AC 201 Principles of Accounting I
F2T 2008 DLC
Strickland, Michelle A.
Senior Adjunct Instructor
BSBA, MBACertified Defense Financial Manager
Colorado Springs CO
20 Oct - 14 Dec 08
Fundamental Accounting Principles ,18th Edition; Author: Larson, Wild and Chiapetta
Order Texts at: http://direct.mbsbooks.com/park.htm
The text is a standard text used in numerous universites and treats the topic of introductory accounting in great detail. A knowledge of Excel is helpful, but is not required for this course.
IMPORTANT NOTE: In previous terms, many students have tried alternative means of acquiring their textbooks, either through cut-rate bookstores or on-line sales outlets. I have found that these often end in disappointment...either the wrong book is received or it takes too long to reach you. Please be aware that you MUST have your text by the end of week 1 - if you don't have it by then, you won't be able to catch up your coursework. Whatever method you choose to get your book, just ensure you have it. If you begin the course late, it would be in your best interest to have the book shipped overnight. Being prepared with the required materials is part of your responsibility as a student.
Textbooks can be purchased through the MBS bookstore
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Educational Philosophy: The instructor's educational philosophy is one of interactiveness based on lectures, readings, quizzes, dialogues, examinations, internet, web sites and writings.
Learning Outcomes: Core Learning Outcomes
The final exam for AC 201 will be the assessment tool used for this course. The exam will be comprehensive and the grade used to determine competency levels achieved by the students. The exam will be closed book and closed notes. The exam consist of 10 multiple choice questions covering the chapter readings in the course and five problems that examine the critical thinking, effective communication skills and technical skills of the student. The first problem will address Accounting in Business, Analyzing and Recording Transactions, and Adjusting Accounts and Preparing Financial Statements. The second problem will address Completing the Accounting Cycle, Accounting for Merchandising Operations and Inventories and Cost of Sales. The third problem will address Accounting Information Systems and Cash and Internal Controls. The last two problems address issues of Accounting for Receivables, Plant Assets and Current Liabilities and Payroll Accounting. Partial credit will be given for the problems.
Link to Class RubricClass Assessment:
Bi-weekly tests with final exam in week 8
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 = less than 60%
The course grade for students will be based on the overall average of homework and tests taken during the course in accordance with the weighting of the various requirements as stated in the syllabus.
All final exams in all School of Business and Management courses will be comprehensive and will be closed book and closed notes. They will constitute 30% of the total course grade and will not be a take-home exam. They will be completed during the test week in the period designated by the registrar or by the Proctor in the case online courses. If calculators are allowed, they will not be multifunctional electronic devices that include features such as: phones, cameras, instant messaging, pagers, and so forth. Electronic Computers will not be allowed on final exams unless an exception is made by the Dean of the School of Business and Management.
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 (in the form of weekly quizzes and bi-weekly exams) 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. Incorrect postings to the dropbox are treated as late homework and will not be given extensions for resubmission.
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 an official email address is required (no dot coms). 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.
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.
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.
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
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
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
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
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
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 2008-2009 Undergraduate Catalog Page 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 2008-2009 Undergraduate Catalog Page 87
Attendance Policy:Instructors are required to maintain attendance records and to report absences via the online attendance reporting system.
Park University 2008-2009 Undergraduate Catalog Page 89-90
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 .
Last Updated:10/6/2008 8:02:20 PM