213, BSyllabus Principles of Accounting I BAN213/ACCT2003 Fall 2011

Transcription

1 213, BSyllabus Principles of Accounting I BAN213/ACCT2003 Fall 2011 Instructor: Martha Brothers Phone: Ext Office: C114 mbrothers@pccua.edu Office Hours: Posted C114 Text: Accounting, 24th edition. Warren, Reeve, Duchac. South- Western/Cengage Learning Materials Required: 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. Optional Working Papers (Working Papers Chapters 1-17) In addition, you will need: Computer with Internet Access Calculator 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. Catalog Description: BAN 213/ACCT 2003 (Principles of Accounting I) 3 hrs. 3 credits Prerequisite: BAN 103 or departmental approval. Revised, March 15,

2 Elementary accounting principles and problems as they apply to the sole proprietorship. The accounting cycle from the viewpoint of a service organization and a merchandising concern will be emphasized. This course will be offered during the fall, spring, and summer. Course Requirements: Computer Equipment and Software Student must have access to the Internet and World Wide Web. Website for checking compatibility of browser: Pop-Up blockers must be turned off while working in Blackboard. 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. Course Objectives: 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 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 Learning Objectives: 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. Revised, March 15,

3 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. 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 Revised, March 15,

4 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. 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. ACADEMIC INTEGRITY: 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: 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 Revised, March 15,

5 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: Lynn Boone, the Vice Chancellor for Student Services serves as the ADA Compliance Officer. If you reside in Arkansas County you may contact Vice Chancellor Carolyn Turner (DeWitt) or Dr. Susan Luebke (Stuttgart). 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. Directory information can be provided unless the student request that it be withheld. 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. ARKANSAS COURSE TRANSFER SYSTEM: (ACTS) The Arkansas Course Transfer System (ACTS) contains information about the transferability of course 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. Revised, March 15,

6 ASSIGNMENTS AND GRADING 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 Critical Thinking Critical Thinking 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. 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. 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 decisions and in generating business reports. Students will develop a critical thinking approach to applying theory to application. Students will develop a critical thinking approach to applying theory to application. 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 documents in a manual accounting system. Students will understand the basic terminology related to Accounting. Assessment Method/Measurement Chapter 1 2 Test Comprehensive Problem Chapters 1-4 Chapter Quizzes in Thomson Now GRADING As an on-line student, you will not be receiving the traditional lecture. CengageNow supplies you with an e-lecture on each chapter. You will also be able to access exercise demos, illustrative problems video cases, various tests and quizzes, and games. Grading will be based on the following assessments: Tests: Tests will be administered after each chapter for the period specified. Be sure to mark your calendars for test dates as make-up tests will not be available. Revised, March 15,

7 Final Exam: Proctored Exam Student will make arrangements with the designated proctor for online testing on their home campus. No textbooks or notes will be allowed during the exam. The instructor will supply a study guide in order to guide students in preparing for this exam. Timed Exams: The timed exam on each chapter can be done on a home computer at the student s convenience. The time exam must be completed in the given time period (example-30 minutes) and will be available for only a specified length of time. Homework Exercises and Problems: 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! 30% 30% 20% ****Late homework will not be accepted. You will be able to check to calendar to see when assignments are due. Please contact me by phone or to let me know if you are having problems. Class Participation and Attendance: 20% To receive points for class participation and attendance in this WebCT class, students will be required to participate in group discussions on WebCT. The instructor will post questions for each chapter, and in order to receive credit for the class participation and attendance, the student must post to the discussion. Further instructions will be posted to the Discussion Board Assignment Page. Be sure to post on time as the Discussion Board will close at that time. Total 100 Grading Scale % = A 80-89% = B 70-79% = C 60-69% = D Below 60 = F Martha Brothers Testing Policy Revised, March 15,

8 Tests: Tests will be administered after each chapter for the period specified. Be sure to mark your calendar for test dates as make-up tests will not be available. A test schedule will be available on the homepage. Final Exam: Proctored Exam Student will make arrangements with the designated proctor for online testing on their home campus. No textbooks or notes will be allowed during the exam. The instructor will supply a study guide in order to guide students in preparing for this exam. Proctors: Phillips Community College mwaites@pccua.edu University AR Community College Hope ephillips@uacch.edu sjackson@uacch.edu drowe@uacch.edu University AR Community College Batesville tjolley@uaccb.edu Michelle Waites Eddra Phillips Shelia Jackson Demechia Rowe Tammy Jolley Tests will be timed, and you will only be allowed to take the test one (1) time. If you skip or leave a question unanswered, you will not be able to return to that question so make sure you have answered each question before proceeding. *The instructor reserves the right to change this syllabus in order to meet the needs of the students. Revised, March 15,