ACE Principles of Accounting (3 Semester Credits) - Course Syllabus
Description:
The Principles of Accounting exposes students to the core concepts of accounting in familiar ways to build a strong foundation that can be applied across business fields. Each chapter opens with a relatable real-life scenario for today’s students. Thoughtfully designed examples are presented throughout each chapter, allowing students to build on emerging accounting knowledge. Concepts are further reinforced through applicable connections to more detailed business processes. Students are immersed in the “why” as well as the “how” aspects of accounting in order to reinforce concepts and improve comprehension.
Textbook: Principles of Accounting – OpenStax – Franklin et al., ISBN-10: 1-947172-67-0
(This text is provided to students as part of their enrollment.)
Prerequisites: No prerequisites
Course objectives:
Throughout the course, you will meet the following goals:
- Explain the importance of accounting and distinguish between financial and managerial.
- Describe typical accounting activities and the role accountants play in business.
- Explain the relationship between the main types of financial statements.
- Describe the basic concepts of accounting and their relationship to financial statements.
- Explain the components of a complete accounting cycle for a business.
- Discuss the types of internal controls businesses employ to successfully operate.
- Describe the relationship between inventory, long-term assets, and current liabilities.
- Learn the basic differences between corporation accounting and partnership accounting.
Course Evaluation Criteria
A passing percentage is 70% or higher.
Grading Scale
A = 95-100%
B = 88-94.9%
C = 80-87.9%
D = 70-79.9%
F = below 70%
ACE Course Retake Policy
2 (two) attempts are allowed on every quiz, and 2 (two) attempts are allowed on every final exam.
Proctorio – Video Proctoring
All Final Exams are video proctored with Proctorio. (www.proctorio.com)
ADA Policy
Excel Education Systems is committed to maintaining an inclusive and accessible environment to all students, across all of its schools, in accordance with the 1990 Federal Americans with Disabilities Act (ADA).
There is a total of 290 points in this course:
Grade Weighting
Chapter Quizzes 70%
Final Exam 30%
100%
Assessment | Points Available | Percentage of Final Grade |
Chapter 1 Quiz | 15 | 4.375 |
Chapter 2 Quiz | 15 | 4.375 |
Chapter 3 Quiz | 15 | 4.375 |
Chapter 4 Quiz | 15 | 4.375 |
Chapter 5 Quiz | 15 | 4.375 |
Chapter 6 Quiz | 15 | 4.375 |
Chapter 7 Quiz | 15 | 4.375 |
Chapter 8 Quiz | 15 | 4.375 |
Chapter 9 Quiz | 15 | 4.375 |
Chapter 10 Quiz | 15 | 4.375 |
Chapter 11 Quiz | 15 | 4.375 |
Chapter 12 Quiz | 15 | 4.375 |
Chapter 13 Quiz | 15 | 4.375 |
Chapter 14 Quiz | 15 | 4.375 |
Chapter 15 Quiz | 15 | 4.375 |
Chapter 16 Quiz | 15 | 4.375 |
Final Exam | 50 | 30 |
Total | 290 | 100 |
Course Contents and Objectives
Chapter 1 – Role of Accounting in Society | |
Lessons | 1.1 The Importance of Accounting and Distinguishing between Financial and Managerial Accounting
1.2 Users of Accounting Information and How They Apply Information 1.3 Typical Accounting Activities and the Role Accountants Play in Identifying, Recording, and Reporting Financial Activities 1.4 Why Accounting Is Important to Business Stakeholders 1.5 The Varied Career Paths Open to Individuals with an Accounting Education |
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Chapter 2 – Introduction to Financial Statements | |
Lessons | 2.1 An Income Statement, Statement of Owner’s Equity, Balance Sheet, and Statement of Cash Flows, and How They Interrelate
2.2 Examples of Current and Noncurrent Assets, Current and Noncurrent Liabilities, Equity, Revenues, and Expenses 2.3 Preparing an Income Statement, Statement of Owner’s Equity, and Balance Sheet |
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Chapter 3 – Analyzing and Recording Transactions | |
Lessons | 3.1 Principles, Assumptions, and Concepts of Accounting and Their Relationship to Financial Statements
3.2 The Expanded Accounting Equation and Its Relationship to Analyzing Transactions 3.3 The Initial Steps in the Accounting Cycle 3.4 Business Transactions and the Impact of Business Transactions on Financial Statements 3.5 Journal Entries and Recording Transactions and Posting to T-Accounts 3.6 A Trial Balance |
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Chapter 4 – The Adjustment Process | |
Lessons | 4.1 The Concepts and Guidelines Affecting Adjusting Entries
4.2 The Adjustment Process and Common Types of Adjusting Entries 4.3 Recording and Posting the Common Types of Adjusting Entries 4.4 Using the Ledger Balances to Prepare an Adjusted Trial Balance 4.5 Preparing Financial Statements Using the Adjusted Trial Balance |
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Chapter 5 – Completing the Accounting Cycle | |
