ACCT 125 – Introduction to Financial Accounting Page 1 of 12

School of Business and Entrepreneurship

Department of Accounting, Finance and Economics
Maracas, St. Joseph, Trinidad

Course Outline

COURSE DESCRIPTION:
Course Title: ACCT 125 – Introduction to Financial Accounting
Semester Credits: 3 Credits
Academic Term & Year: SEMESTER 1: September – December 2021
Meeting Time: T/R 5:55 P.M. – 7:10 P.M REMOTE
Prerequisites: None

INSTRUCTOR INFORMATION:
Ms. Sally Deosingh, MBA, CGA, CPA
Accounting Instructor
[email protected]
Online Office Hours: Wednesday 2:00 pm – 4:30 pm
https://uscaribbean.zoom.us/j/93580923705?pwd=STlPWFFDNFJQYW8yZ2FNQ2ZSNTNHdz09
Password: Accounting during my online office hours.
Students are free to contact me through emails

PURPOSE OF THE COURSE/COURSE RATIONALE

As potential managers/entrepreneurs, every individual needs to understand that money makes
money. Understanding how it is spent, made and invested, guides managers/entrepreneurs to
make logical and insightful decisions on how to operate the business on a daily basis and
ultimately guide the business towards achieving its overall strategic objectives. In other words,
accounting helps to coordinate the various departments in a business as they ultimately strive
to achieve the same goal. Even if your strength is not in accounting, the basic understanding of
the financial statements can protect a business from fraud, misuse of resources and loss of
control. Therefore, this course seeks to present fundamental concepts of financial and
managerial accounting cycle, the content and preparation of financial statements. Cost
concepts would also be examined. This course can also help individuals have a better handle on
their personal finances. Understanding the flow of money (where it comes from and where it
goes to), helps to give individuals an opportunity to better navigate the flow to their benefit.

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LETTER TO THE STUDENT

Dear Students,

I personally want to welcome you to Introduction to Financial Accounting. This semester I aim
to bring accounting to life. I want you to see how essential this course is to business and also to
your personal life. As stated above, you are free to contact me and make appointments for us
to meet.

In addition, I would like you to know that this course requires you to practice if you want to
fully understand the concepts and layouts. Get rid of all the negative ideas you may have about
accounting and let’s take a positive step in the right direction towards success.

From Ms. Deosingh 

GOALS/AIMS
 To give students a firm grasp of the essential business and accounting terminology and
techniques that is needed to succeed in a business environment.
 To help students develop analytical skills that will allow them to evaluate data.
 To teach students the concepts of accounting and the preparation and interpretation of
financial statements.
 To help students understand how accounting information can aid the managerial and
strategic decision-making process in a company.

LEARNING OUTCOMES (Modules/Unit Learning Outcomes)

1. Student should know each component of all the financial statements
2. Students should be able to identify and know which accounts affect which statement
3. Students should be very comfortable with the accounting equation.
4. Students should be able to understand double entry and the accounting cycle.
5. Students should understand accounting principles and characteristics
6. Students should be able to do bank reconciliations
7. Students should work with control accounts and know how to correct errors.
8. Students should know to treat with the wear and tear of fixed assets
9. Students should be familiar with accounting jargon.
10. Students should be able to account for inventory.
11. Students should be able to account for Receivables and Irrecoverable Debts.
12. Students should understand how a partnership function.

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COURSE CONTENT

Role of Accounting in Society

 Explain the Importance of Accounting and Distinguish between Financial and Managerial
Accounting
 Identify Users of Accounting Information and How They Apply Information
 Describe Typical Accounting Activities and the Role Accountants Play in Identifying,
Recording, and Reporting Financial Activities
 Explain Why Accounting Is Important to Business Stakeholders
 Describe the Varied Career Paths Open to Individuals with an Accounting Education

Introduction to Financial Statements

 Describe the Income Statement, Statement of Owner’s Equity, Balance Sheet, and
Statement of Cash Flows, and How They Interrelate
 Define, Explain, and Provide Examples of Current and Noncurrent Assets, Current and
Noncurrent Liabilities, Equity, Revenues, and Expenses
 Prepare an Income Statement, Statement of Owner’s Equity, and Balance Sheet

