Overview

This course provides students with a concentrated and encompassing introduction to financial accounting. Course content focuses on (1) the framework and conventions that define accounting rules and practice under Generally Accepted Accounting Principles, (2) recording business transactions in the accounting system, ;(3) the content and presentation of corporate financial statements, and (4) basic ratio analysis of the financial statements.

Prerequisites

There are no prerequisites for this course, but to move on to the Accounting Foundations concentration, you must earn a B in this course.

Course Objectives

Upon completion of this course, you should be able to do the following:

• Understand and articulate how financial accounting serves as a process for holding business executives accountable for how they manage other people’s money.
• Understand and articulate the conventions and institutional frameworks that establish accounting and financial reporting for public corporations in the United States.
• Demonstrate and utilize a working knowledge of accounting terms used in business.
• Prepare accounting journal entries for fundamental business transactions, and analyze the effects of those transactions on the financial statements.
• Demonstrate a general working knowledge of and familiarity with corporate financial statements.
• Utilize basic ratios to analyze a company's financial performance.

Integration, Collaboration, and Engagement (ICE)

The OMBA is designed around the three-part ICE framework, a teaching and learning approach that incorporates the principles of integration, collaboration, and engagement (ICE). Learning and application of these essential business concepts through course content will provide students with a comprehensive and innovative outlook on the challenges in today’s business environment. The OMBA program embodies the ICE framework in the following ways:

• Integrative learning: Unifies concepts across business disciplines, allowing you to engage in authentic problem-solving from a holistic perspective.
• Collaborative learning: Embraces hands-on projects that promote team-based problem-solving, decision-making, and project management.
• Engaged learning: Applies business concepts in an interactive and participative learning environment through the use of virtual classrooms and diverse multimedia forums.

Curricular Themes

Teamwork in the OMBA

Each OMBA course will include some level of teamwork, given the importance that group dynamics have in the contemporary professional environment. Course team activities are designed to allow for active group problem-solving and decision-making. Student Badges, created in the Team Performance Course, serve as an introductory point of reference for your team members to get to know you, and your preferred working environment. OMBA teams are encouraged to meet at the beginning of each course, to draft/discuss a team contract, that will define the critical components of how best to work together. Be sure to reference the Group Work section under the Academic Integrity heading in the General Course Information in the course.

Synchronous and Asynchronous Learning

To provide an optimal learning experience, all OMBA courses will incorporate both synchronous (live) and asynchronous (on your own) learning activities that create balance, stimulate engagement, and appeal to diverse learning styles. Zoom is one example of a synchronous tool used in the OMBA. All synchronous sessions will be recorded for your convenience. Live attendance is not mandatory. Conversely, asynchronous tools include discussion boards, blogs, quizzes, and tests where participation occurs at your own pace but within stated deadlines and due dates. Instructors will identify when and how each synchronous and asynchronous tool will be used throughout their course.

Required Course Materials

Most World Campus courses require that students purchase materials (e.g., textbooks, specific software, etc.). To learn about how to order materials, please see the Course Materials page. You should check LionPATH approximately 3–4 weeks before the course begins for a list of required materials.

Library Resources

Many of the University Libraries resources can be utilized from a distance. Through the Libraries website, you can

• access magazine, journal, and newspaper articles online using library databases;
• borrow materials and have them delivered to your doorstep—or even your desktop;
• get research help via email, chat, or phone using the Ask a Librarian service; and
• much more. 

You must have an active Penn State Access Account to take full advantage of the Libraries' resources and service.  The Off-Campus Users page has additional information about these free services.

Penn State World Campus Privacy and Data Security Information

The university takes issues related to student privacy very seriously. As such, all approved third-party tools used in our courses are vetted by the university to ensure that student data will be protected and secure. For more information on privacy or accessibility please visit the following websites.

• Penn State’s AD53 Privacy Policy
• Penn State’s Web Privacy Statement
• Penn State World Campus Privacy Policy Statement and SMS Terms and Conditions

Technology Accessibility

The university takes the accessibility of our courses and websites very seriously. As such, all approved tools used in our courses are vetted by the university to ensure that the technology tools adhere to the current ADA standards. For more information on privacy or accessibility please visit the following websites.

