D. Kimmel, Jill E. Mitchell, 2020, Wiley, Page 51-95)
- 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 (Accounting Principles, 14th Edition Jerry J. Weygandt, Paul D. Kimmel, Jill E. Mitchell, 2020, Wiley, Page 97-155)
- 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 (Accounting Principles, 14th Edition Jerry J. Weygandt, Paul D. Kimmel, Jill E. Mitchell, 2020, Wiley,Page 97-155)
- 7
- Review before Midterm Exam – Chapter I, II, III (Accounting Principles, 14th Edition Jerry J. Weygandt, Paul D. Kimmel, Jill E. Mitchell, 2020, Wiley. Page 1-155)
- 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 (Accounting Principles, 14th Edition Jerry J. Weygandt, Paul D. Kimmel, Jill E. Mitchell, 2020, Wiley, Page 157-209)
- 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 (Accounting Principles, 14th Edition Jerry J. Weygandt, Paul D. Kimmel, Jill E. Mitchell, 2020, Wiley, Page 210- 261)
- 11
- Chapter V– The Classified Statement of Financial Position and 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. (Accounting Principles, 14th Edition Jerry J. Weygandt, Paul D. Kimmel, Jill E. Mitchell, 2020, Wiley, Page 210- 261)
- 12
- Chapter 6 - Inventories Description of inventory determination steps. Explanation of inventory accounting and application of the inventory cost flow method. Explaining the financial effects of inventory cost flow assumptions. Inventory costing and Inventory errors. (Accounting Principles, 14th Edition Jerry J. Weygandt, Paul D. Kimmel, Jill E. Mitchell, 2020, Wiley, Pages 262 - 313)
- 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. (Accounting Principles, 14th Edition Jerry J. Weygandt, Paul D. Kimmel, Jill E. Mitchell, 2020, Wiley, Page 314- 362)
- 14
- Chapter 8- Accounting for Receivables Types of Receivables, Accounts Receivable meaning, Recognizing Accounts Receivable, Valuing Accounts Receivable, Disposing of Accounts Receivable, Notes Receivable, Determining the Maturity Date, Computing Interest, Recognizing Notes Receivable, Valuing Notes Receivable, Disposing of Notes Receivable (Accounting Principles, 14th Edition Jerry J. Weygandt, Paul D. Kimmel, Jill E. Mitchell, 2020, Wiley, Page 362-405)
- 15
- Project Presentations Review before Final Exam – Chapter IV, V, VII, VIII (Accounting Principles, 14th Edition Jerry J. Weygandt, Paul D. Kimmel, Jill E. Mitchell, 2020, Wiley, Page 160- 405)
- 16
- Final Exam
- 1
- Introducing students to accounting and it's basic accounting equation and financial statements
- 2
- Determine by T-Account analysis where a transaction should be properly recorded.
- 3
- Record transactions in the appropriate ledger accounts using the double-entry bookkeeping system.
- 4
- Complete and analyze the accounting cycle for service and merchandising companies
- 5
- Prepare and evaluate the Income Statement, Statement of Retained Earnings, Statement of Financial Position and Statement of Cash Flow.
- 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 2 28
- Duties
- 1 14 14
- Midterms
- 1 9 9
- Final exam
- 1 10 10
- Other
- 0 0 0
- Total workLoad
- 125
- Total workload / 25 (hours)
- 5.00
- ECTS
- 5.00