FB2100 Accounting I

Part I

Course Duration: 1 Semester
Credit Units: 3
Level: B2
Medium of Instruction: English
Pre-requisite(s): Nil
Pre-cursor(s): Nil
Equivalent Course(s): Nil
Exclusive Course(s):
AC2102 Behind the Accounting Numbers
FB2103 Introduction to Financial Accounting

Part II

Course Aims:

  1. provide students with technical knowledge in processing, preparing and reporting accounting information in accordance with GAAP (Generally Accepted Accounting Principles) for external users in a modern economy;
  2. provide students general knowledge about internal control procedures and financial ratios;
  3. encourage students to be responsible and active learners.

Course Intended Learning Outcomes (CILOs):
Upon successful completion of this course, students should be able to: 

  

Importance
(1=Most)

Refers to
Course Aim #

CILO1Record accounting transactions related to Cash, Receivables, Inventories, Fixed Assets,  Payables, Shareholders’ equity, Revenues, Costs of merchandise sold, and Expenses;
Prepare financial statements (balance sheets, statements of shareholders’ equity, statements of retained earnings, and income statements) for servicing and merchandising companies.

1

1

CILO2Identify and explain fundamental GAAP (Generally Accepted Accounting Principles); Select and apply the appropriate GAAP to support accounting treatments in preparing financial reports.

2

1

CILO3Identify internal control procedures over Cash; Demonstrate and apply ethical concepts in selected reporting and internal control situations;
Calculate and interpret fundamental financial ratios based on information collected from balance sheets and income statements.

3

2

CILO4Be a responsible learner: attend classes and submit assignments on time and be prepared, attentive in classes; follow teaching schedule closely;
Be an active learner: actively participate to class activities; self-motivated.

4

3

Teaching and Learning Activities (TLAs)
 (Indicative of likely activities and tasks designed to facilitate students’ achievement of the CILOs. Final details will be provided to students in their first week of attendance in this course)

TLA1. Lecture: Concepts and general knowledge of financial accounting are presented with powerpoint slides

  1. Work-along exercise: Students are given exercises and are encouraged to work-along with the lecturer and their peers as the lecturer covers each topic.  This exercise helps students to follow the lecture closely and to visualize the applications of the concepts.
  2. Chapter Review: In the beginning and/or at the end of each lecture, the lecturer uses Chapter Review to preview/review major concepts to be presented/presented in the lecture.

TLA2. Tutorial: Technical procedures and practice questions are covered

  1. Weekly tutorial assignments to give students opportunity to think through the concepts and to apply them to various business transactions.
  2. Various in-class activities  such as work-along practice questions, group discussions, self-test multiple-choice questions, ideas sharing and presenting time.

TLA3. Outside classroom activities: Additional helps provided outside official class time

  1. Teaching staff Consultation:  Each tutor provides four consultation hours weekly to help students with technical issues or issues with learning Accounting in general.
  2. S.I. Scheme:  Performing second-year Accounting-major students are selected to be S.I. leaders.  Each leader will head a group of FB2100 students and meet with them weekly to provide additional helps on self-learning skills in Accounting.
  3. English Language Clinic:  Students are encouraged to make use of the English Language clinic for assistance in the use of English in their assignments and general learning.

CILO – TLA Mapping

FB2100 Intended Learning Outcomes (weight)

Teaching & Learning Activities(1: Minor focus on the CILO; 2: Main focus on the CILO)

TLA1: Lecture

TLA2: Tutorial

TLA3: Outside Classroom Activities

CILO1　

 Record accounting transactions related to Cash, Receivables, Inventories, Fixed Assets,  Payables, Shareholders’ equity, Revenues, Costs of merchandise sold, and Expenses; Prepare financial statements (balance sheets, statements of shareholders’ equity, statements of retained earnings, and income statements) for servicing and merchandising companies. 

2

2

1

CILO2

Identify and explain fundamental GAAP (Generally Accepted Accounting Principles); Select and apply the appropriate GAAP to support accounting treatments in preparing financial reports. 

2

1

1

CILO3　

Identify internal control procedures over Cash; Demonstrate and apply ethical concepts in selected reporting and internal control situations; Calculate and interpret fundamental financial ratios based on information collected from balance sheets and income statements.

1

2

2

CILO4

Be a responsible learner: attend classes and submit assignments on time and be prepared and attentive in classes; follow teaching schedule closely; Be an active learner: actively participate to class activities; self-motivated.

