discussion

Discussion: Mid Point Feedback & Review

Feedback, Review & Recap

Class Feedback:

· How comfortable do you feel with the class material so far? Please provide examples of where you have gained confidence or might be struggling.

· What worries you the most about this class?

· What are you doing to further your own learning? What changes could you make to do better?

· What am I doing to enhance your learning? What changes could I make to do better?

· Is there anything you would change about the course at this point?

Note: Under all the lessons I learned, let’s read and discuss some topics.

Introduction to Chapter 1:

Accounting is often called the “language of business.” Every business has a story to tell. Accounting helps companies and businesses of all types communicate consistently with managers, employees, investors, and the community.

There are many new vocabulary words and concepts in these first few chapters of this course. The accounting equation is introduced as well as financial statement basics. Please take your time to understand these basic accounting principles. Every chapter builds on top of the other.

Here is a quick introductory video to the accounting equation and Balance Sheet.

Expectations:

Students are expected to engage in this online accounting class. This means students should:

· Read the class textbook

· Watch lecture videos

· Engage in online discussions in D2L, and

· Complete assignments in Connect prior to the due date.

Chapter 1 Topics

· Explain the importance of accounting and identify its users.

· Describe the importance of ethics

· Define Generally Accepted Accounting Principles (GAAP) and International Financial Reporting

  Student Learning Outcomes

· SLO 1 - Use basic accounting terminology and the assumptions, principles, and constraints of the accounting environment.

· SLO 5 - Prepare financial statements in an appropriate U.S. GAAP format, including the following: income statement, balance sheet, statement of cash flows, and statement of shareholders' equity.

· SLO 7 - Describe the conceptual differences between International Financial Reporting Standards and U.S. generally accepted accounting principles.

Introduction to Chapter 2:

This chapter introduces the terms “debit” and “credit.” These are terms people often use. At stores customers make purchases with debit cards and credit cards all the time. These terms originated in accounting, but have taken on new meanings today.  

“Debit” simply means “ left” and “ credit means “ right.” That’s it. Nothing more.

I suggest watching the  YouTube "Accounting Rap" song . It is ridiculous, but you’ll remember the terms “debit” and “credit” all semester long. 

Remembering debits and credits will take time and practice. The acronym DEALER can help as you're getting started. The video below provides a great explanation.

Chapter 2 Topics 

· Describe an account and its use in recording transactions.

· Define debits and credits and explain double-entry accounting.

· Analyze and record transactions and their impact on financial statements.

· Compute the debt ratio and describe its use in analyzing financial condition.

· Prepare financial statements from a trial balance.

Student Learning Outcomes

· SLO 3 - Analyze and record business events in accordance with U.S. generally accepted accounting principles (GAAP).

Introduction to Chapter 3A:

In financial accounting, we focus on “accrual” accounting. Accrual accounting is used by large companies and is required by GAAP.  

In accrual accounting, revenues are recorded as soon as they are  earned  by a business, and expenses are recorded as soon as they are  incurred , or owed. The timing of cash is  not important. Cash receipts and payments often come earlier or later.

The timing difference between cash and the recording of revenue or expenses leads to adjusting journal entries.

Chapter 3A Topics

· Explain the difference between cash and accrual accounting.

· Prepare adjusting entries.

· Calculate Depreciation Prepare an Adjusted Trial Balance.

Student Learning Outcomes

· SLO2 - Identify the difference between accrual and cash basis accounting.

· SLO3 - Analyze and record business events in accordance with U.S. generally accepted accounting principles (GAAP).

· SLO4 - Prepare adjusting entries and close the general ledger.

Introduction to Chapter 3B:

In today’s interconnected world, businesses operate almost constantly. However, in Accounting, we separate accounting records into distinct time periods: months, quarters, and years.

Because of this, accounting records are “closed,” or finalized.  For most businesses, this process happens each month, but in our in-class examples, accounting records are often closed only once per year. There are several steps to this process and they are all covered in this chapter.

Below is a good introductory video to closing entry basics. (Note: Our book use's the term "Retained Earnings" instead of "Owner's Capital" and "Dividends" instead of "Owner's Drawings")

Chapter 3B Topics

· Explain the difference between temporary and permanent accounts

· Understand the Accounting Cycle

· Prepare closing entries and a post-closing trial balance.

· Explain and prepare a classified balance sheet.

· Prepare financial statements from an adjusted trial balance.

· Compute and analyze profit margin and current ratio. 

Student Learning Outcomes

· SLO3 - Analyze and record business events in accordance with U.S. generally accepted accounting principles (GAAP).

· SLO4 - Prepare adjusting entries and close the general ledger.

· SLO5 - Prepare financial statements in an appropriate U.S. GAAP format, including the following: income statement, balance sheet, statement of cash flows, and statement of shareholders' equity.