The DWC coversheet is shown below. Click on the assessment items for further details on projects.
Click here for a Word version of the coversheet
Course Name: Financial Accounting 1
Course Code: ACCT 251
Department: HD Business – Accounting Program
Hrs/week: 8
Teacher and contact details: Monica Gallant, extension 488
Email: monica.gallant@hct.ac.ae
If you have difficulty in contacting the teacher, please make an appointment.
Course Description
Financial Accounting 2 continues and builds from Financial Accounting 1. Particular attention is paid to the accounting for inventory, short term investments, long term assets, liabilities and equity. The use of Peachtree accounting software is continued with the emphasis on setting up a merchandising company and using accounts receivable, accounts payable and inventory modules.
Learning outcomes
On successful completion of this course, the student will be able to:
 | Account for inventory. |
| Account for short term investments. |
| Account for property, plant and equipment, natural resources, and intangible assets. |
| Account for liabilities. |
| Account for shareholders' equity. |
| Understand various revenue recognition methods. |
| Understand Arabic accounting terminology. |
| Record transactions, prepare adjusting and closing entries and prepare financial statements for a merchandising company using a computerized accounting package |
How you will learn in this course
Instructors will encourage active class participation and student centered learning. This will be achieved by: class activities and discussion, exercises, homework assignments, project work (individually and in groups), field trips, guest speakers, internet and library research, and computer software. Your success will depend on the amount of effort that you contribute to these activities.
Semester planner
|
Week Number |
Week Beginning |
Topic and Learning activity |
Course Evaluation Items |
Due dates |
|
1 |
Feb 1 |
Inventory |
Weekly quizzes and homework Adding up to 15% |
Ongoing |
|
2 |
Feb 8 |
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|
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3 |
Feb 15 |
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4 |
Feb 22 |
Short term investments |
Peachtree Assignment (10%) |
|
|
5 |
Mar 1 |
|
Case assessment 1 (10%) |
|
|
6 |
Mar 8 |
Property plant and equipment, natural resources, and intangibles |
||
|
7 |
Mar 15 |
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|
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8 |
Mar 22 |
|
Teaching project (15%) |
|
|
9 |
Mar 29 |
Liabilities |
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10 |
Apr 5 |
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11 |
Apr 12 |
Shareholders' Equity |
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12 |
Apr 19 |
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|
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13 |
Apr 26 |
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|
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14 |
May 3 |
Revenue Recognition |
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15 |
May 10 |
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Case assessment 2 (10%) |
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16 |
May 17 |
International Field trip |
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|
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17 |
May 24 |
Arabic terminology |
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18 |
May 31 |
Review |
|
|
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19 and 20 |
Jun 7 |
Final Assessments |
Exam (20%) |
|
Assessment Summary
|
Assessment item |
Goals |
Due Date |
Percentage |
|
|
A1 |
Class work |
All goals |
Ongoing |
15 % |
|
A2 |
Goal 8 |
Week 4 |
10 % |
|
|
A3 |
Case assessment 1 |
Goals 1 and 2 |
Week 5 |
10 % |
|
A4 |
Goal 3 |
Week 8 |
15 % |
|
|
A5 |
Case assessment 2 |
Goals 4, 5 and 6 |
week 15 |
10 % |
|
A6 |
Various goals |
week 18 |
20 % |
|
|
A7 |
Final Exam (KCA) |
TBA |
week 19 or 20 |
20% |
Assessment details
A1 The class work involves a variety of class activities, homework assignments and quizzes done both independently and in groups designed to support learning. Students will receive a grade based on the cumulative total of these assignments and the preparation of a portfolio displaying this work.
A2 Students, working individually, will prepare and analyze computerized financial information for a merchandising company using the Accounts receivable, Accounts payable, and inventory modules of the computerized Accounting software called Peachtree.
A3 This individual assessment requires students to understand how to account for inventory and short term investments.
A4 This project requires students to work in small groups to teach a specific topic relating to long term assets (goal 3) to the class.
A5 This individual assessment requires students to understand how to account for liabilities, shareholders’ equity, and revenue recognition.
A6 This group project is integrated with English and Managerial Accounting and involves the students, working in small groups, to organize a field trip or a guest speaker and preparing a report and a presentation about what they learned. Students participating in the international field trip will prepare a report on their learning experiences.
A7 This individual assessment is a KCA (Key Common Assessment) set by the college system that requires students to demonstrate their understanding of a variety of accounting topics.
Resources
There is no assigned textbook for this course. You will be given handouts. The following books may be useful as references:
Larson and Chiappetta. Fundamental Accounting Principles, Chicago, Irwin, 1996.
Keiso and Weygandt. Intermediate Accounting, 8th edition . New York: Wiley, 1995.
IMPORTANT INFORMATION
Every student is required to read and understand the following sections of the Student Handbook
Graduate Outcomes – (to be included in the next edition)
Attendance policy - page 9
Cheating - page 10
Plagiarism - page 11
Breaches of academic honesty - pages 11 and 12
Late submission of assessment items – page 51
IT IS YOUR RESPONSIBILITY TO FOLLOW THESE POLICIES – STATING THAT YOU DID NOT KNOW ABOUT THEM IS NOT AN ACCEPTABLE EXCUSE.
IF YOU ARE UNSURE ABOUT ANY OF THESE POLICIES THEN ASK YOUR TEACHER.