ACCT 2301: Principles of Financial Accounting
1. What Is ACCT 2301 About?
ACCT 2301: Principles of Financial Accounting is an introductory accounting course focused on learning how financial accounting works and how accounting information is used in business decision-making.
The course presents accounting as the language of business. Students learn the accounting cycle, how financial statements are constructed, and the generally accepted accounting principles (U.S. GAAP) that govern financial reporting.
The course also emphasizes using financial information rather than simply recording transactions. Students learn to analyze financial statements, identify basic accounting problems, and understand the relevance of accounting to businesses and society.
Course Information
| Detail | Information |
|---|---|
| Course | ACCT 2301 |
| Title | Principles of Financial Accounting |
| University | University of Houston |
| Semester | Fall 2026 |
| Primary platforms | Canvas, Connect, and CASA |
| Prerequisite | Not specified in the provided syllabus |
| Main textbook | Financial Accounting, Libby, Libby, and Hodge, 12th edition |
2. What Do Students Learn?
The course develops both the practical and theoretical foundations of financial accounting.
Students learn to:
- Record financial transactions using accounting mechanics and journal entries.
- Understand the accounting cycle.
- Prepare financial statements.
- Analyze and interpret financial and other business information.
- Identify basic accounting problems.
- Recognize and correct certain overstatements and understatements of balance-sheet items.
- Understand the accounting framework and important U.S. GAAP principles.
- Connect accounting information with business decision-making.
- Understand the relevance of accounting to business and society.
The syllabus identifies three main accounting-program learning goals: recording, analyzing, and interpreting financial information; diagnosing basic accounting problems; and understanding the financial and theoretical concepts underlying U.S. GAAP.
3. ACCT 2301 Course Topics
ACCT 2301 progresses through the accounting cycle and then introduces increasingly specific areas of financial accounting.
Financial Statements and Accounting Foundations
The course begins with:
- Financial statements
- Business decisions
- Investing and financing decisions
- The accounting system
- Accrual accounting
- Completing the accounting cycle
These topics establish the basic accounting framework used throughout the rest of the course.
Communicating and Analyzing Accounting Information
Students then move into:
- Communicating accounting information
- Analyzing accounting information
- Accounts receivable
- Inventories
- Property, plant, and equipment (PPE)
Liabilities and Financing
The later portion of the course covers:
- Liabilities
- Time value of money
- Bonds
- Stockholders’ equity
Cash Flows
The course concludes its chapter sequence with the statement of cash flows, followed by a cumulative final examination covering the course material.
4. How Is the Course Structured?
The Fall 2026 syllabus organizes ACCT 2301 around classroom lectures, problem solving, in-class quizzes, take-home assignments, and three major exams.
The course covers Chapters 1–12 and follows a progressive structure:
- Chapters 1–4 → Accounting foundations and accounting cycle
- Chapters 5–8 → Financial information, receivables, inventories, and PPE
- Chapters 9–11 → Liabilities, bonds, and stockholders’ equity
- Chapter 12 → Statement of cash flows
Students have two interim exams during the semester, followed by a cumulative final exam.
The syllabus also states that students should work consistently on assigned problems to develop mastery of the material rather than relying solely on lecture attendance or memorization.
5. What Assignments Are in ACCT 2301?
Exams
Exams are the largest component of the course grade, accounting for 75% in total.
There are three exams:
| Exam | Chapters | Date(s) | Time Allowed |
|---|---|---|---|
| Exam 1 | 1–4 | September 28 or 29, 2026 | 75 minutes |
| Exam 2 | 5–8 | October 28–30, 2026 | 75 minutes |
| Final Exam | 1–12 | December 8–10, 2026 | 105 minutes |
The exams contain both numerical and non-numerical questions and use multiple-choice and open-ended formats.
In-Class Quizzes
In-class quizzes account for 15% of the course grade.
The syllabus states that only the best 80% of quiz responses will count toward the quiz grade. There are no makeup quiz points.
Students are expected to bring the required materials for quizzes, including green scantrons, pencils, and erasers. Smart devices and computers must be put away during quizzes.
Take-Home Assignments
Take-home work accounts for 10% of the course grade.
