AC 201 Principles of Accounting I
F1T 2006 DLH
Tallman, Marcia R.
BS Business AdministrationMasters in Organizational Leadership
7:00AM to 7:00PM
August 21st to October 15th, 2006
Required Text: Fundamental Accounting Principles ,18th Edition
Author:Larson, Wild and ChiapettaISBN: 0-07-299653-6
Order Texts at: http://direct.mbsbooks.com/park.htm
Textbooks can be purchased though the MBS bookstore
Textbooks can be purchased though the Parkville Bookstore
Additional Resources: N/A
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.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.Park Helpdesk - If you have forgotten your OPEN ID or Password, or need assistance with your PirateMail account, please email firstname.lastname@example.org or call 800-927-3024Resources for Current Students - A great place to look for all kinds of information http://www.park.edu/Current/.Advising - Park University would like to assist you in achieving your educational goals. Please contact your Campus Center for advising or enrollment adjustment information.Online Classroom Technical Support - For technical assistance with the Online classroom, email email@example.com or call the helpdesk at 866-301-PARK (7275). To see the technical requirements for Online courses, please visit the http://parkonline.org website, and click on the "Technical Requirements" link, and click on "BROWSER Test" to see if your system is ready.FAQ's for Online Students - You might find the answer to your questions here.
Educational Philosophy: My educational philosophy goal is one of interactiveness based on lectures, reading, quizzes, dialogues, examinations, and homework. My goal is to give you prompt, clear, and useful feedback tohelp you become a better writer, researcher and thinker.
Learning Outcomes: Core Learning Outcomes
Link to Class RubricClass Assessment: Students will be assessed as follows: The grading scheme is as follows for the course: Quizes 10% Hour exams( 3 each) 60% Final Exam 30% Total Grade 100% 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. 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
Graded Work 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
Late Submission of Course Materials: Submission of Late Work: Late work is not accepted
Classroom Rules of Conduct: 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
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 AC201 Weekly Schedule Week One Chapter One-Accounting in Business After reading this chapter, you will be able to: Explain the importance of accounting to business organizations and ethics in accounting. Explain accounting in the information stage and how financial statements are used by business. Chapter Two-Analyzing and Recording transactions After reading this chapter, you will be able to: Apply transaction analysis to the accounting equation. Explain the concept of double entry accounting, postings, ledgers and trial balances. Interpret and record transactions. Students should pay attention to the accounting equation, (assets=liabilities and owners equity) and the need to maintain this equation throughout the transaction process. Source documents are an important part of the accounting process as they initiate the analytical aspects of accounting. The concept of double entry accounting using debits and credits insure that balance is maintained in the accounting records. Week Two Chapter Three-Adjusting Accounts and Preparing Financial Statements After reading this chapter, you will be able to: Explain the importance of periodic reporting and the time period principle Explain accrual accounting Identify the types of adjustments and their purpose. Compute profit margin 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 Three Chapter 4-Completing the Accounting Cycle After reading this chapter, you will be able to: Explain 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 Chapter 5-Accounting for Merchandising Operations After reading this chapter, you will be able to: Account for merchandising activities, including purchases, sales transactions and adjustments. Describe both perpetual and periodic inventory systems. Prepare multiple and single step income statements. This week emphasizes the accounting process and reviews the accounting cycle. The closing process, including the accounting procedures and the post closing trial balance are important concepts for the student to understand. Merchandising activities are also introduced this week. The student is expected to analyze and record merchandise purchases and sales transactions. Week Four Chapter 6-Inventories and Cost of Sales After reading this chapter, you will be able to: Understand the methods used for accounting for inventory Analyze the effects of inventory on both financial and tax reporting. Able to compute the lower of cost or market amount of inventory. Chapter Seven-Accounting Information Systems After reading this chapter, you will be able to: Explain the concepts of an accounting information system. Explain the fundamental systems principles, the systems components, use of special journals and subsidiary ledgers Compute segment return on assets and use it to evaluate segment performance. Accounting for inventory is a very important part of internal control over the assets of a business. The assignment of cost to the inventory explaining the items and costs making up the inventory is one of the jobs of an accountant. In addition, technology has enabled automated systems to become a primary tool for the accountant. A working knowledge of the accounting information system is essential to understanding modern accounting. Week Five Chapter 8-Cash and Internal Controls After reading this chapter, you will be able to: Explain the concepts of internal control. Explain cash and cash equivalents. Prepare a bank reconciliation. The procedures for internal control are discussed fully in the chapter and students should be aware of the pitfalls of a lack of internal control. Internal control begins with control over cash and extends into banking activities. Recent events such as the World Span and Enron failures are prove that internal control is necessary to operating a solvent business. Week Six Chapter 9-Accounting for Receivables After reading this chapter, you will be able to: Explain the concept of receivables and how they are considered liquid assets. Describe the reporting for them and the reporting of the uncollectible accounts. Describe a note receivable and the computation of its maturity date and interest. Chapter 10 - Plant Assets, Natural Resources and Intangibles. After reading this chapter, you will be able to: Explain and develop the accounting for long term assets and intangible assets. Explain depreciation and the factors affecting its computation. Allocate the cost of the asset to the periods benefiting from the asset. Accounts receivables are a liquid asset and require specific account procedures for reporting purposes. The estimating of the uncollectible receivables is an important process that must be accomplished to support accurate accounting reports. Long term assets are a significant investment of the firm's capital and must be matched against future periods when they generate cash flows. Week Seven Chapter 11-Current Liabilities and Payroll Accounting After reading this chapter, you will be able to: Understand how to identify, compute record and report current liabilities in financial statements. Explain how to account for contingent liabilities. Explain the computation of the payroll for a business The financial statements require that all current liabilities be identified, computed, recorded, and reported accurately. Payroll is also another accounting function that must be computed and reported. This is a time sensitive accounting issue that requires understanding of the tax issues related to payroll. Week Eight There is no formal lecture this week as no new material will be presented. Your proctor should have your exam. You may take a calculator into the exam
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 2006-2007 Undergraduate Catalog Page 87-89N/A
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 87N/A
Attendance Policy:Instructors are required to maintain attendance records and to report absences via the online attendance reporting system.
Park University 2006-2007 Undergraduate Catalog Page 89-90N/A
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. 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 .N/A
Last Updated:8/9/2006 3:42:31 PM