Course Title: ACC 101— Accounting Principles I
Course Credits: 3 credit Hours
Instructor: Ghassan Obeidat
Office Phone No. :35092
Office Number: B 33
Class Time : 9-11 (Sunday, Tuesday, and Thursday)
E-mail:
Web Site:
Office Hours: 10 – 11 (Sunday, Tuesday, and Thursday)
11 – 12:30 (Monday and wednsday)
Prerequisites : None
An introductory course in accounting which includes the recording and reporting of business transactions, completing the accounting cycle, and preparation of financial statements. Through exercises and problems, the students gain an understanding of the accounting process and the steps which result in financial statements.
The objective of this course is to provide students with:
1.
A framework of financial accounting concepts.
2.
The basic steps in the recording process according to accrual basis.
3.
Steps needed to complete the accounting recording process for both service and merchandising organizations.
4.
Procedures needed to prepare financial statements.
5.
A wide range of problem material that reinforces the student’s knowledge of quantitative techniques, concepts, analysis and procedures and illustrates the extension of basic concepts governing the preparation and communication of the financial date and information relevant to decision making.
After completing this course the student must demonstrate the knowledge and ability to:

Explain what accounting is and determine the users of accounting information.

Explain the meaning of GAAP and cost principle.

State the basic accounting equation and understand the effects of business transactions.

Understand the four financial statements and how they are prepared.

Define the account, debits and credits and how they are used in recording business transactions.
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
Explain the use of journals, ledgers and the trial balance.

Understand the time period assumption, the accrual basis, revenue recognition principle and matching principle.

Identify the major types of adjustments and explain the need for adjusting entries and prepare them.

Prepare a worksheet and completing the accounting cycle through closing the books.

State the required steps in the accounting cycle in their proper sequence.

Classify the balance sheet's elements.

Identify the difference between a service firm and a merchandiser, with respect to their accounting cycle.

Understand how to record merchandising transactions under both, perpetual and periodic inventory systems.

Prepare a multiple-step income statement and compare it with a single-step.

Explain the possible differences in cash balance per books and cash balance per bank.

Prepare bank reconciliation and its accompanying adjusting entries.

Understand the need for estimating uncollectible receivables.

Distinguish between the methods and bases used to value accounts receivables.
The course will be based on the following teaching and learning activities:

Lectures covering the theoretical part.

On-classroom training on practical accounting procedures.
Handouts provide more discussion and illustration to understand the material.
However, your major reference should be the text book.
Textbook: Waygandt, Kieso and Kimmel, ACCOUNTING PRINCIPLES, John Wiley and Sons Inc., 10 th edition, 2009.
Students are evaluated based on various assessment methods, and a student will pass this course by gaining at least 50% of the course requirements, and they are categorized as follows:

Mid Term exam (30%) and Final exam (50%).

Assignments, quizzes, class attendance and participation (20%).
You will pass this course by gaining at least 50% of the course requirements .
Students will be examined in theory and its application. Exam questions may consist of multiple choices, short and long problems. All materials covered in the text, handouts, homework, or lectures are required. No make-up exams.
Absences result in grade of zero for that particular exam. Cheating results in immediate class failure at least!
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Ch.1
Ch.4
Ch.5
: Accounting for merchandising
Operations.
Ch.9
: Accounting in
Action.
Ch.2
process.
Ch.3
: Adjusting the accounts.
: Completion of the accounting cycle.
Ch.8
: The recording
: Internal control and cash.
: Accounting for receivables.
What is accounting?
The building blocks of accounting
Using the building blocks
Financial statements
Problems practice and solving assignments, P1-1A, P1-2A, P1-4A,
P1-5A.
The account
Steps in the recording process
The recording process illustrated
The trial balance
Problems practice and solving assignments, P2-1A, P2-3A, P2-4A.
Timing issues
The basics of adjusting entries
The adjusted trial balance and financial statements
Problems practice and solving assignments, P3-1B, P3-2B.
Using a worksheet
Closing the books
Summary of the accounting cycle
Classified balance sheet
Problems practice and solving assignments, BE4-1, BE4-8, BE4-9,
P4-1B.
Mid Exam
Merchandising operations
Recording purchases and sales of merchandise
Completing the accounting cycle
Forms of financial statements
Periodic inventory system
Determining CGS under a periodic system
Worksheet for a merchandiser
Problems practice and solving assignments, E5-13, E5-14, P5-1A, P5-
2B.
Use of bank
Bank reconciliation
Problems practice and solving assignments, P8-3A, P8-3B.
Valuing accounts receivable
Disposing accounts receivable
Problems practice and solving assignments, BE9-4, BE9-6, BE9-7.
Final comprehensive Exam
Good Luck
Week 1
Week 2
Week 3
Week 4
Week 5
Week 5
Week 6
Week 7
Week 8
Week 9
Week 10
Week 11
Week 12
Week 13
Week 14
Week 15
Week 16
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