Course Name: Principles of Accounting I. INSTRUCTOR INFORMATION: Instructor: Mrs. Martha Brothers Office Location: C114

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1 Course Name: Principles of Accounting I Course Number: BAN 213 (ACTS #2003) Academic Year: Fall 2014 Meeting Time & Place: 4:00 6:20 p.m. C110 M INSTRUCTOR INFORMATION: Instructor: Mrs. Martha Brothers Office Location: C114 Office Phone #: (870) Address: mbrothers@pccua.edu Office Hours: Posted C114 Prerequisites: BAN 103 or departmental approval Credit Hours: 3 hrs. 3 credits Revision Date: Fall 2014 Students for whom this course is intended: Principles of Accounting I is required for students seeking an Associate of Applied Science degree in Business Management, Computer Technology (Information Systems Technology,) or Office Technology. It is also required for students seeking an Associate of Arts degree in Business Administration. This course provides the student with a background of the basic accounting functions for service and merchandising enterprises. COURSE DESCRIPTION BAN 213 Principles of Accounting I (3 hrs. lec., 3 credits) ACTS Equivalent Course Number = ACCT 2003 Prerequisite: BAN 103 or departmental approval. Introduction to financial accounting principles and problems as they apply to service and merchandising businesses. Emphasis will be placed on the accounting equation and the accounting cycle to include analysis of business transactions, internal control, and preparation of financial statements to be used by business stockholders. EXPECTED LEARNING OUTCOMES Upon completion of Principles of Accounting I, the student should be competent in the following subjects: 1. The accounting equation 2. Financial statements 3. T accounts and basic business transactions 4. Income and adjusting entries Revised, Fall 2014 Page 1

2 5. The accounting worksheet 6. Inventory systems 7. Special journals 8. Internal control 9. Short-term assets 10. Inventory systems 11. Long-term assets 12. Current liabilities INSTRUCTIONAL GOALS, OBJECTIVES & MEASURES After students have completed activities and exercises assigned for each chapter, they should be able to: CHAPTER 1 - OBJECTIVES Introduction to Accounting and Business 1. Describe the nature of a business and role of ethics and accounting in business. 2. Summarize the development of accounting principles and relate them to practice. 3. State the accounting equation and define each element of the equation. 4. Describe and illustrate how business transactions can be recorded in terms of the resulting change in the elements of the accounting equation. 5. Describe the financial statements of a proprietorship and explain how they interrelate. CHAPTER 2 OBJECTIVES Analyzing Transactions 1. Describe the characteristics of an account and a chart of accounts. 2. Describe and illustrate journalizing transactions using the double-entry accounting system. 3. Describe and illustrate the journalizing and posting of transactions to accounts. 4. Prepare an unadjusted trial balance and explain how it can be used to discover errors. 5. Describe and illustrate the use of horizontal analysis in evaluating a company s performance and financial condition. CHAPTER 3 OBJECTIVES The Adjusting Process 1. Describe the nature of the adjusting process. 2. Journalize entries for accounts requiring adjustment. 3. Summarize the adjustment process. 4. Prepare an adjusted trial balance. 5. Describe and illustrate the use of vertical analysis in evaluating a company s performance and financial condition. Revised, Fall 2014 Page 2

