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AC 201 Principles of Accounting I
Strickland, Michelle A.


Mission Statement: The mission of Park University, an 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.

Vision Statement: Park University will be a renowned international leader in providing innovative educational opportunities for learners within the global society.
CourseAC 201 Principles of Accounting I DLF
SemesterF2T2005
FacultyStrickland, Michelle A.
TitleAdjunct Faculty
Degrees/CertificatesBSBA, MBA
Certified Defense Financial Manager
Office LocationColorado Springs CO
Office HoursBy appointment
Daytime Phone(719) 963-4863
E-Mailmichelle.strickland@pirate.park.edu
Semester Dates24 Oct - 18 Dec 2005
Credit Hours3

Textbook:
Fundamental Accounting Principles ,17th Edition


Author:Larson, Wild and Chiapetta
ISBN: 0-07-294660-1

Textbooks can be purchased through the MBS bookstore


Course Description:
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.  3:0:3

Educational Philosophy:
The instructor's educational philosophy is one of interactiveness based on lectures, readings, quizzes, dialogues, examinations, internet, videos, web sites and writings.

Learning Outcomes:

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 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 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 benefitting from the asset.

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




Course Assessment:
Weekly quizzes

Bi-weekly tests with final exam in week 8

Grading:
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%  

Late Submission of Course Materials:
Submission of Late Work: Late work is not accepted without prior permission from the instructor.

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

Classroom Rules of Conduct:
On-Line Participation

This course is offered on-line, over the Internet, using the eCampus computer service. Students are expected to devote a minimum of five hours per class week logged on to the computer conferencing system - the same amount of time you'd spend in the physical classroom.  In addition, you'll be spending several hours a week on homework.  See "On-line Course Policies" below for additional information.

A class week is defined as the period of time between Monday and Sunday. The first week begins the first day of the semester and ends midnight the following Sunday. Assignments scheduled for completion during a class week should be completed by the Sunday that follows the end of the week assigned. Writing assignments and formal papers should be completed and successfully submitted so that they are in my hands on the due date. NOTE: Because this is an online course designed to get feedback on assignments to you directly via Internet, you must make prior arrangements with me before submitting a paper via fax or the postal service. If you ever have problems transmitting your assignments to me, telephone or email me immediately, and we'll get the problem solved.

Homework: Homework must be submitted not later than the Sunday that follows the end of the week assigned. Late homework will not be accepted without prior permission from the instructor.

Final Exam: An examination must be taken in person at one of the Park University sites around the country or at an alternative location approved by the college where Park University sites are not available. See the thread in the conference for more details. It will be the responsibility of the student to arrange for a proctor who will be accepted and approved by the instructor. Park University site administrators or adjunct faculty are preferred, but K-12 school officials or senior personnel at the place of employment are usually acceptable. Excluded from approval as proctors shall be family members, neighbors, friends, and immediate supervisors.

·         Be sure to indicate the proctor's relationship to you in the space provided in the form. What this means is for you to indicate how the proctor qualifies as a proctor. The relationship to student line should say something like "instructor at XYZ College" or "senior manager at ZYX Company".

·         For these proctored examinations, photo identification is required.

·         A proctor information form will be provided.

·         If you are unable to make arrangements with someone who meets these criteria, contact the instructor for acceptable alternatives.

·         A proctor with email is required. The final exam will not be faxed, but emailed to your proctor.  

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.

Course Topic/Dates/Assignments:
During Week 1, we will discuss the importance of accounting to business organizations and ethics in accounting, review accounting in the information stage and learn how financial statements are used by business.  We'll recognize and memorize the “accounting equation” as the foundation of all accounting.  We'll apply transaction analysis to the accounting equation, interpret and record business transactions.

Week 1

Readings:

Read Chapters 1 and 2

Review Powerpoint Presentations for Chapters 1 & 2

During Week 2, we will discuss the importance of periodic reporting and the time period principle, learn about accrual accounting, identify the types of adjustments and their purpose, compute profit margin, and prepare and explain adjusting entries

Students should be able to explain the timing of reports and the need to adjust accounts.  Adjusting accounts is important for recognizing revenues and expenses in the proper period. The adjusted trial balance is described and how it is used to prepare financial statements.

Week 2

Readings:

Chapter 3.

Review Powerpoint Presentations for Chapter 3

During Week 3, we'll learn why temporary accounts are closed each period, evaluate the closing process, including procedures and the post closing trial balance, develop worksheets to aid in the preparation of financial statements, account for merchandising activities, including purchases, sales transactions and adjustments.  In addition, we'll learn about both perpetual and periodic inventory systems and prepare multiple and single step income statements.

