Midland College Syllabus Spring 2010 ACCT 2402 Principles of Accounting II 4 semester credit hours (3 hours lecture and 1 hour lab)

Transcription

1 Midland College Syllabus Spring 2010 ACCT 2402 Principles of Accounting II 4 semester credit hours (3 hours lecture and 1 hour lab) Course Description: Text, References, and Supplies: Course Goals/ Objectives: Student Contributions and Class Policies: A continuation of ACCT 2401 completing the study of corporate financial accounting data for cost control and management decision making. The student is required to learn the preparation of Cash Flow Statement and review the relationships among all the corporate financial statements. The student will use financial statement analysis to track a firm s trends and to determine a firm s liquidity, profitability, and solvency. The student will learn the basis of manufacturing cost accounting and product costing, as well as basic planning and control tools such as break-even and marginal analysis. The study will include the planning and budgeting function, including cash budgeting and the use of standard costs for cost control. The student will learn the variable costing method, incremental cost analysis, and the use of present value and other techniques to analyze alternatives such as capital expenditures, make-or-buy, sales mix and other managerial accounting decision making techniques. This course will transfer to many upper level institutions. (Prerequisites: ACCT 2401) 1. Horngren, Harrison, ACCOUNTING, 8th edition, Prentice Hall (required). 2. Working Papers which accompany MY ACCOUNTING LAB (with access code) 3. A practice set for understanding annual reports (furnished). 4. Scantrons for major exams. 5. A calculator is strongly recommended NO cell phones used for calculators. 1. Students will explore the theory and practice of recording, measuring, and interpreting financial data for partnerships and corporations. 2. Students will apply basic concepts, principles, and procedures of accounting (GAAP) while analyzing corporate financial statements for decision making purposes. 3. Students will survey management accounting and concentrate on cost accounting techniques for manufacturing entities. 4. Students will prepare budgets and performance reports and apply cost-volume-profit analysis from management s perspective. 1. Each student should spend at least 8 hours per week preparing for class. Attendance is critical in this class. Students are expected to read and study each chapter in the test. 2. POLICY FOR QUIZZES & EXAMS MISSED BY STUDENTS: Seven progress quizzes are scheduled during the semester, and only five progress quizzes will be counted in arriving at the final grade. Because two quizzes will be dropped, the GENERAL RULE to be followed is that there will be NO MAKE-UPS on progress quizzes that are missed! Students who miss progress quizzes may obtain blank copies of the quiz for study purposes after the progress quiz has been returned to the class. In the event that a student misses a scheduled major exam, the GENERAL RULE to be followed is that all makeup exams will be given on the day of the final exam. 3. Students will be expected to participate in classroom activities and discussions. 4. Students will be expected to exhibit professional behavior during scheduled class times and while in the lab. Professional behavior includes, but is not limited to, complying with the rules of Midland College; being punctual; exhibiting cooperative behavior in class; avoiding the use of earphones, cell phones, and beepers, which are disruptive to the class. Evaluation of Students:

2 1. Perform ance will be measur ed accordi ng to establis hed grading standar ds by student testing, includi ng exams consisti ng of truefalse, multipl e- choice, matchin g; fillin-theblanks; shortanswer; essays; proble ms; or any Major Exams (100 points each) 300 points All homework Practice Set Final Examination Maximum Points Grade Points A 630+ B C D F less than points 100 points 100 points 700 points A grade of W will only be given at the request of the student. Please review the withdrawal policy in the Midland College Catalog. combination. 2. Gradin g for this course will be as follows : Best 5 Progress Quizzes (20 points each) 100 points All 3

3 Course Schedule: SCANS Information: The class meets for 3 lecture hours per week. A tentative course schedule will be provided to the student during the first class meeting. 1. Resources: Identifies, organizes, and allocates resources. Students will: develop time management skills completing assignments by established deadlines and taking quizzes and tests within designated time frames; learn budgeting techniques while preparing various budgets and performance reports. 2. Information: Acquires and uses information. Students will: select appropriate data from assignment material to measure a business s activities, process information into reports, and communicate findings to decision makers in the form of written reports. 3. Reading: Locates, understands, and interprets written information in prose and documents. Accounting has a highly technical vocabulary. Students must read and assimilate data from the text and narrative assignment material in order to understand and to communicate information to managers and decision makers. 4. Arithmetic/ Mathematics: Performs basic computations. Students will: perform basic operations of addition, subtraction, multiplication, and division; use light algebra for solving various equations; calculate percentages, discounts, payroll, and many other everyday business and consumer application problems. 5. Thinking: Thinks creatively, makes decisions, solves problems, knows how to learn and reason. Students will: develop critical thinking skills (analysis, interpretations, and determining a course of action) and challenge ethical issues of the profession through participating in problem solving exercises.

