BACC 201 – Principles of Accounting I
Basic Information
Course Title:
Code:
Hours:
Prerequisite:
Academic Year/Level:
Principles of Accounting I.
BACC 201
Lecture: 3
Credit: 3
None.
Year: 1
Term: 1
1-Course Description and Overall Objectives:
This course introduces accounting in general, then covers the basics of financial accounting
through the accounting cycle for service and merchandising business. The main objective
of this course is to introduce the theoretical foundation of financial accounting (concepts,
assumptions, and principles) and the financial statements of a profit seeking enterprise. The
course prepares the student to be capable of performing the different steps of the accounting
cycle for service and merchandising businesses.
Course Objectives:
Upon completion of this course, students should be able to:
A. Introduce accounting in general.
B. Identify the basics of financial accounting through the accounting cycle for service and
merchandise business.
C. Apply the theoretical foundation of financial accounting (concepts, assumptions, and
principles) and the financial statements of a profit seeking enterprise.
D. Perform the different steps of the accounting cycle for service and merchandising
businesses.
2-Intended Learning Outcomes of the Course
(ILOs):
(A) Through knowledge and understanding, students will be able to:
(K1) Identify the basis of measurement, presentation, and disclosure issues related
to items presented in income statements and balance sheets
(K2) Define journal and ledger.
(K3) Specify the significance of alternative accounting procedures.
(K4) List the appropriate theories, principles, and concepts relevant to financial
accounting.
(B) Through intellectual skills, students will be able to:
(I1) Apply an appropriate judgment in selecting and presenting information using
various methods relevant to financial accounting.
(I2) Discuss a reasoned argument to the solution of familiar and unfamiliar
problems relevant to financial accounting.
(C) Through professional and practical skills, students will be able to:
(P1) Develop practical activities using techniques and procedures appropriate
to financial accounting.
(P2) Display how to change within the external and internal accounting
environment.
(D) Through general and transferable skills, students will be able to:
(G1) Articulate appropriate effective written and oral communication skills
relevant
to accounting.
(G2) Demonstrate the ability to work effectively as part of a group, Involving
leadership, group dynamics and interpersonal skills relevant to financial
accounting.
(G3) Show how to solve problems relevant to financial accounting using ideas
and techniques some of which are at the forefront of the discipline.
3-Course Outline:
Week Number 1:
Accounting is the Language of Business
Week Number 2:
Who uses Accounting Data
Week Number 3:
The Recording Process Using Accounting Equation
Week Number 4:
The Recording Process Using the double entry system
Week Number 5:
The Financial Statements
Week Number 6:
The Income statement and the Balance sheet
Week Number 7:
First Assessment (Lecture will continue after the assessment)
Week Number 8:
Adjusting The Accounts
Week Number 9:
Completing the Accounting Cycle
Week Number 10:
The closing entries and Post-Closing Trial Balance
Week Number 11:
Summary of the Accounting Cycle
Week Number 12:
Second Assessment (Lecture will continue after the assessment)
Week Number 13:
Recording purchases & sales periodic /perpetual Systems
Week Number 14:
Accounting for merchandising operations
Week Number 15:
Purchase and sales returns, discount, and allowance
Week Number 16:
Final Examination
4-Teaching and Learning Methods:
The course comprises a combination of lectures, and case discussions.
Required facilities: Data Show.
5-Student Assessment Methods, Schedule and
Grading:
Assessment
No.
1
2
3
Type
First Assessment
Second Assessment
Final Examination
Total
Start
Week
No.
Submit
Week
No.
1
8
7
12
16
Weight
%
30
30
40
100
25%
6-List of References:
(a) Course Notes:
Weygandt, J., Kieso, D., and Kimmel, P., Accounting Principles, Wiley & Sons,
Inc.,
7th Edition, 2004.
(b) Essential Books (Text Books):
Needles, B., Powers, M., and Crosson, S., Financial and Managerial Accounting,
Cengage Learning, 8th Edition, 2008.
(c) Recommended Books:
Wild, J., Larson, K., and Chiappetta, B., Fundamental Accounting Principles,
McGraw-Hill Companies, Inc., 18th Edition, 2007.
(d) General References:
Emerald Database through iConnect.bau.edu.lb