This is the first of a two part sequence in financial accounting. In this course we will explore the framework for all accounting processes. Students will learn to record economic events and follow a business process through the steps of the accounting cycle. Service and merchandising businesses will be covered and communication of the conclusions to decision-makers will be emphasized.
The course is designed for students who have successfully completed ACCT 201. We will expand on the basic framework covered in the first course. During the quarter we will emphasis specific areas of accounting: internal control, receivables, long-term assets and liabilities, debt and equity financing, and the statement of cash flows. The course goal is to provide a basic foundation for further study in accounting and the relationship to the business core and to prepare the student for further study in other business courses.
It is commonly the last accounting class for the transfer student intent on a Bachelor’s Degree in Business/Economics fields.
At the conclusion of Accounting 203 you will have developed an understanding of the following:
The users of managerial accounting information
The basics of job order and process costing
Understand and determine cost behaviors
Prepare production and cash budgets
Understand the basics of variance analysis
In this course, the formats of focus will be identified as the Income Statement, the Balance Sheet, Statement of Cash Flows, and Statement of Shareholders' Equity. In this course, you will learn how to compile and analyze these financial statements, determine the value of a firm, and compare the firm to its competitors.
Gaining an understanding of accounting terminology and concepts, however, is not enough to ensure your success. You also need to be able to find information on the Internet, analyze various business situations, work effectively as a member of a team, and communicate your ideas clearly. This text was developed to help you develop these skills.
May be downloaded as a PDF or plain Text file - Free. You may also purchase a print copy.
It has been extensively edited by Athabasca University and reflects current International Financial Reporting Standards (IFRS). A corporate approach is utilized versus beginning with a sole proprietorship emphasis and then converting to a corporate approach.
The text focuses on core introductory financial accounting topics that match pre-requisite requirements for students advancing to Intermediate Financial Accounting.
It focuses on more difficult intermediate accounting topics that match prerequisite requirements for students advancing to a second level Intermediate Financial Accounting course. The book provides a review of Introductory Accounting concepts and covers all topics essential to a first level Intermediate Accounting course: the conceptual framework and current landscape of financial reporting; statements of financial position, comprehensive income, cash flows and shareholders' equity; cash and receivables; revenue; inventory; property plant and equipment; intangible assets; and intercorporate investments.
current, long-term and complex liabilities, income taxes, pensions, leases, shareholders’ equity, earnings per share, statement of cash flows including the direct approach, effects of changes and errors, and disclosures and analysis. Topics that are covered in Advanced Financial Accounting courses, such as consolidations and foreign exchange, are not included here
Playing Accounting Monopoly gives students an opportunity to complete most of the accounting cycle using documents they create as well as practice writing checks and keeping a check book as a sole proprietor.
There are six categories: Short-term assets, Long-term assets, Liabilities, Equity, Financial statements, and Ratio analysis. There is a Daily Double question and a Final Jeopardy question. Audio is included in the PowerPoint file for optional use.
All of the answers and related questions are based on Financial Accounting, 11th edition, Harrison, Horngren, Thomas & Tietz, Pearson Education, 2017. The content should apply to other introductory financial accounting textbooks as well.