BUSS 152: Principles of Accounting

Introduction to BUSS 152

Prof. G-Song Yoo
Instructor information
• G-Song Yoo (유지송)
- Assistant Professor of Accounting (Since Fall 2020)
- Office: Hyundai Motor Hall 528
- Email: gsyoo@korea.ac.kr
- Teaching: BUSS152, BUSS213 and some graduate courses
- Research: Behavioral Research in Financial Accounting

TA information
• Ms. MinSu Joo (주민수)
- Email: mjoo1@korea.ac.kr

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Orientation

1. Course Description, Communication, Evaluation, etc.

2. What is the purpose of learning accounting?

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Orientation

1. Course Description, Communication, Evaluation, etc.

2. What is the purpose of learning accounting?

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Course Description

• BUSS 152 is an introduction to financial accounting, and the gateway

course to further study in accounting.

• This course aims to develop the technical skills to record basic business
transactions through accounting systems.

• In addition to this technical focus, specific attention is given to way in

which the accounting information can be used to undertake financial
management and analysis, to give students the ability to produce and
interpret financial reports.

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Mode of BUSS 152
• This course is IN PERSON unless prevented by the COVID-19 situations,
and the classroom is LG-Posco Bldg. 433.

• Lectures will be recorded for students with excused absences only. That is, I am
NOT going to upload the recorded lecture files (except those on public holidays)
to Blackboard (BB).

• Students in the classroom are allowed to record the classes through ZOOM, but
any distribution of the recording is strictly prohibited.

• If you have tested positive for COVID-19 or wish to do self-isolation due to a

close contact in a person with COVID-19, you can take the classes online or
request recorded lectures.
(IMPORTANT: Documented proof needs to be submitted prior to the classes)

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• Communication
‒ All announcements, uploading lecture slides, and submitting assignments will
take place in BB.

‒ Communication between you and me (or my TA) will be administered through

the Classum or email. However, there will be an opportunity for in-person
consultation.

‒ For contents-related inquires, I and my TA will receive questions only through

Classum.

‒ Please restrict your emails to issues that cannot be answered by reading the
syllabus, announcements or Classum.

‒ Any emails send to me or TA should include [BUSS 152], [Principles of Accounting],

or [회계학원리] in the subject area.

‒ I (and my TA) do not set office hours. However, consultation will be available
upon request. If you would like to schedule an appointment to discuss questions
or concerns related to the class, please send me or my TA an email at least 48
hours before the day you would like to meet us and specify a 2-hour window
during which you will be free.
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• How to use CLASSUM?
‒ Please join the CLASSUM community through the link below:

www.classum.com/EKSYJK

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Textbook and Lecture notes

Financial Accounting, IFRS Edition (4th edition)

by Weygandt, J.,
Kimmel, P., and Kieso, D.,
Wiley and Sons

• Lecture notes (incomplete version) will be available on Blackboard before the

lecture - Please print and bring to the lecture.

• Completed lecture notes will be available after finishing each topic.

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 Introduction & the basics of accounting

Accounting cycle (recording, adjusting, reporting, and closing)

Financial Accounting
Merchandising operations Income statement
(aka, Statement of
(periodic vs. perpetual

analysis (External user focus)

profit or loss)
inventory system)
Recording transactions

Financial statement
(Internal user focus)

Retained earnings
Internal control

statement
Receivables
Statement of
financial position
Non-current assets (aka, Balance sheet)

Statement of
Liabilities Cash Flows
Comprehensive
Equity income statement
Course Schedule (tentative)

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Course Evaluation

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Attendance (10%)
• Attendance will be checked randomly at any time of each class. Special
attention will be given to students in the ZOOM meeting 

• Absences ONLY can be excused with a doctor’s note for an illness or a note
from a university authority documenting participation in a university-
sponsored activity.

• If you have Covid-19-related symptoms but are NOT able to obtain a doctor’s
note before the class, email me or TA.

# of absences Attendance mark (Max: 10)

0 or 1 10
2 7
3 4
4 1
5 and more “F” grade
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Quizzes (10%)

• There will be two quizzes on Oct. 5 and Nov. 30 (5% each).

• The first quiz will cover topics from Week 2 to 5, and the second one will
cover topics from Week 9 to 12.

• Each quiz contains 10 multiple choice questions

# of correct Mark (Max: 5)

answers
8 or more / 10 5
7 4.5
6 4
5 3.5
…

0 1 (or 0 if you're absent)

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Assignment (15%)
• Six homework questions will be assigned and collected, and the best five
will be counted for your assignment mark.

• Assignment will be submitted through BB.

• You are allowed to work in groups, but you must hand-in your own copy,
which MUST be handwritten.

