Applied Accounting

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Course Number: ACCTING 7210
Course Name: Applied Accounting (Online)
Course Description:    The Applied Accounting course is designed to provide you with the necessary skills to provide entry-level accounting support. In addition to developing basic accounting skills, the course will enhance knowledge of general business practices.
Prerequisites:    None
Level: Graduate
Credits: 3
Format: Online

Registration Instructions

Additional Information

Learning Outcomes

The overall outcomes in this course should enable you to become comfortable with accounting information, to understand its meaning, and to be able to use it in the business world. Upon completion of ACCTING 7210 Applied Accounting, you should be able to

  • Understand how financial accounting information is used to help make decisions.
  • Describe the content and purpose of each of the financial statements, and discuss the users and uses of financial information.
  • Understand and use the basic accounting equation.
  • Understand generally accepted accounting principles.
  • Use the accounting information system, including preparing journal entries, adjusting entries, and closing entries.
  • Prepare journal entries and financial statements for merchandising firms.
  • Prepare a statement of cash flows and use it to analyze a company.
  • Perform financial analysis of a company.
  • Differentiate between management accounting and financial accounting.
  • Define the three classes of manufacturing costs and product vs. period costs.
  • Explain the differences between merchandising and manufacturing financial statements, and compute and analyze cost of goods manufactured.
  • Understand the differences between traditional costing and activity-based costing, and understand the benefits and limitations of activity-based costing.
  • Develop an activity-based costing system, including identifying and using cost pools and cost drivers.
  • Distinguish between variable, fixed, and mixed costs.
  • Understand the five components of cost-volume-profit analysis and contribution margin.
  • Compute the break-even point and sales required to earn target net income using different techniques and the margin of safety, and prepare a cost-volume-profit income statement.
  • Discuss the benefits of budgeting, and understand the essentials of effective budgeting.
  • Identify and prepare the budgets that comprise the master budget, including the budgeted income statement, the cash budget, and the budgeted balance sheet.
  • Understand, compute, and use standard costs.
  • Compute and analyze direct materials, direct labor, and manufacturing overhead variances.
  • Describe the balanced scorecard approach to performance evaluation.

Discuss capital budgeting, and use cash payback, net present value, internal rate of return, and annual rate of return to evaluate capital investments.

Unit Descriptions

Unit 1: Introduction to Financial Accounting
Overview
In general, the study of accounting is crucial for business people because accounting is the language of business. To a large extent, most of the information that is used in the business world consists of accounting information, which is necessary for informed decision making. Accounting information directs the attention of decision makers to problems and opportunities, provides the input necessary to make business decisions concerning those problems and opportunities, and then provides feedback on the success or failure of those decisions.

Financial accounting provides information to external decision makers such as investors and creditors. Unit 1 will introduce you to financial accounting and the basic financial accounting information system.
 

Unit 2: Merchandising, Cash Flows, and Financial Analysis
Overview
As discussed in Unit 1, the study of accounting is crucial for business people because accounting is the language of business. Much of the information that is used in the business world consists of accounting information, which is necessary for informed decision making. Accounting information directs the attention of decision makers to problems and opportunities, provides the input necessary to make business decisions concerning those problems and opportunities, and then provides feedback on the success or failure of those decisions. Unit 1 introduced us to the basics of financial accounting, which provides information to external decision makers such as investors and creditors. Unit 1 looked at these basics though the perspective of companies that sell only services, since accounting for service firms is easier.

Unit 2 starts out by looking at accounting issues unique to merchandising firms. We then complete our brief look at financial accounting by studying the fourth major financial statement (the statement of cash flows), and considering financial analysis. Units 3 and 4 will introduce some managerial accounting concepts.

Unit 3: Managerial Accounting, Activity-Based Accounting, and Cost-Volume-Profit Analysis
Overview
As discussed in Unit 1, the study of accounting is crucial for business people because accounting is the language of business. Much of the information that is used in the business world consists of accounting information, which is necessary for informed decision making. Accounting information directs the attention of decision makers to problems and opportunities, provides the input necessary to make business decisions concerning those problems and opportunities, and then provides feedback on the success or failure of those decisions. Units 1 and 2 introduced us to the basics of financial accounting, which provides information to external decision makers such as investors and creditors.

Unit 3 begins our study of managerial accounting, which provides economic and financial information to managers and other internal users. These users make specific decisions in the day-to-day running of the business, as opposed to external users (who make decisions such as whether or not to invest in or lend money to the business).

Unit 4: More Managerial Accounting – Budgeting, Standards and Variances, and Capital Budgeting
Overview
As discussed in Unit 1, the study of accounting is crucial for business people because accounting is the language of business. Much of the information that is used in the business world consists of accounting information, which is necessary for informed decision making. Accounting information directs the attention of decision makers to problems and opportunities, provides the input necessary to make business decisions concerning those problems and opportunities, and then provides feedback on the success or failure of those decisions. Units 1 and 2 introduced us to the basics of financial accounting, which provides information to external decision makers such as investors and creditors.

Unit 3 began our study of managerial accounting, which provides economic and financial information to managers and other internal users. These users make specific decisions in the day-to-day running of the business, as opposed to external users (who make decisions such as whether or not to invest in or lend money to the business). In Unit 3, we studied the basics of managerial accounting, activity-based costing, and CVP analysis. Unit 4 presents three more managerial accounting tools: budgeting, standards and variances, and capital budgeting

Number of Exams: There are 4 exams for this course. This course has proctored exams. You must submit a proctor nomination form at the time you register. Visit proctor information on our website for details.

Number of Assignments: 39

Number of Projects: 26 Discussions, 40 Group Collaborations

Grading Information

Your final grade will be based on total points accumulated from unit examinations, discussions, group collaborations, and completed written assignments. These factors will be assigned the following values:
Unit examinations (4 @ 100 points each)
Discussions   26
Group Collaborations  40
Written Assignments  39
TOTAL   505

Grading Scale
A:    465-505 points
A-:   454-464 points
B+:  443-453 points
B:    415-442 points
B-:   404-414 points
C+:  393-403 points
C:    365-392 points
C-:   354-364 points
D+:  343-353 points
D:    314–342 points
D-:   303-313 points
F:      0–302 points
On exams, you will be evaluated based on how well you answer questions in a variety of assessment formats, including multiple-choice questions, short-answer essays, brief case analyses, and problems.

 

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