• Penn State Policy and Accessibility Guidelines
• AD69 Accessibility of Electronic and Information Technology

The following are accessibility statements for third-party tools that you may utilize during this course:

• Canvas
• Kaltura
• Microsoft Office 365
• YouTube
• Zoom

Technical Requirements and Help

Student Education Experience Questionnaire (SEEQ)

During the semester you will receive information about completing the Student Education Experience Questionnaire (SEEQ). Your participation is an opportunity to provide anonymous feedback on your learning experience. Your feedback is important because it allows us to understand your experience in this course and make changes to improve the learning experiences of future students. Please monitor email and course communications for links and availability dates.

Course Requirements and Grading

Assessments

Individual Assessments

1. Practice Exercises (10%): The practice exercises are embedded in the Canvas lesson. Their purpose is to reinforce the material in the section you've just read by allowing you to check your understanding. Exercises include completing short problems or calculations, preparing journal entries or simple financial statements, and using the information found in real financial statements. When you submit your answer to an exercise, you'll receive immediate feedback showing the correct and incorrect portions of your answer. You have as many attempts as you need to correctly complete each exercise. You may also go back after receiving your point to use the exercise for additional practice. Select “take the quiz again” to repeat the exercises. You will not lose the point that was previously awarded. The practice exercise due dates listed in the course schedule and modules correspond to the end date for that particular lesson. However, you may still complete them and receive full credit as long as they are completed by the last day of classes.Please ignore the “late” notification that will be shown if you complete the exercise after the lesson's end date.
2. Homework (30%): You select each homework assignment in the respective lesson module to access the homework for that lesson. The homework problems present various business scenarios and require you to apply the concepts you've studied in your readings. Many students have said that working the homework problems is the best way to learn accounting. The assignments are set up so that you can attempt the problems as many times as you wish within each lesson week and check your answers as you go. Your best score submitted before the due date and time will count for grading purposes. If during the lesson week, you need to stop working and go back to the assignment later, you can pick up where you left off. If you're struggling with a problem, don't worry. Please be sure to hit the submit button before the due date. After the due date, you'll be shown the answers to the problems. If you still have questions about any homework problems after seeing the correct answers, please contact your instructional team for additional support. It's very important that you thoroughly understand how to solve the problems!
   • If you submit homework after the due date, you must provide a screenshot for each problem and include the screenshot(s) in a Word document or PDF. Please make sure the screenshots include the green checkmarks/red Xs that Connect creates when you check your answers. Send this file to your course instructor and TSS(s).
   • The following late penalties are outlined below:
     • One (1) week - 10% deduction
     • Two (2) weeks - 30% deduction
     • Three (3) weeks - 50% deduction – no homework accepted more than 3 weeks after the due date.

   Please be aware that no homework will be accepted after the last day of class.

3. Discussion Participation (10%): The discussions ask you to further explore the lesson topic or to discuss related business issues in a forum where you can interact with your peers. Discussions will be most valuable if you give some thought to your posts and share your knowledge and experiences. The discussions ask you to post your thoughts and some require a response to a discussion group member. Please consult each discussion for specific due date(s) as some have two posts and others one post. You will receive a grade for each discussion that will reflect your effort in contributing to the discussion. A rubric is provided with each discussion as a guide for the discussion grade. Please understand that the discussion grade is, by necessity, somewhat subjective.
   • You will receive no credit for discussion posts that are over two (2) weeks late.
   • No discussions will be accepted after the last day of class
4. Exams (30%): There will be three exams, due on the dates shown in the schedule. Each exam, including the third exam completed during finals week, will focus on only the topics covered since the last exam. However, accounting knowledge is inherently cumulative. For each exam, you will be expected to already know the basic concepts from all previous topics. Each exam will consist of 30 multiple-choice questions, and you will have 2.5 hours to complete the exam. You may take the exam at any time during the dates/times listed for each exam provided you complete the exam before the end of the exam window. The exam timing windows will not be changed except in exceptional circumstances. For Exam 1 (covers Lessons 1-3), you may not refer to notes, books, or any other aids. Exams 2 (covers Lessons 4-8) and 3 (covers Lessons 9-13) are open-book, open-notes. You may use a calculator and scratch paper as necessary, but you may not consult other people or online sources as you take the exams. There are no exam retakes.

