JOHN A. LOGAN COLLEGE L. Hines SM 14. ACC 200 FINANCIAL ACCOUNTING I 3 cr. (3-0) (online)

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1 JOHN A. LOGAN COLLEGE L. Hines SM 14 ACC 200 FINANCIAL ACCOUNTING I 3 cr. (3-0) (online) COURSE DESCRIPTION: Financial Accounting is designed to be a complete learning package for the first accounting course at the college level. Financial Accounting presents accounting as an information system that produces summary financial statements, primarily for users external to a business or other enterprise. Students study the forms of business organizations and the common transactions entered into by businesses. The emphasis is on understanding and applying basic accounting principles and other concepts that guide the reporting of the effect of transactions and other economic events on the financial condition and operating results of a business. How to analyze and interpret historical financial statements and the limitation of using these in making forwardlooking business decisions are included. The course will expose the students to such topics as ethics, alternative forms of business organizations, typical business practices, legal instruments and financial statements. Woven throughout all of this is the step-bystep instruction needed to understand and apply the concepts, principles, and practices of the modern accounting system according to generally accepted accounting principles. PREREQUISITES: None COURSE OBJECTIVES: 1. To obtain an understanding of the basic accounting concepts and principles related to sole proprietorships, partnerships, and corporations. 2. To obtain an understanding of the fundamental accounting concepts and procedures related to financial information and the uses of such information. 3. To obtain an understanding of the fundamental accounting concepts and procedures related to the following areas: accounting cycle for service and merchandising businesses, deferrals and accruals, accounting systems design, cash, accounts receivables, accounts payable, temporary investments, inventories, plant assets, and intangible assets. COURSE OUTLINE: Topics to be covered include, but are not limited to: I. BUSINESS, PROFESSIONAL, AND PERSONAL ETHICS II. ACCOUNTING CONCEPTS AND PRINCIPLES-CONCEPTUAL FRAMEWORK

2 2 III. PROCESSING ACCOUNTING DATA-ACCOUNTING CYCLE A. Analyze Business Transactions and Accounts B. Recording the Business Transactions in a Journal C. Post or Sort from a Journal to the Ledger Accounts D. Prepare a Trial Balance E. Analyze Adjustments and Prepare Worksheet F. Record and Post the Adjusting Entries G. Record and Post the Closing Entries H. Analyze the Ledger Accounts I. Prepare a Post-closing Trial Balance J. Prepare Financial Statements K. Analyze and Interpret Results IV. ACCOUNTING FOR SOLE PROPRIETOR A. Service Organization B. Merchandising Organization V. ACCOUNTING FOR ASSETS A. Internal Control B. Cash C. Short-term Receivables D. Inventory E. Receivables F. Cost of Goods Sold G. Plant and Equipment H. Intangibles VI. ACCOUNTING INFORMATION SYSTEMS A. Manual B. Automated VII. ACCOUNTING FOR PAYROLL AND SHORT-TERM LIABILITIES COURSE REQUIREMENTS: A. Classroom: 1) All assigned example problems will be completed daily. 2) Course Objectives for each Chapter must be reviewed online along with power points. 3) Textbooks, solutions to class demonstration problems, paper, pencils, erasers, rulers, and calculators will be needed in every class period. 4) The instructor and students will perform all duties and responsibilities in a professional and ethical manner.

