PRINCIPLES OF ACCOUNTING I

BUS221

Course Code: BUS221
Semester: Third Term (Fall)
Theory+Practice: 3 + 0
ECTS: 5

Course Type

Compulsory Course

Course Level

Bachelor's Degree

Year of Study

Semester

Third Term (Fall)

ECTS

Name of Lecturer(s)

Instructor Kayhan Öcal

Learning Outcomes

At the end of this course, the students;

Describe the objectives of the accounting system.
Describe the basic concepts of accounting, its terminology and the aspects of generally accepted accounting principles.
Define and explain the relationship among the basic accounting concepts of assets, liabilities stockholders equity, income and expenses.
Understand how to use the double entry accounting system.
Record basic economic transactions for assets, liabilities, stockholders equity.
Prepare some of the basic adjusting entries at the end of the period and be familiar with the accounting cycle.
Prepare and interpret financial statements for a merchandising company.

Mode of Delivery

Face to face

Prerequisites

Recommended Optional Programme Components

Course Description

This course is designed for defining basic financial accounting terms, concepts and rules.Emphasis is placed on introducing the general principles of accounting, accounting cycle,basic accounting concepts, accounts and types of accounts, recording process and preparation of financial statements. Students who miss more than 30% of total class hours receive an F2 grade.

Course Contents

WEEK	TOPICS
1^st Week	Week 1: Introduction to Accounting and Accounting Fundamentals
2^nd Week	Basic Accounting Terminology
3^rd Week	The Accounting Equation and Double-Entry Bookkeeping System
4^th Week	The Account Concept and the Operation of Accounts
5^th Week	Accounting Recording Process I (Journal Entries)
6^th Week	Accounting Recording Process II (General Ledger)
7^th Week	Midterm
8^th Week	Accounting Recording Process III (Balancing Accounts, Integrated Accounting Recording Process Practice)
9^th Week	Completion of the Accounting Cycle I (Trial Balance)
10^th Week	Completion of the Accounting Cycle II (Income Statement)
11^th Week	Completion of the Accounting Cycle III (Statement of Financial Position (Balance Sheet))
12^th Week	Year-End Adjusting Entries I (Depreciation)
13^th Week	Year-End Adjusting Entries II (Bad Debts and Doubtful Debts)
14^th Week	Year-End Adjusting Entries III (Discounts, Accrued Expenses and Income, Prepaid Expenses)

Recommended or Required Reading

Financial Accounting IFRS Edition, 3 rd or 4 th Ed., Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso, John Wiley and Sons, Inc.

Planned Learning Activities and Teaching Methods

Questions/Answers
Discussion
Lecture
Problem Solving

Assessment Methods and Criteria

	Quantity	Percentage (%)
Mid-term	1	40
Practice	1	10
Total(%)		50
Contribution of In-term Studies to Overall Grade(%)		50
Contribution of Final Examination to Overall Grade(%)		50
Total(%)		100

ECTS Allocated Based on Student Workload

Activities	Quantity	Duration (Hour)	Total Workload (Hour)
Midterm exam	1	2	2
Preparation for Quiz	2	16	32
Individual or group work	14	1	14
Preparation for Final exam	1	30	30
Course hours	14	3	42
Preparation for Midterm exam	1	30	30
Laboratory (including preparation)
Final exam	1	2	2
Homework
Quiz	2	2	4
Total Work Load			156
Total Work Load / 30 (h)			5.2
ECTS Credit of the Course			5

Language of Instruction

English

Work Placement(s)

Programme Qualifications / Learning Outcomes

	LO1	LO2	LO3	LO4	LO5	LO6	LO7
K1	X
K2		X
K3			X
K4				X
K5							X
K6
K7
K8
K9					X
K10						X
K11
K12
K13