Week 3

Readings:

Chapter 4

Chapter 5

Review Powerpoint Presentations for Chapters 4 & 5

During Week 4, we will turn our attention to understanding the methods used for accounting for inventory, analyze the effects of inventory on both financial and tax reporting, compute the lower of cost or market amount of inventory.  We'll learn how to explain the concepts of an accounting information system, the fundamental systems principles, the systems components, use of special journals and subsidiary ledgers.

Week 4

Readings:

Chapter 6

Review Powerpoint Presentations for Chapter 6

During Week 5,  we'll focus on the concepts of internal control, explain cash and cash equivalents and prepare a bank reconciliation.

Week 5

Readings:

Chapter 8

Review Powerpoint Presentations for Chapter 8

During Week 6, we will examine the concept of receivables and how they are considered liquid assets, describe the reporting for them and the reporting of the uncollectible accounts, as well as a note receivable and the computation of its maturity date and interest.  Then we'll learn how to explain and develop the accounting for long term assets and intangible assets and depreciation (including the factors affecting its computation.)

Week 6

Readings:

Chapter 9

Chapter 10

Review Powerpoint Presentations for Chapters 9 & 10

During Week 7, we'll learn how to identify, compute, record and report current liabilities in financial statements, explain how to account for contingent liabilities and discover how to compute the payroll for a business

Week 7

Readings:

       Chapter 11

        Review Powerpoint Presentations for Chapter 11

During Week 8, we will culminate our intense weeks of learning into preparation for the final exam.  No new material will be presented.

NOTE: Remember this last exam is a proctored one. Review the Syllabus instructions regarding proctored exams. Additional instructions will be posted online by your instructor.



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.   Park University 2005-2006 Undergraduate Catalog Page 85-87

Plagiarism:
Plagiarism involves the use of quotations 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 assignment (any portion of such) prepared by another person, or incorrect paraphrasing. Park University 2005-2006 Undergraduate Catalog Page 85-87

Attendance Policy:
Instructors are required to maintain attendance records and to report absences via the online attendance reporting system.

  1. The instructor may excuse absences for valid reasons, but missed work must be made up within the semester/term of enrollment.
  2. Work missed through unexcused absences must also be made up within the semester/term of enrollment, but unexcused absences may carry further penalties.
  3. In the event of two consecutive weeks of unexcused absences in a semester/term of enrollment, the student will be administratively withdrawn, resulting in a grade of "WH".
  4. A "Contract for Incomplete" will not be issued to a student who has unexcused or excessive absences recorded for a course.
  5. Students receiving Military Tuition Assistance or Veterans Administration educational benefits must not exceed three unexcused absences in the semester/term of enrollment. Excessive absences will be reported to the appropriate agency and may result in a monetary penalty to the student.
  6. Report of a "F" grade (attendance or academic) resulting from excessive absence for those students who are receiving financial assistance from agencies not mentioned in item 5 above will be reported to the appropriate agency.
ONLINE NOTE: 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. Recording of attendance is not equivalent to participation. Participation grades will be assigned by each instructor according to the criteria in the Grading Policy section of the syllabus.

Park University 2005-2006 Undergraduate Catalog Page 89

Park University 2005-2006 Undergraduate Catalog Page 89

Disability Guidelines:

Park University is committed to meeting the needs of all students that meet the criteria for special assistance. These guidelines are designed to supply directions to students concerning the information necessary to accomplish this goal. It is Park University's policy to comply fully with federal and state law, including Section 504 of the Rehabilitation Act of 1973 and the Americans with Disabilities Act of 1990, regarding students with disabilities. In the case of any inconsistency between these guidelines and federal and/or state law, the provisions of the law will apply. Park University is committed to meeting the needs of all learners that meet the criteria for special assistance. These guidelines are designed to supply directions to learners concerning the information necessary to accomplish this goal. It is Park University's policy to comply fully with federal and state law, including Section 504 of the Rehabilitation Act of 1973 and the American with Disabilities Act of 1990, regarding learners with disabilities and, to the extent of any inconsistency between these guidelines and federal and/or state law, the provisions of the law will apply. Additional information concerning Park University's policies and procedures related to disability can be found on the Park University web page:
http://www.park.edu/disability
 
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Copyright:
This material is copyright and can not be reused without author permission.