Course Syllabus Ac113 Accounting For Nonaccounting Majorscourse Infor ✓ Solved

Course Syllabus AC113 ACCOUNTING FOR NONACCOUNTING MAJORS COURSE INFORMATION Course Title: ACCOUNTING FOR NONACCOUNTING MAJORS Credit Hours: 5 Prerequisites: None COURSE DESCRIPTION This course emphasizes the use of accounting by managers in a business environment. Topics covered include accounting concepts, internal control, current assets, noncurrent assets, liabilities, and equity. The course is specifically designed for nonaccounting majors, and emphasis is placed on accounting areas affecting business owners and managers. LEARNING OUTCOMES By the end of this course, you should be able to: AC113-1: Explain the role of accounting systems in business. AC113-2: Analyze the components of the general purpose financial statements.

AC113-3: Discuss the impact of the Sarbanes-Oxley Act on internal controls. AC113-4: Relate company performance to asset management. AC113-5: Explain financial statement reporting of liabilities and stockholder’s equity. GEL-1.2: Demonstrate college-level communication through the composition of original materials in Standard English. GEL-8.03: Apply Critical thinking to formulate a logical solution to a problem.

PC-3.2: Interact with others in a professional manner using appropriate communication and presentation skills. COURSE MATERIALS For courses with Digital Books, click on the module titled Digital Book in the Table of Contents. For more information on how to access your book, select the VitalSource Bookshelf Video Tutorial Site from within the Digital Book area. 2 For Undergraduate courses — if your course has a physical book that you have not received, please contact your Education Adviser if you have not done so previously. TEXTBOOK INFORMATION Title: Wiley Plus Edition: Author: Publisher: Book ISBN: Ebook ISBN: 978EEGRP30695 Title: Survey of Accounting Edition: 1st (2016) Author: Kimmel and Weygandt Publisher: Wiley Global Education US Book ISBN: Ebook ISBN: SOFTWARE REQUIREMENTS The following software requirements are required in this course beyond the ones listed in the catalog: No additional technology requirements beyond those in the Purdue Global Catalog.

GRADING CRITERIA/COURSE EVALUATION Gradebook Unit 1 Unit 2 Unit 3 Unit 4 Unit 5 Unit 6 Unit 7 Unit 8 Unit 9 Unit 10 Total Discussion Assignments Seminar Quiz Exam Total PURDUE UNIVERSITY GLOBAL GRADING SCALE Grade Points Percent Grade Point A % 4.0 A- % 3.7 B+ % 3.3 B % 3.0 B- % 2.7 C+ % 2.3 C % 2.0 C- % 1.7 D+ % 1.3 D % 1.0 F % 0.0 INSTRUCTOR’S GRADING CRITERIA/TIMETABLE All course assignments submitted on time will be graded within 5 days of their due date (the Sunday of the following unit). Late work will be graded within 5 days of the submission date. Discussion Board grades will be updated each week no later than Sunday of the week following the unit’s completion. POLICIES Students who wish to review current policies (academic appeals, attendance/tardiness, plagiarism, etc.) should refer to the current Purdue University Global Catalog.

4 COURSE SPECIFIC POLICIES Not Applicable LATE POLICY You are expected to submit all assignments and projects by the end of the Unit. Students may turn in late work up to two weeks after the due date. After that, a zero will be assigned for each assignment. Ten percent of the assignment value will be deducted after the assignment is graded for each week that an assignment is late. For example, if your assignment worth 100 points is due on Tuesday and you submit it on Wednesday, 10 points will be deducted after it is graded.

If you submit it two weeks late, there will be a reduction of 20% of the original assignment value after the assignment is graded. All late work must be submitted by Sunday of the last unit. No late work will be accepted after this without an Incomplete Grade approval. Certain course activities may not be eligible for late submission. These include, but are not limited to discussions, seminars, quizzes, labs, exams, and clinical activities.

We know that extenuating circumstances can interfere with timely submission of your work. Be sure to tell your professor and your Education Advisor right away if you are going to be late with a submission. Your professor will determine whether an exception to the Purdue Global Late Policy is appropriate. S/he may also require you to provide documentation of the reason. If your professor determines that an extension is warranted, s/he will provide you with the expectations for your submission or assignment in writing.

Extenuating circumstances include, but are not limited to, personal/family member hospitalization, family member death, a severe weather event, a natural disaster, and an active military assignment that prevents internet connectivity. Computer-related issues, Internet connectivity, and account blocks are generally not considered extenuating circumstances. 5 TUTORING Tutoring and many other resources are available in the Academic Support Center section of the My Studies tab on the Purdue Global Campus home page. For writing help and APA resources, visit the Writing Center. For math help and resources, visit the Math Center.

