COB 244 – Sections 5 and 6



Monday January 13 – UNIT 1

(Course Administration, Course Policies, Expectations, Roles, Professor’s Teaching Philosophy)


Wednesday January 15 – Group Formation Day

(Group Formation, Professionalism, Initiative, Motivation, Keys to Success)


Monday January 20 – Martin Luther King Day

(University Holiday – No Class Meeting)


Wednesday January 22 – UNIT 2

(Introduction to Accounting, Definition of Business, Forms of Business Ownership, Role of Accounting in Business, Public Accountants vs. Private Accountants, Financial Accounting vs. Managerial Accounting, Role of Auditors, the Four Primary Financial Statements, the Accounting Equation, the Entity Principle, the Matching principle)


Monday January 27 – UNIT 3

(Accrual Accounting Concepts, Deferrals vs. Accruals, Accounts Payable, Accounts Receivable, Prepaid Expenses, Unearned Revenue)


Wednesday January 29 – UNIT 4

(Double-Entry Bookkeeping, Debits, Credits, Journals, Ledgers, Specialty Journals, Specialty Ledgers, Subledgers, Journal Entries)


Monday February 3 – UNIT 5

(Income Statement layout, Balance Sheet layout, the Period Principle, the Accounting Cycle, “Closing the Books”, the Closing Process, Closing Entries)


Wednesday February 5 – UNIT 6

(Merchandising Businesses, Merchandise Acquisitions (purchases), documents use for merchandise purchases, acquisition cost of inventory, Inbound Transportation Costs (freight-in), FOB Point, purchase discounts, purchase returns and allowances, accounting for Lost, Damaged, Stolen, and Obsolete Goods )


Monday February 10 – UNIT 7

(Sales, Unearned Revenue, documents used in sales transactions, Sales Allowances, Sales Discounts, Sales Returns, Inventory Costing methods – Specific Identity, FIFO, LIFO, Weighted Average)


Wednesday February 12 – UNIT 8

(Internal Controls, U.S. Sarbanes-Oxley Act, Role of Management, Role of Board of Directors, Role of Internal Auditors, Role of Independent Financial Auditors, Auditor Independence, Confidentiality, Materiality, Types of Audit Opinions, Role of the SEC in Business Regulation)


Wednesday February 12 – UNIT 9  (Note date change, to accommodate the review/help session)

(Uncollectible Accounts Receivable, Allowance for Doubtful Accounts, Bad Debt Write-offs, Importance of Credit Checks, Notes Receivable, accounting for Credit Card Sales)


            Monday, February 17 –In-Class Help Session


Wednesday February 19 – EXAMINATION 1

(Covering Units 1-9.  Exam takes place during your usual class meeting time.)