Accounting Principles, Fess and Warren, 20th edition, South-Western Publishing
... acting within the policies and procedures of Southwestern Michigan College, ...
SOUTHWESTERN MICHIGAN COLLEGE School of Business Dowagiac, Michigan COURSE SYLLABUS Winter Session, 2004 COURSE TITLE: Principles of Accounting I
COURSE NO.: ACCO 201 SECTION NO.: 1002 1003
CREDITS/CONTACTS:
Credit Hours: 4 Lecture hours/weekly: 4 Laboratory hours/weekly: 0 A-T hours/week: 0
INSTRUCTOR:
Mr. Thomas Bauer Office Hours: Monday 1:45 - 2:45 Tuesday 5:50 - 6:50 Niles Wednesday 1:45 - 2:45 Thursday 4:50 – 5:50 Friday 11:40 – 12:40 Phone Number: 269-782-1216 E-mail:
PREREQUISITE:
Math 100 or higher or satisfactory tests score.
COURSE DESCRIPTION:
Principles of accounting with emphasis on financial accounting for sole proprietorship, but including partnership and corporation; the accounting cycle, financial statements, worksheets, adjusting and closing entries, service and merchandising enterprises, special journals, subsidiary ledgers, cash, voucher system, receivables, inventory, plant assets, payables, payroll, and theory.
CORE CURRICULUM:
N/A
DISTRIBUTION REQUIREMENTS:
Meets requirement for A.A.S. in Accounting degree
TEXTBOOK REQUIRED:
Accounting Principles, Fess and Warren, 20th edition, South-Western Publishing Company, Working Papers, Chapters 1-16, Practice set #2. The Snow Shop
OPTIONAL: N/A ADDITIONAL RESOURCES: N/A NOTICE: Information in this syllabus, was to the best knowledge of the instructor, considered correct and complete when distributed for use at the beginning of the semester. The instructor, however, reserves the right, acting within the policies and procedures of Southwestern Michigan College, to make changes in course content or instructional techniques.
HONESTY POLICY
Cheating or plagiarizing will absolutely not be tolerated at Southwestern Michigan College. Any student found cheating or plagiarizing material in any manner may be assigned a failing semester/session grade in this course. A second such incident while at SMC could result in suspension or expulsion from the institution. A student found in violation of this section of the syllabus will not be allowed to drop this course. Additional detail regarding cheating and/or plagiarism may be found elsewhere in this syllabus. METHOD OF INSTRUCTION:
Lecture, discussion, and problem solving.
EVALUATION:
Upon completion of this course, the student will have demonstrated achievement of the course objectives as measured by written examinations and other class assignments. In addition, a final grade of “C” or better is necessary in order to enroll in Principles of Accounting II (ACCO 202).
EVALUATION METHOD: NUMBER Varies 9 of 12 1 1
Periodic quizzes and homework Chapter examinations Practice Set Final Exam Attendance and Participation
PERCENTAGE OF FINAL GRADE 8% 55% 10% 25% 2% 100%
GRADING SCALE:
1,800 – 2000 PTS 1,600 – 1,799 PTS 1,400 – 1,599 PTS 1,200 – 1,399 PTS 1,199 and below
Homework 8% Chapter Exams best 9 of 12 @ 6.1% each 55% Practice Set 10% Class attendance, participation, etc. 2% Comprehensive final exam 25% 100%
A B C D F
160 pts 1,100pts 200pts 40pts 500pts 2,000pts
ATTENDANCE POLICY:
The 2% of your grade that is determined by your attendance will be computed as follows: For each 1 hour of class that is missed, 1 point is lost.
TESTING POLICY:
There will be 12 chapter examinations, each covering one chapter. Refer to the assignment sheet to determine the chapters to be covered on each exam. The best 9 scores will count in determining your grade. The lowest score will be eliminated. If a student misses an exam, it is at the discretion of the instructor whether or not a make-up exam will be allowed. Exams not made up will receive a grade of 0 and can be included as the exam that is eliminated in determining your grade. All allowed make-up exams must be taken within two weeks of original exam date.
OTHER COURSE EXPECTATIONS:
The practice set is to be completed outside of class. Work with partners or in teams if you so desire. The practice set should be started at the completion of Chapter 6 and IS DUE 04-14-04. NONE WILL BE ACCEPTED LATER!
Students are expected to have read the material and attempted to solve the problems to be
covered in class prior to the class period. Tardiness is not acceptable. The student will be marked absent if the tardiness is 15 minutes or more.
COURSE OBJECTIVES Upon completion of this course the student will be able to: 1.
Define accounting as an information system.
2.
Describe the profession of accounting and list its specialized fields.
3.
List the characteristics of a business transaction.
4.
State the accounting equation and define each element of the equation.
5.
Describe the financial statements of a sole proprietorship and explain how they interrelate.
6.
Explain the purpose of an account.
7.
Prepare a chart of accounts for a service enterprise.
8.
List the rules of debit and credit and the normal balances of accounts.
9.
Journalize and post transactions, using a two-column journal and a standard account in the ledger.
