How To Pass An Online Accounting Course

Transcription

1 Instructor: ACC 104-WW PRINCIPLES OF ACCOUNTING II Course of Study Larry Hearn Phone: Office: Home: (410) , ext. 349 (302) Please use course e- mail l Office: T-116 WyeMills Campus Office hours: Monday: 9:00-10:00 a.m. 12:45 a.m. - 2:15 p.m. Wednesday: 9:00-10:00 a.m. 12:45 a.m. - 2:15 p.m. Course Description: A continuation of Accounting I with emphasis on corporation and managerial accounting. Prerequisite: ACC 103 Principles of Accounting Statement of Goals 1. To acquaint the student with the basic principles of corporation accounting. 2. To provide the student with adequate knowledge to construct, interpret, and analyze corporate financial statements. 3. To acquaint the student with cash flow preparation. 4. To introduce the student to basic manufacturing concepts. 5. To acquaint the student with the principals of managerial accounting for costs. 6. To provide the student with adequate knowledge of basic budgetary plans and controls. 7. To serve as a foundation for further study in the field of accounting. Learning Outcomes Upon completion of this course, the student should be able to:

2 Accounting for Corporations 1. State the advantages and disadvantages of the corporate form of business organization. 2. Describe the difference in preferred and common stock. 3. Record purchases and sales of treasury stock, and stock dividends, and describe their effects on stockholders' equity. 4. Explain accounting for stock splits. 5. Calculate simple earnings per share. 6. Use present value tables to calculate the premium or discount on a bond issue. 7. Prepare entries to account for bonds issued between interest dates at par. 8. Prepare entries to account for bonds sold on their date of issue at par, at a discount, and at a premium. Analysis of Accounting Information 9. Prepare a simple cash flow statement. 10. Prepare comparative financial statements. 11. Calculate the common ratios used in analyzing the balance sheet and income statement and state what each ratio purports to measure. Managerial Accounting and Product Costing 12. State the reasons for departmentalization of businesses. 13. Explain the basis for determining profitability of a department and evaluating the department managers. 14. Explain the purpose and nature of managerial accounting. 15. Prepare financial statements for a manufacturing company. 16. Account for manufacturing costs. 17. Explain the purpose of a manufacturing statement, how one is composed, and how the statement is integrated with the primary financial statements. 18. Describe a job order cost accounting system. 19. State the conditions under which job order cost accounting should be used and those under which process cost accounting should be used. 20. Allocate direct and indirect departmental expenses. 21. Define responsibility accounting. 22. Allocate joint costs. 23. Identify fixed and variable costs. Cost Planning and Control

3 24. Describe the different types of cost behavior experienced by a typical company. 25. Calculate a break-even point for single and multi-product companies. 26. Compute sales for target net income. 27. Compute margin of safety. 28. Explain the importance of budgeting. 29. List the sequence of steps involved in preparing a master budget. 30. Prepare each budget in a master budget and explain the importance of each budget to the overall budgeting process. 31. Integrate the individual budgets into planned financial statements. 32. Prepare flexible budgets and state their advantages. 33. Explain variance analysis. Strategic Planning 34. Describe the impact of capital budgeting on the operations of a company. 35. Calculate a payback period and a rate of return on an investment. 36. Compute net present value for use in capital budgeting decisions. 37. Explain relevant costs. 38. Analyze acceptance of additional business decisions. 39. Analyze scrap or rework decisions. 40. Determine optimum sales mix. Instructional Materials 1. Fundamental Accounting Principles, (18th, ed.) by Pyle and Larson. Richard D. Irwin, Inc., Publishers 2. Thunder Mountain Snowmobile, Practice Set 3. Criteria for Grading Students Assignment Points Exam Exam Exam Exam Practice Set 100

4 Writing Assignments 50 Discussions Online 80 Total 630 Grading Scale Grade Percent Points A % B 80-89% C 70 79% D 60 69% F Below 60% Below 378 Practice Set In this assignment you, the student, will assume the role of the accountant for Thunder Mountain Snowmobile Company. You will analyze and record transactions for the month of December, prepare a bank reconciliation, adjust the accounts, and initiate the closing process. In addition, you will complete a mid-project and a final project evaluation, both of which can be found in the Thunder Mountain Package. You can begin this assignment immediately since it is a review of Principles of Accounting I concepts. The due date will correspond with the exam 3 due date. Therefore, you can submit the practice set through the Testing Center when you complete exam 3 or deliver it to my office prior to the due date. College Mailing Address: Larry Hearn Chesapeake College P.O. Box 8 Wye Mills, MD REQUIRED: Turn in the following documents, in a folder, in the order listed below. A. Mid-project evaluation B. Final project evaluation C. Bank reconciliation D. December 17 Trial Balance E. December 31 Unadjusted Trial Balance F. December 31 Adjusted Trial Balance G. December 31 Post-Closing Trial Balance DUE DATE: See Calendar or Due Dates on your homepage.

