COURSE DESCRIPTION FROM OFFICIAL BULLETIN

This course explores the development of accounting and business; explains operating cycles, internal controls, and cost-profit-volume analysis; describes operating budgets and the framework for decision making; demonstrates preparing financial statements, managing cash, and using ratio analysis, variances and other performance measures to evaluate quality and processes.

PURPOSE OF THE COURSE

To introduce the student to the world of business and to provide the student with an understanding of the principles of accounting.

OBJECTIVES

• Describe the development of accounting and business.
• Describe the economic framework for short-term decision-making.
• Understand the balance sheet and financing alternatives.
• Explain the income statement and the statement of owners’ equity.
• Describe how to measure economic performance.
• Define the accounting cycle and accrual accounting.
• Understand long-lived depreciable assets.
• Demonstrate accounting for merchandise inventory and cost of goods sold.
• Explain the relationship between accrual accounting and cash-basis accounting.
• Identify the type of information obtained from ratio analysis and what it tells the reader.

These objectives can only be achieved through joint effort. I will work to stimulate your interest and learning, but you are to display initiative and a program of self-study. In that sense, a complementary objective is to provide you with an environment that will encourage and reward your intellectual effort, while simultaneously maintaining rigorous standards that identify those who are motivated to pursue excellence in their own educational preparation for a business career.

ACADEMIC HONESTY

Students are advised that cheating and plagiarism are not tolerated at St. Gregory’s University. Students are expected to abide by the University's academic regulations and policy and are responsible for awareness of the University's definition of these activities. The consequences of violating the academic honesty standard may include a grade of "0" on the assignment/exam, a grade of "F" in the course, and, possibly, expulsion from the University.

REQUIRED TEXT AND SUPPLEMENTAL MATERIALS TO BE PURCHASED BY STUDENT

Introduction to Financial Accounting: A User Perspective, Jones, Werner, Terrell, and Terrell, Second Edition, Prentice Hall, 2000.

Texas Instruments Business Analyst II Plus financial calculator

INTERNET RESOURCES

METHODS OF ASSESSMENT AND STUDENT EVALUATION

If any exam question is left unanswered, the value of that question will be subtracted from the exam score. If only the answer is given (i.e., no work showing how that answer was determined), the question will be graded at 50% of its value. Being prepared and present for the exams is your responsibility. If an exam is missed, your total points possible will be adjusted accordingly.

COURSE OUTLINE

The schedule is flexible. It is not possible for an instructor to cover all the course material without student independent study. As students are interested in a particular topic or as test scores warrant, more time will be spent on a chapter. Homework serves as a focus of class discussion. Any assignment (shown in bold under the Assignments heading) that refers to the annual report you are studying must be answered in a memo that is in the proper format. Late homework will not be accepted.