AC201 Principles of Accounting I

for F1T 2005

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Theran Mugleston
Office: Home
Office Hours: 24/7 via email, phone, & fax
Phone: 865-484-1980
Fax: 865-484-1989

I am semi-retired, and to keep myself out of my wife's hair I teach on-line for Park University.  I also believe it will keep my brain cells working and I might even live a little longer.

We live in Dandridge, Tennessee, named after Martha Dandridge Washington.  Nice area about 40 miles east of Knoxville.  Rolling hills, with leaves changing to autumn colors, very pretty.  Cows are browsing on some of the hills around us.  Quite peaceful really.  We have 5 children and 8 grandchildren, so the family is growing but they live in various places such as Texas, Missouri, Arizona, and here in Tennessee.

I worked primarily in Construction Procurement for some major construction firms for roughly 30 years.  I waited until late in life to finish my PhD in Administration/Management, I kind of did it to show myself that I could still learn and hadn't gone dormant.

I do hope that we get to know each other, support each other, and not only learn but have fun in doing so.



Park University Vision

Park University will be a renowned international leader in providing innovative educational opportunities for learners within the global society.

Park University Mission

The mission of Park University, a entrepreneurial institution of learning, is to provide access to academic excellence which will prepare learners to think critically, communicate effectively and engage in lifelong learning while serving a global community.



An introduction to financial accounting, including the concepts, procedures and terminology of modern accounting.  Generally accepted accounting principles will be discussed and applied to various business concerns.



This is not a bookkeeping course.  The student is expected to learn not only how to record financial transactions, but why they are recorded.  It will focus on the principles of financial accounting rather than the bookkeeping function.  Accounting is said to be the "language of business". It has its own terms and understanding these will be one of the biggest challenges to the beginning accounting student.  As with any language, mastery comes with using the new words and terms.  Raise questions and express yourself in class as often as possible.

Topics to be covered:

1.  Accounting Model

2. Accounting Cycle

3. Accounting for Merchandising Concerns

4. Internal controls

5. Classification of the Accounts

6. Generally Accepted Accounting Principles



1. Explain the importance of accounting to business organizations and ethics in accounting.

2. Explain accounting in the information age and how financial statements are used by businesses.  Apply transaction analysis to the accounting equations.

3. Explain the concept of double entry accounting, postings, ledgers and trial balances. Interpret and record transactions.

4. Evaluate the closing process, including procedures and the use of a post closing trial balance.  Develop worksheets to aid in preparing financial statements.

5. Account for merchandising activities, including purchases, sales transactions and adjustments.

6. Understand the methods used for accounting for inventory.  Analyze the effects of inventory on both financial and tax reporting.

7. Review the concepts of an accounting information system.  Explain the fundamental systems principles, the systems components, use of special journals and subsidiary ledgers.

8. Explain the concepts of internal control and the analysis of cash.

9. Explain the concept of receivables and how they are considered liquid assets.  Describe the reporting for them and the reporting of the uncollectible amounts.

10. Explain and develop the accounting for long term assets and intangible assets.  Allocate the cost of the asset to the periods benefiting from the asset.

11. Understand how to identify, compute, record and report current liabilities in the financial statements.





The text is a standard text used in numerous universities and treats the topic of introductory accounting in great detail. A knowledge of excel is helpful, but is not required for this course.



Course-Specific Policies:

A class week is defined as the period of time between Monday and Sunday at 12 PM CST. You may contact me through the discussion area or by email at Park.  I will try to respond quickly, usually within 48 hours. Course work that is to be turned in must be submitted within the specified time.

Student should use Email for private messages to the instructor and other students.  The discussion area is for public messages and is viewable by all members of the class.

Students are responsible for clicking on the link below and thoroughly reading each Online course policy.  If you have questions about any of these policies, please contact your instructor for clarification.

Online Course Policies



  • The grading scheme is as follows for the course:
  • Quizzes                           10%
  • Hour exams (3 each)       60%
  • Final Exam                       30%
  • Total Grade                    100%


  • Submission of Late Work: Late work is not accepted.
  • Proctored final examination



o        A final proctored examination will be taken in a proctored testing environment during the 8th (or 16th) week at one of the Park University sites around the country or at an alternative location.  For proctored examinations, photo identification is required at the time of the test.  Guidelines for selecting an acceptable proctor can be found on the Park University Website. 

o        Other Information on proctored exams:

§         It will be the responsibility of the student to arrange for a proctor, by the 6th week of the term, which is accepted and approved by the course instructor. 

