COURSE OUTLINE

NAME OF PROGRAMME Associate of Science Degree in Management (ADM)

September 2023 – August 2024
ACADEMIC YEAR & TERM
Term II: January – April 2024
ACCT 0104 – Introduction to Financial Accounting (3 credits)
Thursday 9:00am – 12:00noon (North)
NAME OF COURSE & COURSE CODE
Thursday 1:00pm – 4:00pm (North)
Saturday 8:00am – 11:00am (South)
Lecturer: Corene Procope, ACCA
LECTURER INFORMATION Tel:225 1299
Email: [email protected]
CONSULTATION TIME ½ hour before and after class

Vision Statement
To be the regional leader in applied learning and specialized training, empowering all learners to
exceed workplace expectations.

Mission Statement
To nurture talent for leadership and workplace readiness in an evolving business environment.

COURSE OVERVIEW
This introductory financial accounting course provides students with an understanding of the basic
concepts, principles, procedures, and techniques underlying the accounting process. The course creates
the environment for students to develop the skills necessary to identify, measure, record, and
communicate financial information, using journals, ledgers, and related books of accounts. Through
interaction with real world scenarios, students will develop a context for the application of their learning.
The course will cover the nature, scope, and function of accounting; fundamental concepts, assumptions
and principals underlying accounting theory and practices; the accounting cycle; preparation of financial
statements; accounting for merchandising companies, cash, receivables, inventories and fixed tangible
assets and financial analysis.

COURSE LEARNING OUTCOMES

Upon completion of this course, students will be able to:
Knowledge
1. Explain the purpose/objective of financial accounting.
2. Identify the various accounting assumptions, principles, concepts, and procedures that govern
accounting.
3. Describe the mechanics of recording financial transactions and the steps involved in the Accounting
Cycle, including journal entries, ledger accounts, the trial balance, adjusting entries and closing
entries.

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4. Recognize the information/elements of the basic financial statements, the relationships among these
financial statements and the way they are used by internal and external users.
5. "Outline the extent to which financial information provided by financial statements can be used in
the analysis of business operations for economic decisions
6. Describe the processes involved in the measuring, reporting, reconciliation, and internal control of
items such as cash, short-term investments (marketable securities), accounts receivables, inventory
and costs of goods sold.
7. Identify issues relating to intangible and tangible plant assets, including acquisition, use,
depreciation, and disposal.

Skills
1. Demonstrate the mechanics of recording financial transactions and the steps involved in the
Accounting Cycle, including journal entries, ledger accounts, the trial balance, adjusting entries and
closing entries.
2. Prepare the main financial statements: Income Statement, Statement of Retained Earnings and
Balance Sheet.
3. Record the purchase and sale transactions of a merchandising company.
4. Use different methods and assumptions in the calculation of depreciation expense, inventory cost,
and net accounts receivables.
5. Prepare a bank reconciliation for computation and interpretation of key financial ratios.
6. Use spreadsheets and other digital resources for accessing, preparing, and communicating
accounting information.

Attitudes
1. Articulate the value of ethical decision-making to sound financial reporting.
2. Increase communication and collaboration skills through active group participation.
3. Display increased levels of accountability through more effective time management.

RESOURCE MATERIAL
Recommended Text:

Weygandt, Jerry J, Paul D. Kimmel, and Donald E. Kieso. Financial Accounting with International Financial
Reporting Standards. 2019.

Additional Resources:

This course will be taught using the required text, as well as supplemental material as deemed necessary
by the lecturer. To derive maximum benefit from class attendance, assigned readings must be completed
prior to class.

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 EVALUATION & ASSESSMENT
This course will be assessed as follows:
Percentage of
Behaviour/ Activity Details Due Date Final Mark
Assignments/ Projects
(Component A)

Individual Case Study: • Assigned in Week 6

Chapters 3 - 5 • Assessment will consist of theory- & problem- Week 7 10%
based questions and will assess students’
ability to apply theories and concepts from
chapters 3 - 5.

• Assigned in Week 9
Collaborative (Group) • Assessment will consist of theory- & problem- Week 11 20%
Assignment: Chapters 6 - 9 based questions and will assess students’
ability to apply theories and concepts from
chapters 6 - 9.

Final Exam (Component B) 50%

Classroom Engagement
Weeks 1-12 10%
(Component C)
Formative Assessment
(Component D)
• In-class quiz will assess students
Quiz: Chapters 1 & 2 Week 3 10%
understanding of basic accounting concepts
and the double entry system.
Total 100%

FINAL EXAMINATIONS (50%)

The final examination will cover the entire course syllabus. Please observe the Guidelines, Rules and
Regulations for the conduct of Final Examinations, refer to your Student Handbook (Academic
Regulations) 2023-2024, Examinations available online at www.roytec.edu in the Student Services
Section.