Analyzing and Recording Transactions

 Describe Principles, Assumptions, and Concepts of Accounting and Their Relationship to
Financial Statements
 Define and describe the Expanded Accounting Equation and Its Relationship to Analyzing
Transactions
 Define and describe the Initial Steps in the Accounting Cycle
 Analyse Business Transactions Using the Accounting Equation and Show the Impact of
Business Transactions on Financial Statements
 Use Journal Entries to Record Transactions and Post to T-Accounts
 Prepare a Trial Balance

The Adjustment Process

 Explain the Concepts and Guidelines Affecting Adjusting Entries
 Discuss the Adjustment Process and Illustrate Common Types of Adjusting Entries
 Record and post the Common Types of Adjusting Entries
 Use the Ledger Balances to Prepare an Adjusted Trial Balance
 Prepare Financial Statements Using the Adjusted Trial Balance

Completing the Accounting Cycle

 Describe and Prepare Closing Entries for a Business
 Prepare a Post-Closing Trial Balance
 Apply the Results from the Adjusted Trial Balance to Compute Current Ratio and Working
Capital Balance, and Explain How These Measures Represent Liquidity
 Appendix: Complete a Comprehensive Accounting Cycle for a Business

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Merchandising Transactions
 Compare and Contrast Merchandising versus Service Activities and Transactions
 Compare and Contrast Perpetual versus Periodic Inventory Systems
 Analyze and Record Transactions for Merchandise Purchases Using the Perpetual Inventory
System
 Analyze and Record Transactions for the Sale of Merchandise Using the Perpetual Inventory
System
 Discuss and Record Transactions Applying the Two Commonly Used Freight-In Methods
 Describe and Prepare Multi-Step and Simple Income Statements for Merchandising
Companies
 Appendix: Analyze and Record Transactions for Merchandise Purchases and Sales Using the
Periodic Inventory System

Inventory
 Describe and demonstrate the Basic Inventory Valuation Methods and Their Cost Flow
Assumptions
 Calculate the Cost of Goods Sold and Ending Inventory Using the Periodic Method
 Calculate the Cost of Goods Sold and Ending Inventory Using the Perpetual Method
 Explain and Demonstrate the Impact of Inventory Valuation Errors on the Income Statement
and Balance Sheet
 Examine the Efficiency of Inventory Management Using Financial Ratios

Fraud, Internal Controls, and Cash

 Analyze Fraud in the Accounting Workplace
 Define and Explain Internal Controls and Their Purpose within an Organization
 Describe Internal Controls within an Organization
 Define the Purpose and Use of a Petty Cash Fund, and Prepare Petty Cash Journal Entries
 Discuss Management Responsibilities for Maintaining Internal Controls within an
Organization
 Define the Purpose of a Bank Reconciliation, and Prepare a Bank Reconciliation and Its
Associated Journal Entries
 Describe Fraud in Financial Statements and Sarbanes-Oxley Act Requirements

Accounting for Receivables

 Explain the Revenue Recognition Principle and How It Relates to Current and Future Sales
and Purchase Transactions
 Account for Uncollectible Accounts Using the Balance Sheet and Income Statement
Approaches
 Determine the Efficiency of Receivables Management Using Financial Ratios
 Discuss the Role of Accounting for Receivables in Earnings Management
 Apply Revenue Recognition Principles to Long-Term Projects
 Explain How Notes Receivable and Accounts Receivable Differ
 Appendix: Comprehensive Example of Bad Debt Estimation

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Long-Term Assets
 Distinguish between Tangible and Intangible Assets
 Analyze and Classify Capitalized Costs versus Expenses
 Explain and Apply Depreciation Methods to Allocate Capitalized Costs
 Describe Accounting for Intangible Assets and Record Related Transactions
 Describe Some Special Issues in Accounting for Long-Term Assets