§         Approval of proctors is the discretion of the online instructor. 

§         A proctor request form will be made available to you during the first week of class so that you can send your requested proctor to your instructor for approval. 

§         Failure to take a final proctored exam (or submit your final project for some online graduate courses) will result in an automatic "F" grade.

Course Grading Scale

Graded Work

Quizzes                     10%  (4 multiple Choice questions and 1 problem)

Hour Exams              60%  (10 multiple Choice questions and 3 problems)

Final Exam               30%   (10 multiple choice questions and 5 problems)

Total Grade      100%

A = 90-100%
B = 80-89% 
C = 70-79% 
D = 60-69% 
F = < 60% 

The instructor reserves the right to curve the final average for each student



Academic Honesty

Academic integrity is the foundation of the academic community.  Because each student has the primary responsibility for being academically honest, students are advised to read and understand all sections of this policy relating to standards of conduct and academic life. 


Academic dishonesty includes committing or the attempt to commit cheating, plagiarism, falsifying academic records, and other acts intentionally designed to provide unfair advantage to the students.

  • Cheating includes, but is not limited to, intentionally giving or receiving unauthorized aid or notes on examinations, papers, laboratory reports, exercises, projects, or class assignments which are intended to be individually completed.  Cheating also includes the unauthorized copying of tests or any other deceit or fraud related to the student's academic conduct.
  • Plagiarism involves the use of quotation without quotation marks, the use of quotations without indication of the source, the use of another's idea without acknowledging the source, the submission of a paper, laboratory report, project, or class assignments (any portion of such) prepared by another person, or incorrect paraphrasing.
  • Falsifying academic records includes, but is not limited to, altering grades or other academic records.
  • Other acts that constitute academic dishonesty include:
    • Stealing, manipulating, or interfering with an academic work of another student or faculty member.
    • Collusion with other students on work to be completed by one student.
    • Lying to or deceiving a faculty member.


In the event of alleged academic dishonesty, an Academic Dishonesty Incident Report will be submitted to an Online Academic Director who will then investigate the charge.  Students who engage in academic dishonesty are subject to a range of disciplinary actions, from a failing grade on the assignment or activity in question to expulsion from Park University.  Park University's academic honesty policy and related procedures can be found in full in the 2004-2005 Park University Undergraduate and Graduate Catalogs.



Professors are required to keep attendance records and report absences throughout the term. Excused absences can be granted by the instructor for medical reasons, school sponsored activities, and employment-related demands including temporary duty. The student is responsible for completing all missed work.  Any student failing to attend class for two consecutive weeks, without an approved excuse from their instructor, will be administratively withdrawn and notified via email that you have been withdrawn and a grade of "WH" will be recorded.

An attendance report of "P" (present) will be recorded for students who have logged in to the Online classroom at least once during each week of the term.  PLEASE NOTE:  Recording of attendance is not equivalent to participation.  Participation grades will be assigned by each individual instructor according to the criteria in the Grading Policy section of the syllabus.

For more details on Park University on page 100 of the Park University Undergraduate Catalog or page 14 of the Park University Graduate Catalog.



McAfee Memorial Library - Online information, links, electronic databases and the Online catalog. Contact the library for further assistance via email or at 800-270-4347.

Park University Online Bookstore - Select "Distance Learning - Graduate," or "Distance Learning Internet," and then click on the appropriate course code (ex. AC 201, PA 501) to see the list of required and optional texts for each course that you are enrolled in. 

Advising - Park University would like to assist you in achieving your educational goals. Your Campus Center Administrator can provide advising to you, please contact them for assistance.  If you need contact information for your Campus Center, click here.

Online Tutoring Services - Park University has arranged for Online students to receive five hours of free access to Online tutoring and academic support through Smarthinking. If you would like Online tutoring, please contact me to receive their recommendation and information on how to access the Online tutoring.

Career Counseling - The Career Development Center (CDC) provides services for all stages of career development.  The mission of the CDC is to provide the career planning tools to ensure a lifetime of career success.

Online Classroom Technical Support - For technical assistance with the Online classroom, email or call the helpdesk at 866-301-PARK (7275).  To see the technical requirements for Online courses, please visit the website, and click on the "Technical Requirements" link, and click on "BROWSER Test" to see if your system is ready.

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