3 CHAPTER 4 OBJECTIVES Completing the Accounting Cycle 1. Describe the flow of accounting information from the unadjusted trial balance into the adjusted trial balance and financial statements. 2. Prepare financial statements from adjusted account balances. 3. Prepare closing entries. 4. Describe the accounting cycle. 5. Illustrate the accounting cycle for one period. 6. Explain what is meant by the fiscal year and the natural business year. 7. Describe and illustrate the use of working capital and the current ratio in evaluating a company s financial condition. CHAPTER 5 OBJECTIVES Accounting Systems 1. Define and describe an accounting system. 2. Journalize and post transactions in a manual accounting system that uses subsidiary ledgers and special journals. 3. Describe and illustrate the use of a computerized accounting system. 4. Describe the basic features of e-commerce. 5. Use segment analysis in evaluating the operating performance of a company. CHAPTER 6 OBJECTIVES Accounting for Merchandising Businesses 1. Distinguish the activities and financial statements of service and merchandising businesses. 2. Describe and illustrate the financial statements of a merchandising business. 3. Describe and illustrate the accounting for merchandise transactions including: sale of merchandise; purchase of merchandise; transportation costs, sales taxes, and trade discounts; dual nature of merchandise transactions. 4. Describe the adjusting and closing process for a merchandising business. 5. Describe and illustrate the use of the ratio of net sales to assets in evaluating a company s operating performance. CHAPTER 7 - OBJECTIVES Inventories 1. Describe the importance of control over inventory. 2. Describe three inventory cost flow assumptions and how they impact the income statement and balance sheet. Revised, Fall 2014 Page 3

4 3. Determine the cost of inventory under the perpetual inventory system, using the FIFO, LIFO, and average cost methods. 4. Determine the cost of inventory under the periodic inventory system, using the FIFO, LIFO, and average cost methods. 5. Compare and contrast the use of the three inventory costing methods. 6. Describe and illustrate the reporting of merchandise inventory in the financial statements. 7. Describe and illustrate the inventory turnover and the number of days sales in inventory in analyzing the efficiency and effectiveness of inventory management. PCCUA Core Competencies The six PCCUA core competencies are incorporated within the context of the subject being taught. The competencies address skills the College has committed to developing in all students. 1. Communication - Communicate effectively in a written or oral manner in the business environment. 2. Cultural Awareness - Acknowledge diverse groups of individuals possessing different beliefs, values, attitudes and customs. 3. Social and Civic Responsibility - Demonstrate a legal/ethical behavior that is appropriate for the business professional in today's society 4. Critical Thinking - Analyze, interpret and evaluate data necessary to solve problems and support business decisions 5. Mathematical Reasoning - Perform computational skills and financial analysis appropriate to the business environment. 6. Technology Utilization - Demonstrate the ability to use computer technology. TEXT AND READING MATERIALS: Publisher: Accounting, 24th edition. Warren, Reeve, Duchac. South- Western/Cengage Learning A. Loose-leaf edition with Cengage Access Code (bundled) This bundle includes: 1. Loose-leaf edition of Warren s Accounting 24th edition 2. Access Code to CengageNOW B. Working Papers (Working Papers Chapters 1-17) In addition, you will need: Computer with Internet Access Calculator No phones with calculator Website for checking compatibility of browser: Pop-Up blockers must be turned off while working in Blackboard. Revised, Fall 2014 Page 4

5 Minimum required computer configuration: PC with Pentium II processor or better, 128 RAM (minimum). DSL or Cable connection preferred dial-up 56K modem acceptable, but very slow Internet connection. GRADING POLICY Grading will be based on the following assessments: Tests: Problem and Objective Tests 50% Comprehensive Problems: At the end of chapters 4 and 6, there are 20% comprehensive problems. These will be assigned and given due dates to be completed on your own during the course. These problems will illustrate how each of the chapters and objectives learned work together into a finished product. Questions pertaining the comprehensive problem will be included on the test for Chapters 7-8. Chapter Quizzes, Homework Exercises and Problems: 30% Homework assignments will be given with each chapter and will be done through CengageNow. I will be able to check your progress to see how you are doing. Don t get behind! Total 100 Grading Scale % = A 80-89% = B 70-79% = C 60-69% = D Below 60 = F ATTENDANCE POLICY Do not show up late or leave early. Both will result in an absence. Save your absences for sickness and emergencies. CLASSES MEETING 2 TIMES A WEEK Students are permitted four (4) absences. When you have missed 5 classes, you will receive an EW or F and you may not return to class. CLASSES MEETING 1 TIME A WEEK Students are permitted two (2) absences. When you have missed 3 classes you will receive an EW or F and you may not return to class. Revised, Fall 2014 Page 5

