1 UNIVERSITY OF PUERTO RICO AT BAYAMÓN BUSINESS ADMINISTRATION ACCOUNTING PROGRAM SYLLABUS COURSE TITLE : Elementary Accounting I COURSE CODE : CONT 3005 CREDITS : Four (4) PREREQUISITES CONTACT HOURS TEXTBOOK COURSE DESCRIPTION GENERAL OBJECTIVES : none : Four (4) hours a week; 0 hours per semester : Warren, C., Reeve, J. & Duchac, J. (2009). Accounting, 23 th ed. OH, USA, South-Western Cengage Publishing. : Study of the basic concepts of accounting including accounting cycle for entities and the value, classification, disclosure, administration, and control of the following assets: cash, marketable securities, accounts receivable, inventories, and long-term assets. : At the end of the course the student should: 1. Effectively use of technology and the Internet to gather, analyze and communicate information applied to accounting problems and situations. 2. Apply judgments and critical analysis skills in solving problems and arriving at conclusions. 3. Acknowledge and observe ethical behavior proper to an accounting professional. 4. Apply the use of accounting vocabulary in developing written and oral communication related to accounting issues. 5. Work in teams in solving assigned cases and problems. SPECIFIC OBJECTIVES : At the end of the course the student should be able to: 1. Use the skills for accounting processes that include the analysis of transactions using debits and credits, journals, ledger and subsidiaries; identify and explain adjustments; and prepare closing entries and financial statements using general ledger software which emulates a real world accounting software program. 2. Apply accounting concepts and principles in preparing and analyzing information for decision making by interested users. 3. Describe the accrual basis of accounting; analyze the adjusting and closing process to prepare financial statements of a sole proprietorship service and merchandising. 4. Describe the nature of cash, the importance of internal control over cash, summarize basic procedures for achieving internal control over cash receipts and payments, prepare bank reconciliation and related journal entries. 5. Identify the characteristics of the receivables, internal control procedures, and accounting methods for uncollectible accounts.. Identify and describe the cost flow assumptions related to inventory, costs related to record the inventory accounts and the financial statements presentation. Estimate inventory accounts using different accounting methods.
2 SPECIFIC OBJECTIVES : 2 7. Identify different permanent assets, tangible and intangible, costs related and the cost allocation through the estimated life using different methods. EDUCATIONAL GOALS (competencies): The competencies (knowledge, skills & attitudes) to be developed in the students are: COMPETENCIES Critical judgment Promote the development of critical thinking. Information technology Develop and apply technological skills Professional Ethics Develop the need for ethics in both professional and personal behavior. Team work Encourage team work skills. DEFINITION Develop the ability for creative and analytical thinking. Students will analyze transactions, their impact on the double entry system and on financial statements. Students will use an online educational platform to reinforce learned skills. After analyzing transactions, they will use General Ledger Software, an accounting computerized program, for accounting operations. Students will integrate and apply ethical principles in their profession. Students will work in teams to solve problems and cases (case studies) related to accounting. INSTRUCTIONAL STRATEGIES: The course will develop through the use of diverse teaching and assessment methods and techniques to corroborate student learning. Teaching Methods 1 Teaching Techniques 2 Assessment Techniques & Instruments 3 Expository or Discourse Method Provide or give an explanation Lectures Discussions Questions & Answers Debates (for reviews) Illustrations Debates Competitive question and answer sessions will be carried out to review the lessons and units studied prior to exams. The purpose of this assessment technique is to corroborate the student s level of mastery of the skills and concepts presented in the lessons and learning tasks. Questions used to review class lessons or assignments. Listing/ Word Association (brainstorming technique) writing a list of the most important terms or aspects related to a topic or particular subject which seeks to explore the knowledge students possess about the topic or subject in question. 1 Taken from Rodríguez, D. (1999). Manual de orientación al maestro. Hato Rey, P.R.: Publicaciones Puertorriqueñas, Inc. 2 Taken from Rodríguez, D. (1999). Manual de orientación al maestro. Hato Rey, P.R.: Publicaciones Puertorriqueñas, Inc. 3 Taken from Rodríguez, D. (1998) Medición, assessment y evaluación del aprovechamiento académico. Puerto Rico: Publicaciones Puertorriqueñas, Inc. y Vera, L. (2002). Medición, assessment y evaluación del aprendizaje. Hato Rey, PR: Publicaciones Puertorriqueñas, Inc.
