Active Outline

General Information

Course ID (CB01A and CB01B)
ACCTD01AH
Course Title (CB02)
Financial Accounting I - HONORS
Course Credit Status
Credit - Degree Applicable
Effective Term
Fall 2023
Course Description
The primary objective of this course is to help students learn how accounting meets the information needs of various users by developing and communicating information that is used in decision-making. Accordingly, the expected student outcome is the demonstration that the student can read, analyze and interpret external financial statements. As an honors course, the students will be expected to complete extra assignments to gain deeper insight in accounting.
Faculty Requirements
Course Family
Not Applicable

Course Justification

This course is a major preparation requirement in the discipline of Accounting/Business for several CSU and UC campuses. This course belongs on the Accounting Certificate of Achievement and the Accounting A.A. Degree. The course is the first course in Financial Accounting for the Business major. It is an introduction to the discipline of Accounting and teaches the language of Business. Students learn how businesses measure economic success, failure and viability by being introduced to the accounting cycle, financial statements and issues of profits and losses within a business. This course is the honors version of ACCT D001A and as a result includes more advanced assignments and assessments.

Foothill Equivalency

Does the course have a Foothill equivalent?
Yes
Foothill Course ID
ACTG F001A

Course Philosophy

Formerly Statement

Course Development Options

Basic Skill Status (CB08)
Course is not a basic skills course.
Grade Options
  • Letter Grade
  • Pass/No Pass
Repeat Limit
0

Transferability & Gen. Ed. Options

Transferability
Transferable to both UC and CSU
C-IDArea(s)StatusDetails
ACCTAccountingApprovedACCT D01AH & ACCT D01BH required for C-ID ACCT 110

Units and Hours

Summary

Minimum Credit Units
5.0
Maximum Credit Units
5.0

Weekly Student Hours

TypeIn ClassOut of Class
Lecture Hours5.010.0
Laboratory Hours0.00.0

Course Student Hours

Course Duration (Weeks)
12.0
Hours per unit divisor
36.0
Course In-Class (Contact) Hours
Lecture
60.0
Laboratory
0.0
Total
60.0
Course Out-of-Class Hours
Lecture
120.0
Laboratory
0.0
NA
0.0
Total
120.0

Prerequisite(s)

Corequisite(s)

Advisory(ies)

  • ESL D272. and ESL D273., or ESL D472. and ESL D473., or eligibility for EWRT D001A or EWRT D01AH or ESL D005.
  • Elementary algebra or equivalent (or higher), or appropriate placement beyond elementary algebra

Limitation(s) on Enrollment

  • (Not open to students with credit in the non-Honors related course.)
  • (Admission into this course requires consent of the Honors Program Coordinator.)

Entrance Skill(s)

General Course Statement(s)

Methods of Instruction

Lecture and visual aids

Discussion of assigned reading

Discussion and problem solving performed in class

In-class exploration of Internet sites

Quiz and examination review performed in class

Homework

Guest speakers

Collaborative learning and small group exercises

Collaborative projects

Assignments

  1. Reading
    1. Reading from text
    2. Reading from current business publications
  2. Written and Oral Communications
    1. Written/computer homework assignments to include accounting cycle entries and financial statement presentation.
    2. Oral presentation and class participation
  3. Group Work
    1. Solve qualitative and quantitative business problem concepts.
    2. Discuss current readings where accounting and business concepts apply.
    3. Analyze case studies and/or work on projects
  4. Computer Assignments
    1. Problem solving activity using accounting software
    2. Prepare and edit document using general ledger software, word processing and/or spreadsheet software
  5. Honors Assignment should include one of more of the following
    1. Completion of additional sets of problems that require a deeper understanding of the topics and concepts of financial accounting.
    2. Written accounting research project.
    3. Oral presentation on an accounting research project.

Methods of Evaluation

  1. Written and problem-solving examinations and quizzes to include accounting cycle comprehension through financial statement preparation.
  2. Group projects and class participation to include quantitative and qualitative problem-solving demonstrating ability to apply and communicate course concepts.
  3. Comprehensive final examination to include problem-solving, analytics, as well as essay and/or short-answer questions that requires students to summarize, integrate, and critically analyze and apply concepts examined throughout the course.
  4. Computerized accounting homework and projects to evaluate the ability to critically analyze, apply, and synthesize course materials.
  5. The honors assignment would be evaluated for the level of conceptual understanding of the advanced material, depth of analysis, and critical thinking skills.

Essential Student Materials/Essential College Facilities

Essential Student Materials: 
  • None.
Essential College Facilities:
  • None.

Examples of Primary Texts and References

AuthorTitlePublisherDate/EditionISBN
Warren, Reeve, and Duchac, Accounting, 26th ed, Cengage Learning, Mason, OH, 2016.
Weygandt, Kimmel, & Kieso, Accounting Principles, 12th ed, Wiley Publishing, Danvers, MA, 2015.

