Acct 201 L2

Overview of Canvas Resources

  • Canvas page has numerous resources for students.

Main Textbook Access

  • Click on "Access Pure Sale" for the Excel textbook.

  • Instructions in the syllabus on how to sign up for the textbook.

Video Resources

  • Videos available on reviewing an Excel assignment and general Excel usage.

  • Additional YouTube videos provided for alternative learning resources.

Modules and Multimedia

  • Navigate to chapter-specific resources:

    • Chapter 1 multimedia: Videos by textbook publisher.

    • PowerPoint slides: Class slides from last semester are available, but less emphasis will be placed on slides this semester.

Preparing for Class

  • Students should read the chapter before attending class to engage effectively.

  • The focus will be on applying accounting principles practically, rather than simply reiterating textbook content.

Excel Homework Instructions

  • Excel homework for Chapter 1 is available.

  • Access through Canvas assignments or Chapter 1 module.

  • Three types of homework typically:

    • Prep 1: Due before the class starts.

    • Assign 1: Due end of the week; consists of textbook problems.

    • Excel homework: Due by January 26; intended to foster Excel familiarity.

Submission Guidelines

  • After downloading the Excel homework, save it appropriately; don’t submit the original file directly.

  • Ensure to use standard Excel file formats for submissions.

  • Important to follow instructions exactly to receive credit—especially regarding adding negative signs in expense formulas.

Learning Excel Assignment

  • A separate assignment for learning Excel with access instructions provided in the syllabus.

  • Takes place within a different course platform but integrates with the textbook course's MyLab platform.

  • Clear, step-by-step instructions provided within the assignment interface.

Seeking Assistance

  • Students are encouraged to utilize the accounting lab for help, with hours posted on Canvas.

  • Asking for help is emphasized to ensure understanding and completion of assignments.

Understanding Accounting Basics

  • Accounting involves processing transactions and aiding in decision-making through financial reporting of economic exchanges.

  • **Key Definitions:

    • Transaction:** An exchange of resources that involves value (like a purchase).

    • Gap (Generally Accepted Accounting Principles): The standard set of guidelines for accounting practices in U.S. public companies.

    • IFRS (International Financial Reporting Standards): The set of accounting standards used by many countries outside the U.S.

    • SEC (Securities and Exchange Commission): The U.S. agency that oversees financial reporting for public companies.

    • FASB (Financial Accounting Standards Board): The organization that establishes accounting standards in the U.S.

The Accounting Equation

  • Essential foundation of accounting:

    • Assets = Liabilities + Equity

  • Every transaction must align with this equation.

  • An asset is:

    1. Controlled by the company.

    2. Expected to provide future economic benefits.

    3. Measurable in monetary terms.

  • Liability: An obligation to settle based on past transactions.

  • Equity: Represents the owner’s stake in the asset after all liabilities are accounted for.

Example Transactions

  • Illustrated how to interpret transactions through examples, focusing on maintaining the accounting equation with any given transaction.

  • Practical application of financial statement preparation discussed, emphasizing understanding through creating examples based on real business interactions.

  • Discussion of various assets, liabilities, and their implications in accounting highlighted.