3 3 B. Reading and Problem Assignments: 1) All students will be required to read Chapters 1-6 and We will cover the chapters in the order that I have listed them. 2) You are required to complete each problem on the assignment sheet. C. Makeup Policy: I drop the lowest exam grade; therefore, there will be NO opportunity to makeup exams. D. Assignments: One problem from each Chapter will need to be turned in per the assignment sheet. All the homework will be checked by you, by going to the Chapter Solutions and checking your homework online. E. Quizzes: There are several quizzes that can be found online. These quizzes are to be taken by the due date. They are timed, and will be counted as a grade. If you go over the time limit, it will be at the discretion of the instructor as to whether you receive the quiz grade or a grade of 0 (zero). I will average your highest 8 quizzes taken during the semester. F. Exams: There are 5 exams given during the semester. Per the above makeup policy, I do not allow any makeup exams. I drop the lowest exam grade, therefore; if you miss an exam, I will drop that exam grade. A Final Exam is given as well, and it may be dropped as your lowest exam grade. If you have an A average after completing all assignments, quizzes and 5 exams, you do not have to take the final exam. G. Communication: The instructor and students should keep each other informed of changing circumstances that occur during the semester which could affect course performance and outcome. Student Success Center (Room C219). Services available for students include tutoring (both scheduled one-on-one tutoring and walk-in tutoring) and Disability Support Services. Students can drop in during the hours of operation for tutoring in the Math Help Room (C219 and C223) or the Biology Help Room (C243A). To receive one-onone tutoring, students should make a request early in the semester in the Student Success Center. The Student Success Center is also the place to arrange accommodations. John A. Logan College will make reasonable accommodations for students with documented disabilities. Contact the coordinator of Disability Support Services, Room C219B, ext. 8516, for more information. The coordinator must determine eligibility and arrange appropriate academic accommodations. However, it is the student s responsibility to register in advance of a school term with Disability Support Services and to turn in a class schedule each term to ensure accommodations are arranged. Free educational workshops are also provided by the Student Success Center throughout the semester. For more information, visit the Student Success Center website at

4 4 English Writing Center/Tutoring. For assistance with writing assignments in any college courses, students are encouraged to visit the Writing Center in C214. English instructors are available for one-on-one tutoring each semester during hours posted at the center. Financial Aid. Students who receive financial assistance and completely withdraw from classes prior to 60% of the semester being completed (approximately 2-3 weeks after midterm) could be responsible to return a portion of their Federal Pell Grant award. Prior to withdrawing from courses, students should contact the Financial Aid Office. Course Withdrawal Information. It is expected that you will attend this class regularly. If you stop attending for any reason, you should contact your advisor and withdraw officially to avoid the posting of a failing grade (an E) to your transcript. It is also advisable to discuss the situation with your instructor before dropping. Administrative Withdrawal. A student may be withdrawn from a class for lack of attendance/participation as defined below. Logging into an online course is not sufficient to be considered participation. Participation for online courses is defined as an active process and may include posting/sending assignments to the drop box or instructor s , participating in online discussion boards, taking quizzes or exams, or otherwise communicating and/or participating in some manner that is approved by the instructor. A student who has been administratively withdrawn from class will receive an notification from the Admissions Office. This notification will outline the student s appeal options if the student wishes to re-enroll in the course. Face-to-Face Class (8 or 16 weeks) Online Class (8 week) Online Class (16 week) Student may be withdrawn from class if the student has missed four (4) consecutive class periods without prior notification to the instructor of the absences. Student may be withdrawn from class if the student has not participated (as indicated by activity reports) in the online class for the equivalent of one week. Student may be withdrawn from class if the student has not participated (as indicated by activity reports) in the online class for the equivalent of two weeks. Safety Review Request. Our safety at JALC is everyone s responsibility! Faculty, staff, and students are encouraged to use the Safety Review Request, link on the JALC home page or contact Campus Safety directly (Ext or Room E105) to report safety concerns or questions. This statement comes from the John A. Logan College Campus Violence Prevention Committee.

5 5 METHOD OF EVALUATION: *Your grade will be calculated as total points earned divided by the total points available. Exams (5) 500 Chapter 1-2 Exam #1 Final 100 Chapter 3-4 Exam #2 Quizzes 160 Chapter 5-6 Exam #3 Assignments 100 Chapter 8-9 Exam #4 Total 860 Chapter Exam #5 Less Lowest Exam -100 Comprehensive Final Exam 760 Grading scale: A - 90% B - 80% C - 70% D - 60% The time necessary to complete each chapter will depend on the student's background and ability. Only original work will be accepted. This means that photocopies of other people's work will receive no points and may be considered unethical. Activities in advance and makeup: ALL students may complete assigned activities in advance of the regular schedule. Check with your instructor for details. See also: John A. Logan College Rights and Responsibilities: A Student Code of Conduct and John A. Logan College Catalog. Offenses: Any of the offenses named below may result in expulsion, suspension, probation, or reprimand. Any proven violation of this code of conduct will be reported to the John A. Logan College administration and every effort will be made to have you removed from Accounting 200. Academic dishonesty or plagiarism or willful falsification of scientific educational data which is represented as scientific or scholarly research. METHODS OF PRESENTATION: Online

