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University of Florida

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26 views3 pages

University of Florida

Uploaded by

Sirtsepo
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Course Title: Fundamentals of Accounting University of Florida

Course Description: This course provides students with a comprehensive


understanding of fundamental accounting principles and practices. Through
lectures, case studies, and practical exercises, students will learn how to
interpret financial information, analyze business transactions, and prepare
basic financial statements. Emphasis will be placed on developing critical
thinking skills and applying accounting concepts to real-world scenarios.

Course Objectives:

1. Understand the role and importance of accounting in business.


2. Analyze and interpret financial statements to assess business
performance.
3. Apply accounting principles to record transactions accurately.
4. Develop skills in financial analysis and ratio interpretation.
5. Explore ethical considerations in accounting practices.
6. Gain practical experience using accounting software for financial
reporting.

Week 1: Introduction to Accounting

 Overview of accounting principles and concepts


 Historical development of accounting standards
 Role of accounting in decision-making
 Ethical considerations in accounting practices

Week 2: Financial Statements

 Understanding the balance sheet, income statement, and cash flow


statement
 Interpreting financial statements and analyzing financial performance
 Relationship between financial statements

Week 3: Accounting Cycle

 Overview of the accounting cycle


 Recording transactions: journal entries and posting to ledger accounts
 Preparation of trial balance and adjusting entries
 Closing entries and preparing financial statements

Week 4: Revenue and Expense Recognition

 Principles of revenue recognition


 Accounting for sales, revenue, and accounts receivable
 Recognition of expenses and accruals
 Matching principle and adjusting entries for expenses

Week 5: Inventory Valuation

 Methods of inventory valuation: FIFO, LIFO, and weighted average


 Recording inventory transactions and cost of goods sold
 Lower of cost or market valuation
 Inventory control and management techniques

Week 6: Fixed Assets and Depreciation

 Accounting for property, plant, and equipment (PP&E)


 Depreciation methods: straight-line, declining balance, and units-of-
production
 Amortization of intangible assets
 Impairment of fixed assets

Week 7: Equity and Liabilities

 Issuance of common and preferred stock


 Accounting for dividends and stockholders' equity
 Recognition and measurement of liabilities
 Long-term debt and bonds payable

Week 8: Financial Statement Analysis

 Ratio analysis: liquidity, profitability, solvency, and efficiency ratios


 Interpretation of financial ratios and benchmarks
 Comparative analysis and trend analysis
 Using financial ratios to assess business performance

Week 9: Cost Accounting Basics

 Cost concepts and classifications


 Cost behavior: fixed, variable, and mixed costs
 Job order costing and process costing systems
 Cost allocation and overhead absorption

Week 10: Budgeting and Variance Analysis

 Overview of budgeting and budgetary control


 Types of budgets: operating, financial, and capital budgets
 Variance analysis and performance evaluation
 Flexible budgeting techniques
Week 11: Managerial Accounting for Decision-Making

 Relevant costs and differential analysis


 Make-or-buy decisions and outsourcing
 Pricing decisions and cost-volume-profit analysis
 Capital budgeting techniques: payback period, NPV, and IRR

Week 12: Accounting Information Systems

 Components of accounting information systems (AIS)


 Internal controls and fraud prevention
 Role of technology in accounting: ERP systems and cloud accounting
 Automation and the future of accounting

Week 13: Contemporary Issues in Accounting

 Emerging trends in accounting: sustainability reporting and integrated


reporting
 Globalization and international accounting standards
 Regulatory environment and compliance requirements
 Career opportunities in accounting and professional development

Assessment:

 Weekly quizzes and assignments


 Midterm and final exams covering course material
 Participation in class discussions and activities

Prerequisites: None. This course is suitable for students with little to no prior
knowledge of accounting.

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