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Accounting 101 - Principles of Accounting

Instructor: Paul Brazina

Office: College Hall 308 (b)

Office Phone: (215) 951-1623

Outside Phone: (610) 667-2060

Office Hours: Tuesday, Thursday, Friday

 

Introduction:

Education in this course focuses on the fundamental principles of recording business transactions, including a study of the presentation and implementation of the financial data of a single proprietorship, partnership and corporation. Emphasis is placed on economic resources owned or controlled by a business entity.

Prerequisites: None

Course Objectives:

Upon completion, students should comprehend the accounting process, the purpose of accounting as a financial information system, and be cognizant of the principles, which mandate accounting procedures with an emphasis on asset valuation techniques.

Topics:

  • Purpose and nature of accounting
  • Financial statements: The starting point
  • The Accounting Model
  • Measuring business income
  • Accounting for merchandising versus service businesses
  • Internal control and the accounting function
  • Accounting systems
  • Accounting and the control of cash
  • Receivables, short-term payables and inventory
  • Plant and equipment, depreciation and intangible assets

Workload Requirements:

The student is required to complete homework assignments on a daily basis. Concurrent with the problem solving experience, the student is expected to read/study the appropriate chapter(s) in the textbook.

Evaluation Criteria:

There will be three examinations. Each exam will count 30% of the final grade. The remaining 10% will be based on collected homework, quizzes, class participation, and attendance

Required Textbook:

Accounting: Fundamental Accounting Principles, Fourteenth Edition, Larson and Chiappetta, Irwin, 1996.

Click here to get the Homework Assignments for ACC-101 for Fall 1998.

 

 

Accounting 101, Course Guideline

Chapter

Topic

Sessions

Chapter 1

Financial Statements and Accounting

3

Chapter 2

Recording Transactions

4

Chapter 3

Adjusting the Accounts and Preparing the Statements

4

Chapter 4

The Work Sheet and the Closing Process

3

Chapter 5

Accounting for Merchandising Activities

3

Chapter 6

Accounting Systems

2

Chapter 7

Accounting for Cash and the Principles of Internal Control

4

Chapter 8

Short-Term Investments and Receivables

3

Chapter 9

Inventories and Cost of Goods Sold

4

Chapter 10

Plant and Equipment

4

Academic Calendar

First Examination

Friday, October 2

No Class

Friday, October 16

Mid Semester Holiday

Friday, October 30

No Class

November 26-November 27 (Thanksgiving)

Last Day of Class

Friday, December 11

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