ACCT 301 Intro to Accounting
Final Exam and Transcript Provided by Davar Academy
ACCT – 301 Introduction to Accounting is a self-study course whose grade is based solely on the final examination. The course of study that is necessary to be prepared for the final examination consists of fifteen lessons based on the readings from the textbook. Students should read the entire text of all the reading assignments. There are no formal homework assignments, but students are encouraged to answer all the review questions at the end of each chapter to ensure that they have understood the relevant course material are well prepared for the final exam.
Course Description:
This course gives an introduction to financial accounting. It covers the accounting cycle, merchandising concerns, and financial assets as well plant assets, liabilities and stockholders’ equity. Topics include recording business transactions, summarizing these transactions, and preparing, interpreting and using financial statements.
Learning Outcomes:
Upon successful completion of the course, students will be able to:
- Identify users of financial accounting information
- Interpret the components of a transaction, the related debit/credit theory, and how the general journal and ledger relate to the accounting process and to financial statements
- Prepare and interpret basic financial statements: income statement, statement of owners’ equity balance sheet
- Demonstrate the steps and related transactions in the accounting cycle, including the adjusting process and the closing process
- Prepare the accounting and related transactions for merchandising businesses, various inventory accounting methods, purchase and depreciation/amortization of plant assets and intangible assets, long-term liabilities and stockholders’ equity accounts
Miller-Nobles, Tracie L., Mattison, Brenda L., Matsumura ,Ella Mae Horngren’s Financial & Managerial Accounting, 5th Edition 2016, published by Pearson
ISBN-13: 978-0133851250
ISBN-10: 0133851257
Students can obtain this text book from the following source:
https://www.pearson.com/store/p/horngren-s-financial-managerial-accounting-the-financial-chapters/P100001308776/9780133851663
All reading and (optional) homework assignments referenced in this syllabus refer to this text
1) In addition, it is recommended that all students have access to MyAccountingLab®, by Pearson. This can be accessed here:
http://www.mypearsonstore.com/bookstore/myaccountinglab-with-pearson-etext-instant-access-for-0133877612
2) The following study guides will be made available upon enrollment:
a. Miller-Nobles, Tracie L., Mattison, Brenda L., Matsumura ,Ella Mae PowerPoint Presentation for Financial Accounting to accompany Horngren’s Financial & Managerial Accounting, 5th Edition 2016, published by Pearson
b. Miller-Nobles, Tracie L., Mattison, Brenda L., Matsumura ,Ella Mae PowerPoint Problem sets for Financial Accounting to accompany Horngren’s Financial & Managerial Accounting, 5th Edition 2016, published by Pearson
Lesson Overview
Lesson 1: Accounting and the Business Environment
Read Chapter 1
Homework: Do selected accounting problems at end of chapter
This lesson looks at the factors that show the importance of accounting. The students examine at the organizations and rules that govern accounting. The students look at the accounting equation of assets, liabilities, and equity. The students learn how to analyze a transaction and to prepare financial statements. The students learn how to use financial statements to evaluate business performance.
Lesson 2: Recording Business Transactions
Read Chapter 2
Homework: Do selected accounting problems at the end of chapter
In this lesson the students learn about the role of the accountant. The students explore double-entry accounting and the T-account. The students learn how to post transactions in a journal and ledger. the students learn how to make a trial balance and how to use the debt ratio to evaluate business performance.
Lesson 3: The Adjusting Process
Read Chapter 3
Homework: Do selected accounting problems at the end of chapter
In this lesson the students distinguish between cash basis accounting and accrual basis accounting. The students look at the concepts and principles as they apply to accrual basis accounting and how to record adjusting entries. The students learn to prepare an adjusted trial balance and make adjusting entries on financial statements.
Lesson 4: Completing the Accounting Cycle
Read Chapter 4
Homework: Do selected accounting problems at end of chapter
In this lesson the students learn about preparing financial statement with a worksheet. The students examine the closing process and learn how to close accounts. The students learn how to prepare a post-closing trial balance. The students learn about the accounting cycle and learn about how to use the current ratio to evaluate business performance.
Lesson 5: Merchandising Operations
Read Chapter 5
Homework: Do selected accounting problems at end of chapter
In this lesson the students examine merchandising operations and learn how to record merchandise inventory and sales in a perpetual inventory system. The students learn how to make adjusting and closing entries for a merchandiser and to prepare a merchandiser’s financial statements. The students learn how to use the gross profit percentage to evaluate business performance and to record merchandise inventory transactions in a periodic inventory system.
Lesson 6: Merchandise Inventory
Read Chapter 6
Homework: Do selected accounting problems at end of chapter
In this lesson the students learn about the accounting principles and controls that relate to merchandise inventory and how merchandise inventory costs are determined under a perpetual inventory system. The students study how financial statements are affected by using different inventory costing methods and to how to value merchandise using the lower-of cost-or-market rule. The students examine the effects of merchandise inventory errors on financial statements and how to use inventory turnover and days’ sales to evaluate business performance. The students examine how merchandise inventory costs are determined under a periodic inventory system.
Lesson 7: Internal Control and Cash
Read Chapter 7
Homework: Do selected accounting problems at end of chapter
In this lesson the students examine internal control and how it can be used to protect a company’s assets. The students learn internal control procedures with respect to cash receipts and to cash payments. The students examine the petty cash fund and its uses for internal control. The students examine how the bank account can be used as a control device. The students identify whether or not the cash ratio can be used to evaluate business performance or not.