Team Assessments

1. Team Assignments (15%): You will work in teams on two assignments during the semester. The assignments will allow you to think from a corporate manager's point of view and apply accounting concepts to realistic situations. A team home page is provided in Canvas to facilitate messaging and posting drafts as you work on the assignment. The deliverable for each assignment is submitted online in Canvas by one team member only. Specific instructions will be given with each assignment, and a grading rubric will be available. Please submit your completed assignment by the due date using the Submit button on the Team Assignment page. You will have ONE OPPORTUNITY to correct or improve your assignment after receiving your grade and instructor feedback. Assignment corrections must be submitted within seven (7) days of posted grades. The maximum grade on a revised assignment will be 90%. The penalty after the resubmission due date and time is 20% for any portion of a day.
2. Team Assignment Peer Evaluation (5%): An evaluation of the work done by your project teammates (and your own work) will be due at the end of the semester. The evaluation form will be provided and will include space for comments. When entering the Peer Evaluation, it will ask you which team you want to review. Be sure to select MDADM 811 Team Assignments. There will be a 20% penalty on an individual's score if that person does not complete the Peer Evaluation.

Collaboration and Teams in the OMBA

Helping you to enhance skills and competencies related to group dynamics and teaming is a principle goal of the OMBA. Consequently, this course includes team activities and group work that allows for the application of teaming concepts that you learned in the Team Performance course (MBADM 810). You are expected to work in teams effectively and productively to complete all team assignments. Students may not request to work individually on team projects. Any adjustments to team composition are the sole right of the instructor. If you have concerns related to this commitment, please contact your instructor.

Honor Code and Professionalism

As a professional, you are expected to act with the highest level of integrity and an exemplary work ethic. Likewise, in this course, you are required to adhere to the Smeal Honor Code and the Penn State University Code of Conduct, and also to hold your peers accountable to the same standards. In team assignments, you should do your share of the work, on time, and to the best of your ability. In discussions, always be courteous and accepting of others' thoughts. Be supportive of classmates on assignments that allow or encourage collaboration. Keep in mind that you are in this course to study and learn new material that will benefit you in the future; you are not here to simply get a grade in the easiest way possible. Enjoy and embrace the learning experience with an ethical mindset, and you will always be proud of your work.

Grading

Grades will be determined based on the following weighted categories.

Final grades will be assigned as follows. There are no extra credit opportunities. Thank you for understanding this policy.

Please refer to the University Registrar's information about University grading policies.

If, for reasons beyond the student's control, a student is prevented from completing a course within the prescribed time, the grade in that course may be deferred with the concurrence of the instructor. The symbol DF appears on the student's transcript until the course has been completed. Non-emergency permission for filing a deferred grade must be requested by the student before the beginning of the final examination period. In an emergency situation, an instructor can approve a deferred grade after the final exam period has started. Under emergency conditions during which the instructor is unavailable, authorization is required from one of the following: the dean of the college in which the candidate is enrolled; the executive director of the Division of Undergraduate Studies if the student is enrolled in that division or is a provisional student; or the campus chancellor of the student's associated Penn State campus.

For additional information please refer to the Deferring a Grade page.

Important AI Information

AI Course Notes: This course uses McGraw-Hill Connect for many of its assignments. You may use AI to analyze data and for first draft work generation purposes for all McGraw-Hill Homework and Exercises in this course. Online writing assistants and AI tools may be used to help generate ideas or check grammar and spelling. However, the core content and supporting statements in the assignment must be based on research from authoritative accounting sources, with such sources cited. It is imperative that you read the "Ethical Use of AI in Education” and the “Evaluating AI Content” sections of the AI module if you plan to use these sources. In addition, the use of AI must be cited and citation guidance is in the AI module under “The Use of AI in Assignments” (any citation style is acceptable). Other people cannot do your work, like tutors or sites like Course Hero or Chegg. We are sincerely focused on academic integrity and we will check your work closely. Please also see the Academic Integrity section of the syllabus.

