WASHINGTON STATE UNIVERSITY
ACCTG 230 (3 Credits) – Introduction to Financial
Accounting Fall 2013
Section 02: MWF 13:10-14:00 – Cue 203
Professor: Jean Beaulieu, PhD., CPA
Office hours: MWF 12:00 – 13:00, TTh 10:30 – 12:00, & by appointment
Office: Todd 237H
Email:
Please Note: Please use the above address to contact me
Teaching Assistants: Li Huang and Weihong Kong
Office hours: Listed on TA Schedule posted on Angel
Office: Todd 240B
Course Prerequisite: N/A
Welcome to Accounting
Most of you have no idea what Accounting is about. Many consider accounting to be another math course.
No way. We do use numbers, but unlike statistics or calculus we only use four functions (add, subtract,
multiply and divide). If you can handle those you can handle the math in this class. It’s a math class in the
sense that we use math and a considerable amount of our output is numbers.
So what is Accounting about? It’s often referred to as the language of business. Accountants interpret
financial information for individuals and institutions that have an interest in business. Investors, creditors,
regulators and managers need someone to translate what happens in a business into numbers they can
understand. Accounting is a language class in the sense that it has its own vocabulary. Learning the
vocabulary is critical. Many people miss this fact. You need to learn the language to pass this course. Even
if you have no intent of being an accountant you will need to talk to accountants and you will need to
understand the language so that you can best utilize the financial information that accountants prepare.
Philosophy class? Well we do deal with logic and ethics. The logic part would deal with being able to parse
word problems and the IRS and criminal codes. The ethics part deals with the fact that people steal, they lie
to get what they want, and they cheat. Accountants are not immune. CPA firms occasionally go out of
business because they cheat.
Finally, Accounting is also a law class. At this level we only hint at what complexities can ensue but pay
attention because law will rule your entire business career.
Finally, we also have a law enforcement component? We try to catch the bad guys. The FBI has many
accountants and CPA’s (over 15% of all FBI agents). We need to see that accountants are the last line of
defense. Impartially interpreting the law and stopping people from giving in to the dark side.
Most Americans today invest in business through the stock market. Intelligent investors seek out financial
information on companies to make more informed investment decisions. It is a company’s accounting
system which creates and provides the information used by investors. Business managers likewise need
information produced through accounting in making the day-to-day operational decisions that improve a
company’s performance and profitability. If you hope to become a successful investor or manager or simply
want a better understanding of your own financial situation, you will need to understand accounting
information to improve your decision-making ability.
1
This study source was downloaded by 100000861168648 from CourseHero.com on 03-12-2023 05:12:33 GMT -05:00
https://www.coursehero.com/file/10598641/Syllabus/
, Learning Objectives/Goals
The course presents the accounting process (and its business and regulatory environments) with the
objective of developing a useful level of competence at both the construction and use of financial reports.
When you complete this course, you should be able to:
• Understand the concept of an Account.
Know that every transaction can be described in "debit-credit" form, and that debits must equal
credits!
Be aware of the reasons that accountants use debits and credits, rather than pluses and minuses.
Know the six types of accounts (e.g., assets), and the related debit/credit rules.
Note the importance of transaction analysis and source documents.
Understand why credits are sometimes misunderstood.
• Understand the concept of the Journal.
Know that the journal is the book of original entry, into which transactions are journalized in
chronological order.
Be able to distinguish between a journal and ledger.
Be aware of the reasons why some companies may employ special journals, in addition the general
journal.
Know that why a ledger is needed, in addition to a journal.
• Understand the concept of the General Ledger.
Understand the need for accounts, and recognize that a collection of accounts comprises the general
ledger.
Be able to construct and "operate" a running balance form of account.
Understand the need and application of posting.
Be able to describe the steps by which information form source documents is transferred to the
ledger.
• Understand the concept of the Trial
Balance. What is the purpose of a trial
balance?
Outline the accounting steps that lead to the preparation of a trial balance.
If a trial balance is in balance, is it necessarily correct?
Know how a trail balance can be used to facilitate preparation of financial statements
Will a trial balance necessarily produce correct financial statements?
Be able to explain what a chart of accounts is and how it is used.
Describe the nature and purpose of control and subsidiary accounts.
• Understand the concept of T-Accounts.
Know what a T-account is and how it can be used.
Be able to prepare a T-account that corresponds to a general ledger account.
• Show that you understand and can apply the principles of modern accounting to solve problems
and present useful financial information to any interested user.
• Have an understanding of the type of information needed to plan, control, and make decisions.
• Understand the value of accounting and learn how to benefit from the services and
financial information that accountants offer.
•
• Be able to communicate effectively and efficiently about financial matters.