Current Liabilities
 Identify and Describe Current Liabilities
 Analyze, Journalize, and Report Current Liabilities
 Define and Apply Accounting Treatment for Contingent Liabilities
 Prepare Journal Entries to Record Short-Term Notes Payable
 Record Transactions Incurred in Preparing Payroll

Long-Term Liabilities
 Explain the Pricing of Long-Term Liabilities
 Compute Amortization of Long-Term Liabilities Using the Effective-Interest Method
 Prepare Journal Entries to Reflect the Life Cycle of Bonds
 Appendix: Special Topics Related to Long-Term Liabilities

Corporation Accounting
 Explain the Process of Securing Equity Financing through the Issuance of Stock
 Analyze and Record Transactions for the Issuance and Repurchase of Stock
 Record Transactions and the Effects on Financial Statements for Cash Dividends, Property
Dividends, Stock Dividends, and Stock Splits
 Compare and Contrast Owners’ Equity versus Retained Earnings
 Discuss the Applicability of Earnings per Share as a Method to Measure Performance

Partnership Accounting
 Describe the Advantages and Disadvantages of Organizing as a Partnership
 Describe How a Partnership Is Created, Including the Associated Journal Entries
 Compute and Allocate Partners’ Share of Income and Loss
 Prepare Journal Entries to Record the Admission and Withdrawal of a Partner
 Discuss and Record Entries for the Dissolution of a Partnership

Statement of Cash Flows

 Explain the Purpose of the Statement of Cash Flows
 Differentiate between Operating, Investing, and Financing Activities
 Prepare the Statement of Cash Flows Using the Indirect Method
 Prepare the Completed Statement of Cash Flows Using the Indirect Method
 Use Information from the Statement of Cash Flows to Prepare Ratios to Assess Liquidity
 Appendix: Prepare a Completed Statement of Cash Flows Using the Direct Method

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TEACHING STRATEGIES

 Discussions
 Cooperative Learning
 Demonstrations
 Lectures
 Group presentations
 Role-playing
 Problem Solving

RESOURCES
 Principles of Accounting, Volume 1: Financial Accounting by Mitchell Franklin
 Each student would need to have a calculator

COURSE POLICIES AND EXPECTATIONS

I. Submission of Assignments

All assignments are due on or before the due date and can be submitted online. You also have
to option to email the assignment to the lecturer ([email protected]). Late submissions are
not allowed, except for cases where there were difficulties beyond the learner’s control. It is
the responsibility of the learner to inform the instructor of any technical difficulties before (not
after) the due date. Procrastination should be avoided at any cost. Plagiarism is absolutely
prohibited at USC. Any plagiarized work will be annulled. Repeated plagiarized work may
result in serious disciplinary measures according to USC regulations

II. Course Discussions

For each module of the course, specific course discussions are assigned. All the learners are
expected to actively participate in these discussions, since they make the core of learning form
and with the instructor and other learners. Inactivity in class discussions will lower one’s grade,
and excessive inactivity may result in the learner being dropped administratively from the
course.

III. Course Participation

All learners are expected to actively participate in the class activities. Class participation
includes all the activities that are required in the different modules of the course. In any online
course, the more one is actively involved, the more one is supposed to learn.

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IV. Course Communication

There are four ways to communicate with the instructor. First, if the learner has a general
question that can benefit his/her classmates (or a question that his/her classmates can answer),
he/she is encouraged to post it in the Forums selection, under the thread “Questions &
Answers” or to use the “Chat Room” where live conversations can take place. If the question is
private, the learner is encouraged to email the concerned party (either another learner or the
instructor. The final option would be to either use the Zoom link:
https://uscaribbean.zoom.us/j/93580923705?pwd=STlPWFFDNFJQYW8yZ2FNQ2ZSNTNHdz09
Password: Accounting during my online office hours.

V. Assessments

There will be a mid-term assessment, final assessment, group project, weekly quizzes
and weekly discussion forum.

VI. Technical Problems

All technical problems should be forwarded to the Technical Support

([email protected]). Learners should avoid frustrating themselves with technical
problems. Seeking help early on can save the learner a lot of time and avoid unnecessary
frustration.