University AI Policies and Resources

If you choose to use an artificial intelligence (AI) technology for an assignment, your ethical responsibilities as a student are to:

• Check your course syllabus and assignments for the AI policy, including how it can or cannot be used.
• Avoid submitting sensitive information as it may be used to train the tool. Never provide personal or private information or restricted data (see Penn State’s University Information Assurance and IT Security Policy AD95). Commercial data protection is provided in Microsoft Copilot when signing in with your Penn State login.
• Comply with relevant institutional policies, federal and state laws including Privacy Policy AD53, Accessibility Guidelines AD69, and the Family Educational Rights and Privacy Act (FERPA). Also see Guidelines for AI Use at Penn State.
• Verify and carefully review generated content as AI may hallucinate and produce biased, inaccurate, incorrect, or incomplete information.
• Be transparent and acknowledge how you used artificial intelligence in your work and properly cite it. Failure to cite artificial intelligence may be considered an academic integrity violation. Citation resources may be found at Penn State Libraries Generative AI: ChatGPT and Beyond.
• Recognize that you are ultimately responsible for your submissions.
• If in doubt, ask your course instructor or TSS for clarification before using AI for any course work.

Course Schedule

Note: All due dates reflect North American eastern time (ET).

Formal instruction will end on the last day of class. Provided that you have an active Penn State Access Account user ID and password, you will continue to be able to access the course materials for one year, starting from the end date of the academic semester in which the course was offered (with the exception of library reserves and other external resources that may have a shorter archival period). After one year, you might be able to access the course based on the policies of the program or department offering the course material, up to a maximum of three years from the end date of the academic semester in which the course was offered. For more information, please review the University Course Archival Policy.

Intent to Graduate

Academic Integrity

According to Penn State policy G-9: Academic Integrity (for undergraduate courses) and policy GCAC-805 Academic Integrity (for graduate courses), an academic integrity violation is “an intentional, unintentional, or attempted violation of course or assessment policies to gain an academic advantage or to advantage or disadvantage another student academically.” Unless your instructor tells you otherwise, you must complete all course work entirely on your own, using only sources that have been permitted by your instructor, and you may not assist other students with papers, quizzes, exams, or other assessments. If your instructor allows you to use ideas, images, or word phrases created by another person (e.g., from Course Hero or Chegg) or by generative technology, such as ChatGPT, you must identify their source. You may not submit false or fabricated information, use the same academic work for credit in multiple courses, or share instructional content. Students with questions about academic integrity should ask their instructor before submitting work.

Students facing allegations of academic misconduct may not drop/withdraw from the affected course unless they are cleared of wrongdoing (see G-9: Academic Integrity or GCAC-805 Academic Integrity as appropriate). Attempted drops will be prevented or reversed, and students will be expected to complete course work and meet course deadlines. Students who are found responsible for academic integrity violations face academic outcomes, which can be severe, and put themselves at jeopardy for other outcomes which may include ineligibility for Dean’s List, pass/fail elections, and grade forgiveness. Students may also face consequences from their home/major program and/or The Schreyer Honors College.

How Academic Integrity Violations Are Handled
World Campus students are expected to act with civility and personal integrity; respect other students' dignity, rights, and property; and help create and maintain an environment in which all can succeed through the fruits of their own efforts. An environment of academic integrity is requisite to respect for oneself and others, as well as a civil community.

In cases where academic integrity is questioned, procedures allow a student to accept or contest/appeal the allegation. If a student chooses to contest/appeal the allegation, the case will then be managed by the respective school, college or campus Academic Integrity Committee. Review procedures may vary by college, campus, or school, but all follow the aforementioned policies.

All academic integrity violations are referred to the Office of Student Accountability and Conflict Response, which may assign an educational intervention and/or apply a Formal Warning, Conduct Probation, Suspension, or Expulsion.

Information about Penn State's academic integrity policy is included in the information that students receive upon enrolling in a course. To obtain that information in advance of enrolling in a course, please contact us by going to the Contacts & Help page.

