Hi fellow WGU Night Owls.. Welcome to our dedicated article on mastering the “Intermediate Accounting I D103” module WGU D103! If you find yourself struggling with the course content, unsure where to begin studying or confused about how to prepare for the Objective Assessment (OA), you’ve come to the right place. We’re here to guide you every step of the way to ensure you succeed in this challenging but rewarding module.
Our approach is simple yet effective. We’ll break down the module content into manageable pieces, offering detailed explanations, study tips, and practice exercises. Whether you’re just starting or need to refine your understanding, we’ll provide you with all the information you need, little by little, until you become a master of this module.
In this article, we will go through;
Stick with us, and together we’ll navigate the complexities of data management, ensuring you’re well-prepared to pass your OA and gain a solid foundation for your future studies and career.
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What to Expect in Module WGU D103 📖
Welcome to Intermediate Accounting I! This course is designed to deepen your understanding of financial accounting principles and practices, serving as the first in a series of three comprehensive courses for accounting majors. Throughout this course, you will explore key accounting concepts and standards, utilizing MyEducator as your primary learning platform. MyEducator provides access to a variety of resources, including reading materials, instructional videos, learning checks, quizzes, and unit tests, all aimed at helping you retain and apply the knowledge you gain. Your competency in the subject matter will be evaluated through two summative objective assessments, with pre-assessments available after Unit 4 and Unit 7 to help you prepare.
In this course, you will gain a thorough understanding of major policy-setting entities and their roles in the standard-setting process, as well as a solid grasp of generally accepted accounting principles (GAAP). You will learn to explain the significance of the Financial Accounting Standards Board (FASB) codification for GAAP, describe the usefulness of a conceptual framework, and identify the qualitative characteristics of accounting information. Additionally, you will delve into the preparation of adjusted journal entries, closing entries, and the various components of financial statements, including the multi-step income statement and the balance sheet.
Furthermore, you will develop skills in applying the time value of money concepts, managing cash and receivables, and handling inventory accounting. By the end of this course, you should be proficient in preparing financial statements, understanding the limitations and uses of these statements, and interpreting various financial ratios. This comprehensive approach will equip you with the necessary knowledge and skills to excel in more advanced accounting courses and professional accounting practices. Prepare to engage with the material actively, complete assessments diligently, and make the most of the learning resources provided to achieve success in Intermediate Accounting I.
In this module, you will study the below Topics.
1. Unit 1: Introduction
2. Unit 2: Theoretical Framework (weighting is 10% of course)
- Module 1: Financial Environment and Theoretical Framework
- Module 2: Conceptual Framework
3. Unit 3: Income Statement (weighting is 20% of course)
- Module 3: The Income Statement
4. Unit 4: Balance Sheet and Statement of Cash Flows (weighting is 20% of course)
- Module 4: The Balance Sheet
- Module 5: The Statement of Cash Flows
5. Unit 5: Time Value of Money (weighting is 10% of course)
- Module 6: Time Value of Money
6. Unit 6: Cash and Receivables (weighting is 20% of course)
- Module 7: Cash and Receivables
7. Unit 7: Inventory (weighting is 20% of course)
- Module 8: Inventory
Module 9: Special Inventory Topics
The Ultimate Study Guide to Navigate the Course Content📝
The comprehensive study guide we present to you involves going through many different resources to give you the best study path through the course content of this module. It is important to note that, unlike the other modules on WGU, D103 contains two Pre-As and two OAs in order to pass the module. So remember to take your time to go through each and every one of the steps we have laid down for you in our study guide to maximize your chance of passing the OAs on your first attempt. Everyone has a different learning pace, so do not worry about the time you take to grasp the course content. Feel free to customize our approach to best fit you and your schedule. Let us dive in and begin our journey through D103..
Step 1 – Read the Textbook Unit 1, Unit 2 and Unit 3
Instead of facing all the assessments back to back, we have separated the study guide into two sections that will focus on each one of the OAs. So let us first focus on the OA number 1 and prepare ourselves with the knowledge required to pass it. To begin your studies, find the Textbook provided by WGU for the module by navigating to the below-mentioned location.
