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Financial Accounting I

Instructor Course Pack
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Accounting, General Business, Commerce, Finance
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About This Course Pack

Financial Accounting I is an introductory financial first year accounting course. The course is designed to cover the basics of financial accounting using numerous examples to reinforce the basic concepts. Topics for the course include an introduction to accounting, the accounting cycle, internal control and cash, receivables, inventories and financial statements. The coursework for Financial Accounting I and II were created to meet all of the Financial Accounting Competencies to enter the CPA program.

While the course is adaptable, this course was created as a way of easily using the “flipped-classroom” approach. In this approach, the instructor completes an example and the class is then given time to work through an example. Students share their work with their peers to compare answers (known as “Think-Pair-Share”).

Included in this course are lesson plans, instructor manual, a course supplement guide, practice questions, assignments, tutorial videos and exams. The course readings include an open textbook for each topic.

Accessibility Statement: The audio in the provided tutorial videos does not always provide a description of what is being displayed.

Author
Curated and Designed by Evan van Dyk (Coast Mountain College)
Publish Date
March 2022
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Course based on
Level
Undergraduate
License
CC BY 4.0 except where otherwise noted

Learning Outcomes

  • Analyze and record transactions
  • Prepare adjusting entries and explain the principles that guide these entries
  • Complete the accounting cycle
  • Evaluate and prepare financial statements including Single and Multi-step Income Statements, Classified Balance Sheets, and Statement of Changes in Owner’s Equity
  • Account for purchases and sales of merchandise including various inventory costing methods and valuation principles
  • Describe internal controls over cash transactions and complete bank reconciliations
  • Explain the nature, estimate, and statement presentation of accounts receivable and uncollectible accounts
  • Analyze and account for payroll liabilities
  • Serve businesses and stakeholders by applying accounting standards in order to make decisions and maintain integrity

Course Materials

Course Resources
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Instructor Manual
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Details
Course Supplement Guide
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Details
Part 1: Accounting in Business
Part 2: Analyzing and Recording Transactions
Part 3: Adjusting Accounts for Financial Statements
Part 4: Completing the Accounting Cycle and Classifying Accounts
Part 5: Accounting for Merchandising Activities
Part 6: Inventory Costing and Valuation
Part 7: Internal Control and Cash
Part 8: Receivables
Exams
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