6 6 TEXT: REQUIRED: Accounting Principles, 11th Edition, Weygandt, Kieso, Kimmel, Wiley, New York. ISBN: Study Guide and Working Papers for the text. ISBN: INSTRUCTOR: Lora Hines Office: B71B Ext: 8461 Cell: DATE: Summer, 2014 John A. Logan College Telephone Numbers Carterville Campus Carterville and Williamson County... (618) , (618) Carbondale and Jackson County... (618) , (618) Du Quoin area... (618) West Frankfort area... (618) Crab Orchard, Gorham, and Trico Areas Alongi DQ Extension Center... (618) West Frankfort Extension Center... (618) John A. Logan College does not discriminate on the basis of race, religion, color, national origin, disability, age, sexual orientation, or gender orientation d SM 14

7 7 ACC 200 Assignment Sheet Summer 2014 Please note that assignments are due on due date, and will NOT be accepted late. All assignments must be completed to succeed in the course. Only those uploaded to drop box, will count as a grade. Drop Box assignments will be completed either using an excel spreadsheet if one is available, or you will complete it in the workbook and scan it and upload it to drop box. However, all assignments must be completed and checked with solutions, which can be found in D2L module in order to succeed in the course. All assignments, quizzes and exams are due by 11:59 p.m., unless taken in learning lab. The learning lab exams are due by 6:30 p.m. on their due date. Date Assignment Due Date Week of June 9 th Read Chapter 1 & 2 June 15 th BE 1-1, BE 1-2, Ex. 1-8, 1-9, 1-8B BE 1-9B, Prob. 1-1A, 1-2A, 1-3A (Part A) 1-5A (Parts A & B) Ex. 2-13, Prob. 2-1A, 2-3A and Prob. 2-3B Prob. 1-1B and 2-2A Upload to Drop box Quiz #1 & 2 Exam #1Due in Learning Lab by 6:30 p.m. Week of June 16 th Read Chapter 3 & 4 Ex. 3-3, 3-5, 3-7 & 3-9 Prob. 3-2A, 3-3A Parts A & B, & 3-4A Ex. 4-2, 4-3, 4-4, 4-8, 4-9, 4-13, 4-1A (Part A only), Prob. 4-5A Prob. 3-1A and 4-1A Upload to Drop box Quiz #3 & 4 Exam #2 Due in Learning Lab by 6:30 p.m. Week of June 23 rd Read Chapter 5 & 6 BE 5-1, 5-3, 5-6, 5-7, 5-9, Ex. 5-2, 5-3 Ex. 5-4, 5-5, 5-6, Prob. 5-4A, Ex. 5-13, Ex. 5-14, 5-15, 5-16, 5-17 & Prob. 5-7A Ex. 6-4, 6-5, and Prob. 6-3A Prob. 5-2A & 6-2A Upload to Drop box Quiz 5 & 6 Exam #3 Due in Learning Lab by 6:30 p.m. June 15 th June 16 th June 22 nd June 22 nd June 23 rd June 29 th June 29 th June 30 th

8 8 Week of June 30 th Read Chapter 8 & 9 Ex. 8-8, 8-9, 8-11, 8-12 Ex. 9-2, 9-3 (b & c), 9-4, 9-8, 9-6, 9-9 Prob. 9-2A (b,c & d) Week of July 7 th Prob. 8-2A (Parts A & B only) Upload to drop box and Quiz 8 Prob. 9-3A Upload to Drop Box Quiz 9 Exam #4 Due in D2L by 11:59 p.m. July 13 th July 13 th July 14 th Week of July 14 th Read Chapter 10 & 11 Ex & 10-5, 10-8, 10-9, Ex , 10-12, 10-15, 10-16, Prob. 10-2A, Prob. 10-6A Ex Upload to Drop Box Quiz 10 July 20 th Week of July 21 st Read Chapter 11 Ex , 11-11, 11-12, Prob. 11-3B Upload to Drop Box Quiz 11 Exam 5 Due in D2L by 11:59 p.m. July 27 th July 28 th Week of July 28 th Prepare for Comprehensive Final Exam Final Exam due in D2L by 12:00 p.m. (noon) July 31 st