10. Prepare a trial balance and explain how it can be used to discover errors. 11. Explain how the matching concept relates to the accrual basis of accounting. 12. Explain why adjustments are necessary and list the characteristics of adjusting entries in the journal. 13. Enter adjustments on a work sheet and prepare an adjusted trial balance. 14. Prepare a work sheet. 15. Prepare financial statements from a work sheet. 16. Journalize and post the adjusting entries. 17. Journalize and post the closing entries. 18. Prepare a post-closing trial balance. 19. Explain what the fiscal year and the natural business year mean. 20. List the seven basic steps of the accounting cycle. 21. Compare and contrast a service enterprise’s income statement to a merchandising enterprise’s income statement. 22. Journalize the entries for merchandise transactions from both the buyer’s and the seller’s point of view. 23. Explain the differences between the periodic and perpetual inventory system. 24. Prepare a chart of accounts for a merchandising enterprise.
25. Prepare a work sheet for a merchandising enterprise, using the periodic inventory system. 26. Prepare an income statement, a statement of owner’s equity, and a balance sheet for a merchandising enterprise. 27. Journalize the adjusting and closing entries for a merchandising enterprise. 28. Explain when a perpetual inventory system is likely to be used by a merchandising enterprise. 29. Journalize the entries for merchandise transactions, using a perpetual inventory system. 30. Describe the basic principles of accounting systems. 31. List the three phases of accounting system installation and revision. 32. Journalize and post transactions, using subsidiary ledgers and the following special journals: sales journal, cash receipts journal, purchases journal, cash payments journal. 33. Prepare bank reconciliation and journalize any necessary entries. 34. Summarize basic procedures for achieving internal control over cash receipts and cash payments. 35. Demonstrate the use of a voucher system. 36. Define electronic funds transfers. 37. List the common classifications of receivables. 38. State the accounting implications of a promissory note. 39. Name and describe two methods of accounting for uncollectible receivables. 40. Prepare the Current Assets section of a balance sheet that includes temporary investments and receivables. 41. List the procedures for determining the actual quantities in inventory. 42. Compute the cost of inventory under the periodic system using various methods. 43. Compute the cost of inventory under the perpetual system using two methods. 44. Compute the proper valuation of inventory at other than cost, using the lower-of-cost-or-market and net realizable value concepts. 45. Estimate the cost of inventory, using the retail method and the gross profit method. 46. Define and give examples of plant assets and intangible assets. 47. Identify and list the costs of acquiring a plan asset. 48. Estimate the cost of inventory, using the retail method and the gross profit method. 49. Define and explain capital and revenue expenditures. 50. Journalize entries for the disposal of plant assets. 51. Compute depletion and journalize the entry for depletion. 52. Compute depletions and journalize the entry for depletion.
53. Journalize entries for employee fringe benefits, including vacation pay and pensions. 54. Journalize entries for product warranties. 55. Describe the role of the FASB and other groups in the development of accounting concepts and principles. 56. Describe and apply the ten basic accounting concepts and principles. 57. Identify and list the basic characteristics of the partnership form of organization. 58. Journalize the entries for the formation of partnerships. 59. Journalize the entries for dividing partnership net income and net loss. 60. Journalize the entries for partnership dissolution and liquidations.
COURSE ASSIGNMENTS SOUTHWESTEREN MICHIGAN COLLEGE PRINCIPLES OF ACCOUNTING I -ACCO 201
Winter 2004 WEEK DATE WEEK OF: 1 1/8
TOPICS
CHAPT.
2
1/12
Introductory remarks; requirements of the course; development of the accounting equation. Introduction to Accounting and Business.
3
1/19
Analyzing Transactions
2
4
1/29
The Matching Concept and the Adjusting Process
3
5
2/2
Completing the Accounting Cycle
4
6
2/9
Accounting Systems & Internal Controls
5
7
2/16 & 2/23 2/8
Acccounting for Merchandising Businesses Begin practice Set
6
Cash
7
8
1
ASSIGNMENT
Questions/Exercises Problems 1-1A, 1-3A, 1-5A, 1-6A Questions/Exercises Problems 2-2A, 2-3A, 2-4A, 2-6A Questions/Exercises Problems 3-1A, 3-2A, 3-3A, 3-4A 3-5A, 3-6A Questions/Exercises Problems 4-1A, 4-3A, 4-5A, 4-4A Questions/Exercises Problems 5-1A, 5-2A, 5-4A, 5-5A Questions/Exercises Problems 6-1A, 6-2A, 6-3A, 6-4A, 6-7A Questions/Exercises Problems 7-1A, 7-2A, 7-3A, 7-5A
SPRING BREAK March 1 – 7 9
3/15
Receivables
8
10
3/22
Inventories
9
11
3/29
Fixed Assets and Intangible Assets
10
12
4/5
Current Liabilities
11
Questions/Exercises Problems 8-1A, 8-3A, 8-4A, 8-5A Questions/Exercises Problems 9-1A, 9-2A, 9-3A, 9-4A, 9-5A Questions/Exercises Problems 10-1A, 102A, 10-3A, 10-4A, 105A, 10-6A
Questions/Exercises
Problems 11-1A, 112A, 11-3A, 11-5A, 116A PRACTICE SET DUE 04-14-04 NONE ACCEPTED LATER WITHOUT PENALTY
BREAK April 9 – 11 13
4/12
Corporations: Organizations, Capital Stock, Transactions and Dividends
14
4/19
Make-up Week The last chapter exam is often administered on the same day as the final exam, or given as a take-home exam. April 23, No Classes – Prep day for finals. 4-24 to 4-28- Final Exams as Scheduled.
12
Questions/Exercises Problems 12-1A, 12-3A, 12-5A, 12-2A, 12-4A
