Accounting is the information system organizations use to identify, record and communicate relevant economic events and as such all management students should have a strong background in accounting. The purpose of this course is to familiarize the students with basic accounting concepts, principles, and methods as well as to teach them the basic business terminology they will encounter in future management courses and in the business world. The course will help the students appreciate the role of accounting information in financial decision making and is intended to serve as a foundation for subsequent Accounting and Finance courses. The topics covered include demand for accounting information by internal and external users in making investment and credit decisions; supply of accounting information and the institutional background for generally accepted accounting principles; the format and the content of the four basic financial statements; analysis and recording of business transactions through the recording cycle; accounting for current assets including trade receivables and inventories; plant- property-equipment and depreciation; financing through short and long-term debt versus equity; and basic financial ratio analysis.
Introduction to Financial Accounting and Reporting (ACC 201)
| Programs\Type | Required | Core Elective | Area Elective |
| Economics | * | ||
| Economics | * | ||
| Industrial Engineering | * | ||
| Industrial Engineering (Previous Name: Manufacturing Systems Engineering) | * | ||
| Management | * | ||
| Management | * |
CONTENT
OBJECTIVE
The objectives of the course are to introduce students to the main types of financial information shown in the financial statements (F/S) of large companies, to help students understand the main types of business transactions and how they affect the financial statements and to introduce students to important business terminology encountered in today's business world.
LEARNING OUTCOMES
- Upon successful completion of the course, the student should be able to: 1. Explain how accounting information is used in resource allocation decisions by users internal and external to the firm, 2. Describe the basic assumptions, concepts and principles of financial accounting, 3. Analyze business transactions in terms of their effect on financial statements and be able to record them formally in company books, 4. Distinguish cash flows (cash basis) from income measurement (accrual basis) , 5. Prepare a set of simple financial statements and classify their components for a more meaningful interpretation of the statements, 6. Broadly assess the financial position, profitability and cash flows of a firm through simple ratio analysis. 7. Understand and use basic accounting/financial terminology.
PROGRAMME OUTCOMES
1. Understand the world, their country, their society, as well as themselves and have awareness of ethical problems, social rights, values and responsibility to the self and to others. 4
2. Understand different disciplines from natural and social sciences to mathematics and art, and develop interdisciplinary approaches in thinking and practice. 3
3. Think critically, follow innovations and developments in science and technology, demonstrate personal and organizational entrepreneurship and engage in life-long learning in various subjects; have the ability to continue to educate him/herself. 3
4. Communicate effectively in Turkish and English by oral, written, graphical and technological means. 3
5. Take individual and team responsibility, function effectively and respectively as an individual and a member or a leader of a team; and have the skills to work effectively in multi-disciplinary teams. 3
1. Possess sufficient knowledge of mathematics, science and program-specific engineering topics; use theoretical and applied knowledge of these areas in complex engineering problems.
2. Identify, define, formulate and solve complex engineering problems; choose and apply suitable analysis and modeling methods for this purpose.
3. Develop, choose and use modern techniques and tools that are needed for analysis and solution of complex problems faced in engineering applications; possess knowledge of standards used in engineering applications; use information technologies effectively.
4. Have the ability to design a complex system, process, instrument or a product under realistic constraints and conditions, with the goal of fulfilling specified needs; apply modern design techniques for this purpose.
5. Design and conduct experiments, collect data, analyze and interpret the results to investigate complex engineering problems or program-specific research areas.
6. Possess knowledge of business practices such as project management, risk management and change management; awareness on innovation; knowledge of sustainable development.
7. Possess knowledge of impact of engineering solutions in a global, economic, environmental, health and societal context; knowledge of contemporary issues; awareness on legal outcomes of engineering solutions; knowledge of behavior according to ethical principles, understanding of professional and ethical responsibility.
8. Have the ability to write effective reports and comprehend written reports, prepare design and production reports, make effective presentations, and give and receive clear and intelligible instructions.
1. Formulate and analyze problems in complex manufacturing and service systems by comprehending and applying the basic tools of industrial engineering such as modeling and optimization, stochastics, statistics.
2. Design and develop appropriate analytical solution strategies for problems in integrated production and service systems involving human capital, materials, information, equipment, and energy.
3. Implement solution strategies on a computer platform for decision-support purposes by employing effective computational and experimental tools.
1. Have an understanding of economics and main functional areas of management 4
2. Have a basic all-around knowledge in humanities, science, mathematics, and literature 3
3. Have a basic knowledge of law and ethics, awareness of social and ethical responsibilities 4
4. Work effectively in teams and environments characterized by people of diverse educational, social and cultural backgrounds 2
5. Demonstrate proficiency in oral and written communications in English 3
6. Pursue open minded inquiry and appreciate the importance of research as an input into management practice; thus, a.know how to access, interpret and analyze data and information by using current technologies b.use the results from analyses to make informed decisions 3
7. Use office softwares for written communication, presentation, and data analysis 3
8. Demonstrate awareness that business settings present different opportunities and challenges for managers due to environmental/contextual differences that arise in economic, political, cultural, legal-regulatory domains 3
1. Provide constructive analysis of economic phenomena at the national and international level, and interactions between the two.
2. Develop an understanding of organizations and institutions in the society as well as their influence on the economy.
3. Recognize how incentives shape the behavior of individuals and organizations.
4. Identify "economic" problems and propose alternative models and/or design and conduct research to provide viable solutions using theoretical tools and/or quantitative methods.
5. Communicate problems and solutions to managerial and policy decision-making units as well as to lay audiences.
Update Date:
ASSESSMENT METHODS and CRITERIA
| Percentage (%) | |
| Final | 40 |
| Midterm | 30 |
| Homework | 30 |
RECOMENDED or REQUIRED READINGS
| Textbook |
Financial Accounting 12th edition plus MyAccountingLab with Pearson eText, |