ACCY 201 Introduction to Accounting Principles I

ACCY 201 IS Sec 4, University of Mississippi
[See UM Catalog for Description]

3 credit hours

Instructor Information:

Description: Dave Nichols

Instructor name:
Dr. Dave Nichols

Instructor Information:
Dr. Nichols is an Associate Professor in the E. H. Patterson School of Accountancy at The University of Mississippi. He earned his Ph.D. in Accounting at Oklahoma State University.

His research interests include, in addition to Title VII employment issues, accounting certification issues and the usefulness of geographic segment reporting.

Contact Information:

If you have questions concerning the content of the course, you may contact the instructor directly using the Email Your Instructor link in the Lessons or Content page. NOTE: Whenever sending email, please be sure to indicate your course title and number in the subject line. You can expect a response within 72 hours, although it may be longer on weekends. Many instructors reply within 24 hours.

For lesson or test administration issues, please contact the iStudy department:

The University of Mississippi
Division of Outreach and Continuing Education
P. O. Box 1848
University, MS 38677

Phone: (662) 915-7313, toll-free (877) 915-7313
Fax: (662) 915-8826

Course Description

This 12-lesson Independent Study course is on the topic of Accountancy. Accountancy 201, the first half of Introduction to Accounting Principles, gives you the basic foundation for preparing, understanding, and using financial information. The course is designed to prepare you for more advanced study in the field of accounting as well as in related fields of business and economics. The course is also designed for students of the arts and sciences who desire a basic knowledge of financial record keeping, financial reports, and the basic elements of business.

Since the course begins at the elementary level, no prior knowledge of business or bookkeeping is required. The functions of recording, accumulating, and summarizing accounting data for a proprietorship are emphasized early in the course. Specialized topics including internal control, interest, depreciation, and payroll are covered. Emphasis throughout the course is placed on the principles governing the practice of accounting.

Textbook Information:

Textbook information will be provided upon enrollment in your iStudy course.

Course Objectives:

The objective of the course is to provide you with a basic understanding of financial accounting. Upon successful completion of the course, you should be able to account for and to report many different types of transactions affecting many different types of accounts.

In addition, this course will provide a review of the major business activities of a company. These business activities include:

  • the sale of goods and services
  • the collection of cash and accounting for receivables
  • the purchase and the valuing of inventory
  • the purchase, disposal, and accounting for long-term assets
  • the issuing and repayment of debt
  • the accounting for stock transactions

Course Outline:

This course consists of 12 instructional modules (or lessons).


Reading Assignments

Due for Grades

Pacing Guide
to complete the course in one semester

Start Here *You MUST complete the syllabus quiz as soon as you have access to your Blackboard course. This is mandatory to verify your attendance.* NOTE: you must pass the Syllabus and Orientation Quiz for the course materials to appear on the Lessons page. Syllabus Quiz Week 1
0 Introduction discussion board, course journal entry Week 1
1 Chapter 1: Introduction to Accounting and Business including the adaptive study plan chapter 1 homework, chapter 1 quiz Week 1
2 Chapter 2: Analyzing Transactions including the adaptive study plan chapter 2 homework and chapter 2 quiz
Week 2
3 Chapter 3: The Adjusting Process including the adaptive study plan chapter 3 homework and chapter 3 quiz
Week 3
4 Chapter 4: The Accounting Cycle including the adaptive study plan chapter 4 homework and chapter 4 quiz, course journal entry Week 4
Course Exam 1 Covers chapters 1-4: you have 2 hours to complete it To be scheduled
and completed
before proceeding
Week 5
5 Chapter 5: Accounting for Retail Businesses including the adaptive study plan chapter 5 homework and chapter 5 quiz
Week 6
6 Chapter 6: Inventories including the adaptive study plan chapter 6 homework and chapter 6 quiz
Week 8
MIDPOINT OF COURSE If you are a semester student, you must reach the midpoint of your course by the date specified in your orientation information.
If you are a Flex UM student, you CANNOT WITHDRAW from this course after the lesson has been submitted.
All lesson assignments or exams needed to reach the midpoint of the course The exact date semester students are required to reach the midpoint is specified in your information.
7 Chapter 7: Internal Control and Cash including the adaptive study plan chapter 7 homework and chapter 7 quiz
Week 9
8 Chapter 8: Receivables including the adaptive study plan chapter 8 homework and chapter 8 quiz, course journal entry
Week 10
Course Exam 2 Covers chapters 5-8: you have 2 hours to complete it To be scheduled
and completed
before proceeding
Week 11
9 Chapter 9: Long-Term Assets: Fixed and Intangible including the adaptive study plan chapter 9 homework and chapter 9 quiz Week 12
10 Chapter 10: Liabilities: Current, Installment Notes, Contingencies including the adaptive study plan chapter 10 homework and chapter 10 quiz
Week 13
11 Chapter 11: Liabilities: Bonds Payable including the adaptive study plan chapter 11 homework and chapter 11 quiz Week 14
12 Chapter 12: Corporations: Organization, Stock Transaction, and Dividends including the adaptive study plan chapter 12 homework and chapter 12 quiz, course journal entry  Week 15
Final Exam Covers chapters 9-12 and includes comprehensive questions from all chapters (ensure all work is completed and graded prior to scheduling this exam): you have 3 hours to complete it To be scheduled
and completed
before proceeding
Week 16


The grading format is as follows:
90 - 100% = A
80 - 89% = B
70 - 79% = C
60 - 69% = D
Below 59% = F

The grading format is as follows:

Online homework (quizzes, homework exercises) = 17.5%
Course Exam 1 = 27.5%
Course Exam 2 = 27.5%
Final Exam = 27.5%


You must submit the lessons required to take the course exam(s). Lessons required but not submitted will receive a grade of zero. For the final exam, all coursework must be submitted and graded.