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ASSESSMENT REQUIREMENTS
All assessments are subject to UWI-ROYTEC’s Academic Regulations which can be found here:
https://www.roytec.edu/students/online-resources/student-handbooks
1. Plagiarism is the unacknowledged presentation of the work of others as one’s own. To represent
such work as self-created is dishonest and academically unacceptable. You are responsible for
making yourself familiar with the latest edition of the Student Handbook (Academic
Regulations), Academic Offenses (Plagiarism). Academic dishonesty also includes a failure on
your part to keep your current and past assignments out of the hands of other students who may
misrepresent their origins. It is also recommended that you keep a record and/ or rough drafts
of written or other work until you have received your final grade.

2. Preparation of Course Assignments and Assessments: The MLA (Modern Language Association)
style is most used to draft papers and cite sources within the liberal arts and humanities and is
the approved method for presentation of written work at UWI-ROYTEC. Examples for the general
format of MLA research papers, in-text citations, endnotes/footnotes, and the Works Cited page
can be obtained at
https://owl.purdue.edu/owl/research_and_citation/mla_style/mla_formatting_and_style_guid
e/mla_formatting_and_style_guide.html or the latest editions of the MLA Handbook for Writers
of Research Papers and the MLA Style Manual and Guide to Scholarly Publishing, which are
available in the Library.

3. Notices and Communication: Please note that all official notices to students will be posted in the
Student Services section of the website www.roytec.edu and on the student server at:
https://www.roytec.edu/students/online-resources/access-online-services where other class
materials can also be accessed. You are encouraged to regularly check the websites and other
Notice Boards located in the classrooms and throughout the building for changes and latest
information to students.

4. Missed Coursework/Tests, Late Submissions: Make-up test will NOT normally be given. If a
scheduled test is missed, the student will receive zero for that test unless supporting evidence of
illness, emergency, and other circumstances outside of your control is submitted. All papers are
due on the date assigned. Failure to complete any course assignments will affect your final course
grade.

CLASSROOM ENGAGEMENT (10%)

Classroom engagement and participation are highly connected practices within the academic pursuit. It
is unlikely that a student will be able to participate in course activities if they are not present in class to
participate in discussions and collaborative activities. The total marks awarded for classroom
engagement will be 10% of the marks earned for the entire course.

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 ATTENDANCE
To be eligible for GATE funding, students are expected to attend all class sessions in the Weeks 1-6 period
subject to the date in which the student is registered. Where the minimum attendance is not met, full
GATE funding eligibility will be forfeited, and the student must either withdraw without academic
penalty or pay the cost of tuition.
**This is subject to change at the Ministry of Education’s discretion.

Each student is expected to attend all scheduled classes (lecture, laboratory and tutorial (including make-
up classes) for each course. Each student must attend a minimum of 50% of all scheduled class sessions
for each course in order to be eligible for course completion.

You are reminded that signing the Attendance Register for another student is an academic offence.
Punctuality at lectures is absolutely essential. Students arriving late disrupt the learning environment.
Therefore, each student is expected to be present at least ten (10) minutes before the scheduled start
time of each lecture, laboratory and tutorial sessions.

COURSE SCHEDULE
Ses Learning Outcomes (LO) Topics
sion
MODULE 1: ACCOUNTING FUNDAMENTALS
1 1.1.1. Describe the field of accounting. • What is accounting
1.1.2. Explain accounting standards, measurement • Ethics and accounting standards
principles, and assumptions. • Measurement principles and
1.1.3. State and define the components of the accounting assumptions
equation. • The accounting equation
1.1.4. Analyse business transactions and their effect on the • Analysing and recording transactions
accounting equation. • Introduction to financial statements:
1.1.1. Corporations – Features of a corporation. Income Statement, Statement of
1.1.2. Identify financial statements and how to prepare Financial Position. Statement of Cash
them. Flows.

MODULE 2: THE ACCOUNTING CYCLE

2 2.2.1. Understand what an account is and how it is used in • The recording processes
the recording process. • Debits and credits
2.2.2. Define debits and credits and explain how they are • Debit/credit rules
used in recording transactions. • Steps in the recording process
2.2.3. Explain what a journal, ledger and T-account are, and • Journal, ledger, and T-account
how they help in the recording process. • The trial balance and its limitations
2.2.4. Accounting for a corporation’s share transactions.
2.2.5. Prepare a trial balance and explain its purposes.