6 The instructor will warn a student in danger of becoming excessively absent by sending a warning notice to the student s advisor so that the student can be contacted by either phone or in writing. If a student is unable to attend a class regularly, regardless of the reason or circumstances, he/she should withdraw from that class before an EW or F is assigned. Exceptions to this attendance rule may be based on individual circumstances and the instructor s assessment of the student s ability to finish course requirements. The final decision concerning absences is left to the instructor s discretion. A student s attendance will affect their grade in this course. PUNCTUALITY There are no tardies students are expected to arrive at their classrooms prior to the beginning of classroom activities. Any student entering the classroom after the class roll has been taken will be considered absent. There is one exception to this rule: Students who have been held over by their instructor. PARTICIPATION COURSE EVALUATION & ASSESSMENT This course emphasizes learning through doing. It is imperative that you read the text carefully, do the assigned homework. Assignments often build on previous assignments. If you do half-hearted work in Chapter 1, you may have difficulty in Chapter 2, and be lost in Chapter 3. Tutoring may be available for students who desire additional help. Division of Business Core Competencies These assessments are for course improvement and the Division of Business review. These assessments are not included in the computation of your grade. Those requirements are listed under Grading. PCCUA Core Competency Mathematical Reasoning Mathematical Reasoning Division Core Competency Students will perform computational skills and financial analysis appropriate to the business environment. Students will perform computational skills and financial analysis appropriate to the business environment. Program Goal Students will understand and be able to apply quantitative skills and methods in solving business decisions and in generating business reports. Students will understand and be able to apply quantitative skills and methods in solving business Student Learning Outcome Accounting I Students will understand the effects of business transactions to the Accounting Cycle and keeping the Accounting Equation in balance. Students will apply basic accounting functions for journal entries, ledgers, worksheets, and source Assessment Method/Measurement Chapter 1 2 Test Comprehensive Problem Chapters 1-4 Revised, Fall 2014 Page 6

7 decisions and in generating business reports. documents in a manual accounting system. Critical Thinking Critical Thinking Students will analyze, interpret, and evaluate data necessary to solve problems and support business decisions. Students will analyze, interpret, and evaluate data necessary to solve problems and support business decisions. Students will develop a critical thinking approach to applying theory to application. Students will develop a critical thinking approach to applying theory to application. Students will understand the basic terminology related to Accounting. Chapter Quizzes in Thomson Now MISSED OR LATE ASSIGNMENTS AND EXAMS All assignments must be turned in through Cengage on the specified date and time. Late work will not be accepted except in cases of prior instructor approval. Failure to do work assigned will result in grade reduction. STUDENT RESPONSIBILITIES It is the student s responsibility to attend class regularly and be prepared for each class meeting bring book, workbook, and calculator each class session. If the student misses a class, it is the student s responsibility to contact the instructor before the next class meeting in order to complete the scheduled assignments. The instructor desires that every student succeed in this class. Students are hindered in this success if there are classroom distractions. Students are to adhere to the standards of behavior described in the Student Handbook. Students who do not adhere to this policy will be dropped from the class. 1. No food or drinks are allowed in the classroom or computer lab. 2. Computer settings are not to be changed. Personal wallpaper, screen savers, shortcuts, etc. are not to be added to the desktop. 3. Access to objectionable websites is prohibited. 4. According to the student handbook: A student may not have unauthorized persons (children or adults) on campus. 5. As the classroom thermostat is set at a reasonable comfort zone, please refrain from wearing hooded sweatshirts covering the head. (I want to make sure you hear the lecture). 6. **Cell phones and pagers must be turned off when entering the classroom.( See Below) **Electronic Communication Devices in Classrooms/Laboratories Revised, Fall 2014 Page 7