3 Immediate Written Responsebriefly summaries the ideas and concepts discussed in a class lesson. 3 Discovery or Inquiry Method Arouse students need to learn to question, search for information and carry out research. Demonstration Method Demonstrate, do and say Action or Activity Method Involve students in carrying out tasks. Critical analysis of problems- assigned problems will be analyzed considering the impact of the transactions on the accounting system. Analysis of situations related to ethics in the profession Case studies related to ethics Technique Use of audiovisual materials: a. PowerPoint b. CengageNOW Educational Platform 4 available for students to reinforce learning. Demonstration: different situations and problems related to accounting will be analyzed. These will be presented using the accounting program 5. Assignments students will be responsible for carrying out assigned tasks. They will hand in assignments related to ethics in case studies and problems. The purpose is to develop in students greater interest in their studies, encourage thinking, awaken initiative, and Presentation of Problemsstudents will assigned problems using a software program to the professor. Summary with a Critical Analysis- a brief summary of essays, articles or documents with guide questions that facilitate the critical analysis of the readings. Rubric Numerical scale that establishes the criteria and standards that will be used to evaluate the quality of the tasks carried out by the students. Reflective Journal- this will be used so that students may express their thoughts in written form in order to formulate and clarify their ideas in relation to the class sessions or assigned tasks. The purpose of this technique is to encourage students to express their ideas and thoughts. Pre & Posttest students will take a pretest provided by the text s Platform. According to the results a personalized study plan will be designed. Afterwards, students will take a posttest. The results will be analyzed and used by the professor to modify teaching strategies. Quizzes Rubric its purpose is to verify the level of mastery of particular skills or concepts. Group dynamics this will be used to promote cooperative learning. Students will have the opportunity to participate in various team work projects related to the course; such as, the analysis of topics, the interrelationship of different perspectives and problem solving. Rubric its purpose is to 4 CengageNow : An online system integrated into the text that gives students supplementary learning tools; such as, PowerPoint Presentations for each chapter, quizzes, demonstration exercises and files that can be used on an ipod or other electronic system. It has tests and evaluates the results according to accreditation standards. It reinforces classroom learning with online material related to the text and designs a personalized study plan for each student. 5 Klooster & Allen s General Ledger Software : A general program used for problem solving at the end of each chapter: continuous and comprehensive problems. It allows the student to identify the differences between a manual and computerized system, and it saves time on clerical tasks allowing for more dedication towards problem analysis.