Lessons | 5.1 Closing Entries for a Business
5.2 Post-Closing Trial Balance 5.3 Computing Current Ratio and Working Capital Balance 5.4 Appendix: Complete a Comprehensive Accounting Cycle for a Business |
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Chapter 6 – Merchandising Transactions | |
Lessons | 6.1 Merchandising versus Service Activities and Transactions
6.2 Perpetual versus Periodic Inventory Systems 6.3 Transactions for Merchandise Purchases Using the Perpetual Inventory System 6.4 Transactions for the Sale of Merchandise Using the Perpetual Inventory System 6.5 Transactions Applying the Two Commonly Used Freight-In Methods 6.6 Multi-Step and Simple Income Statements for Merchandising Companies 6.7 Transactions for Merchandise Purchases and Sales Using the Periodic Inventory System |
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Chapter 7 – Accounting Information Systems | |
Lessons | 7.1 The Components of an Accounting Information System
7.2 The Purpose of Special Journals and Their Importance to Stakeholders 7.3 Journalize Transactions Using Special Journals 7.4 A Subsidiary Ledger 7.5 Career Paths Open to Individuals with a Joint Education in Accounting and Information Systems |
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Chapter 8 – Fraud, Internal Controls, and Cash | |
Lessons | 8.1 Fraud in the Accounting Workplace
8.2 Internal Controls and Their Purpose within an Organization 8.3 Internal Controls within an Organization 8.4 Petty Cash Fund and Petty Cash Journal Entries 8.5 Management Responsibilities for Maintaining Internal Controls within an Organization 8.6 Bank Reconciliation 8.7 Fraud in Financial Statements |
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Chapter 9 – Accounting for Receivables | |
Lessons | 9.1 The Revenue Recognition Principle
9.2 Uncollectible Accounts on the Balance Sheet 9.3 Receivables Management Using Financial Ratios 9.4 The Role of Accounting in Earnings Management 9.5 Revenue Recognition Principles in Long-Term Projects 9.6 Notes Receivable and Accounts Receivable 9.7 Appendix: Comprehensive Example of Bad Debt Estimation |
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Chapter 10 - Inventory | |
Lessons | 10.1 Basic Inventory Valuation Methods
10.2 Calculating the Cost of Goods Sold Using the Periodic Method 10.3 Calculating the Cost of Goods Sold Using the Perpetual Method 10.4 The Impact of Inventory Valuation Errors 10.5 The Efficiency of Inventory Management Using Financial Ratios |
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Chapter 11 – Long-Term Assets | |
Lessons | 11.1 Tangible and Intangible Assets
11.2 Capitalized Costs versus Expenses 11.3 Depreciation Methods to Allocate Capitalized Costs 11.4 Accounting for Intangible Assets and Record Related Transactions 11.5 Special Issues in Accounting for Long-Term Assets |
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Chapter 12 – Current Liabilities | |
Lessons | 12.1 Current Liabilities
12.2 Reporting Current Liabilities 12.3 Accounting Treatment for Contingent Liabilities 12.4 Recording Short-Term Notes Payable 12.5 Recording Transactions Incurred in Preparing Payroll |
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Chapter 13 – Long-Term Liabilities | |
Lessons | 13.1 The Pricing of Long-Term Liabilities
13.2 Amortization of Long-Term Liabilities Using the Effective-Interest Method 13.3 Journal Entries that Reflect the Life Cycle of Bonds 13.4 Appendix: Special Topics Related to Long-Term Liabilities |
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Chapter 14 – Corporation Accounting | |
Lessons | 14.1 Equity Financing through the Issuance of Stock
14.2 Issuance and Repurchase of Stock 14.3 Effects on Financial Statements for Cash Dividends, Property Dividends, Stock Dividends, and Stock Splits 14.4 Owners’ Equity versus Retained Earnings 14.5 Earnings per Share and Measuring Performance |
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Chapter 15 – Partnership Accounting | |
Lessons | 15.1 Organizing as a Partnership
15.2 Journal Entries Associated with a Partnership 15.3 Partners’ Share of Income and Loss 15.4 Recording the Admission and Withdrawal of a Partner 15.5 Recording Entries for the Dissolution of a Partnership |
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Chapter 16 – Statement of Cash Flows | |
Lessons | 16.1 The Statement of Cash Flows
16.2 Operating, Investing, and Financing Activities 16.3 Preparing the Statement of Cash Flows Using the Indirect Method 16.4 Preparing the Completed Statement of Cash Flows Using the Indirect Method 16.5 Assess Liquidity and Solvency 16.6 Appendix: Prepare a Completed Statement of Cash Flows Using the Direct Method |
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ACE Principles of Accounting (3 Semester Credits)