8 CELL PHONE POLICY No use of cell phones, pagers, MP3 players, or similar electronic devices during scheduled class. Cell phones may not be answered or utilized for text messages, instant messages, games, Facebook, MySpace, and other uses in the classroom. Both ear buds and/or ear phones must be removed from ears during class. If an electronic device is used, activated, or rings during a lecture class, laboratory, or exam, the student/owner may be asked to the leave the classroom and counted absent for that class period. Subsequent infractions will be documented, a disciplinary form completed, and the student will receive a 10 point reduction on grade points for each infraction. Subsequent infractions will be documented and a disciplinary form completed and the student will be referred to the Registrar. During testing, use of cell phones or similar communication devices may lead also to a charge of academic dishonesty. Discipline Policy Refer to the Student Discipline Policy (PCCUA Administrative Procedure ) Refer to the Student Technology Acceptable Use Policy (PCCUA Administrative Procedure ) Also refer to the current College Catalog. ACADEMIC HONESTY POLICY Cheating Policy Students are expected to uphold the school s standard of conduct relating to academic honesty. Students assume full responsibility for the content and integrity of the academic work they submit. The guiding principle of academic integrity shall be that a student s submitted work, examinations, reports, and projects must be that of the student s own work. Students shall be guilty of violating the honor code if they: 1. Represent the work of others as their own. 2. Use or obtain unauthorized assistance in any academic work. 3. Give unauthorized assistance to other students. 4. Modify, without instructor approval, an examination, paper, record, or report for the purpose of obtaining additional credit. 5. Misrepresent the content of submitted work. Administrative Procedure Number: Revised, Fall 2014 Page 8

9 Cheating in any form (including using unauthorized materials, information, or study aids in any academic exercise; plagiarism; falsification of records; unauthorized possession of examinations; any and all other actions that may improperly affect the evaluation of a student's academic performance or achievement; and assisting others in any such act) is forbidden. An instructor who has proof that a student is guilty of cheating may take appropriate action up to and including assigning the student a grade of "F" for the course and suspending the student from class. A description of the incident and the action taken will be reported through the dean to the Vice Chancellor for Instruction and placed in the student's file in the Office of Admissions and Records. The student may appeal either the finding of cheating or the penalty, or both, as described in Administrative Procedure No , Academic Appeal Procedure. Cheating in this class: Cheating will not be tolerated. If you are cheating on one occasion, you will receive an F for the whole project s work (not limited to that one assignment). If found cheating on a second occasion, you will be asked to drop the class. If the cheating occurs after the drop date, or if you choose not to drop, you will receive an F for this class. CAMPUS SUPPORT SERVICES Phillips Community College of the University of Arkansas provides student support services that assist students in achieving their educational objective. Those services include advising, financial aid, counseling and guidance, and safety and security. ADA POLICY: Scott Post is the Vice Chancellor for Student Services and serves as the ADA Compliance Officer. If you have a disability, please contact Terry Simpson (870) ext (Stuttgart Campus). The process of student referral under the Americans with Disabilities Act can be found in the Student Handbook. FERPA POLICY Phillips Community College of the University of Arkansas complies with the Family Educational Rights and Privacy Act (FERPA) of A student has the right to inspect and review all of his/her records that meet the definition of educational records. No third party has the right to review student records. INSURANCE Phillips Community College of the University of Arkansas does not provide insurance for its students. The college does encourage each student to secure his/her own insurance, and for that reason, the college has contacted United Healthcare Student Resources. Forms for this insurance are available in the Registrar s office. ACTS Revised, Fall 2014 Page 9

10 The Arkansas Course Transfer System (ACTS) contains information about the transferability of courses within Arkansas Public Colleges and universities. Students are guaranteed the transfer of applicable credits and the equitable treatment in the application of credits for the admission and degree requirements. Course transferability is not guaranteed for courses listed in ACTS as No Comparable Course. Additionally, courses with a D frequently do not transfer and institutional policies may vary. ACTS may be accessed on the Internet by going to the ADHE Website and selecting Course Transfer. The syllabus and the policies, guidelines, and dates included are subject to change at the instructor s discretion. Revised, Fall 2014 Page 10