4 clarify doubts among others. Practice Games (Crosswords) examine the strengths and limitations of different types of learning. 4 EVALUATION STRATEGY: The course evaluation will be carried out through: CRITERIA PUNTUATION Partial tests( 2 or 3) 200/300 Quizzes and ethical cases 100 Assignments within the CengageNow 100 Platform and General Ledger Software Final examination 100 TOTAL 500/00 GRADING SCALE: Grade distribution based on the standard curve A B C 9-0 D 59-0 F COURSE OUTLINE Topic Chapter Academic activities Hours Welcome & group presentation Discussion of syllabus Explanation of evaluation forms & criteria I. Introduction to accounting and A. Types of the es and organization structures for a B. Business stakeholders C. The role of ethics in D. The role of accounting in E. Generally accepted accounting principles F. Business transactions and the accounting equation G. Financial statements II. Analyzing transactions A. Using accounts to record transactions B. Analyzing and summarizing transactions in accounts C. Double-entry accounting system D. Posting journal entries to general ledger accounts 1 Discussion: Explanation of competencies (knowledge, skills & attitudes) to be developed in the course. PowerPoint: Explanation and illustration of the educational platform ThomsonNow and the registration process of this platform. PowerPoint, Questions, and analysis of introduction to accounting and. 2 PowerPoint, Questions, and analysis of transactions. Use of Excel Preparation of an analysis of how the transactions affect accounting equation. PowerPoint: Presentation 2 4 4
5 E. Trial balance F. Discovery and correction of errors of the General Ledger Software, showing the transactions. 5 III. The adjusting process A. Types of accounts requiring adjustment B. Pre-paid expenses C. Unearned revenues D. Accrued revenues E. Accrued expenses F. Depreciation expense G. Nature of the adjustment process 3 PowerPoint, Questions, and analysis of the transactions to determine the adjustments needed prior to the preparation of the financial statements. Crossword Puzzle: Review of the steps in the accounting cycle. 8 IV. Completion of the accounting cycle A. The accounting cycle B. Financial Statements C. Adjusting and closing entries D. Preparing an optional end-of-period spreadsheet (work sheet) 4 PowerPoint, Questions, and Answers: 1. Discussion, illustration, and critical analysis of the completion of the accounting cycle. analysis of a case study on ethics related to the accounting cycle. Listing/Word Association: Preparation of a list focusing on the terminology that has been learned so far. V. Accounting systems A. Basic accounting systems B. Special journals and subsidiary ledgers C. Computerized accounting systems D. E-commerce 5 PowerPoint, Questions, and analysis of basic transactions and the presentation in the accounting systems. 2 VI. Accounting for PowerPoint, Questions, and
6 merchandising es A. Nature of merchandising es B. Financial statements for a merchandising C. Sales transactions D. Purchase transactions E. Transportation costs, sales taxes, and trade discounts F. Chart of accounts for a merchandising G. The accounting cycle for a merchandising analysis of the transactions of a merchandising and how additional costs affect the prices of the merchandise available for sale. PowerPoint, Questions, and Answers: Comparison between sales and purchase transactions and how they are registered in the accounting system. Practice: Preparation of an outline on the transactions of a merchandising (Individual task). VII. VIII. Inventories A. Internal Control of inventory B. Effects of inventory errors on the financial statements C. Inventory cost flow assumptions D. Inventory costing methods under a perpetual inventory system E. Inventory costing methods under a periodic inventory system F. Comparing inventory costing methods G. Valuation of inventory at lower or cost or market, net realizable value H. Reporting inventory in the financial statements I. Estimating inventory cost methods: retail and gross profit method J. Financial analysis and interpretation Sarbanes-Oxley Act, Internal control and cash A. Sarbanes-Oxley Act of 2002 B. Internal Control C. Nature of cash asset account and internal control D. Internal control of cash receipts E. Internal control of cash payments F. Bank accounts and 7 PowerPoint, Questions, and Answers: 1. Discussion, illustration, and critical analysis of inventory transactions. analysis of a situation related to ethics and inventory control of merchandise. Group Dynamics: Hand in a group case. Listing/Word Association: Preparation of a list focusing on the terminology that has been learned so far. 8 PowerPoint, Questions, and Answers: 1. Discussion, illustration, and critical analysis of internal controls, cash, bank reconciliation and how the accounting of a is affected. 2. Presentation, discussion, and critical analysis of the case study, Sarbanes- Oxley, prepared by