Assignments include:
- Pre-chapter homework in Connect
- Videos and readings through Connect
- Smart Cycle assignments for Chapters 1–4
- Back-of-chapter questions for later chapters
- Additional assignments through Connect and Canvas
The assignments are intended to prepare students for class discussions, quizzes, and exams.
The syllabus states that late homework receives no credit, and assignment submission times are not adjusted for technical problems, internet access issues, power outages, work schedules, or similar circumstances.
6. ACCT 2301 Grading Breakdown
The course grade is based entirely on the following components:
| Assessment | Weight |
|---|---|
| Interim Exam 1 | 20% |
| Interim Exam 2 | 25% |
| Final Exam | 30% |
| In-Class Quizzes | 15% |
| Take-Home Assignments | 10% |
| Total | 100% |
Letter Grade Scale
| Course Percentage | Grade |
|---|---|
| 90% and above | A |
| 85–89% | B+ |
| 80–84% | B |
| 75–79% | C+ |
| 70–74% | C |
| 65–69% | D+ |
| 60–64% | D |
| Below 60% | F |
7. What Readings and Materials Are Used?
Required Textbook
The primary required textbook is:
Libby, Libby, and Hodge, Financial Accounting, 12th edition.
The required product includes Connect, which provides access to SmartCycle and Sharpen Companion resources.
Required Course Equipment
Students are expected to have:
- Access to Canvas
- A four-function calculator
- Green scantrons 4887
- Sharp pencils
- Erasers
The course also provides access to a tutoring lab in 133 Melcher Hall, where instructional assistants can help students with coursework.
8. ACCT 2301 Weekly Topics
| Date/Week | Main Topic |
|---|---|
| Aug. 24–28 | Syllabus; Chapter 1 – Financial Statements and Business Decisions |
| Aug. 31–Sept. 3 | Chapter 2 – Investing and Financing Decisions and the Accounting System |
| Sept. 7–10 | Labor Day holiday; Chapter 3 – Accrual Accounting |
| Sept. 14–17 | Chapter 3 – Accrual Accounting; Chapter 4 – Completing the Accounting Cycle |
| Sept. 21–24 | Chapter 4; Exam 1 review |
| Sept. 28–29 | Exam 1 – Chapters 1–4 |
| Sept. 30–Oct. 1 | Chapter 5 – Communicating and Analyzing Accounting Information |
| Oct. 5–8 | Chapter 6 – Accounts Receivable |
| Oct. 12–15 | Chapter 7 – Inventories |
| Oct. 19–22 | Chapter 8 – Property, Plant, and Equipment |
| Oct. 26–27 | Exam 2 review |
| Oct. 28–30 | Exam 2 – Chapters 5–8 |
| Nov. 2–5 | Chapter 9 – Liabilities; Time Value of Money |
| Nov. 9–12 | Chapter 10 – Bonds |
| Nov. 16–19 | Chapter 11 – Stockholders’ Equity |
| Nov. 23–24 | Chapter 12 – Statement of Cash Flows |
| Nov. 25–28 | Thanksgiving holiday |
| Nov. 30–Dec. 1 | Chapter 12 – Statement of Cash Flows |
| Dec. 2–3 | Final exam review |
| Dec. 8–10 | Cumulative Final Exam – Chapters 1–12 |
9. What Skills Can Students Develop?
ACCT 2301 is designed to develop foundational accounting and financial-analysis skills.
Students can develop the ability to:
- Record accounting transactions.
- Prepare and interpret financial statements.
- Apply accounting principles and assumptions.
- Work with journal entries and accounting mechanics.
- Analyze financial information.
- Identify accounting errors and potential overstatements or understatements.
- Apply U.S. GAAP concepts.
- Solve numerical accounting problems.
- Interpret accounting information for business decisions.
- Work with accounting information systematically.
The course combines lectures with problem solving, homework, quizzes, and exams to reinforce these skills.
10. What Should Students Expect?
ACCT 2301 is a problem-solving and exam-intensive accounting course. The majority of the final grade—75%—comes from the three exams.
Students should expect to:
- Attend scheduled classes.
- Complete regular Connect and Canvas assignments.
- Prepare before lectures using pre-chapter assignments.
- Practice accounting problems consistently.
- Complete in-class quizzes.
- Take two interim exams.
- Take a compulsory cumulative final exam.
- Work with numerical as well as conceptual accounting questions.