Student Success and Support Resources

The Chaiken Center for Student Success at Penn State World Campus guides you to the right resources and support you need–when you need them–along your academic journey. You can connect with peers and support teams to find direction, information, and networking opportunities. On the website, you'll find information and resources on many aspects of being a World Campus student:

• Finances—tuition, scholarships, and financial aid
• Inclusion and Wellness—diversity and inclusion, mental health services, disability accommodations, care and advocacy
• Enrollment and Registration—course planning, adding and dropping courses, and much more
• Course Work and Success—academic advising, tutoring, and other services
• Involvement and Opportunities—career resources, student organizations, internships, service, study abroad, and more

Following are some key resources.

Student Disability Services

Penn State welcomes students with disabilities into the University’s educational programs. Every Penn State campus has an office for students with disabilities, including World Campus. The Disabilities and Accommodations section of the Chaiken Center for Student Success website provides World Campus students with information regarding how to request accommodations, documentation guidelines and eligibility, and appeals and complaints. For additional information, please visit the University's Student Disability Resources website.

In order to receive consideration for reasonable accommodations, you must contact the appropriate disability services office at the campus where you are officially enrolled, participate in an intake interview, and provide documentation. If the documentation supports your request for reasonable accommodations, your campus's disability services office will provide you with an accommodation letter. Please share this letter with your instructors and discuss the accommodations with them as early in your courses as possible. You must follow this process for every semester that you request accommodations.

Counseling and Psychological Services

If you have a crisis or safety concern, mental health services are available to you as a Penn State student. Crisis and emergency contacts are available, no matter where you are located:

• Anywhere in the United States: Call the Penn State Crisis Line at 1-877-229-6400 or text LIONS to 741741. You can also contact your local crisis services or hospital for emergencies.
• Outside the United States: Please contact emergency services in your current location. You can also use the International Crisis and Emergency Services listings.
• At University Park: Assistance is available at Counseling & Psychological Services (CAPS) locations on campus.
• At a Penn State branch campus: You can search for counseling information at your campus.

Military Student Information

Veterans and currently serving military personnel and/or dependents with unique circumstances (e.g., upcoming deployments, drill/duty requirements, VA appointments, etc.) are welcome and encouraged to communicate these, in advance if possible, to the instructor in the case that special arrangements need to be made.

Penn State offers many resources to accommodate various types of learners. It is important to the University that learning is available in ways that are conducive to all students.

Additional Policies

Privacy

Student Responsibilities

1. Students are responsible for online course content, taking notes, obtaining other materials provided by the instructor, taking tests (if applicable), and completing assignments as scheduled by the instructor.  As a general rule, students should plan on logging into the course at least three times per week and spending at least three hours per course credit per week on the course, e.g., if the course is three credits, the student should plan on spending at least 9-12 hours per week on the course, just as they would in a residence course.
2. Students are responsible for keeping track of changes in the course syllabus made by the instructor throughout the semester.
3. Students are responsible for monitoring their grades.
4. Students must contact their instructor (and teammates when working on any collaborative learning assignments) as soon as possible if they anticipate missing long periods of online time due to events such as chronic illnesses, death in the family, business travel, or other appropriate events. The instructor will determine the minimal log on time and participation required in order to meet course responsibilities. In the event of other unforeseen conflicts, the instructor and student will arrive at a solution together.
   1. Instructors may require students to provide documentation with the class absence form or other written notification for events such as illness, family emergency, or a business-sanctioned activity.
   2. Conflicts with dates on which examinations or assignments are scheduled must be discussed with the instructor or TA prior to the date of the examination or assignment.
5. Students are responsible for following appropriate netiquette (network etiquette) when communicating with their instructor and classmates. For reference, see the Academic Success Kit.
6. Behaviors that disrupt other students’ learning are not acceptable and will be addressed by the instructor.
7. For severe and chronic problems with student disruptive behavior, the following will be applied for resolution:
   1. Senate Committee on Student Life policy on managing classroom disruptions: Office of Student Accountability and Conflict Response.
   2. Penn State Values.

Reporting Bias

Penn State takes great pride to foster a diverse and inclusive environment for students, faculty, and staff. Acts of intolerance, discrimination, or harassment due to age, ancestry, color, disability, gender, gender identity, national origin, race, religious belief, sexual orientation, or veteran status are not tolerated and can be reported through Educational Equity via the Report Bias webpage.