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Ses Learning Outcomes (LO) Topics
sion
3 2.3.1. Explain the time period assumption. • Accrual vs cash basis accounting
2.3.2. Explain the accrual basis of accounting and the • Revenue recognition and matching
reasons for adjusting entries. principle
2.3.3. Identify the major types of adjusting entries. • Types of adjusting entries
2.3.4. Prepare adjusting entries for accruals and deferrals. • Accruals and deferrals
2.3.5. Describe the nature and purpose of an adjusted trial • Adjusted trial balance
balance. • Preparing financial statements: Income
Statement, Statement of Financial Position.
Statement of Cash Flows.
4 2.4.1. Explain the process of closing the books. • Preparing financial statements
2.4.2. Describe the content and purpose of a post-closing • Preparing and posting closing entries
trial balance. • Preparing post closing trial balance
2.4.3. Explain the approaches to preparing and correcting • Reversing and correcting entries
entries • Classified statement of financial
2.4.4. Identify the sections of a classified statement of position
financial position.

MODULE 3: MERCHANDISING OPERATIONS

5 • Operating cycles
3.5.1. Identify differences between manufacturing, service,
and merchandising companies. • Perpetual vs periodic inventory systems
3.5.2. Explain and record purchases and sales under a • Recording purchases and sales of
perpetual inventory management system. merchandise
3.5.3. Prepare financial statements for a merchandiser. • Completing the accounting cycle.
• Income statement and classified
statement of financial position
MODULE 4: ACCOUNTING FOR SPECIFIC ITEMS
6 4.6.1. Describe the steps in determining inventory • Classifying inventory
quantities. • Determining inventory quantities
4.6.2. Explain the accounting for inventories and apply the • Inventory costing
inventory cost flow methods. • Cost flow assumptions
4.6.3. Explain the lower-of-cost-or-net realizable value basis • FIFO, Average Cost
of accounting for inventories. • Inventory turnover ratio.
4.6.4. Compute and interpret the inventory turnover ratio.

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Ses Learning Outcomes (LO) Topics
sion
7 4.7.1. Define fraud and internal control. • Fraud and internal control
4.7.2. Identify the principles of internal control activities. • Cash receipts and disbursements
4.7.3. Explain the applications of internal control principles controls
to cash receipts and disbursements. • Control features – using a bank
4.7.4. Describe the operation of a petty cash fund. • Reporting of cash
4.7.5. Indicate the control features of a bank account and • Bank reconciliation
prepare a bank reconciliation.

8 4.8.1. Identify the diverse types of receivables. • Types of receivables

4.8.2. Explain how companies recognize accounts • Recognising, valuing, and disposing of
receivable. Accounts Receivable
4.8.3. Distinguish between the methods and bases • Allowance for doubtful Accounts
companies use to value • Unmanageable debt expense
4.8.4. Accounts receivable. • Percentage of sales vs percentage of
4.8.5. Describe the entries to record the disposition of receivables.
accounts receivable.
4.8.6. Explain the statement presentation and analysis of
receivables.

9 4.9.1. Describe how the historical cost principle applies to • Plant assets
plant assets. • Extractable natural resources
4.9.2. Explain depreciation and how it is computed. • Intangible assets
4.9.3. Explain how to account for and record the disposal of • Determining costs of plant assets
plant assets and depletion of extractable natural • Depreciation
resources. • Disposal of plant assets
4.9.4. Explain the basic issues related to accounting for • Recording purchase, depreciation, and
intangible assets. sale transactions

10 4.10.1. Identify the characteristics of a corporation. • Corporation

4.10.2.Record the issuance of ordinary shares and explain • Ordinary shares vs preference shares
how treasury shares are accounted for. • Recording share and dividend
4.10.3. Differentiate preference shares from ordinary transactions
shares.
4.10.4. Prepare the entries for cash dividends and share
dividends.

MODULE 5: ANALYSING PERFORMANCE

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Ses Learning Outcomes (LO) Topics
sion
11 5.11.1. Identify the tools of financial statement analysis. • Comparative analysis
5.11.2. Explain and apply horizontal and vertical analysis. • Tools of analysis
5.11.3. Identify and compute ratios used in analyzing a • Horizontal and vertical analysis
firm’s liquidity, profitability, and solvency. • Ratio analysis
5.11.4. Understand the concept of quality of earnings. • Liquidity, profitability, solvency

12 Review and wind up – putting it all together • Summary of key topics

LEARNING RESOURCES, INSTRUCTIONAL STRATEGIES AND ASSIGNMENTS

Session
Learning Resources Instructional Strategies Assignments
No.
• Financial Accounting IFRS Edition 3e • Multiple strategies • Formative Assessments
Textbook including the following: ✓ Observation
• Financial Accounting video ✓ Lecture ✓ Questioning
1
resources ✓ Brainstorming ✓ Oral quizzes
• Financials of listed companies ✓ Discussion ✓ Problem Sets

