ISTANBUL OKAN UNIVERSITY INFORMATION PACKAGE / COURSE CATALOGUE
| Executive MBA | |||||
| Master | TR-NQF-HE: Level 7 | QF-EHEA: Second Cycle | EQF-LLL: Level 7 | ||
General course introduction information
| Course Code: | E-MBA512 | ||||||||
| Course Name: | Financial Accounting | ||||||||
| Course Semester: | Fall | ||||||||
| Course Credits: |
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| Language of instruction: | TR | ||||||||
| Course Requisites: | |||||||||
| Does the Course Require Work Experience?: | No | ||||||||
| Type of course: | Compulsory | ||||||||
| Course Level: |
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| Mode of Delivery: | Face to face | ||||||||
| Course Coordinator : | Dr.Öğr.Üyesi ALİNA TARAN | ||||||||
| Course Lecturer(s): |
Öğr.Gör. Nermin ÇITAK Dr.Öğr.Üyesi İREM BATIBAY TÜNAYDIN Assoc. Prof. HÜSEYİN MERT Dr.Öğr.Üyesi İLKER CALAYOĞLU Dr.Öğr.Üyesi TURGAY MÜNYAS Dr. Mahmut Vefa TOROSLU Dr.Öğr.Üyesi DENİZ SÖNMEZ |
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| Course Assistants: |
Course Objective and Content
| Course Objectives: | The students who succeeded in this course: Explain the fundamental accounting principles; Recognize assets, liabilities, equity, expense and revenue items in business transactions; Perform bookkeeping process in accounting; Prepare journal, ledger, trial balance from the T-Accounts, adjusting and closing entries of an entity; Identify inventory costing, assets depreciation, and basics of valuation methods to the related accounts; Prepare financial statements |
| Course Content: | This course introduces students actual accounting practices and technics. The real focus of the course is covering the meaning of accounting information and how decision-makers use this information. Throughout this course students will be provided with financial accounting concepts to give an understanding of how accounting information is made available for those who may be a manager at any level. |
Learning Outcomes
The students who have succeeded in this course;
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Lesson Plan
| Week | Subject | Related Preparation |
| 1) | • Describe the course. • Explain what accounting is. • List and explain different forms of business organizations. • Describe the various types of business activities. • Define accounting and identify the primary users of accounting information and their needs. • Compare and contrast financial accounting and managerial accounting. | Williams, J.R., Haka, S.F., Better, M.S., Carcello, J.V. (2021) Financial & Managerial Accounting. The basis for business decisions, 19th Edition, McGraw-Hill Education |
| 2) | • Mali raporlamanın amaçlarını tanımlayın. • Muhasebe bilgilerinin niteliksel özelliklerini açıklar. • Sınıflandırılmış bir bilançonun kavramını ve amacını açıklayın. • Bilançonun nasıl hazırlanacağını gösterin. • Bir şirketin mali durumunu analiz etmek için sınıflandırılmış bir bilançonun nasıl kullanılacağını açıklayın. | Williams, J.R., Haka, S.F., Better, M.S., Carcello, J.V. (2021) Financial & Managerial Accounting. The basis for business decisions, 19th Edition, McGraw-Hill Education |
| 3) | • Discuss relevance with regard to the use of accounting information, • Explain the purpose of each of the financial statements. • Illustrate how to prepare simple statements. • Describe the relationship among statements. • Explain assets and liabilities. | Williams, J.R., Haka, S.F., Better, M.S., Carcello, J.V. (2021) Financial & Managerial Accounting. The basis for business decisions, 19th Edition, McGraw-Hill Education |
| 4) | • Explain the difference between external and internal events. • Explain the role of source documents in an accounting system. • Analyze the effects of transactions on the accounting equation. • Discuss how transactions affect the balance sheet and the income statement. | Williams, J.R., Haka, S.F., Better, M.S., Carcello, J.V. (2021) Financial & Managerial Accounting. The basis for business decisions, 19th Edition, McGraw-Hill Education |
| 5) | • Describe the events that affect an entity. • Define source documents and explain the significance to the recording process. • Define the four different types of cash. • Compare an account receivable and a note receivable. • Define and explain the double entry system of accounting. | Williams, J.R., Haka, S.F., Better, M.S., Carcello, J.V. (2021) Financial & Managerial Accounting. The basis for business decisions, 19th Edition, McGraw-Hill Education |
