The Basic Accounting course introduces students to fundamental concepts and practices of financial reporting and financial management. The primary focus of this course is on the preparation and use of general-purpose financial statements to support decision-making in diverse business contexts. Additionally, the course covers essential financial accounting concepts related to current assets.

Learning Objectives and Outcomes:

Program Learning Outcomes (PLOs):

PLO1. Students will be able to explain a framework in applying appropriate business models in decisionmaking situations. (CLO 1-5)
PLO3. Students will be able to identify opportunities for new business ventures, and evaluate their potential for success. (CLO5) PLO6. Students will be able to communicate using well-organized arguments and credible supporting Evidence. (CLO3-4)

Course Learning Outcomes (CLOs):

By the end of this course, students will be able to:

CLO1. Explain how accounting information is used in a business context. (PLO1)
CLO2. Complete journal entries using the accrual basis of accounting. (PLO1)
CLO3. Explain the steps of the accounting cycle. (PLO1, PLO6)
CLO4. Prepare income statements, statements of owner’s equity, and balance sheets using generally accepted accounting principles. (PLO1, PLO6)
CLO5. Explain financial reports used for accounting for cash, receivables, inventories, and merchandise transactions. (PLO1, PLO3)

Course Schedule and Topics

This course will cover the following topics in eight learning sessions, with one Unit per week. The Final Exam will take place during Week/Unit 9 (UoPeople time).

Week 1: Unit 1 – Introduction to Principles of Financial Accounting

Week 2: Unit 2 – The Accounting Cycle: Recording

Week 3: Unit 3 – Completing the Accounting Cycle and Merchandise Inventory Systems

Week 4: Unit 4 – Accounting Information Systems and Internal Controls

Week 5: Unit 5 – Accounting for Receivables and Inventory

Week 6: Unit 6 – Long-Term Assets and Current Liabilities

Week 7: Unit 7 – Long-Term Liabilities and Statement of Cash

Week 8: Unit 8 – Corporation Accounting and Partnership Accounting

Week 9: Unit 9 – Final Exam

Learning Guide

The following outlines how this course will be conducted, with suggested best practices for students.

UNIT 1: Introduction to Principles of Financial Accounting

• Watch/Read due by the 3 rd or 4 th day of the week.
• Assignment Activity submission due 7th day of the week.

UNIT 2: The Accounting Cycle: Recording Transactions

• Watch/Read due by the 3 rd or 4 th day of the week.
• Discussion first response due by the 4th day of the week.
• Discussion replies due by the 7th day of the week.
• Assignment Activity submission due 7th day of the week.

UNIT 3: Completing the Accounting Cycle and Merchandise Inventory Systems

• Watch/Read due by the 3 rd or 4 th day of the week.
• Assignment Activity submission due 7th day of the week.

UNIT 4: Accounting Information Systems and Internal Controls

• Watch/Read due by the 3rd or 4th day of the week.
• Assignment Activity submission due 7th day of the week.
• Graded quiz due by the 7th day of the week.

UNIT 5: Accounting for Receivables and Inventory

• Watch/Read due by the 3 rd or 4 th day of the week.
• Discussion first response due by the 4th day of the week.
• Discussion replies due by the 7th day of the week.
• Assignment Activity submission due 7th day of the week.

UNIT 6: Long-Term Assets and Current Liabilities

• Watch/Read due by the 3rd or 4th day of the week.
• Assignment Activity submission due 7th day of the week.

UNIT 7: Long-Term Liabilities and Statement of Cash Flows

• Watch/Read due by the 3rd or 4th day of the week.
• Assignment Activity submission due 7th day of the week.

UNIT 8: Corporation Accounting and Partnership Accounting

• Watch/Read due by the 3rd or 4th day of the week.
• Discussion first response due by the 4th day of the week.
• Discussion replies due by the 7th day of the week.

UNIT 9: Final Exam

• Final exam due by the 4th day of the week