Edmonds Community College



Edmonds Community College 


Principles of Accounting 1 - ACCT 201A - Fall 2009 


Monday – Thursday – 8:30 - 9:20 a.m. – SNH 337


Instructor: Andy Williams

Textbooks: Accounting – Tools for Business Decision Making. Third Edition, by Kimmel, Weygandt and Kieso, is required.  Also, we will utilize the resources and assignments at Wiley Plus at: . You will need the Registration Code that was provided with your textbook to access the materials. For more information, go to .

Equipment and software: A calculator, paper and pencils will prove to be handy, as will computer skills, such as familiarity with word processing, spreadsheets and the Internet. For that matter, your fine mind and your ability to communicate can also be considered to be equipment necessary for this course.

This is a hybrid course and work online is required in addition to the textbook reading and classroom activities. You are expected to use the course resources at the EdCC Blackboard site: , as well as Wiley Plus, to successfully complete the class requirements.

Availability:  The best way to reach me is via email at . You can also reach me by phone at 425-640-1450. If you want to meet in person, you can find me in my office in SNO #235. My office hours are Monday - Thursday, 10:30 - 11:30 a.m. You can also find additional information on my web page:

Prerequisites:  Successful completion of an introductory accounting or bookkeeping course, or work experience in accounting is a prerequisite for this course.  Minimum placement in EAP (English for Academic Purposes) 121 or Bridge 91, roughly the equivalent of American High School English, is a prerequisite for this course. Mathematical ability equivalent to Math 60 or Business Math (BUS 130), again the equivalent of High School Algebra is also recommended. Proficiencies in computer spreadsheet and word processing applications will be helpful to those students who have acquired those skills. If you have any questions regarding these prerequisites, please talk to me at the beginning of this course.

Accessibility: Students who require accommodation for special circumstances should contact Services for Student Disabilities at .

Course Objectives

Principles of Accounting 1 (ACCT 201) is designed for students who have successfully completed an introductory accounting class in high school or at a community college, or have on-the-job experience in accounting. The following college-wide abilities and specific learning outcomes are taught, applied and assessed in this course:

Critical Thinking Outcomes:

• Observe, analyze, synthesize, apply and evaluate business information.

• Identify arguments, evaluate claims, and form conclusions based on standard business practices.

• Identify and analyze problems and options, then select and implement appropriate solutions, and evaluate outcomes appropriate to course content.

• Examine and evaluate personal thinking as well as the thought process and perspectives of others.

Communication Outcomes:

• Prepare and present clear, concise, well-developed written communications in Standard English with correct punctuation and spelling, using business-appropriate word processing formats and styles.

• Write clear organized short informational reports using correct format and report writing principles.

• Use listening skills that positively enhance relationships in a business environment.

Quantitative Skills Outcomes:

• Use mathematics to solve quantitative business issues and problems.

• Calculate and explain the costs and benefits of simple financial choices encountered in financial planning and strategic decision-making.

• Use personal computers and other tools most commonly used by business to obtain, store, organize and communicate quantitative business information.

Specific Course Outcomes for ACCT 201:

• Recognize accounting transactions and record them in journals using proper formats.

• Prepare financial statements including income statements, statements of retained earnings, balance sheets and statements of cash flows.

• Apply the concepts of accrual accounting to transactions that span fiscal periods. Trace the effects of those transactions to financial statements.

• Apply accounting conventions, concepts, and the basic tools of financial analysis to financial statements.

• Record accounting transactions for merchandising operations and understand how to cost inventories using a variety of methods.

• Record cash and account receivable transactions.

• Record transactions for uncollectible accounts using generally accepted principals.

• Journalize transactions involving definitely determinable and estimated liabilities. Identify contingent liabilities. Explain the effects of recording liabilities on financial statements.

Course Schedule

Week One: Introduction to Financial Statements

9/21 – 9/27 Learning Objectives

• Describe the primary forms of business organization.

• Identify the users and uses of accounting information.

• Explain the three principal types of business activity.

• Describe the content and purpose of each of the financial statements.

• Explain the meaning of assets, liabilities, and stockholders' equity, and state the basic accounting equation.

• Describe the components that supplement the financial statements in an annual report.

Week Two: A Further Look at Financial Statements 


9/28 - 10/4 Learning Objectives

• Identify the sections of a classified balance sheet.

• Identify and compute ratios for analyzing a company's profitability.

• Explain the relationship between a retained earnings statement and a statement of stockholders' equity.

• Identify and compute ratios for analyzing a company's liquidity and solvency using a balance sheet.

• Use the statement of cash flows to evaluate solvency.

• Explain the meaning of generally accepted accounting principles.

• Discuss financial reporting concepts.

• Quiz #1

Week Three: The Accounting Information System

10/5 – 10/11 Learning Objectives

• Analyze the effect of business transactions on the basic accounting equation.

• Explain what an account is and how it helps in the recording process

• Define debits and credits and explain how they are used to record business transactions.

• Identify the basic steps in the recording process.

• Explain what a journal is and how it helps in the recording process.

• Explain what a ledger is and how it helps in the recording process.

• Explain what posting is and how it helps in the recording process.

• Explain the purposes of a trial balance.

• Classify cash activities as operating, investing, or financing.

Week Four: Accrual Accounting Concepts

10/12 - 10/18 Learning Objectives

• Accrual Accounting Concepts

• Differentiate between the cash basis and the accrual basis of accounting.

• Explain why adjusting entries are needed, and identify the major types of adjusting entries.

• Prepare adjusting entries for deferrals and accruals.

