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AC 201 Principles of Accounting I
Tallman, Marcia R.


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.

Course

AC 201 Principles of Accounting I

Semester

F2FF 2006 FA

Faculty

Tallman, Marcia R.

Title

Senior Instructor

Degrees/Certificates

BS Business Administration
Masters in Organizational Leadership

Office Hours

7:00AM to 7:00PM

Daytime Phone

509-299-5102

E-Mail

marcia.tallman02@pirate.park.edu

becky.tallman@starband.net

Web Page

http://N/A

Semester Dates

October 23rd to December 17, 2006

Class Days

TBA

Class Time

TBA

Prerequisites

None

Credit Hours

3


Textbook:

Required Text: Fundamental Accounting Principles ,18th Edition

Author:Larson, Wild and Chiapetta
ISBN: 0-07-299653-6

 Order Texts at: http://direct.mbsbooks.com/park.htm

 

Textbooks can be purchased through the MBS bookstore

Textbooks can be purchased through 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 helpdesk@park.edu or call 800-927-3024
Resources for Current Students - A great place to look for all kinds of information http://www.park.edu/Current/.


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:
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

  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. 2. Explain accounting in the information age and how financial statements are used by businesses.  Apply transaction analysis to the accounting equations.
  3. 3. Explain the concept of double entry accounting, postings, ledgers and trial balances. Interpert and record transactions
  4. 4. Evaluate the closing process, including procedures and the use of a post closing trial balance.  Develop worksheets to aid in preparing finanacial statements.
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. 

Link to Class Rubric

Class 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.

Grading:

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 87-89
N/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 2006-2007 Undergraduate Catalog Page 87
N/A

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 "W".
  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.

Park University 2006-2007 Undergraduate Catalog Page 89-90
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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 .
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Additional Information:
N/A



Rubric

CompetencyExceeds Expectation (3)Meets Expectation (2)Does Not Meet Expectation (1)No Evidence (0)
Evaluate and define accounting concepts identified by:                                                                                                                                                                                                     
Outcomes
1,2,4,5,6                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
Evaluate and define the accounting transaction(s) in order to record, adjust or correct per Generally Accepted Accounting Principles
Q1, Q4, Q8, Q12, Q15
100-80 %
 
Evaluate and define the accounting transaction(s) in order to record, adjust or correct per Generally Accepted Accounting Principles
Q1, Q4, Q8, Q12, Q15
60-79%
 
Evaluate and define the accounting transaction(s) in order to record, adjust or correct per Generally Accepted Accounting Principles
Q1, Q4, Q8, Q12, Q15
50-59%
 
Evaluate and define the accounting transaction(s) in order to record, adjust or correct per Generally Accepted Accounting Principles
Q1, Q4, Q8, Q12, Q15
Less than 50%
 
Synthesize data to produce a logical flow of informational reporting  per established accounting rules and standards                                                                                                                                       
Outcomes
1,2,4,5,6                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
Assemble the correct and ethical accounting treatment for given transactions in order to produce accurate financial statements per Generally Accepted Accounting Principles
Q3, Q6, Q7, Q11, Q14
100-80 %
 
Assemble the correct and ethical accounting  treatment for given transactions in order to produce accurate financial statements per Generally Accepted Accounting Principles
Q3, Q6, Q7, Q11, Q14
60-79%
 
Assemble the correct and ethical accounting  treatment for given transactions in order to produce accurate financial statements per Generally Accepted Accounting Principles
Q3, Q6, Q7, Q11, Q14
50-59%
 
Assemble the correct and ethical accounting  treatment for given transactions in order to produce accurate financial statements per Generally Accepted Accounting Principles
Q3, Q6, Q7, Q11, Q14
Less than 50%
 
Analysis of transactional data                                                                                                                                                                                                                             
Outcomes
1,2,4,5,6                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
Analyze accounting transactions recorded in the book of original entry and adjust, record or post to prepare accurate financial statements per Generally Accepted Accounting Principles
Q2, Q5, Q9, Q10, Q13
100-80 %
 
Analyze accounting transactions recorded in the book of original entry and adjust, record or post to prepare accurate financial statements per Generally Accepted Accounting Principles
Q2, Q5, Q9, Q10, Q13
60-79%
 
Analyze accounting transactions recorded in the book of original entry and adjust, record or post to prepare accurate financial statements per Generally Accepted Accounting Principles
Q2, Q5, Q9, Q10, Q13
50-59%
 
Analyze accounting transactions recorded in the book of original entry and adjust, record or post to prepare accurate financial statements per Generally Accepted Accounting Principles
Q2, Q5, Q9, Q10, Q13
Less than 50%
 
Application of established rules and logic per regulatory and commercial standards                                                                                                                                                                         
Outcomes
3                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
Demonstrate and interpret accounting data and Trial Balance figures in order to produce accurate Balance Sheets and Income Statements per Generally Accepted Accounting Principles
Q16, Q17, Q18
100-80 %
 
Demonstrate and interpret accounting data and Trial Balance figures in order to produce accurate Balance Sheets and Income Statements  per Generally Accepted Accounting Principles
Q16, Q17, Q18
60-79%
 
Demonstrate and interpret accounting data and Trial Balance figures in order to produce accurate Balance Sheets and Income Statements  per Generally Accepted Accounting Principles
Q16, Q17, Q18
50-59%
 
Demonstrate and interpret accounting data and Trial Balance figures in order to produce accurate Balance Sheets and Income Statements  per Generally Accepted Accounting Principles
Q16, Q17, Q18
Less than 50%
 
Content of Communication written essay                                                                                                                                                                                                                     
Outcomes
3                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
Assess the student's ability to understand and communicate/ write the reasoning for knowledge acquired through out the course as it relates to the  production of financial statements
Question 20
100-80 %
 
Assess the student's ability to understand and communicate/ write the reasoning for knowledge acquired through out the course as it relates to the  production of financial statements
Question 20
60-79%
 
Assess the student's ability to understand and communicate/ write the reasoning for knowledge acquired through out the course as it relates to the  production of financial statements
Question 20
50-59%
 
Assess the student's ability to understand and communicate/ write the reasoning for knowledge acquired through out the course as it relates to the  production of financial statements
Question 20
Less than 50%
 
Technical Skill in Communicating written essay                                                                                                                                                                                                             
Outcomes
6                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
Demonstrate the knowledge and skill to evaluate, apply and discuss accounting solutions
Question 19
100-80 %
 
Demonstrate the knowledge and skill to evaluate, apply and discuss accounting solutions
Question 19
60-79%
 
Demonstrate the knowledge and skill to evaluate, apply and discuss accounting solutions
Question 19
50-59%
 
Demonstrate the knowledge and skill to evaluate, apply and discuss accounting solutions
Question 19
Less than 50%
 
First Literacy Technical knowledge and application                                                                                                                                                                                                         
Outcomes
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
Student will demonstrate a basic accounting knowledge within the scope of AC 201 to assist them in performing their job functions or enhancing their accounting knowledge
Overall Score
100-80 %
 
Student will demonstrate a basic accounting knowledge within the scope of AC 201 to assist them in performing their job functions or enhancing their accounting knowledge
Overall Score
60-79%
 
Student will demonstrate a basic accounting knowledge within the scope of AC 201 to assist them in performing their job functions or enhancing their accounting knowledge
Overall Score
50-59%
 
Student will demonstrate a basic accounting knowledge within the scope of AC 201 to assist them in performing their job functions or enhancing their accounting knowledge
Overall Score
Less than 50%
 

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Last Updated:10/19/2006 11:22:40 PM