- Log onto the Student Portal of WGU > Go to the module “Intermediate Accounting I D103″ > Click on “Go to course materials”
The first Unit of the Textbook will be a general introduction to the course material, so you can skip this Unit without any consequences. Begin your studies from Unit 2 and read until the end of Unit 4. While you go through each Unit, you will come across several knowledge checks, quizzes, and Unit tests to help you retain the knowledge you have just learned. Make sure to attempt each one of them to understand the depth of the questions you will be facing on your assessments. Whenever you find any supplemental videos linked in the Textbook, take your time to go through them to get a deeper understanding of the core concepts of D103.
It is always recommended to take short notes on the significant concepts you will come across by reading through the module. Utilize the usual techniques you prefer to study through the content and memorize the information.
Step 2 – Go through the additional study resources of Unit 2, Unit 3, and Unit 4
Once you have acquired the knowledge of the first 4 Units, let us go through some additional resources to strengthen our knowledge and get a deeper understanding of each core concept tested in the first OA. Navigate to the location mentioned below to find the supplemental reading, recordings, and quizzes for this module.
- Log onto the Student Portal of WGU > Go to the module “Intermediate Accounting I D103″ > Click on “Course Search” > Open the link “D103 Course Resources Document”
Scroll down on the page until you find a table with links to the supplemental videos on each Unit. (Refer to the image below)
Go through each supplemental resource available for Units 1, Unit 2, Unit 3, and Unit 4 accordingly.
Step 3 – Prepare for the first OA
As we are preparing to pass one of the major milestones of D103, let us go through some practice quizzes to practice our knowledge of some of the key concepts we have learned. Follow the below instructions and complete the mentioned practice quizzes to strengthen your knowledge.
- Log onto the Student Portal of WGU > Go to the module “Intermediate Accounting I D103″ > Click on “Course Search” > Open the link “Lilac Ridge Practice Set”
Now you should be competent with the knowledge provided in the first 4 Units in the Textbook. With the knowledge fresh on your mind, attempt the first Pre-A to test your knowledge and prepare for the first OA of D103. The Pre-A will help you understand the structure of the OA as well as the wording of the questions. As per the former course takers the Pre-A and the OA are very much similar, so the experience you gain by attempting the Pre-A will be highly valuable. When you are attempting the Pre-A, treat it as a real exam. Do not use your notes or Textbook when answering the questions, instead only use your memory and understanding of the course content to achieve the highest score possible.
Once you complete the Pre-A, you will receive an auto-generated coaching report based on your performance in the Pre-A. This report will show you your competency in each chapter of the module. Use this report to identify the chapters where you have scored the lowest and revisit these chapters using your short notes to clear the doubts in your knowledge. Once you have cleared your doubts, retake the Pre-A and try to achieve a score of more than 85%. If you fail to achieve this score, rinse and repeat the same steps until you are able to score above 85% before moving to the next step.
Step 4 – Sit for the first OA
With the knowledge you have gathered so far, you will be able to ace the OA without any issues. So schedule the OA at a time of your convenience and give it your best. We highly recommend that you take your time to go through the “Tips and tricks to prepare for the OA” section of this article to learn valuable information on what to expect in the OA and how to face them.
To face the OA,
- Schedule the OA at a convenient time and date for you
- Make sure you have a stable internet connection, a webcam, and a microphone.
- Follow the proctoring instructions and rules carefully.
- Use the same strategies and skills that you used for the Pre-A
- Relax and be confident in your abilities.
- Face the OA with all you’ve got.
Step 5 – Follow the same steps for the second OA by going through Unit 5, Unit 6 and Unit 7
Now that you have successfully completed the first OA, let us continue our studies to prepare for the second OA of D103. To prepare for the second OA, follow the same procedure we have followed for the previous OA.
- Read through Units 5, Unit 6 and Unit 7
- Go through each knowledge check, quiz, Unit tests, and supplemental video in the Textbook
- Go through the additional resources for Unit 5, Unit 6, and Unit 7 on the “D103 Course Resources Document”
- Complete the practice quizzes in the course search document “Inventory Q’s”
- Attempt the second Pre-A and pass it with more than 85% score
- Ace the second OA
By following these steps, you will be able to complete the Intermediate Accounting I WGU D103 module without any complications and with ease.