For help in business courses, visit the Business Center. For science help and resources, visit the Science Center. For technology help, webinars, and resources, visit the Technology Center. For disability help and resources, visit the Center for Disability Services. ASSIGNMENTS Projects Projects are Assignments that require you to submit coursework to the instructor via the Dropbox.

Projects are graded Assignments, whereas exercises are ungraded. FINAL Projects/Final Exam Most courses require a Final Project and/or Exam. In some cases, a course will include a Midterm Project or Exam. Assignments are due Tuesday 11:59 p.m. ET in the week of their assigned unit.

ALL PROJECTS MUST BE SUBMITTED VIA THE DROPBOX TO ENSURE CREDIT. A description of all Assignments to be completed can be found under each of the units in the course. Honor Code – School of Business and Information Technology Before completing and submitting assignments, all students should be familiar with and adhere to the honor code. 6 SEMINARS A description of all Seminars to be held can be found under each of the units in the course. To access your Seminar, log in to your home page.

There are two routes to attending the Seminar. Click on the “My Studies†button then select the “My Seminars†link. Or locate the class for which you are attending Seminar, and then click on the “My Seminars†link. In the “My Seminars†area, select the date range of the Seminar you want to attend then click the “View†button. Using the Calendar View or the Table View click on the Seminar you want to attend.

After a brief pause, you will be in the Seminar. Your name should appear on the left side of the screen. For additional instructions, review the Seminar Guide found in Academic Tools for the course. DISCUSSION BOARDS Discussion topics provide a forum for students to seek clarification and answer important questions about the course material. The Discussion also allows students to receive feedback from the instructor and other students in the class.

A Discussion Board grade will be posted to the Gradebook for each unit using the following grading criteria. The Discussion Board Requirement: • Post a minimum of three posts per Discussion topic. One initial response and two replies to your classmates. • Posting on a minimum of 3 different days, for example: Wednesday, Friday, and Monday. • The first post must be made by Saturday, 11:59 p.m. ET. Participating in Discussion Boards You will communicate with your professor and classmates using the Discussion Board areas.

This is where you post your responses to Discussion topics and share your experiences in completing exercises and applying the content of the course. Participation in Discussions is required and will help determine your grade. You are expected to contribute to each of the Discussion topics in each unit. You should read all responses of other students and add your own. 7 During Discussions Boards, you must demonstrate not only that you understand the subject matter but also that you can apply what you have learned, analyze it, integrate it with knowledge you already have, and evaluate it critically.

Your postings should be appropriate and timely contributions that add value to the Discussion. Your instructor will provide you more detailed information about requirements and grading related to participation in Discussions. Discussion Guidelines To ensure your success as a contributor to Discussions and as a student in this class, we suggest the following guidelines for posting: • Be clear about which message you are responding to. Refer to specific passages or ideas in the course or text that have sparked your interest. • Make sure your contribution adds something new to the Discussion. A simple "I agree" may be your initial response, but think about how you can take the conversation to the next level. • Make your posting clear and easy to follow by dividing longer messages into paragraphs. • Address classmates by name or user name, and sign your own messages. • Feel free to pose new questions to your classmates within your own message. • Use correct spelling, capitalization, grammar, syntax, and punctuation. • If you plan to post a lengthy response, it is a good idea to type your response in Word or Notepadâ„¢, then copy and paste it into the Discussion area.

This way you will always have a record of your communication if for some reason you lose your connection to the course. • If you have any questions on these procedures, please contact Purdue Global Student Services. Sample Question and Answers The following are some examples of acceptable and unacceptable responses to Discussion topics: Sample Topic: "The author claims that the Internet has changed teaching. How would you respond to this assertion?" 8 Unacceptable: "I agree." Unacceptable: "I think the author is off her rocker on this point. I can't stand it when techies try to write about education." Acceptable: "I agree with Becky W's basic point — that is, I think she's right that the advent of the Internet means dramatic changes in how we teach.

But I think she's so concerned with whether technology is going to replace teachers that she misses an essential point. Teachers must change themselves to use the Internet effectively. The Internet will never replace teachers and it will never be a successful tool unless teachers make it one." Acceptable: "I disagree with Becky W. The Internet has not changed teaching any more than the printing press changed teaching, or modern instructional design has changed teaching. New ideas about teaching and new technologies help us deliver good teaching more effectively.