5 Writing Assignments: Writing assignments are found at the end of each chapter in a section entitled, Beyond the Numbers. For assignments with multiple questions, please number your responses. Assignments will be evaluated based upon the application of accounting principles to the case. Student responses should be approximately one page in length and should be submitted in the drop box of the assignment tool. DUE DATES: See Calendar or Due Dates on your homepage. Assignment Chapter Points Ethics Challenge Ethics Challenge Ethics Challenge Taking it to the Net Communicating in Practice Discussions In an online course, the Discussion area takes the place of at least some of the interaction we would have if we were in a face-to-face classroom. In Accounting 104, online discussions have two purposes. First, the discussion area gives you a place to ask content-related questions of me and of your fellow students. Don t be shy! Please post content-related questions in the Chapter Blogs which are located in the Lesson area. Secondly, the Discussion area gives me another way to make sure that you understand the course material. For various chapters I will post a structured discussion question. I expect you to create and post a thoughtful response to my question, providing not only your answer but also your reasoning. You are also expected to write a substantial reply to at least one of your fellow classmate s postings in each chapter. A response of I agree or You did a good job on that is not good enough. I also expect you to read the vast majority of your classmate's discussion postings in order for you to earn full credit on these assignments. I will be reading your discussion postings at least twice a week. You will receive a total of 80 points for the quality of your discussion participation. The discussion questions can be accessed through the chapter Lessons. DUE DATE: See Calendar or Due Dates on your homepage. Discussions Chapter Points 13 10

6 Homework Policy A detailed listing of course requirements can be found in the chapter Lessons. Writing assignments and discussion questions will be graded. The majority of student learning in an accounting class takes place through the completion of problems. Therefore, for each chapter, students will complete ungraded exercises and problems. Solutions to ungraded problems and exercises are located in a folder in the chapter Lessons. Redo any problems and exercises that you have difficulty with. The ability to complete the exercises and problems without the aid of the solutions is a good indication that the student understands the chapter material. Therefore, students may need to complete the assignments more than once in order to have a good understanding of chapter concepts. (Remember, problems and exercises are for self-study and are not to be turned in.) Exams Exams will be administered in the Chesapeake College Testing Center or other pre-approved testing sites. Exams are to be completed on or before the posted due date. Exam questions will be primarily multiple choice and problem type. The best way in which to prepare for an exam is to redo assigned problems and exercises until proficient in their completion and to review new terms. Contact the center at , ext. 344 for house of operation. Note: As a convenience to the student, all exam due dates fall on a Sunday. Sunday due dates recognize that students may not be able to travel to the Chesapeake College Testing Center during the week. Understand that this policy does not require that exams be completed on a Sunday. They must be completed on or before the Sunday due date. DUE DATE: See Calendar or Due Dates on your homepage. Points Chapters Exam and 14 Exam Exam , 21, 22

7 Exam Withdrawal In order to withdraw from any Chesapeake College course, a student must complete a withdrawal form in the Registration Office. Students With Disabilities Students with Disabilities seeking services or accommodations through Chesapeake College must disclose the need for these services or accommodations to the Office of Disability Services. Given sufficient notice and proper documentation, the College will provide reasonable accommodations, auxiliary aids, and related services required by persons with disabilities to allow access to our programs and services, if it is not an undue burden to do so. Students requiring accommodations are urged to submit requests at least 14 days in advance of the need to use them. To be eligible for academic accommodations through Chesapeake College, a student must have a documented disability as defined by the Rehabilitation Act of 1973 or the Americans with Disabilities Act (ADA) of For information on eligibility, contact: Judy Gordon Developmental Studies Case Manager/ADA Coordinator Phone: (410) FAX: (410) jgordon@chesapeake.edu Chesapeake College is an equal opportunity institution, providing access to education, service and employment regardless of race, color, age, religion, national origin, belief, sex or disability.