7 IX. bank reconciliation: bank account as a control over cash G. Bank reconciliation H. Special purpose cash funds: petty cash and change fund I. Financial Statement reporting of cash J. Financial analysis and interpretation Receivables A. Classification of receivables B. Uncollectible receivables C. Direct write-off method for uncollectible accounts D. Allowance method for uncollectible accounts E. Comparing direct write-off and allowance methods F. Notes receivables G. Reporting receivables on the Balance Sheet H. Financial analysis and interpretation Professor Florita Vales. Group Dynamics: Group work for critical analysis of internal control measures. 9 PowerPoint, Questions, and analysis of common classifications of receivables, and the methods used to reveal uncollectible accounts. Crossword Puzzle: Discussion of the crossword puzzle related to the terminology used in the chapter. PowerPoint, Questions, and Answers: Discussion of the case study on ethics related to the administration of uncollectible accounts. 7 X. Fixed assets and intangible assets A. Nature of fixed assets B. Accounting for depreciation C. Capital and revenue expenditures D. Disposal of fixed assets E. Leasing fixed assets F. Internal control over fixed assets G. Natural resources H. Intangible assets I. Financial reporting for fixed assets and intangible assets J. Financial analysis and interpretation 10 PowerPoint, Questions, and analysis of transactions related to fixed assets. Listing/Word Association: Preparation of a list focusing on the terminology that has been learned so far. XI. Tests* Total hours 0 * Tests will be programmed according to class needs. 4
8 COMMON PROFESSIONAL COMPONENT (CPC) 8 Summary of CPC Topic Covered In this Course 1) Functional Areas a) Marketing Contact Hours b) Business Finance 4 c) Accounting 0 d) Management, including Production and Operations Management, Organizational Behavior and Human Resource 2 Management 2) The Business Environment a) Legal Environment of Business 2 b) Economics c) Business Ethics 5 d) Global Dimensions of Business 2 3) Technical Skills a) Information Systems 8 b) Quantitative Techniques/Statistics 4) Integrative Areas a) Business Policies (or), a. A comprehensive or integrating experience that enables a student to demonstrate the capacity to synthesize and apply knowledge from an organizational perspective. Total 83 BOOKS BIBLIOGRAPHY Epstein, B., Natch, R., & Bragg, S.(2007). GAAP 2008, Interpretation and Application Of Generally Accepted Accounting Principles, New Jersey, John Wiley & Sons. Kimmel, P. Weygandt, J. & Kieso, D. (2009). Accounting Principles, 9 th Edition, New Jersey, John Wiley & Sons. Kimmel, P. Weygandt, J. & Kieso, D.(2004). Financial Accounting: Tools for Business Decision Making, 3 rd Edition, New Jersey, John Wiley & Sons. Stice, J., Stice, E., & Skousen, K.F. (2009) Intermediate Accounting, 17 th Edition, United States, Thomson South-Western. ARTICLES Lebovits, N. (200, August). Beyond Sarbanes-Oxley:Three best practices to adopt in your organization. [Electronic version], Journal of Accountancy on Line, VOL 202 (NUM. 2). Recuperated on January 11, Miller, P. and Bahnson, P. (2007, November). Refining Fair Value Measurement. FASB 157 upgrades the quality of financial reporting. [Electronic version], Journal of Accountancy on Line, VOL 204 (NUM. 5). Recuperated on January 11, Mueller, J. (2004,December). Amortization of Certain Intangible Assets. [Electronic version], Journal of Accountancy on Line, VOL 198 (NUM. ). Recuperated on January 11, Rittenberg, L., Martens, F., and Landes, C. (2007, March). Internal Control Guidance: Not Just a Small Matter [Electronic version], Journal of Accountancy on Line, VOL 203 (NUM. 3). Recuperated on January 11,
9 9 ELECTRONIC DATA BASES: Important Note: The UPRB meets the conditions presented in the Americans with Disabilities Act (ADA) and Law 51 (Integrated Educational Services for the Physically Challenged) that guarantee equal access to education and services. Physically challenged students will: INFORM their professor in each of their courses of their special needs for reasonable accommodations in the information card given out during the first week of classes and VISIT the University s Physically Challenged Student Services Office (Spanish acronym SASEIPI) as soon as possible. Confidentiality of student information will be maintained. Additional important information for students: 1. Every student must meet the deadlines established for the assigned work and exams. There will be no make-up exams. 2. Plagiarism is prohibited and will be severely sanctioned according to the University rules (Refer to the General Student s Manual, pp & Revised by: Professor Sonia Feliciano, CPA Associate Professor May, 2010.