AC201 Principles of Accounting I

for S1T 2006

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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.


AC 201 Principles of Accounting I


S1T 2006 DLH


Repp, David G.


Senior Instructor of Accounting


BA in Business Administration
Masters in Business Administration
CPA-Certified Public Accountant

Office Location

Spokane, Washington

Office Hours

Mon-Sunday (4 PM to 8 PM-Pacific Standard Time)

Daytime Phone



Semester Dates

01/09/2006 to 03/05/2006

Class Days


Class Time


Credit Hours


Required Text: Fundamental Accounting Principles ,17th Edition

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

Textbooks can be purchased though the MBS bookstore

Textbooks can be purchased though the Parkville 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:
 am committed to creating a positive environment conducive to learning at Park University  The following characteristics constitute my educational philosophy:

Excellence:  I believe that all students have a right to expect excellence in academic instruction.  By providing instruction using the latest equipment and the most up-to-date software and educational technologies, I will prepare students for today's business field.
Accessibility:  I believe that all students have a right to receive opportunities for higher education, including opportunities for individual growth, professional development, and academic achievement.  All students should be provided equal opportunities in receiving help that will motivate and assist them in defining and achieving their educational goals.
Responsibility:  I believe that I am accountable to my students, the community, and to society for accomplishing its goals within the constraints of the college mission and its resources.
Professionalism:  I believe that I should serve as an example of professionalism, which my students can follow.  I feel that my actions, speech, and values should be of the highest standard in dealings within the educational environment.

Learning Outcomes:
  Core Learning Outcomes

  1. Record the purchase of  assets.
  2. Prepare adjusting journal entries.
  3. Prepare financial statements from an adjusted trial balance.
  4. Prepare closing journal entries.
  5. Write off bad debts of customers.
  6. Compute and record depreciation expense.

  Instructor 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. 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.
Core Assessment:
The test examines each learning outcome with 20 questions. Eighteen multiple-choice questions will be based upon a distribution of critical thinking concepts applied to a learning outcome. Two questions will examine a communication/ writing component. Each question will be weighted as 5 points. 

Class Assessment:
The grading criteria is as follows for the course:
Quizes( 7 each)              
Hour exams( 3 each)            
Final Exam      

Quizes are worth 100 points each=700 points
The hour exam are worth 100 points each=300 points
The final exam is worth 100 points each=100 points
Weekly Participation is worth 80 points=80 points

Late Submission of Course Materials:
You will be expected to submit all of your work on time. All assignments are due by midnight Mountain Time on the established suspense date as designated in this syllabus. Any assignment that is turned in late will be docked 50% of the total points available. Any late assignment must be submitted within two days of the original suspense. Failure to submit the assignment within two days of the original due date may result in the assignment not being accepted.

Late assignments will be accepted only in cases of emergency and only if the student notifies the instructor and the instructor approves the submission of the late work.

Classroom Rules of Conduct:
Each of you needs to actively participate in discussions relating to the subject materials for each week for full participation credit and to make this class an enjoyable learning experience for us all.  

In an intensive, collaborative learning environment such as that of Park University, class attendance is perhaps the most obvious and objective starting point measure for participation. If you are not in attendance, you miss out on many opportunities for learning. Because of this, if you miss class, you will not receive participation points for that workshop week.

During each workshop week, you are expected to be actively engaged in the activities and discussions. During online workshop weeks, you must contribute to your assigned main newsgroup discussions in a substantive manner each week to earn 100% of the participation grade points for the workshop. As the instructor for the course, I will take both the quantity and content of your messages to your assigned main discussion thread into account to determine your weekly online workshop participation grade.

For online participation, you should read, analyze, and respond to questions and comments from fellow students and me. These may include additional questions from me, as the discussions evolve, not just the questions assigned at the end of the chapters. Don't be afraid to express your opinion of the topics that we will discuss. Differences of opinion are normal; but the important thing about any disagreement is to differ with respect and to provide an explanation and clear factual basis for your different point of view.

Quantity is important, but the quality of the notes is even more important.

You are expected to respond to your classmates and any questions/comments as posed from your instructor.  If you use external information to substantiate your comments, make sure to cite your reference properly. Additionally, posts that consists exclusively of another individual's ideas will not be awarded full credit. Use quotes and external example to substantiate your own statements.

Course Topic/Dates/Assignments:
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

Graded Work

Quizes                     10%  ( 4 multiple Choice questions-10 points each  and 1 problem- 60 points)

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

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

Total Grade            100%

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 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: .

Additional Information:


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