University of Vermont

UVM Course Directory

BSAD 060 – Financial Accounting

Credits: 3.00

Course Description: Introduction to the accounting system and generally accepted accounting principles that govern income determination and financial position presentation. Credit will be granted for only one of BSAD 060 or BSAD 065. Prerequisites: EC 011 and either MATH 019 or MATH 021; Business Administration, Computer Science & Information Systems, Dietetics, Nutrition & Food Science, or Engineering Management major or Business Administration minor; Minimum Sophomore standing.

Section Description: Course Goals: The overarching goal is the development of skills necessary to think critically and analytically about financial accounting issues. We will emphasize: • Applying computational processes and accounting policies to communicate information to assist in solving financial problems. • Obtaining an understanding of Generally Accepted Accounting Principles for the preparation of financial statements. • Locating, computing and using accounting information to make business decisions. • Analyzing results of operations and financial position to determine the health of an organization. Included will be the impact of accounting methods on the communication of financial information. • Understanding how accounting is used in business including the roles of auditing, systems, financial managerial and tax accounting. • Improving critical thinking, communication, interpersonal, research and computer skills. • Developing an awareness of the trust that users of financial information place in accountants, and of the responsibility accountants have to make ethical decisions in selecting how to report items in financial statements. • Acquiring a basic knowledge about the role of accountants in society and possible career choices for individuals who pursue further studies in accounting. • Gaining a strong foundation for further studies in the School of Business Administration. Specific Learning Objectives: The following objectives have been identified by the accounting area faculty as minimum competency learning objectives for all BSAD60 classes. Your understanding of these objectives will be tested on examinations and you must demonstrate an ability to perform these key learning objectives in order to receive a passing grade for the course: Understanding the Business Context • Differentiate the key attributes and advantages of proprietorships, partnerships and corporations • Identify steps in the business operating cycle • Understand the importance of the concept of internal control • Apply the concept of internal control to a simple business context Understanding Financial Statements • Define the purpose of accounting • Identify the four basic financial statements • Understand the purpose of the four basic financial statements and accompanying notes • Identify the components of the balance sheet, income statement and statement of cash flows (e.g., accounts receivable appears in the balance sheet) • Prepare a basic balance sheet, income statement and statement of cash flows • Understand how the basic financial statements interrelate • Understand the basic accounting equation Analyzing Transactions and Understanding their Impact on Financial Statements • Understand the role of GAAP and IFRS in financial reporting • Apply principles/concepts of historical cost, fair value, revenue recognition and full disclosure • Analyze and record transactions • Understand the impact of transactions on financial statements • Understand the purpose and impact of accruals and deferrals • Analyze and prepare adjusting entries • Understand the following additional concepts: o Differences between capitalization and expense o The concept of present value techniques o The impact of present value on account valuation o Cost allocation (e.g., depreciation) and impairment (write down of assets) o Inventory cost flow assumptions Specific Content Areas within the Financial Statements • Differentiate components of current operating income from other income statement components • Understand the use and misuse of earnings per share • Understand the nature of retained earnings • Differentiate the book value of equity from the market value of equity .

CRN: 90215

Section: B

Enrolled/Seats: 58/58

Days Time Location
MWF 10:50 - 11:40 KALKIN BUILDING 003
W 19:30 - 21:30 ON CAMPUS SEE NOTES
W 19:30 - 21:30 ON CAMPUS SEE NOTES
W 19:30 - 21:30 ON CAMPUS SEE NOTES

Instructor(s): Joanne Pencak

Meeting Dates: 28 Aug 2017 - 08 Dec 2017