They may help us understand more fully what we're delivering. They may help us reach more students. But the essence of good teaching remains the same." RUBRICS A rubric is a tool used by your instructor to determine your performance on assessments (Assignments, Discussions, Seminars, etc.) throughout your course. The rubric lists the criteria for the assessment on which you will be graded. You should follow the rubric so you understand exactly what is expected of you in each assignment.

Following the rubric will help make sure you do not lose points unnecessarily on any graded item. The rubrics for this course are located under Course Resources > Grading Rubrics OR within the unit in which the assignment is presented. NETIQUETTE Interactions in an online classroom are in written form. Your comfort level with expressing ideas and feelings in writing will add to your success in an online course. The ability to write is necessary, but you also need to understand what is considered appropriate when communicating online.

9 The word "netiquette" is short for "Internet etiquette." Rules of netiquette have grown organically with the growth of the Internet to help users act responsibly when they access or transmit information online. As a student, you should be aware of the common rules of netiquette for the Web and employ a communication style that follows these guidelines. • Wait to respond to a message that upsets you and be careful of what you say and how you say it. • Be considerate. Rude or threatening language, inflammatory assertions (often referred to as "flaming"), personal attacks, and other inappropriate communication will not be tolerated. • Never post a message that is in all capital letters — it comes across to the reader as SHOUTING!

Use boldface and italics sparingly, as they can denote sarcasm. • Keep messages short and to the point. • Always practice good grammar, punctuation, and composition. This shows that you have taken the time to craft your response and that you respect your classmates' work. • Keep in mind that Discussion Boards are meant to be constructive exchanges. • Be respectful and treat everyone as you would want to be treated yourself. • Use spell check! You should also review and refer to the Electronic Communications Policy contained in the most recent Purdue Global Catalog. OTHER POLICIES Not applicable Note: This syllabus is subject to change during this term or in future terms. This syllabus was published for course content as of 1802B. Course Syllabus COURSE INFORMATION COURSE DESCRIPTION LEARNING OUTCOMES COURSE MATERIALS TEXTBOOK INFORMATION SOFTWARE REQUIREMENTS GRADING CRITERIA/COURSE EVALUATION PURDUE UNIVERSITY GLOBAL GRADING SCALE INSTRUCTOR’S GRADING CRITERIA/TIMETABLE POLICIES COURSE SPECIFIC POLICIES LATE POLICY TUTORING ASSIGNMENTS SEMINARS DISCUSSION BOARDS RUBRICS NETIQUETTE OTHER POLICIES

Paper for above instructions

Title: Understanding Accounting for Non-Accounting Majors: An Insightful Approach to Business Management

Introduction

The fundamental nature of business management requires a comprehensive understanding of various concepts, among which accounting holds a pivotal role. The course AC113 Accounting for Non-Accounting Majors is tailored to impart vital accounting knowledge to those who are not majoring in accounting. It aims to equip students with the capacity to analyze financial statements, understand internal control, and better manage assets, liabilities, and equity in a business environment. This paper will explore the vital components and outcomes of the course, emphasizing the role of accounting systems, discussing the impact of the Sarbanes-Oxley Act on internal controls, and delineating the significance of financial reporting.

Role of Accounting Systems in Business

Accounting systems are crucial in providing accurate financial information that aids decision-making in organizations. According to Kimmel and Weygandt (2016), accounting serves as the "language of business," translating complex financial data into comprehensible formats for stakeholders. The information contained within general-purpose financial statements is vital for internal management and external stakeholders. Financial reporting helps articulate a company's financial position, cash flows, and profitability, allowing managers to make informed strategic decisions (Wild et al., 2019).
A well-designed accounting system facilitates an efficient workflow by automating transactions, ensuring that all financial data is systematically organized. This organization is paramount for producing timely reports that could influence critical business decisions (Bromwich & Bhimani, 2015). Furthermore, a robust accounting framework incorporates fraud detection mechanisms and ensures compliance with accounting standards (Warren et al., 2015). Therefore, understanding the structure and function of accounting systems is key for effective business operations.

Analyzing General-Purpose Financial Statements

AC113 also emphasizes analyzing general-purpose financial statements, predominantly the balance sheet, income statement, and cash flow statement. Each statement offers insights into different facets of a company’s financial health. For instance, the balance sheet presents a snapshot of a company's assets, liabilities, and equity at a specific point in time, demonstrating the company's ability to meet its obligations (Healy & Palepu, 2018). The income statement, on the other hand, outlines the revenues, expenses, and profits over a period, portraying the company's operational success (Fridson & Alvarez, 2011).
Understanding these financial statements allows non-accounting majors to evaluate and compare company performance effectively. For instance, using ratios derived from these statements—such as debt-to-equity ratio, return on assets, and current ratio—managers can gauge financial leverage, profitability, and liquidity, assisting in strategic planning and operational enhancements (White et al., 2014).

