Apr 17, 2024  
2020-2021 Undergraduate Academic Catalog 
    
2020-2021 Undergraduate Academic Catalog [ARCHIVED CATALOG]

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BA 2510 - Introduction to Accounting

2 lecture hours 2 lab hours 3 credits
Course Description
Introduction to Accounting involves the examination of generally accepted accounting principles for measurement, reporting, and analysis of financial information. Emphasizes use of financial statements by non-accountants and provides a general understanding of basic accounting principles and processes. (prereq: none)
Course Learning Outcomes
Upon successful completion of this course, the student will be able to:
  • Describe the role of accounting in business strategy and innovation.
  • Create and analyze all four financial statements for all types of companies including service, merchandising, and manufacturing.
  • Identify and demonstrate how transactions affect the financial statements for service, merchandising, and manufacturing companies.
  • Identify and implement accounting processes for receivables, inventory and fixed assets.
  • Identify cost behavior and implement cost-volume-profit analysis

Prerequisites by Topic
  • None

Course Topics
  • Introduction to accounting including the financial statements
  • Balance sheet
  • Income statement
  • Statement of retained earnings and cash flow statement
  • Transaction processing,
  • Accrual accounting
  • Classified balance sheet and multi-step income statement
  • Inventory
  • Receivables
  • Fixed assets
  • Cost accounting basics for a manufacturing company
  • Contribution margin income statement and cost-volume-profit analysis
  • Cash flow statement

Laboratory Topics
  • Demonstrate the flow of transactions through the accounting system.
  • Explain debits and credits
  • Prepare journal entries, t-accounts and trial balance
  • Demonstrate the difference between cash basis and accrual basis accounting
  • Prepare adjusting entries
  • Demonstrate the closing process
  • Create a classified balance sheet
  • Demonstrate the accounting processes for a merchandising company
  • Create a multi-step income statement
  • Demonstrate how merchandise inventory cost are determined under perpetual inventory systems and different costing methods
  • Explain how valuation methods affect the financial statements
  • Explain lower or cost or market is implemented
  • Explain the advantages and disadvantages of allowing trade credit
  • Demonstrate the adjustment process for bad debts
  • Describe fixed assets
  • Demonstrate depreciation methods and how they affect the financial statements
  • Demonstrate the accounting for the disposal of fixed assets
  • Explain the differences in accounting between service business, merchandise business and manufacturing.
  • Identify components of the cost of goods manufactured.
  • Describe product vs period costs
  • Identify variable and fixed costs
  • Demonstrate a contribution margin income statement
  • Explain and demonstrate the uses of cost volume profit analysis
  • Create a statement of cash flows
  • Describe and calculate free cash flow

Coordinator
Carol Mannino



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