Bus 3301 Financial Accounting

BUS 3301: FINANCIAL ACCOUNTING

Course Description:

This course continues the study of accounting begun by the students during their Basic Accounting course. This course emphasizes accounting for liabilities, accounting for equity, and corporate forms of ownership. Topics include responsibility accounting, budgets, cost control, and standard costing procedures and analysis of variances. Obtaining familiarity of these topics and tools is intended to highlight the importance of management reporting and decision making.

Required Textbook and Materials:

The main required textbooks for this course are listed below, and can be readily accessed using the provided links. There may be additional required/recommended readings, supplemental materials, or other resources and websites necessary for lessons; these will be provided for you in the course’s General Information and Forums area, and throughout the term via the weekly course Unit areas and the Learning Guides.

Walther, L.M. (2012). Principles of Accounting. Logan, UT: Utah State University. Available at http://www.principlesofaccounting.com/. I highly recommend that you take your time in reviewing this website and all of its excellent learning resources. Each chapter contains study guides, problems, key terms, and objectives that can significantly add to your understanding of the reading material, and adequately prepare you for this course’s Final Exam.

Software Requirements/Installation:

No special requirements.

Learning Objectives and Outcomes:

By the end of this course students will be able to:

1. Explain the differences between accounting for financial statements and management accounting.
2. Complete journal entries (using the accrual basis of accounting) to establish and retire long-term debt.
3. Explain various forms of business ownership, especially corporate business ownership.
4. Prepare various types of management budgets.
5. Illustrate the tools commonly used evaluate enterprise performance.

Course Schedule and Topics:

This course will cover the following topics in eight learning sessions, with one Unit per week. The Final Exam will take place during Week/Unit 9.

Week 1: Unit 1 – Accounting for Long-Term Obligations

Week 2: Unit 2 – Corporate Forms of Business Management

Week 3: Unit 3 – Management Decisions Based on Accounting Information

Week 4: Unit 4 – Cost-Volume-Profit Relationships

Week 5: Unit 5 – Costing Methods

Week 6: Unit 6 – Budgeting and Planning

Week 7: Unit 7 – Enterprise Performance Evaluation

Week 8: Unit 8 – Management Decision-Making Processes

Week 9: Unit 9 – Course Review and Final Exam