2
This study source was downloaded by 100000861168648 from CourseHero.com on 03-12-2023 05:12:33 GMT -05:00
https://www.coursehero.com/file/10598641/Syllabus/
ACCTG 230 (3 Credits) – Introduction to Financial
Accounting Fall 2013
Section 02: MWF 13:10-14:00 – Cue 203
Professor: Jean Beaulieu, PhD., CPA
Office hours: MWF 12:00 – 13:00, TTh 10:30 – 12:00, & by appointment
Office: Todd 237H
Email:
Please Note: Please use the above address to contact me
Teaching Assistants: Li Huang and Weihong Kong
Office hours: Listed on TA Schedule posted on Angel
Office: Todd 240B
Course Prerequisite: N/A
Welcome to Accounting
Most of you have no idea what Accounting is about. Many consider accounting to be another math course.
No way. We do use numbers, but unlike statistics or calculus we only use four functions (add, subtract,
multiply and divide). If you can handle those you can handle the math in this class. It’s a math class in the
sense that we use math and a considerable amount of our output is numbers.
So what is Accounting about? It’s often referred to as the language of business. Accountants interpret
financial information for individuals and institutions that have an interest in business. Investors, creditors,
regulators and managers need someone to translate what happens in a business into numbers they can
understand. Accounting is a language class in the sense that it has its own vocabulary. Learning the
vocabulary is critical. Many people miss this fact. You need to learn the language to pass this course. Even
if you have no intent of being an accountant you will need to talk to accountants and you will need to
understand the language so that you can best utilize the financial information that accountants prepare.
Philosophy class? Well we do deal with logic and ethics. The logic part would deal with being able to parse
word problems and the IRS and criminal codes. The ethics part deals with the fact that people steal, they lie
to get what they want, and they cheat. Accountants are not immune. CPA firms occasionally go out of
business because they cheat.
Finally, Accounting is also a law class. At this level we only hint at what complexities can ensue but pay
attention because law will rule your entire business career.
Finally, we also have a law enforcement component? We try to catch the bad guys. The FBI has many
accountants and CPA’s (over 15% of all FBI agents). We need to see that accountants are the last line of
defense. Impartially interpreting the law and stopping people from giving in to the dark side.
Most Americans today invest in business through the stock market. Intelligent investors seek out financial
information on companies to make more informed investment decisions. It is a company’s accounting
system which creates and provides the information used by investors. Business managers likewise need
information produced through accounting in making the day-to-day operational decisions that improve a
company’s performance and profitability. If you hope to become a successful investor or manager or simply
want a better understanding of your own financial situation, you will need to understand accounting
information to improve your decision-making ability.
1
This study source was downloaded by 100000861168648 from CourseHero.com on 03-12-2023 05:12:33 GMT -05:00
https://www.coursehero.com/file/10598641/Syllabus/
, Learning Objectives/Goals
The course presents the accounting process (and its business and regulatory environments) with the
objective of developing a useful level of competence at both the construction and use of financial reports.
When you complete this course, you should be able to:
• Understand the concept of an Account.
Know that every transaction can be described in "debit-credit" form, and that debits must equal
credits!
Be aware of the reasons that accountants use debits and credits, rather than pluses and minuses.
Know the six types of accounts (e.g., assets), and the related debit/credit rules.
Note the importance of transaction analysis and source documents.
Understand why credits are sometimes misunderstood.
• Understand the concept of the Journal.
Know that the journal is the book of original entry, into which transactions are journalized in
chronological order.
Be able to distinguish between a journal and ledger.
Be aware of the reasons why some companies may employ special journals, in addition the general
journal.
Know that why a ledger is needed, in addition to a journal.
• Understand the concept of the General Ledger.
Understand the need for accounts, and recognize that a collection of accounts comprises the general
ledger.
Be able to construct and "operate" a running balance form of account.
Understand the need and application of posting.
Be able to describe the steps by which information form source documents is transferred to the
ledger.
• Understand the concept of the Trial
Balance. What is the purpose of a trial
balance?
Outline the accounting steps that lead to the preparation of a trial balance.
If a trial balance is in balance, is it necessarily correct?
Know how a trail balance can be used to facilitate preparation of financial statements
Will a trial balance necessarily produce correct financial statements?
Be able to explain what a chart of accounts is and how it is used.
Describe the nature and purpose of control and subsidiary accounts.
• Understand the concept of T-Accounts.
Know what a T-account is and how it can be used.
Be able to prepare a T-account that corresponds to a general ledger account.
• Show that you understand and can apply the principles of modern accounting to solve problems
and present useful financial information to any interested user.
• Have an understanding of the type of information needed to plan, control, and make decisions.
• Understand the value of accounting and learn how to benefit from the services and
financial information that accountants offer.
•
• Be able to communicate effectively and efficiently about financial matters.
2
This study source was downloaded by 100000861168648 from CourseHero.com on 03-12-2023 05:12:33 GMT -05:00
https://www.coursehero.com/file/10598641/Syllabus/