| 6) | • Identify the forms of inventory held by different types of businesses and the types of costs incurred. • Illustrate how wholesalers and retailers account for sales of merchandise. • Demonstrate how wholesalers and retailers account for cost of goods sold. • List and explain the distinct types of costs that manufacturers incur. • Explain why companies use contra accounts to account for returned merchandise. | Williams, J.R., Haka, S.F., Better, M.S., Carcello, J.V. (2021) Financial & Managerial Accounting. The basis for business decisions, 19th Edition, McGraw-Hill Education |
| 7) | • Explain discount credit terms and discuss the benefits to the customer. • Discuss how point of sale terminals improved the ability of mass merchandisers to use a perpetual inventory system. • Explain why transportation in and transportation out is recorded differently. • Discuss how a company’s gross profit is determined. | Williams, J.R., Haka, S.F., Better, M.S., Carcello, J.V. (2021) Financial & Managerial Accounting. The basis for business decisions, 19th Edition, McGraw-Hill Education |
| 8) | MIDTERM EXAM I | Williams, J.R., Haka, S.F., Better, M.S., Carcello, J.V. (2021) Financial & Managerial Accounting. The basis for business decisions, 19th Edition, McGraw-Hill Education |
| 9) | • Illustrate how to account for accounts receivable, including bad debts. • Explain how information about sales and receivables can be combined to evaluate how efficient a company is in collecting its receivables. • Demonstrate how to account for interest bearing notes receivable. • Explain the theoretical justification for the allowance method of accounting for bad debts. • Discuss the Allowance for Doubtful Accounts. • Explain the advantage of using an aging schedule when estimating bad debts. • Discuss how to treat any fees or commissions paid to purchase stock in another company. • Explain the purpose of the subsidiary ledger. • Discuss the valuation of accounts receivable. • Describe how to write off uncollectible accounts with the allowance method. • Explain various techniques that companies use to accelerate the inflow of cash from sales. • Illustrate the accounting for and disclosure of various types of investments that companies make. • Explain the effects of transactions involving liquid assets on the statement of cash flow. • Describe the distinction between an account receivable and a note receivable. • Explain why discounting of a note receivable with recourse result in a contingent liability. • Discuss the difference between current and noncurrent assets. • Describe the aging of accounts receivable. • Illustrate how to analyze the accounts receivable rate of collection. • List and explain important terms connected with promissory notes. • Explain valuation and reporting for investments on the financial statements. | Williams, J.R., Haka, S.F., Better, M.S., Carcello, J.V. (2021) Financial & Managerial Accounting. The basis for business decisions, 19th Edition, McGraw-Hill Education |
| 10) | • Explain the balance sheet disclosures for operating assets. • Describe how to determine the acquisition cost of an operating asset. • Explain how to calculate the acquisition cost of assets purchased for a lump sum. • Describe the impact of capitalizing interest as part of the acquisition costs of an asset. • Compare depreciation methods and understand the factors affecting the choice of method. | Williams, J.R., Haka, S.F., Better, M.S., Carcello, J.V. (2021) Financial & Managerial Accounting. The basis for business decisions, 19th Edition, McGraw-Hill Education |
| 11) | • Explain the term acquisition cost of operating assets. • Discuss why it is important to account separately for the cost of land and building even when the two assets are purchased together • Describe under which circumstances interest should be capitalized as part of the cost of an asset. • Discuss why companies use the straight-line depreciation method. | Williams, J.R., Haka, S.F., Better, M.S., Carcello, J.V. (2021) Financial & Managerial Accounting. The basis for business decisions, 19th Edition, McGraw-Hill Education |
| 12) | • Identify the components of the Current Liability category of the balance sheet. • Describe how accruals affect the Current Liability category. • Explain how changes in current liabilities affect the statement of cash flows. • Define current liabilities and discuss why it is important to distinguish current from long term liabilities. | Williams, J.R., Haka, S.F., Better, M.S., Carcello, J.V. (2021) Financial & Managerial Accounting. The basis for business decisions, 19th Edition, McGraw-Hill Education |