The Impact of the Sarbanes-Oxley Act on Internal Controls

The Sarbanes-Oxley Act of 2002 was enacted in response to corporate scandals that undermined investor confidence. A critical component of this legislation is its emphasis on strengthening internal controls within organizations (Coates, 2007). The legislation mandates that both public companies and their auditors ensure the accuracy of financial information, which has far-reaching implications for corporate governance (Bainbridge, 2008).
In understanding AC113's focus on the implications of this act, students learn about the significance of effective internal controls in safeguarding assets, ensuring accurate financial reporting, and promoting operational efficiency (Baker et al., 2019). Internal controls help mitigate risks associated with errors, fraud, and inefficiencies, ultimately enhancing the integrity of financial statements and the decision-making process (AICPA, 2012).

Asset Management and Company Performance

The course further aids students in relating company performance to asset management. Effective asset management is tied to maximizing a company’s profitability while minimizing risks associated with asset underutilization and misallocation (Olsen & Sæther, 2016). Key metrics, such as total asset turnover and return on investment, provide insights into how efficiently a business utilizes its resources to generate revenue.
A clear understanding of current and non-current assets also helps students appreciate how resource allocation impacts a company’s financial health. For example, investing in technology may produce long-term benefits, but the correct assessment of short-term assets is crucial for maintaining operational liquidity (Higgins, 2012). Therefore, such insights gained through AC113 enhance students' understanding of their companies’ decisions regarding asset acquisition and disposition.

Financial Reporting of Liabilities and Stockholder’s Equity

The course delineates how to explain financial statement reporting of liabilities and stockholder's equity. Companies engage in various financing activities, including borrowing and issuing equity, to fund operations and growth. Understanding how these activities are represented in financial statements aids non-accounting majors in comprehending funding sources and their implications on company sustainability (Gilbert et al., 2010).
Liabilities are categorized as current or long-term, each having different implications for liquidity risk and long-term solvency. Similarly, understanding stockholder’s equity—comprising common and preferred equity, retained earnings, and additional paid-in capital—offers insights into company financing strategies (Kieso et al., 2019). This knowledge empowers future managers to make informed decisions about financing options and their potential impact on the company’s financial health.

Conclusion

AC113 Accounting for Non-Accounting Majors is pivotal to enhancing managerial competencies within the vast realm of business. By equipping students with foundational accounting knowledge, the course fosters an understanding of financial reporting, internal controls, and effective asset management strategies. Such skills are increasingly vital in today’s business environment, where transparency and accountability are crucial for organizational success. Ultimately, with the right knowledge in accounting principles, non-accounting majors will be better prepared to contribute meaningfully to their organizations.

References

1. AICPA. (2012). The Sarbanes-Oxley Act: A Guide for the Accounting Profession.
2. Bainbridge, S. M. (2008). The Sarbanes-Oxley Act: A New Model for Corporate Governance. Business Lawyer.
3. Baker, H. K., Elliott, W. B., & Bessler, W. (2019). Corporate Governance: A Global Perspective. Journal of Business Research.
4. Bromwich, M., & Bhimani, A. (2015). Management Accounting: The Role of Accounting in Business. Oxford: Oxford University Press.
5. Coates, J. C. (2007). The Goals and Promise of the Sarbanes-Oxley Act. New York University Law Review.
6. Fridson, M. S., & Alvarez, F. (2011). Financial Statement Analysis: A Practitioner's Guide. Wiley.
7. Gilbert, G. R., Lathrop, R. J., & Roberts, D. K. (2010). Corporate Financial Accounting: A Decision-Making Approach. Cengage Learning.
8. Healy, P. M., & Palepu, K. G. (2018). Business Analysis and Valuation: Using Financial Statements. Cengage Learning.
9. Higgins, R. C. (2012). Analysis for Financial Management. McGraw-Hill Education.
10. Kieso, D. E., Weygandt, J. J., & Warfield, T. D. (2019). Intermediate Accounting. Wiley.
11. Kimmel, P. D., & Weygandt, J. J. (2016). Financial Accounting. Wiley.
12. Olsen, A. R., & Sæther, L. (2016). Asset Management: A Capital Market Perspective. Journal of Finance and Investment.
13. Warren, C. S., Reeve, J. M., & Duchac, J. (2015). Accounting. Cengage Learning.
14. White, G. I., Sondhi, A. J., & Fried, D. (2014). The Analysis and Use of Financial Statements. Wiley.