Business Accounting Concepts - IIEI-230

Course Description: This course presents an integrated view of accounting as an information system that serves diverse needs of users. The focus is on providing an understanding of the basic principles of accounting, including recording financial operating events and activities, and it explores how accountants recognize financial events. Special emphasis is placed on understanding accounting planning activities, recording activities, and finally on evaluation the results of such activities.

Students learn how to apply accounting principles as they construct the most common financial reports, and learn how to evaluate financial information.

Prerequisite: None. Basic math skills needed.

Course Credit: 3 Credit Hours

Major Course Topics & Course Outcomes

As a result of the group and individual activities included in this course, the student will acquire the following knowledge and skills that can be applied to the workplace:  

Introduction to Accounting

• To understand the difference between cash versus accrual accounting.

Accounting Operating Cycles 

• To identify the accounting operating activities
• To describe internal controls used by accountants to insure proper reflection of accounting data.

Accounting Role in Business

• To understand the importance of accounting systems and record keeping to the firm’s stakeholders.

Accounting Planning

• To possess a basic understanding of factors that drive the accounting process.

Budgeting and Planning

• To understand how company financial budgets are determined.

Accounting: Event Analysis

• To know how to assess an accounting event.

Recording: Accounting

• To be able to evaluate the elements that combine to produce the accounting cycle.

Expenditure Cycle

• To know the impact of expenditures, expenses and losses on the accounting cycle.

Revenue Cycle

• To demonstrate how revenues are recognized and recorded in the accounting cycle.

Revenue and Expenditure Analysis 

• To know how to calculate the various ratios to evaluate business performance.

Course Materials:

There is one textbook for this course.

Introduction to  Accounting   Ainsworth, P., Deines, D., Plumlee, R.D.,. and Larson, C. X. (2nd Edition) McGraw Hill, 1999. ISBN 0-256-26902-5

Please note that textbooks are subject to change. Please contact your advisor before purchasing the textbook for your class to confirm.