• Describe the nature and purpose of the adjusted trial balance.

Week Five: Accrual Accounting Concepts 


10/19 - 10/25 Learning Objectives

• Explain the purpose of closing entries.

• Describe the required steps in the accounting cycle.

• Understand the causes of differences between net income and cash provided by operating activities.

• Midterm Exam – 10/22

Week Six: Merchandising Operations and the Multiple-Step Income Statement 


10/26 - 11/1 Learning Objectives

• Identify the differences between a service company and a merchandising company.

• Explain the recording of purchases under a perpetual inventory system.

• Explain the recording of sales revenues under a perpetual inventory system.

• Distinguish between a single-step and a multiple-step income statement.

• Determining cost of goods sold under a periodic system

• Explain the factors affecting profitability.

• Identify a quality of earnings indicator.

Week Seven: Inventories


11/2 - 11/8 Learning Objectives

• Describe the steps in determining inventory quantities.

• Explain the basis of accounting for inventories and apply the inventory cost flow methods under a periodic inventory system.

• Explain the financial statement and tax effects of each of the inventory cost flow assumptions.

• Explain the lower of cost or market basis of accounting for inventories.

• Compute and interpret the inventory turnover ratio.

• Describe the LIFO reserve and explain its importance for comparing results of different companies.

Week Eight: Inventories

11/9 – 11/12 Learning Objectives

• Review of Merchandising and Inventories

• Quiz #2

11/11 – Veterans’ Day Holiday – No Classes

Week Nine– Fraud, Internal Control and Cash

11/16 – 11/22 Learning Objectives

• Define fraud and internal control.

• Identify the principles of internal control activities.

• Explain the applications of internal control principles to cash receipts.

• [pic]Explain the applications of internal control principles to cash disbursements.

• Prepare a bank reconciliation.

• Explain the reporting of cash

• Discuss the basic principles of cash management.

• Identify the primary elements of a cash budget.

Week Ten: Reporting and Analyzing Receivables

11/23 - 11/29 Learning Objectives:

• Identify the different types of receivables

• Explain how accounts receivable are recognized in the accounts.

• Describe the methods used to account for bad debts.

11/26 – Thanksgiving – No Classes




Week Ten: Reporting and Analyzing Receivables

1/30 – 12/3 Learning Objectives:

• Compute the interest on notes receivable.

• Describe the entries to record the disposition of notes receivable.

• Explain the statement presentation of receivables.

• Describe the principles of sound accounts receivable management

• Identify ratios to analyze a company's receivables.

• Describe methods to accelerate the receipt of cash from receivables.

[pic]

Final Exam – December 7 – 7:30- 9:20 a.m.

Assessment of Student Achievement

Please read my policy on Academic Integrity

Student achievement of the course objectives will be assessed by a variety of instruments, including objective testing, completion of written homework problems and discussion questions, participation in class discussions and written analysis of cases.

NO EXAM MAKEUPS WILL BE ALLOWED unless instructor receives sufficient notice and adequate reasons prior to scheduled exam.

Specific homework problems and other assignments will be assigned periodically throughout the course, usually at the beginning of each unit. The assigned homework is the minimum that you should prepare to successfully complete this course. NO LATE HOMEWORK ASSIGNMENTS WILL BE ACCEPTED for any reason without prior approval from the instructor. If you know that you will need more time on an assignment, please contact me BEFORE THE ASSIGNMENT IS DUE so we can discuss the situation. Homework assignments will be graded on the bases of quality of presentation, completeness, and accuracy.

Classroom Discussions and Participation: Classroom discussions and your active participation in class activities and exercises are integral parts of the learning process. Your questions, and your responses to the questions of others, reveal the quality of your efforts and the depth of your understanding. There will be classroom exercises that will earn credit. You must be present in class and participate in those exercises to earn that credit.

Grades: Points will be earned as follows:

|Midterm Exam |100 |

|Final Exam |150 |

|Assignments & Quizzes |200 |

|Total Possible |450 |




V” grades are not available. If you need to withdraw from the course, please do so by the date on the EdCC Academic Calendar.

“I” grades are only available with prior approval of the instructor based on extenuating circumstances and a specific agreement to complete the class in a timely manner

Percentage of points earned will be converted to a decimal grade using the Accounting Department Decimal Grading Scale:

Accounting Department Decimal Grading Scale

|Percentage of Total Points |Decimal Grade |Letter Grade Equivalent |

|95 - 100% |4.0 |A |

|94 |3.9 |A |

|93 |3.8 |A |

|92 |3.7 |A |

|91 |3.6 |A- |

|90 |3.5 |A- |

|89 |3.4 |B+ |

|88 |3.3 |B+ |

|87 |3.2 |B |

|86 |3.1 |B |

|85 |3.0 |B |

|84 |2.9 |B |

|83 |2.8 |B |

|82 |2.7 |B |

|81 |2.6 |B- |

|80 |2.5 |B- |

|79 |2.4 |C+ |

|78 |2.3 |C+ |

|77 |2.2 |C |

|76 |2.1 |C |

|75 |2.0 |C |

|74 |1.9 |C |

|73 |1.8 |C |

|72 |1.7 |C- |

|71 |1.6 |C- |

|70 |1.5 |C- |

|69 - 67 |1.4 |D+ |

|66 |1.3 |D |

|65 |1.2 |D |

|64 |1.1 |D |

|63 |1.0 |D- |

|62 |0.9 |D- |

|61 |0.8 |D- |

|60 |0.7 |D- |

|Score < 60% |0.0 |No Credit |

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