Syllabus

Course Description

ACCT 101 - Principles of Accounting I – An intensive study of the development of the accounting cycle for sole proprietorships. Basic record-keeping methods, introduction to theory of accounts and preparation of financial statements are introduced. Practical problems supplement classroom work. Concepts are reinforced through the use of technology.

Prerequisites

Basic math, reading and English skills are required. Familiarity with computers is also helpful.

Course Objectives

Upon completion of this course, the student will:

1. Explain basic generally accepted accounting principles;

2. A nalyze business transactions and apply the mechanics of double entry bookkeeping;

3. Analyze and journalize adjusting entries;

4. Prepare a set of simple financial statements; income statement, statement of owner’s equity, and balance sheet;

5. Compute cost of goods sold and gross profit. Explain their relevance to the financial statements;

6. Explain the fundamentals of internal control;

7. Prepare a simple bank reconciliation;

8. Apply accounting procedures to estimate uncollectible accounts receivable;

9. Compute cost of goods sold and ending inventory by applying perpetual FIFO, LIFO, and weighted average methods;

10. Differentiate between the periodic and perpetual inventory systems;

11. Compute depreciation of plant and equipment by applying Straight-line, Double Declining Balance, and Units of Production methods;

12. Journalize the disposal of plant assets and equipment; and,

13. Journalize basic payroll accounting entries.

Major Topics

I.                    Accounting in the information age

II.                 Business transactions and the accounting equation

III.               Analyzing and recording transactions

IV.              Adjusting accounts for financial statement preparation

V.                 Completing the accounting cycle

VI.              Accounting for merchandising activities

VII.            Merchandise inventories and cost of goods sold

VIII.         Accounting information systems

IX.              Internal control and cash

X.                 Receivables

XI.              Plant assets

XII.            Current and long-term liabilities

Methods

Through a variety of learning experiences including lecture, class discussions, audio-visual materials and the use of computers, students will learn and apply financial accounting concepts and procedures. Seventy percent of the course grade will be earned by tests, written assignments, graded homework and quizzes as will be outlined in more detail by the instructor.

A comprehensive departmental final exam will account for the remaining thirty percent of the grade.

Letter grades will be awarded for the following numerical averages:

90-100 A

80-89 B

70-79 C

60-69 D

Below 60 F

Requirement, Points and Evaluation

Quizzes

There will be a quiz after every chapter. Each quiz will be worth 30 points. Total possible quiz points is 330.

Examination

The final exam is comprehensive and will be conducted face-toface. The final exam is worth 200 points

Memorandum

Over the course of the semester, you will respond to 4 Discussion Board questions. Each will be worth 25 points for a total of 100.

Projects:

There will be wo projects this semester.

Work Sheet – Success Systems

This project is found at the end of chapters 2, 3 and 4.

100 points

Homework Manager

Access to Homework Manager was included with the purchase of your textbook. Students are to work on it throughout the semester. Some class time will be provided. More information will be provided by the instructor.

10 points for every chapter for a total possible of 110 points.

Total points possible - 840 points

Textbooks

Fundamental Accounting Principles with Homework Manager, 18th edition

Wild, Larson, and Chiappetta, published by McGraw-Hill Irwin

Homework Manager with CD, published by McGraw-Hill Irwin

Important Dates

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Hints for Success

Here are some tips you should follow which will help you to succeed in this course:

Set aside a specific time each week to work on this course. The estimated amount of time you should spend is 4 hours/week, more in summer/winter condensed semesters.
Keep in touch with me and your classmates by frequently checking your course e-mail, bulletin board, and calendar. This will help build a sense of community among us. Using the various communications tools provided in this course effectively is the same as "raising your hand" and participating in class discussions.
Be aware of the time lag that is inherent in most on-line courses. Although the communications tools make it appear that the transfer of information such as assignments is "instantaneous", it does not mean that the reply will be instantaneous. One of the hardest things about an on-line course is becoming comfortable with its asynchronous nature. In general, expect assignments to be returned within one week .
Familiarize yourself with published deadlines.
Ask for help when you need it.
Remember that there are traditional ways for keeping in touch. Use the telephone, a fax, or make an appointment to meet with me on campus.
Work off-line and save your assignments on your computer before submitting them electronically. You can use the saved version of your work to copy and paste to an on-line assignment or you can attach the saved file to an e-mail or bulletin board message. This will prevent a lot of frustration should your Internet connection or your system "fail".