4 Instructor Information: Dale Westfall Office Phone: Office: Room 158 TC Office Hours: See below te: Students are encouraged to contact the instructor at any time; however, making an appointment will guarantee the instructor s availability at a specific time. Business Studies Division Information Division Dean: Gavin Frantz Division Secretary: Lisa Hain Division Office: Room 142 TC Division Telephone: Dale Westfall office home 158 TC picnic@midland.edu SPRING 2010 OFFICE HOURS 10:30 a.m. - 11:00 a.m. Monday & Wednesday 4:00 p.m. - 5:30 p.m. Monday & Wednesday 8:30 a.m.- 10:30 a.m. Friday 8:30 a.m. - 9:30 a.m. Tuesday & Thursday 2:00 p.m. - 3:00 p.m. Tuesday & Thursday Afternoons by appointment. SPRING TEACHING SCHEDULE ACCT (11:00 a.m. - 12:20 p.m.) MW room 146 TC ACCT (9:30 a.m. - 10:50 p.m.) TR room 146 TC ACCT (7:00 p.m. - 8:20 p.m.) MW room 146 TC ACCT (9:00 a.m. - 10:20 p.m.) MW room 146 TC ACCT (11:00 a.m. - 12:20 p.m.) TR room 146 TC ACCT (5:30 p.m. - 6:50 p.m.) MW room 146 tc ACNT (TBA) ACCOUNTING LAB The accounting lab is located in room 170 TC ( ) and will be open approximately 12 hours a day, Monday through Thursday, and 3 hours on Friday mornings. More definite hours will be posted in the lab after the first week of class. ACCT Principles of Accounting II

5 HOMEWORK ASSIGNMENTS - (ACCOUNTING, seventh edition, Horngren, Harrison) At the end of each chapter in your textbook, you will find a glossary of terms, Quick Check test, Short Exercises, Exercises, and Problems. SHORT EXERCISES generally review concepts and terminology. You may be assured that a significant number of questions concerning concepts and terminology will appear on both progress quizzes and major exams. Therefore, students are advised to study and be able to answer these short exercises. EXERCISES represent short applications of the concepts contained in the chapter (usually covering one or two chapter objectives). Often a student can work an exercise in his head or on scratch paper although some exercises are more detailed and require more thought and concentration. PROBLEMS are a bit longer and more complex than exercises, often involving several chapter objectives. This semester students will complete selected exercises and problems for a homework grade. CHAPTER THIRTEEN FOURTEEN FIFTEEN SIXTEEN SEVENTEEN EIGHTEEN NINETEEN ****TWENTY HOMEWORK--EXERCISES and PROBLEMS P13-23A, P13-25A P14-22A, P14-23A, P14-24A, P14-25A P15-26A, P15-25A P16-25A, P16-28A, 16A-13A, P16A-14A P17-26A, P17-28A P18-24A, P18-25A P19-23A, P19-27A P20-27A, P20-28A (at the end of the semester) TWENTY-ONE E21-12, E21-13, E21-14, E21-18 TWENTY-TWO P22-28A TWENTY-THREE P23-20A, P23-21A Competencies Purpose and/or Sample of Real Life Applications Assignments Used Throughout the Course

6 Build a vocabulary of accounting terminology as it relates to corporations and manufacturing companies To understand the difference in accounting for the sole proprietorship and corporation forms of business using GAAP. Write answers to select questions and short exercises Yes Recognize two ways to internally finance a corporation selling stock and profitable operations and how to display these sections on a Balance Sheet for corporations. To distinguish the owner s equity section of a Balance Sheet of a sole proprietorship or partnership from that of a corporation. Record transactions to sell capital stock, declare and pay/distribute cash and stock dividends and prepare several Stockholder s Equity sections of Balance Sheets for corporations. Identify an additional way to finance corporations- using external sources. Illustrate external long term financing opportunities for a corporation specifically bonds. Record entries to issue bonds, pay interest, and amortize Premiums and Discounts. Identify the three basic financial activities in which all businesses engage operating, investing, and financing. Catagorize financial activities into three separate activities. Prepare several Cash Flow Statements using the Indirect Method of preparation. To make informed decisions about the financial health of a company. Complete a major project that analyzes a company s financial position Utilize horizontal and vertical analysis plus 14 common financial statement ratios to interpret a company s financial status. Describe/distinguish three types of business organizations-service, merchandizing, and manufacturing, and classify their costs by value-chain element. Classify costs into 3 cost categories direct materials, direct labor, and factory overhead. Record entries for job order costing and process costing. Use Cost-Volume-Profit analysis to determine a company s breakeven point. Demonstrate how changes in volume affect costs/profits. Compute the breakeven point for a business using equation approach, Income Statement approach, and CVP graph. To develop a Master Budget for a business including a budgeted Income Statement & Balance Sheet. To develop strategies (business goals) that help a business plan and control revenues and costs. Prepare budgets for sales, purchases, cost of goods sold, and inventory; cash budgets, and performance reports. Competencies Purpose and/or Sample of Real Life Applications Assignments Used Throughout the Course

7 Evaluate a manufacturing company s performance using standard cost accounting procedures for Direct Materials, Direct Labor, and Factory Overhead. Companies must know how to use variance to learn why actual results differ from budgets. Prepare flexible budgets and use these budgets to show why actual results differ from standards compute efficiency and price variances for direct materials and direct labor. Compute overhead variances.