2

2

2

Assessment Tasks/Activities
 (Indicative of likely activities and tasks designed to assess how well the students achieve the CILOs. Final details will be provided to students in their first week of attendance in this course)

Coursework: 50%

  1. Tutorial Participation (10%): Weekly tutorial activities to assess students’ understanding and knowledge on topics listed on the weekly teaching schedule.
  2. Mid-term Test (40%):  The test is designed to assess students’ technical knowledge in analyzing business transactions, journalizing, and preparing financial statements for external reporting.

Examination: 50% (a 3-hour examination)

  1. Final Examination (50%): The examination is designed to assess students’ technical knowledge in analyzing business transactions, applying accounting principles to support accounting treatments, journalizing, and preparing financial reports for external users.

Students are required to pass both coursework and examination components in order to pass the course.

CILO – Assessment Mapping 

　

　

　

Assessment Tasks(1= minor focus on the CILO; 2= main focus on the CILO)

 

　

　

　

Coursework (50%)

AT3: Final Exam (50%)

FB2100 Intended Learning Outcomes (weight)

 

AT1: Tutorial Participation (10%) 

AT2: Mid-term Test (40%)

CILO1　

 Record accounting transactions related to Cash, Receivables, Inventories, Fixed Assets,  Payables, Shareholders’ equity, Revenues, Costs of merchandise sold, and Expenses; Prepare financial statements (balance sheets, statements of shareholders’ equity, statements of retained earnings, and income statements) for servicing and merchandising companies.(Weight = 1)

 

2

2

2

CILO2

Identify and explain fundamental GAAP (Generally Accepted Accounting Principles); Select and apply the appropriate GAAP to support accounting treatments in preparing financial reports.(Weight =2)

 

1

2

2

CILO3　

Identify internal control procedures over Cash; Demonstrate and apply ethical concepts in selected reporting and internal control situations; Calculate and interpret fundamental financial ratios based on information collected from balance sheets and income statements.(Weight =3)

 

1

 

1

CILO4

Be a responsible learner: attend classes and submit assignments on time and be prepared and attentive in classes; follow teaching schedule closely; Be an active learner: actively participate to class activities; self-motivated.(Weight=4)

 

2

 

 

        

Grading of Student Achievement:  
Grading mode: Standard (A+, A, A-...F). Grading is based on student performance in assessment tasks/activities.

Grading of All Assessment Tasks (AT1-4)

Excellent    A+  A  A-

Good    B+  B  B-

Adequate    C+  C  C-

Marginal     D

Demonstrate excellent technical knowledge of the purpose and the procedures of the accounting cycle, analyze and journalize new business transactions, and prepare all financial reports in accurate manner and format. 

Show excellent conceptual knowledge of GAAP and applications of GAAP to various accounting treatments. 

Be able to analyze, explain, and design internal control procedures.

Demonstrate and apply ethical concepts in all of the selected reporting and internal control situations.

Able to accurately perform fundamental ratio analysis, integrate financial information to comment on a company’s financial performance. 

Enthusiastic to learning, strong and positive learning habits.

Demonstrate good technical knowledge of the procedures of the accounting cycle, analyze and journalize business transactions, and prepare all financial reports in accurate manner.  

Show good conceptual knowledge of GAAP with some applications of GAAP. 

Being able to identify, describe, and suggest internal control procedures.

Demonstrate and apply ethical concepts in most of the selected reporting and internal control situations.

Able to accurately perform fundamental ratio analysis, and explain all ratios.  

Active to learning, good learning habits.

Demonstrate adequate technical knowledge of the procedures of the accounting cycle, analyze and journalize some business transactions, and prepare some financial reports.  

Show basic conceptual knowledge of GAAP.  Being able to identify and briefly describe internal control procedures.  

Demonstrate and apply ethical concepts in some of the selected reporting and internal control situations.

Able to accurately perform fundamental ratio analysis, and interpret some ratios.  

Active when prompted, average learning habits.

Demonstrate basic technical knowledge of the accounting cycle, journalize some business transactions, and prepare some financial reports.   

Being able to recall some principles under GAAP.  

Being able to identify internal control procedures. 

Demonstrate and apply ethical concepts in a few of the selected reporting and internal control situations.

Able to accurately perform fundamental ratio analysis.   

Willing to participate when urged,  Learning habits need improvements.

Part III

Keyword Syllabus:
Domain of accounting. Objectives of accounting. Introduction to the conceptual framework of accounting. Fundamentals of the financial accounting process. Management, control, and accounting for assets. Management, control and accounting for liabilities. Management, control and accounting for capital. Management, control and accounting for revenues and expenses. Accounting for limited companies. Interpretation of accounting information.

Related Links
Department of Accountancy