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Tips and Tricks to Prepare for the OA👨🏻🏫
Manage Your Time
One of the most crucial aspects of preparing for the objective assessments (OAs) in Intermediate Accounting I is effective time management. Ensure you allocate enough time to attempt all the questions during the assessments. Practice pacing yourself while working through practice questions at the end of each section, as these closely align with the OAs. Time management is key to ensuring you can carefully read and answer each question without feeling rushed.
Practice Makes Perfect
Consistent practice is essential for success. Engage with the practice questions provided at the end of each section in MyEducator. These questions are designed to mirror the format and content of the OAs. Familiarizing yourself with these types of questions will help you become more comfortable with the assessment structure and improve your ability to recall and apply your knowledge under timed conditions.
Memorize Key Formulas
Memorizing key formulas and understanding how to apply them is crucial, as this knowledge can represent a significant portion of your second OA. Pay special attention to formulas related to financial ratios, inventory calculations, and the time value of money. Knowing these formulas inside out will help you efficiently tackle related questions during the assessment.
Understand the Pre-Assessment
The first OA is almost a perfect mirror of the pre-assessment, albeit with different values in the spreadsheets. Use this to your advantage by thoroughly reviewing the pre-assessment and understanding the types of questions asked. For the second OA, although it closely resembles the pre-assessment, be aware of minor but important tweaks. Some questions may have the same answer options but require different execution methods (e.g., using FIFO instead of weighted average). Avoid relying solely on memory from the pre-assessment; instead, ensure you understand the underlying concepts and methods.
Key Concepts to Master
First OA
- Balance Sheet, Income Statement, and Cash Flow Preparation: Be confident in creating these financial statements.
- Debits and Credits: Understand which accounts to debit and credit in various transactions.
- Adjusting Journal Entries: Know how to prepare and adjust journal entries accurately.
Second OA
- Journal Entries and Inventory Systems: Master journal entries and understand different inventory systems and methods.
- Turnover and DSO Calculations: Be able to calculate turnover rates and Days Sales Outstanding (DSO) for Accounts Receivable and Inventory.
- Time Value of Money: Grasp the fundamental concepts and calculations related to the time value of money.
- Perpetual vs. Periodic Inventory: Understand the differences between these inventory systems and how to calculate weighted averages.
- Net Realizable Value (NRV): Know what NRV is, how to calculate it, and the impact of inventory errors on financial statements.
By following these tips and tricks, you’ll be well-prepared to tackle the objective assessments with confidence and achieve success in Intermediate Accounting I. Good luck!
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External Resources to Study📂
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FAQ ❓
Q: What is the primary focus of Intermediate Accounting I?
A: Intermediate Accounting I focuses on the concepts and application of financial accounting and accounting standards. It is the first in a series of three in-depth financial accounting courses for accounting majors, aiming to provide a thorough understanding of key accounting principles and practices.
Q: How are my competencies assessed in this course?
A: Your competencies will be assessed through two summative objective assessments (OAs). Pre-assessments are available after Unit 4 and Unit 7 to help you prepare for the objective assessments. These assessments include knowledge applications using Microsoft Excel.
Q: What is the format of the assessments?
A: The assessments are objective in nature, consisting of multiple-choice questions, true/false questions, and practical application problems that require the use of Microsoft Excel.
Q: How does the pre-assessment help in preparing for the OAs?
A: The pre-assessment provides a preview of the types of questions you will encounter in the OAs. It allows you to identify areas where you may need additional practice and ensures you are familiar with the format and content of the actual assessments.
Q: Who can I contact for help if I have questions or need additional support?
A: For additional support, you can reach out to your course mentor or instructor via the WGU learning platform. They can provide guidance, answer questions, and offer resources to help you succeed in the course.
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Conclusion 📄
As you embark on your journey through Intermediate Accounting I at WGU, remember to take the advice we’ve provided in this article to enhance your study approach. Utilize the study guide we’ve outlined to navigate the course content effectively and prepare thoroughly for the objective assessments. By following the tips and tricks we’ve shared, you will be well-equipped to tackle both OAs with confidence. Practice consistently, manage your time wisely, and ensure you have a solid understanding of key concepts and formulas. We wish you the best of luck in your studies and assessments. With dedication and the right preparation, you will succeed in Intermediate Accounting I and build a strong foundation for your future accounting courses. Happy studying!
