SCHOOL OF BUSINESS
Business 221A - Principles of Accounting I Summer 2008
Professor: Brent Groen, MBA, CGA
Office: Northwest Building second floor
Office Hours: Before and After Class
Phone: (604) 888-7511 Local 3305
Email: brentg@twu.ca
Credit Hours: 3
Prerequisites: None
Website: http://bgroen.pageout.net
Class Days: Week One: April 28, 29, May 1, 2; Week Two: May 5, 6, 8, 9; Week Three: May 12, 13, 14, 16.
Description:
Accounting fundamentals, techniques, principles and concepts are covered in this course. Other topics include the
complete accounting cycle, including adjusting and closing entries; the preparation and interpretation of simple
financial statements; inventory treatments; capital assets; partnership accounting. Students are also required to
complete a computer based accounting lab.
Required Materials:
Larson, Kermit D., Jensen, Tilly. Fundamental Accounting Principles. Twelfth Canadian Edition,
McGraw-Hill Ryerson Limited, Toronto, 2007 Volume 1.
Larson, Kermit D., Jensen, Tilly. Fundamental Accounting Principles. Twelfth Canadian Edition,
McGraw-Hill Ryerson Limited, Toronto, 2007 Volume 2.
Learning Objectives:
The Student should acquire the ability to:






Describe the principles and assumptions upon which accounting practices are based
Follow the flow of information through a conventional accounting system
Prepare in good form both the Balance Sheet and Income Statement
Understand the relationship between the Income Statement and the Balance Sheet
Utilize the various accounting methods relating to Current Assets, Long-Term Assets, Intangibles and
Liabilities
Understand and use a basic computerized accounting software package
Methodology:
The class sessions will consist of lecture, problem solving, and review of assigned work. Students will be called on
to participate during class, in groups and individually.
Evaluation:
The grading system as outlined below will be used (modified from catalogue).
A+ 95-100
A 88-94
A- 82-87
B+ 77-81
B 73-76
C+ 67-69
C 63-66
C- 60-62
D+ 57-59
D 53-56
The course grade will be calculated based on the following components:
Chapter Assignments
Lab Assignments
Quizzes
Midterm
Final Exam
10%
10%
10%
30%
40%
B- 70-72
D- 50-52 F below 50
Course Requirements:
Chapter Assignments
A problem or problems will be assigned for each chapter and graded out of 20. Marks can be lost for work that is
not properly presented, even if a correct solution is given.
Assignments will be due at the beginning of the next class following the completion of the chapter, unless
otherwise announced. An assignment handed in late is worth only half marks.
The lowest problem grade will be dropped from the calculation of the total marks, to account for illness or absence.
Students are encouraged to work together, for learning and study purposes, but what is handed in must be original
and prepared by each student individually.
Lab Assignments
Students will complete computer-based labs individually. The labs deal with the application of Simply accounting
software and the instructions will be available on the course web site. Lab 1 due May 5, Lab 2 due May 8, Lab 3
due May 14.
Quizzes
Multiple-choice quizzes will be given at the beginning of each class that will cover all materials discussed on the
previous day. These quizzes cannot be made up, but as above the low grade will be dropped.
Exams
Exams consist of multiple choice, definition, short answer and problem type questions. At least half of each exam
will be made up of problems.
The Midterm Exam will cover Chapters 1 - 7 and will be given on Thursday May 8.
The Final exam will cover Chapters 1-14 and will be given on Friday May 16.
Course Outline
The topics will be covered according to the following approximate schedule. Students should read each chapter
prior to classes, and do practice exercises after class:
Chapter
Title
Chapter 1: Accounting: The Key to Success
Chapter 2: Financial Statements and Accounting Transactions
Chapter 3: Analyzing and Recording Transactions
Chapter 4: Adjusting Accounts for Financial Statements
Chapter 5: Completing the Accounting Cycle and Classifying Accounts
Chapter 6: Accounting for Merchandising Activities
Chapter 7: Merchandise Inventories and Cost of Sales
Chapter 8: Accounting Information Systems
Chapter 9: Internal Control and Cash
Midterm: Chapters 1-7
Chapter 10: Receivables
Chapter 12: Capital Assets and Goodwill
Chapter 13: Current and Long-Term Liabilities
Chapter 14: Partnerships
Day
Monday, April 28
Monday, April 28
Tuesday, April 29
Thursday, May 1
Friday, May 2
Friday, May 2
Monday, May 5
Tuesday, May 6
Tuesday, May 6
Thursday, May 8
Friday, May 9
Monday, May 12
Tuesday, May 13
Wednesday, May 14
Final Exam Chapters 1-14
Friday, May 16