• Financial Accounting IFRS Edition 3e • Multiple strategies • Formative Assessments

Textbook including the following: ✓ Observation
• Financial Accounting video ✓ Lecture ✓ Questioning
resources ✓ Group work ✓ Oral quiz
2 • Problem Sets ✓ Flipped ✓ Problem Sets
Classroom -
Chapter
review/summary
and discussion

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Session
Learning Resources Instructional Strategies Assignments
No.
• Financial Accounting IFRS Edition 3e • Multiple strategies • Formative Assessments
Textbook including the following: ✓ Observation
• Financial Accounting video ✓ Lectures ✓ Questioning
resources ✓ Brainstorming ✓ Problem Sets
• Problem Sets ✓ Peer teaching/
learning
✓ Group work
3 ✓ Flipped
Classroom -
Chapter
review/summary
and discussion
(Peer)
✓ Problem Solving

• Financial Accounting IFRS Edition 3e • Multiple strategies • Formative Assessments

Textbook including the following: ✓ Observation
• Financial Accounting video ✓ Lecture ✓ Questioning
resources ✓ Brainstorming ✓ Oral quiz
4 • Problem Sets ✓ Peer teaching/ ✓ Problem Sets
learning
✓ Team
collaboration
✓ Problem Solving

• Financial Accounting IFRS Edition 3e • Multiple strategies • Formative Assessments

Textbook including the following: ✓ Observation
• Financial Accounting video ✓ Lectures ✓ Questioning
resources ✓ Brainstorming ✓ Problem Sets
• MS Excel ✓ Peer teaching/
• Problem Sets learning
✓ Group work
✓ Flipped
5
Classroom -
Chapter
review/summary
and discussion
(Peer)
✓ Problem Solving

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Session
Learning Resources Instructional Strategies Assignments
No.
• Financial Accounting IFRS Edition 3e • Multiple strategies • Formative Assessments
Textbook including the following: ✓ Observation
• Financial Accounting video ✓ Lecture ✓ Questioning
resources ✓ Brainstorming ✓ Oral quiz
6 • MS Excel ✓ Peer teaching/ ✓ Problem Sets
• Problem Sets learning
✓ Team
collaboration
✓ Problem Solving

• Financial Accounting IFRS Edition 3e • Multiple strategies • Formative Assessments

Textbook including the following: ✓ Observation
• Financial Accounting video ✓ Lecture ✓ Questioning
resources ✓ Brainstorming ✓ Oral quiz
• Problem Sets ✓ Peer teaching/ ✓ Problem Sets
7
learning
✓ Team
collaboration
✓ Problem Solving

• Financial Accounting IFRS Edition 3e • Multiple strategies • Formative Assessments

Textbook including the following: ✓ Observation
• Financial Accounting video ✓ Lectures ✓ Questioning
resources ✓ Brainstorming ✓ Problem Sets
• Problem Sets ✓ Peer teaching/
learning
✓ Group work
8 ✓ Flipped
Classroom -
Chapter
review/summary
and discussion
(Peer)
✓ Problem Solving

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Session
Learning Resources Instructional Strategies Assignments
No.
• Financial Accounting IFRS Edition 3e • Multiple strategies • Formative Assessments
Textbook including the following: ✓ Observation
• Financial Accounting video ✓ Lecture ✓ Questioning
resources ✓ Brainstorming ✓ Oral quiz
9 • Problem Sets ✓ Peer teaching/ ✓ Problem Sets
learning
✓ Team
collaboration
✓ Problem Solving

• Financial Accounting IFRS Edition 3e • Multiple strategies • Formative Assessments

Textbook including the following: ✓ Observation
• Financial Accounting video ✓ Lecture ✓ Questioning
resources ✓ Brainstorming ✓ Oral quiz
• Problem Sets ✓ Peer teaching/ ✓ Problem Sets
10
learning
✓ Team
collaboration
✓ Problem Solving

• Financial Accounting IFRS Edition 3e • Multiple strategies • Formative Assessments

Textbook including the following: ✓ Observation
• Financial Accounting video ✓ Lectures ✓ Questioning
resources ✓ Brainstorming ✓ Problem Sets
• MS Excel ✓ Peer teaching/
• Financials of listed companies learning
• Problem Sets ✓ Group work
✓ Flipped
11
Classroom -
Chapter
review/summary
and discussion
(Peer)
✓ Problem Solving

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