Lesson 8: Receivables
Read Chapter 8
Homework: Do selected accounting problems at end of chapter
In this lesson the students look at common types of receivables and how credit sales are recorded. The students learn how to account for uncollectibles and using the direct-write-off method verses using the allowance method. The students examine how to account for notes receivable. The students learn about how to use the acid-test ration, accounts receivable turnover ratio and the days’ sales in receivables to evaluate business performance.
Lesson 9: Plant Assets, Natural Resources, and Intangibles
Read Chapter 9
Homework: Do selected accounting problems at end of chapter
In this lesson the students learn how to measure the cost of a plant asset. The students learn about depreciation and learn how to compute it. The students learn how to record disposal of plant assets and how natural resources and intangible assets are accounted for. The students determine if the asset turnover ratio can be used for evaluating business performance.
Lesson 10: Investments
Read Chapter 10
Homework: Do selected accounting problems at end of chapter
In this lesson the students examine investments and why companies invest. The students compare debt securities to equity securities and learn how they are accounted for. The students learn about the classification and reporting of investments and determine if the rate of return on total assets can be used to evaluate business performance.
Lesson 11: Current Liabilities and Payroll
read Chapter 11
Homework: Do selected accounting problems at end of chapter
In this lesson the students learn how to account for current liabilities for “known” amounts. The students study how to account for payroll and how it is recorded. The students examine how current liabilities are estimated and accounted for. The students learn about contingent liabilities and how to account for them. The students examine if the times-interest-earned ratio can be used to evaluate business performance.
Lesson 12: Long-Term Liabilities
Read Chapter 12
Homework: Do selected accounting problems at end of chapter
In this lesson the students look at how long-term notes payable and mortgages payable are accounted for. The students learn about different types of bonds and learn how bonds payable are accounted for using the straight-line amortization method. The students learn to account for retirement of bonds payable at maturity and before maturity. The students learn how liabilities are reported on the balance sheet and how to use the debt to equity ratio to evaluate business performance. The students learn about the time value of money and how to calculate the present value of a future amount. The students learn how bonds payable are accounted for using the effective-interest amortization method.
Lesson 13: Stockholders’ Equity
Read Chapter 13
Homework: Do selected accounting problems at end of chapter
In this lesson the students learn about the idea of a corporation and its characteristics. The students examine the issuance of stock and how it is accounted for with respect to common stock and preferred stock. The students look at treasury stock and learn about how it is accounted for. The students learn how dividends and stock splits are accounted for cash dividends and stock dividends. The students examine how equity is reported for a corporation with respect to retained earnings and stockholders’ equity. The students examine if stockholders’ equity ratios can be used to evaluate business performance.
Lesson 14: The Statement of Cash Flows
Read Chapter 14
Homework: Do selected accounting problems at end of chapter
In this lesson the students look at the statement of cash flows and its classifications. The students learn how to prepare the statement of cash flows using the indirect method. The students learn about how to account for non-cash investing and other financing activities. the students learn how to use the free cash flow to evaluated business performance. The students learn how to prepare the statement of cash flows using the direct method and indirect method. The students look at how to prepare the statement of cash flows using a spreadsheet.
Lesson 15: Financial Statement Analysis
Read Chapter 15
Homework: Do selected accounting problems at end of chapter
In this lesson the students learn how financial statements are used to analyze a business. The students study about horizontal analysis and trend analysis. The students learn how to use a vertical analysis and learn about common-size statements and benchmarking. The students examine how to use different ratios to analyze a business and to recognize red flags in financial statement analysis.
The student’s final grade will be based on a final examination. Examination questions will cover all topics covered in the readings. Students will have two hours to complete the final examination. Students will be assigned a number grade from 0-100. A letter grade will also be issued in accordance with the following scale:
90-100 – A
80-89 – B
70-79 – C
0-69 – non passing
All quizzes are optional to prepare you for final exam. Only the score on your exam will appear on your transcript.
All relevant study material needed to pass the final exam can be found in study guide and prep quizzes.
Starting Course
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Chapter 1: Forms of business that use accounting -
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Chapter 2: Chart of Accounts
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ACCT 301 - Quiz 1 -
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Chapter 3: The T-Account
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ACCT 301 - Quiz 2
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Chapter 4: Debits and Credits
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Chapter 5: The Normal Balance of an Account
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ACCT 301 - Quiz 3
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Chapter 6: Assets
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Chapter 7: Liabilities
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ACCT 301 - Quiz 4
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Chapter 8: Perpetual Inventory System
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Chapter 9: Materiality Concept
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ACCT 301 - Quiz 5
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Chapter 10: Consistency Principle
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Chapter 11: Disclosure Principle
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ACCT 301 - Quiz 6
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Chapter 12: Gross and Net
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Chapter 13: What Is Internal Control?
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ACCT 301 - Quiz 7
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Chapter 14: Cash Receipts by Mail
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Chapter 15: What Is a Receivable?
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ACCT 301 - Quiz 8
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Chapter 16: What Are Plant Assets?
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Chapter 17: The Cost of Land
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ACCT 301 - Quiz 9
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Chapter 18: Classification of Investments
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Chapter 19: Liabilities
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ACCT 301 - Quiz 10
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Chapter 20: The Corporation
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Chapter 21: Categories of Stock
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ACCT 301 - Quiz 11
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Chapter 22: How Do We Use Stockholders’ Equity Ratios to Evaluate Business Performance?
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Chapter 23: Financial Statement Analysis
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ACCT 301 - Quiz 12
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Chapter 23: Order of Preparation
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ACCT 301 - Quiz 13
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Chapter 24: Horizontal Analysis
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ACCT 301 - Quiz 14
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ACCT 301 - Quiz 15
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ACCT 301 Questions and answers
