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 Accounting
I (ACC 206 3.0 Cr)
Business & Management
Course Description
Making sound business decisions means having
good information and using it effectively.
Accounting plays a vital role in this process
because the function of accounting is to keep
track of a business' economic resources and
activities and to use that information in
the decision-making process.
In this course, we take an innovative approach
to learning accounting by integrating financial
accounting and managerial accounting. Thus,
this course covers accounting concepts and
practices and includes: classification, recording,
and reporting of business transactions and
economic data; corporate planning; managing
liquidity; evaluating operations; and raising,
investing, and accounting for capital.
Learning Objectives
Upon completion of this course, students will
be able to:
• Explain the difference between management
accounting and financial accounting
• Prepare budgets and business plans
for analysis and planning
• Prepare and analyze internal and external
accounting reports using a balance sheet,
an income statement, and ratio analysis
• Record accounting transactions and
evaluate the effects these transactions have
on the financial statements
• Evaluate a company's operating performance
• Analyze cash inflows and cash outflows
and prepare a cash flow statement
• Apply accounting skills to analyze
operating costs and break-even points of a
company
• Collect and analyze annual reports
and other relevant information to make business
decisions
• Perform cost-volume-profit analysis
for multiple products to select the best product
to manufacture.
Breadth of Assignments
This course utilizes a variety of assignment
types in exploring the basic principles of
Accounting including reading assignments,
both online and textbook based, individual
assignments involving online research, essay
writing, and analytical review questions,
group projects involving discussion boards,
collaborative thought, and a course-wide research
and writing case study assignment.
Required Texts
Cunningham B., Nikolai, L., and Bazley, J.
(2004). Accounting: Information for Business
Decisions (2nd ed.). Mason OH: South-Western.
ISBN: 0-324-18599-5
Principles of Accounting I
Business & Management
Module/Topics
Module 1: Overview
• The role of accounting information
in business
• Planning, operating, and evaluating
activities of managing a company
• The difference between management
accounting and financial accounting
• Internal and external accounting reports
• Applying creative and critical thinking
in business decisions
Module 2: Planning in an Entrepreneurial
Environment
• Composing a business plan
• Preparing a budget and using it to
make business decisions
• Collecting and organizing the information
needed to start a company
• How a budget contributes to helping
a company achieve its goals
• The operating cycles of retail companies
and service companies
• The many types of budgets
• How to use the master budget to evaluate
the company's performance
• Non-financial business issues that
arise in using budgets to make decisions
Module 3: Operating, Reporting, and Evaluating
• Recording accounting transactions
and evaluating the effects of these transactions
on the financial statements
• Preparing a balance sheet from the
accounting records
• Evaluating a company's operating performance
using a balance sheet, an income statement,
and ratio analysis
Module 4: Cash Flow and Internal Controls
• Cash inflows and outflows and preparing
a cash flow statement
• Internal control weaknesses and good
internal control procedures
• Analyzing the operations of a company
• Using financial statements to make
business decisions
Module 5: Planning in a Corporate Environment
• Analyzing annual reports
• Formulating alternatives to resolve
a given problem, and determine how each alternative
will affect a company's costs and break-even
point
• Performing cost-volume-profit analysis
Module 6: Budgets, Sales Forecasting, and
Course Summary
• Identifying the budget schedules included
in the master budget
• Formulating a plan to keep costs in
line with a budget
• Recognizing the structure, reports,
and analyses of a corporation, and writing
a business plan
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