AC201 – Principles of Accounting I
Instructor: Bruce C. Van Apeldoorn Sr.
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 accoutning rather than the 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. Accoutning for Merchandising Concerns
4. Internal controls
5. Classsification of the Accounts
6. Generally Accepted Accoutning Principles
1. Record the purchase of assets in a sole proprietorship.
2. Prepare adjusting journal entries.
3. Prepare financial statements for a sole proprietorship.
4. Prepare closing journal entries.
5. Write off bad debts of customers.
6. Compute and record depreciation expense
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. Interpert 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 finanacial 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 reproting 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 benefitting from the asset.
11. Understand how to identify, compute, record and report current liabilities in the financial statments.
The text is a standard text used in numerous universites and treats the topic of introductory accounting in great detail. A knowledge of excel is helpful, but is not required for this course.
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.
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, who 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
Quizes 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 resevres the right to curve the final average for each student
To better assist the student to be able to self evaluate their performance in this class the following information is provided.
Readings: Each week there is required reading. The textbook should be considered much like a technical manual and reading assignments should be completed first. Evaluation of the reading assignments is with the use of quizzes and exams.
Lectures: Text and e-lecture (Power Point) presentations are provided to supplement the readings. They are provided for each week of the course. Their contents are the basis for discussions and to clarify critical points that need to be understood to complete homework assignments. Evaluation of the lectures is with the use of quizzes and exams.
Homework: For each chapter there is an assignment to provide hands-on application experience. At the end of the week the solutions are made available so the student can self-grade.
Discussions: Each week discussions are conducted and are focused on the most challenging topics of the material being studied. The purposes of these discussions are to promote a community sharing of the learning process. To maximize the benefit the student should visit each discussion frequently during the week, contribute the results of research of the topic being discussed, and participate in peer reviews of the posting made by classmates. The instructor will act as a facilitator of this learning process. Evaluation of the discussions is with the use of quizzes and exams.
Quizzes: During weeks 1-7 of the course there is a quiz per week. It is an open notes and book, timed quiz accessed online. The quiz will contain 5 multiple choice questions valued at 1 point each and a problem valued at 5 points. The instructor will update gradebooks weekly so the student can accurately track their progress.
Examinations: The examinations for weeks 2,4 and 6 are open notes and book, timed exams that are accessed online. They each contain 10 multiple choice questions valued at 5 points each and three problems valued at 30 points each. The instructor will update gradebook weekly so the student can accurately track their progress.
Course Examination: This examination is administered by a preapproved proctor during week 8. This exam will contain 10 multiple choice questions and 5 problems. The instructor will update gradebook weekly so the student can accurately track their progress.
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.
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.
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