Course Title: Introduction to Accounting

University of Florida

Course Description: This course serves as an introduction to the principles

and practices of accounting, with a focus on understanding financial
information and its role in decision-making. Topics covered include financial
statements, accounting principles, analyzing transactions, and interpreting
financial data. Through lectures, readings, and practical exercises, students will
develop a foundational understanding of accounting concepts and their
application in business settings.

Course Objectives:

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

decision-making.
2. Analyze and interpret financial statements, including the balance sheet,
income statement, and cash flow statement.
3. Apply accounting principles and techniques to record business
transactions accurately.
4. Develop skills in financial analysis and ratio interpretation to assess
business performance.
5. Explore ethical considerations in accounting practices and professional
responsibilities.
6. Gain practical experience using accounting software and tools for
financial reporting.

Week 1: Introduction to Accounting

 Overview of accounting principles and practices

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

Week 2: Financial Statements

 Understanding the balance sheet: assets, liabilities, and equity

 Analyzing the income statement: revenue, expenses, and net income
 Interpreting the cash flow statement: operating, investing, and
financing activities
 Relationship between financial statements

Week 3: Accounting Cycle

 Overview of the accounting cycle

  Recording transactions: journal entries and T-accounts
 Adjusting entries and accrual accounting
 Closing entries and preparing the trial balance

Week 4: Accounting for Merchandising Operations

 Introduction to merchandising operations

 Inventory valuation methods: FIFO, LIFO, and weighted average
 Accounting for sales and purchases
 Recording discounts and allowances

Week 5: Receivables and Payables

 Accounting for accounts receivable and bad debts

 Methods of estimating bad debts: allowance method and direct write-
off method
 Accounting for accounts payable and notes payable
 Analyzing liquidity ratios

Week 6: Long-Term Assets

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

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

Week 7: Equity Financing and Investments

 Issuance of common and preferred stock

 Treasury stock transactions
 Dividends and dividend distributions
 Accounting for investments in stocks and bonds

Week 8: Financial Statement Analysis

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

 Interpretation of financial ratios
 Comparative analysis and benchmarking
 Forecasting and financial modeling

Week 9: Cost Accounting

 Overview of cost concepts and classifications

 Cost behavior: fixed, variable, and mixed costs
 Cost-volume-profit (CVP) analysis
  Job order costing and process costing systems

Week 10: Budgeting and Variance Analysis

 Introduction to budgeting and budgetary control

 Types of budgets: operating, financial, and capital budgets
 Variance analysis: analyzing differences between actual and budgeted
amounts
 Flexible budgeting and performance evaluation

Week 11: Managerial Accounting for Decision-Making

 Relevant costs and differential analysis

 Make-or-buy decisions
 Pricing decisions: cost-plus pricing, target costing, and pricing
strategies
 Capital budgeting techniques: payback period, net present value (NPV),
and internal rate of return (IRR)

Week 12: Accounting Information Systems

 Overview of accounting information systems (AIS)

 Components of AIS: databases, software, procedures, and controls
 Internal controls and fraud prevention
 Role of technology in accounting: ERP systems, cloud accounting, and
automation

Week 13: Contemporary Issues in Accounting

 Emerging trends in accounting: sustainability reporting, ESG metrics,

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

Assessment:

 Weekly quizzes to assess understanding of concepts

 Assignments and case studies to apply accounting principles to real-
world scenarios
 Midterm and final exams covering course material
 Participation in class discussions and activities

Recommended Textbooks:
1. Financial Accounting: Tools for Business Decision Making by Paul D.
Kimmel, Jerry J. Weygandt, and Donald E. Kieso
2. Managerial Accounting by Ray H. Garrison, Eric W. Noreen, and Peter C.
Brewer
3. Accounting Information Systems by Marshall B. Romney and Paul J.
Steinbart

Additional Resources:

 Online tutorials and practice exercises

 Academic journals and publications in accounting
 Guest lectures from industry professionals
 University library resources and databases

Prerequisites: None. This course is designed for students with little to no

background in accounting but may also benefit those with some prior
knowledge seeking a refresher or deeper understanding.