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Assignment (15%) – cont’d
• To receive full mark (3), all questions and all part of each question must be
attempted.

• If you missed one or two (sub) question(s), you will get 1.5 out of 3 for each
assignment.

• Other than this, there will be no partial marks.

• Late submissions will NOT be accepted.

# of submitted Assignment mark (Max: 15)

assignments
5 or 6 15
4 12
3 9
2 6
1 3
0 0
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Participation

• Participation bonus will be assessed in terms of your in-class activities only.

That is, your activities on Classum or email inquiries won’t be counted.

• The bonus works for students whose marks are just short of a higher grade.

• For instance, the A+ cutoff turns out to be 80/100 & if your the total mark is
79.11, you may be eligible for the bonus.

• There will be no penalties because of little participation.

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Mid-term (25%) and Final (40%) exams
• Mid-term and final exams are mandatory, and there will be no make-up
exams

• Mid-term: Oct 26 (Wed) at 2:00pm to 3:15pm

• Final: Dec 19 (Mon) at 2:00pm to 3:15pm

• I will provide a set of practice questions prior to each exam.

• More details of the exam content and format will be announced in due
course.

• If you have to miss the exams due to extraordinary circumstances such as

unexpected hospitalization, please let me (cc TA) know as soon as you can
with a doctor’s note and/or verifiable and valid evidence. Otherwise, you will
receive zero mark for missed exam(s).

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Orientation

1. Course Description, Communication, Evaluation, etc.

2. What is the purpose of learning accounting?

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• What is the purpose of learning
accounting?

• What is accounting?

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What is Accounting?

A widely held perception of accounting is that it’s a process of “bean counting”

Source: The pathway commission: Vision for the first academic exposure to accounting (Glazerman et al. 2013)

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What is Accounting?

Through this view, the public

perceives accounting as a
mechanical, black-or-white,
right-or-wrong process.

Source: The pathway commission: Vision for the first academic exposure to accounting (Glazerman et al. 2013)

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What is Accounting?

• Some surveys show that accounting is

one of the most at risk jobs that can be
replaced by AI. Is this true?

→ No, it is unlikely for AI to replace

accounting jobs. It may reduce or
transform the duties a human
accountant performs though.

Source: https://www.pwc.com.au/pdf/a-smart-move-pwc-stem-report-april-2015.pdf

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What is Accounting?

Reality is that accounting plays a critical role in supporting a prosperous society.

Source: The pathway commission: Vision for the first academic exposure to accounting (Glazerman et al. 2013)

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What is Accounting?

Because…

Accounting is the language of business

and we (not AI) speak the language.

Source: The pathway commission: Vision for the first academic exposure to accounting (Glazerman et al. 2013)

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What is Accounting?

As I discussed, however, the public’s

perception is narrow and somewhat
negative.

The public view of recording

reporting numbers and following
“black and white” rules, which is
essential, is only the grammar.

Source: The pathway commission: Vision for the first academic exposure to accounting (Glazerman et al. 2013)

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What is Accounting?

Rather…

A subtle aspect of accounting,

like nuances in other languages,
is that it both affects and is
affected by the business reality
and culture

Source: The pathway commission: Vision for the first academic exposure to accounting (Glazerman et al. 2013)

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• What is the purpose of learning
accounting?

• What is accounting?

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What is the Purpose of Learning Accounting?
Learning accounting is to shift the perception toward the reality.

Source: The pathway commission: Vision for the first academic exposure to accounting (Glazerman et al. 2013)

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Learning Partnership

This course is NOT easy…but I want you to succeed

• Learning partnership between me and students

• My commitment: provide quality resources, learning support, engaging

lectures as well as assessment tasks that support your learning

• Your commitment: actively engage with the course both outside of class and
inside of class

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Learning Partnership
What you can expect me from lectures:

1. Inspiring and thought-provoking lectures

2. Punctual
3. Professional
4. Interactive
5. Respectful

What I expect of you:

1. Punctual
2. Professional
3. Ask questions to clarify understanding
4. Zero tolerance on any kind of distracting behaviour (chatting with
your friends, phone calls, doing something unrelated to the class…)
5. Regular attendance and respectful participation

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Learning Components

1. Pre-reading: before lecture skim read text to familiarize yourself with topic
and new terms

2. Lecture: inspire interest, introduce and overview a topic and provide some
worked examples where relevant

3. Homework: read text carefully, understand concepts/theories and practice

worked examples by doing assigned questions

4. Quizzes and Exams: check your understanding and provide feedback to

support further learning

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Before the Next Class…

1. Read Chapter 1 – “Accounting in Action” of the textbook.

2. Access a copy of the incomplete lecture notes, which will be available

from BB tomorrow.

Thank you and see you next class!

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