Principles of Accounting (3 credits)
Principles of Accounting
Instructor: Marlene M Greene
This course is an introduction to financial accounting concepts and financial reporting, with the focus being on how decision makers analyze, interpret, and use accounting information. Emphasis is given to how accounting measures, records, and reports economic activities for corporations and on the relationship between accrual and cash flow measures in interpreting accounting information.
This course teaches how to understand the financial health of an entity. An entity can be an individual, a partnership, a corporation or a business. Accounting uses a specific language and specific rules. FASB (Financial Accounting Standards Board) a non-profit organization, governs the world of accounting. Their main purpose is to create and maintain a specific set of principles called GAAP ( Generally Accepted Accounting Principles).
The Bible is the ultimate financial guide. It speaks more about money than any other subject. Proverbs 22:7: "The rich rules over the poor, and the borrower is a servant to the lender". Accounting, if applied correctly, will help keep one from being a servant to money. 1 Corinthians 4:2 states -- Moreover it is required in stewards that one be found faithful. The study of Accounting will aid in an entity becoming a faithful servant.
Upon satisfactory completion of the course, the student will:
- Apply the fundamental concepts and assumptions that underlie financial accounting principles
- Demonstrate an understanding of the steps of the accounting cycle and of the basic elements of the four financial statements
- Identify, record, and report transactions in accordance with Generally Accepted Accounting Principles
This course includes resources from many books and articles.
View all online lectures and read all articles on each topic. CLI computer tracks whether you do this. After viewing all lectures for the unit, take the quiz based on the lectures (100% of grade).
All videos have powerpoint slides available with them.
A 95-100% A- 90-94% B+ 87-89% B 83-86% B- 80-82% C+ 77-79% C 73-76% C- 70-72% D+ 67-69% D 63-66% D- 60-62% F 0-59%
Your average for the course must be at least 60%. Otherwise, you will fail the class and will receive no credit.
You have 180 days to finish the course. Complete all assignments before the final deadline, or you will be automatically unenrolled, and all coursework will be removed. You will have to start over and take the class again to receive credit.
All reading materials must be of general domain or creative commons.
Each quiz is to be created with 20 questions. Our usual formula is 1/3 true and false, 2/3 multiple choice.
Day 1 - 10: Introduction to Accounting
Day 11 - 20: The Accounting Environment
Day 21 - 30: Accounting and its Use in Business Decisions
Day 31 - 40: Accounting for Transactions
Day 41 - 50: Recording business transactions
Day 51 - 60: Adjustments for financial reporting
Day 61 - 70: Completing the accounting cycle
Day 71 - 80: Accounting theory
Day 81 -90: Inventories and the classified income statement
Day 91 -100: Measuring and reporting inventories
Day 101 - 110: Receivables and payables
Day 110 - 120: Property, plant, and equipment
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Unit 12: Our Eternal Home
Day 121 - 130
The course has ended. Please make sure all quizzes have been completed. If your work is incomplete, it is considered a drop, and you will have to take the class again in order to receive credit.
Our staff will be using this time to review your work. Your grade should appear on your "My Home Page" in the "Course Overview" section. Please contact Helpdesk if you have any questions or did not receive your grade.