Additional Resources: Student is expected to use the Internet site indicatged below during this learning process for studying, tutorial, etc.
http://www.prenhall.com/beamsCourse 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: All information taught is based upon actual accounting experience as a practicing CPA. Such experience has shown information that a business person should know concerning the basic of accounting. While bookkeeping is a mandatory part of accounting, accounting is a much broader area that involves making business decisions based upon data provided by the books of a business. As such, the student will be challenged not only to learn and understand how data is accumulated, but also to use and interpret such data in making business decisions. Although not taken
up and graded, a student is expected to do the homework timely and be prepared to discuss it and any problems thereof in class. Other teaching techniques will include lecture, class participation, self-study, and computer applications.
Learning Outcomes:1. To define the purpose of accounting.
2. To explain the importance of accounting in
making business decisions.
3. To state the accounting equation and define
each element of the equation.
4. To describe the financial statements of a
proprietorship and to explain how the
5. To understand the concept of double-entry
accounting, explaining the relationship of
debits and credits.
6. To discover errors in recording accounting
transactions and correcting such errors.
7. To discover errors in recording accounting
transactions and correcting such errors.
8. To explain the matching concept.
9. To distinguish between the accrual basis
and the cash basis of accouinting.
10. To prepare adjusting entries.
11. To prepare a work sheet, including the
preparation of a trial balance and an
adjusted trial balance.
12. To prepare the financial statements for
13. To explain the concept of closing entries;
actual prepareation of closing entries; and
then preparing a post-closing trial balance.
14. To list in order the steps of the accounting
15. To explain the importance of internal control
16. To list at least five special journals which
a business may use.
17. To explain the purpose of each of the five
18. To define internal control and indicate the
importance of internal control in the operations
of a business.
19. To differentiate between a fiscal year and a
20. To distinguish the activities of a service
business from those of a merchandise business.
21. To explain proper account classification and the
factors that influence the classification of
accounts as shown on teh Balance Sheet and the
22. To account for sales (revenue) of a business.
23. To compute cost of goods sold.
24. To explain the differences and handling of a
perpetual inventory system and a periodic
25. To describe the nature of cash and procedures
used to accouint for and to safeguard it.
26. To prepare a bank reconciliation and the
related journal entries.
27. To set up a petty cash fund utilizing the
28. To describe the nature and characteristics
of promissory notes -- both interest-bearing
and non-interesting bearing notes.
29. To compute inventory cost flow using the three
generally accepted methods.
30. To compare and contract the use of the three
inventory costing methods.
31. To estimate inventory utilizing the gross profit
32. To define and explain the treatment of fixed
33. To compute depreciation utilizing the four
generally recognized methods, and to explain
conditions under which eachmethod would be
34. To dustinguish between revenue and capital
35. To compute and journalize data relative to
36. To utilize ratio analysis in making business
37. To know how to read and interpret data.
38. To record the purchase of assets in a sole proprietorshp.
39. To prepare adjusting entries.
40. To write off bad debts of customers.
Course Assessment: Your progress will be determined through frequent learning devices (quizzes)and two major examinations, the last of which will be comprehensive.
Grading: Mid-term 250
Learning Devices 100
Class Participation 50
Guaranteed Minimum Grading Scale:
A = 90% B = 80% C = 70% D = 60%
F = 59% and lower
You may make an appointment to discuss your grade.
Late Submission of Course Materials: Students are expected to attempt all homework by the date due. Failure to timely attempt homework will adversely affect the class participation portion of your grade.
Course Topic/Dates/Assignments: As indicated previously, such assignments will not be taken up and graded. The assignments are given to help you learn. You will be expected to attempt them timely. Failure to do so will adversely affect your grade. Unforeseen factors may require that such assignments and the due date be postponed; however, this will be discussed in class. So again, it is important for you to know what happened in any missed class.
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. <a href="http://www.park.edu/catalog">
Park University 2004-2005 Undergraduate Catalog</a> Page 101
Instructors are required to maintain attendance records and to report absences
via the online attendance reporting system.
Park University 2004-2005 Undergraduate
Catalog Page 100Class attendance is expected. Students are expected to spend a minimum of 40 hous classroom and teacher contact time. Should circumstances require that you miss a class you are expected to complete the equivalent make-up work. This includes learning what transpired during the missed classes. Such may be accomplished talking with the instructor, obtaining notes from a fellow student, having the class taped, etc. Any learning devices missed may not be made up, but the ones missed will not be used in calculating your grade.
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:
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