| 13) | • Explain contingent liabilities. • Illustrate the difference between simple interest and compound interest. • Explain when to determine whether to calculate present value and future value of an amount. • Explain the meaning of annuity. • Illustrate how to determine the interest rate of a loan. | Williams, J.R., Haka, S.F., Better, M.S., Carcello, J.V. (2021) Financial & Managerial Accounting. The basis for business decisions, 19th Edition, McGraw-Hill Education |
| 14) | REVIEW OF THE SEMESTER Completion of exercises and problems. | Williams, J.R., Haka, S.F., Better, M.S., Carcello, J.V. (2021) Financial & Managerial Accounting. The basis for business decisions, 19th Edition, McGraw-Hill Education |
| 15) | Final Exam | Williams, J.R., Haka, S.F., Better, M.S., Carcello, J.V. (2021) Financial & Managerial Accounting. The basis for business decisions, 19th Edition, McGraw-Hill Education |
Sources
| Course Notes / Textbooks: | Financial Accounting Authors: Walter T. Harrison Jr., Charles T. Horngren, and C. William Thomas Publisher: Pearson Education; 10th Edition (January 16, 2014) ISBN-13: 978-0133427530 | sweetie ISBN-10: 0133427536 Williams, J.R., Haka, S.F., Better, M.S., Carcello, J.V. (2021) Financial & Managerial Accounting. The basis for business decisions, 19th Edition, McGraw-Hill Education |
| References: | Financial Accounting Authors: Walter T. Harrison Jr., Charles T. Horngren, and C. William Thomas Publisher: Pearson Education; 10th Edition (January 16, 2014) ISBN-13: 978-0133427530 | sweetie ISBN-10: 0133427536 Williams, J.R., Haka, S.F., Better, M.S., Carcello, J.V. (2021) Financial & Managerial Accounting. The basis for business decisions, 19th Edition, McGraw-Hill Education |
Course-Program Learning Outcome Relationship
| Learning Outcomes | 1 |
2 |
3 |
4 |
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| Program Outcomes | ||||||
| 1) To gain basic knowledge about the basic functions in the field of business administration and to apply them in real life | ||||||
| 2) To use scientific research methods and technology in decision processes of business | ||||||
| 3) Evaluating the effects of political, legal, geographical, economic and technological factors on the competitive structure of the business area with team work and finding the necessary solutions | ||||||
| 4) to be aware of current issues in the field of business and to gain sensitivity to problems | ||||||
| 5) Transmission of written documents such as reports, printouts, internal correspondence orally in an effective manner | ||||||
| 6) defining and analyzing the problem by forming a team within the framework of professional expertise and conceptual knowledge and using leadership qualities | ||||||
| 7) to be able to relate to other areas of business administration, to be aware of global and social ethical norms | ||||||
Course - Learning Outcome Relationship
| No Effect | 1 Lowest | 2 Low | 3 Average | 4 High | 5 Highest |
| Program Outcomes | Level of Contribution | |
| 1) | To gain basic knowledge about the basic functions in the field of business administration and to apply them in real life | |
| 2) | To use scientific research methods and technology in decision processes of business | |
| 3) | Evaluating the effects of political, legal, geographical, economic and technological factors on the competitive structure of the business area with team work and finding the necessary solutions | |
| 4) | to be aware of current issues in the field of business and to gain sensitivity to problems | |
| 5) | Transmission of written documents such as reports, printouts, internal correspondence orally in an effective manner | |
| 6) | defining and analyzing the problem by forming a team within the framework of professional expertise and conceptual knowledge and using leadership qualities | |
| 7) | to be able to relate to other areas of business administration, to be aware of global and social ethical norms |
Learning Activity and Teaching Methods
| Expression | |
| Brainstorming/ Six tihnking hats | |
| Lesson | |
| Reading | |
| Homework | |
| Problem Solving | |
| Q&A / Discussion |
Assessment & Grading Methods and Criteria
| Written Exam (Open-ended questions, multiple choice, true-false, matching, fill in the blanks, sequencing) | |
| Homework | |
| Application | |
| Case study presentation |
Assessment & Grading
| Semester Requirements | Number of Activities | Level of Contribution |
| Midterms | 1 | % 50 |
| Final | 1 | % 50 |
| total | % 100 | |
| PERCENTAGE OF SEMESTER WORK | % 50 | |
| PERCENTAGE OF FINAL WORK | % 50 | |
| total | % 100 | |
Workload and ECTS Credit Grading
| Activities | Number of Activities | Workload |
| Course Hours | 15 | 45 |
| Study Hours Out of Class | 12 | 36 |
| Presentations / Seminar | 11 | 33 |
| Homework Assignments | 15 | 45 |
| Midterms | 7 | 21 |
| Final | 14 | 56 |
| Total Workload | 236 | |