Technical support information

Issue Resource for Assistance

Navigating the Virtual Campus (Moodle) & Contact Mr. Rodney Rajkumar
related technical issues Email:[email protected]

PC Troubleshooting Contact Mr. Wayne Harris

Email: [email protected]
Phone: 1868- 662-2241 Ext 1305

VII. Learners with Disabilities

Modifications will be made available for learners with disabilities on a case-by-case basis. It is
the responsibility of the learner to report his/her disability to the USC administration.

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COURSE ASSESSMENT
All students would be assessed as the course progresses to see if they are grasping the concepts
taught. The assessments would be in the form of assignments, forums, quiz, mid-term and final
assessments. Both the mid-term and final assessments would test about 4-5 topics each.

Final Assessment 30%

Mid-Term Assessment 30%

Group Project 20%

Weekly Quiz 10%

Participation (In-Class & Discussion Forums) 10%

_________________

Total 100%

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COURSE CALENDAR

Day and Date Chapter Topic Assignment/Activity

REMOTE

WEEK #1 1&2 Role of Accounting in Society Read the Chapter on the

topic given and assignment
would be given during class.
Introduction to Financial Statements

WEEK #2 3&4 Analyzing and Recording Read the Chapter on the

Transactions topic given and assignment
would be given during class.
The Adjustment Process

WEEK #3 5 Completing the Accounting Cycle Read the Chapter on the

topic given and assignment
would be given during class.

WEEK #4 6 & 10 Merchandising Transactions Read the Chapter on the

topic given and an
Inventory assignment would be given
during class.

WEEK #5 8 Fraud, Internal Controls, and Cash Read the Chapter on the
topic given and an
assignment would be given
during class.

WEEK #6 9 Accounting for Receivables Read the Chapter on the

topic given and assignment
would be given during class.

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WEEK #7 MID-TERM ASSESSMENT

TUESDAY 12 OCTOBER 2021

6:00 PM TO 12:00 AM

WEEK #8 11 Long-Term Assets Read the Chapter on the

topic given and assignment
would be given during class.

WEEK #9 12 & 13 Current Liabilities Read the Chapter on the

topic given and assignment
Long-Term Liabilities would be given during class.

WEEK #10 14 Corporation Accounting Read the Chapter on the

topic given and assignment
would be given during class.

WEEK #11 15 Partnership Accounting Read the Chapter on the

topic given and assignment
would be given during class.

WEEK #12 16 Statement of Cash Flows Read the Chapter on the

topic given and assignment
would be given during class.

WEEK #13 FINAL ASSESSMENT

TUESDAY 02 DECEMBER 2021

6:00 PM TO 12:00 AM

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ADDITIONAL INFORMATION (Standard)

University Policies:
 Academic dishonesty would not be tolerated during examinations and quizzes,
resulting in an automatic zero.

 Plagiarism: Plagiarism is the passing of someone else’s work or ideas as your own.
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 suggested and recommended that you keep a record and/or rough
drafts of written or other work until you have received your final grade. You are
responsible to make yourself familiar with Pages 42 & 43 of the Caribbean Union
College Bulletin 2003-2006.

 Class attendance is critical to your success in this class. According to the school
rules, any student missing up to 20% of this class is entitled to an automatic F.

 Late assigns are not encouraged and marks would be deducted for every day late.

GRADING SYSTEM (Standard)

A 90 - 100 B 75 - 79 C 60 – 64

A- 85 – 89 B- 70 – 74 C- 55 – 59

B+ 80 – 84 C+ 65 – 69 D 50 – 54

F 0 – 49

HOW TO SUCCEED IN THIS COURSE

 SEEK GOD FOR WISDOM
 DO ADVANCE READING
 PRACTICE

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UNIVERSITY OF THE SOUTHERN CARIBBEAN

MARACAS ROYAL ROAD, MARACAS, ST. JOSEPH.

Name of Assignment

An Assignment

Presented in Partial Fulfilment

of the Requirements for the Course
ACCT 125: Introduction to Financial Accounting

INSTRUCTOR: Name of Lecturer

By

Student’s Name
Date of Submission

Approval………………..

Undergraduate Course: Revised June 2021