Examples of Supporting Texts and References

AuthorTitlePublisher
Current Business and Financial Publications (examples-Wall Street Journal, Forbes Magazine)
Annual reports of various corporations.

Learning Outcomes and Objectives

Course Objectives

  • Recognize accounting's role in society and how accounting meets the information needs of investors and creditors.
  • Analyze fundamental business concepts, how businesses operate and how accounting serves them.
  • Analyze fundamental accounting concepts underlying financial statements.
  • Evaluate the uses and limitations of financial statements.
  • Evaluate the usefulness of information produced by an accounting system and how it is directly related to that system's design.
  • Analyze ethical issues within an accounting/business framework.
  • Define and explain the conceptual framework of accounting.
  • Demonstrate a deeper understanding of the material through completion of an honors assignment

CSLOs

  • Demonstrate a knowledge of double entry accounting for business transactions and adjustments and prepare, explain and analyze financial statements using GAAP.

  • Analyze fundamental business concepts, how businesses operate, how accounting serves them and identify ethical issues in an accounting context.

Outline

  1. Recognize accounting's role in society and how accounting meets the information needs of investors and creditors.
    1. Identify types of decisions investors and creditors make
    2. Describe information in the financial statements which meet the needs of each group
    3. Discuss role of ethics the in preparation of financial statements
    4. Explain the nature and purpose of generally accepted accounting principles (GAAP).
    5. Explain the nature and purpose of International Financial Reporting Standards (IFRS).
  2. Analyze fundamental business concepts, how businesses operate and how accounting serves them.
    1. Explain the meaning of key business terminology
    2. Distinguish among profit, governmental and other nonprofit entities
    3. Identify the characteristics of the sole proprietorship, partnership and corporation
    4. Discuss the advantages and disadvantages of the forms of business organization
  3. Analyze fundamental accounting concepts underlying financial statements.
    1. Discuss the information found on the Financial Statements
    2. Apply the fundamental accounting equation
      1. Analyze the effects of accounting transactions on the elements of the balance sheet
      2. Prepare a balance sheet that reports the financial condition of any entity (e.g., a person, sole proprietorship, partnership, corporation, etc.)
    3. Apply the income statement equation
      1. discuss and apply criteria used to determine revenue recognition
      2. discuss process used to recognize expense
      3. prepare an income statement that reports the results of operations for any entity
    4. Distinguish between the accrual and cash basis of income measurement
    5. Prepare accrual basis and cash basis income statements from the same business transactions
    6. Differentiate the balance sheet from the income statement by being able to classify account titles into assets, liability, owners' equity, and non-balance sheet accounts
    7. Link the related financial statements - Balance Sheet, income statement, statement of owners' equity, and statement of cash flow
    8. Explain the nature of current assets and related issues, including the measurement and reporting of cash and cash equivalents, receivables and bad debts, and inventory and cost of goods sold
  4. Evaluate the uses and limitations of financial statements.
    1. Identify several ways in which financial accounting information is uses to make business and personal decisions.
    2. Calculate financial statement ratios.
    3. Discuss usefulness and limitations of financial ratios in making decisions
  5. Evaluate the usefulness of information produced by an accounting system and how it is directly related to that system's design.
    1. Discuss how the need for relevance and reliability affect the design of an accounting information system.
    2. Discuss the basic principles of internal control
    3. Explain the significance of debits and credits as they are used in an accounting information system
    4. Distinguish between the recording and reporting phases of the accounting process
      1. record the effects of accounting transactions in an accounting information system
      2. transfer the effects of these explicit transactions to individual assets, liability, and owner's equity accounts
      3. analyze adjustments or corrections needed in specific situation
      4. record and transfer the effects of adjustments and corrections to individual assets, liability, and owners' equity accounts
      5. prepare the financial statements
    5. Use general ledger accounting software to solve accounting problems
  6. Analyze ethical issues within an accounting/business framework.
    1. Analyze and discuss ethical issues throughout the business cycle
    2. Analyze and discuss current accounting topics in light of ethical issues
  7. Define and explain the conceptual framework of accounting.
    1. Identify the key items of the conceptual framework
    2. Describe the basic objectives of financial reporting
    3. Discuss the qualitative characteristics of accounting information and elements of financial statements
    4. Identify basic assumptions used by accountant
    5. Identify the basic principles of accounting
    6. Identify the two constraints in accounting
    7. Explain the accounting principles, objectives, and assumptions used in International Financial Reporting Standards (IFRS).
  8. Demonstrate a deeper understanding of the material through completion of an honors assignment
    1. Execute more analytical and challenging case work, research, and/or report generation.
    2. Recognize and explain the interdisciplinary relationship of the material with that of other aspects of business management.
Back to Top