ACG 2021 T33



13970-698500j****COLLEGE OF BUSINESS****ACADEMIC SYLLABUSACG 2021 Financial Accounting Fall Term 2014 INSTRUCTOR: Dr. Laurel Cobb EMAIL: Please use the course email system REQUIRED TEXTBOOK & OTHER RESOURCE INFORMATION: Horngren, Harrison, & Oliver: Financial and Managerial Accounting, 3e. Pearson. (Volume One)Access to MyAccountingLab (Included with the book).Access to high speed Internet.Important: This book is a custom edition for the Saint Petersburg College only.Note: Instructions on how to register for MyAccountingLab will be provided in Angel.Library: DESCRIPTION:This course is a study of basic accounting principles including the recording and reporting of financial activity. The preparation and interpretation of financial statements with emphasis on the corporation is also studied. 47 contact hours.MAJOR LEARNING OUTCOMES: 1.The student will explain the principles of financial accounting, the business environment and accounting systems.2.The student will record adjusting journal entries and complete the accounting cycle.3.The student will describe the concepts of merchandising operations and inventories.4.The student will identify the methods for internal control, cash and receivables in an organization. 5.The student will explain the acquisition and disposal of plant assets and intangible assets. 6.The student will define accounting practices for current liabilities and payroll.7.The student will estimate and record transactions related to a corporation’s long-term liabilities and paid-in capital.CLASS SCHEDULE:MODULETOPICASSIGNMENTSModule 1Course Overview CH 1Accounting and the Business Environment:1 Define accounting vocabulary2 Define the users of financial information3 Describe the accounting profession and the organizations that govern it4 Identify the different types of business organizations5 Delineate the distinguishing characteristics and organization of a corporation6 Apply accounting concepts and principles7 Describe the accounting equation, and define assets, liabilities, and equity8 Use the accounting equation to analyze transactions9 Prepare financial statementsHomework CH1 MyAccountingLabChapter Exam CH1: MyAccountingLabMODULETOPICASSIGNMENTSModule 2CH 2Recording Business Transactions:1 Explain accounts, journals, and ledgers as they relate to recording transactions and describe2 Define debits, credits, and normal account balances, and use double-entry accounting and T accounts3 List the steps of the transaction recording process4 Journalize and post sample transactions to the ledger5 Prepare the trial balance from the T accountsHomework CH2 MyAccountingLabChapter Exam CH2: MyAccountingLabModule 3CH 3The Adjusting Process:1 Differentiate between accrual and cash basis accounting2 Define and apply the accounting period concept, revenue recognition and matching principles, 3 Explain why adjusting entries are needed4 Journalize and post adjusting entries5 Explain the purpose of and prepare an adjusted trial balance6 Prepare the financial statements from the adjusted trial balanceHomework CH3 MyAccountingLabChapter Exam CH3: MyAccountingLabModule 4CH 4Completing the Accounting Cycle:1 Prepare an accounting worksheet2 Use the worksheet to prepare financial statements3 Close the revenue, expense, and dividend accounts4 Prepare the post -closing trial balance5 Classify assets and liabilities as current or long termCH 5Merchandising Operations:1 Describe and illustrate merchandising operations and the two types of inventory systems2 Account for the purchase of inventory using a perpetual system3 Account for the sale of inventory using a perpetual system4 Adjust and close the accounts of a merchandising business5 Prepare a merchandiser's financial statements7 Account for the sale of inventory using a periodic system (Appendix 5A)Homework CH4 MyAccountingLabChapter Exam CH4: MyAccountingLabHomework CH5 MyAccountingLabChapter Exam CH5: MyAccountingLabModule 5CH 6Merchandise Inventory:1 Define accounting principles related to inventory2 Define inventory costing methods3 Account for perpetual inventory using the three most common costing methods4 Compare the effects of the three most common inventory costing methods5 Apply the lower-of-cost-or-market rule to inventory7 Estimate ending inventory by the gross profit method8 Account for periodic inventory using the three most common costing methodsCH 7Internal Control and Cash1 Define internal control2 Explain the Sarbanes-Oxley Act3 List and describe the components of internal control and control procedures4 Explain control procedures unique to e-commerce5 Demonstrate the use of a bank account as a control device6 Prepare a bank reconciliation and journalize the related entries7 Apply internal controls to cash receipts8 Apply internal controls to cash payments9 Explain and journalize petty cash transactionsHomework CH6 & MyAccountingLabChapter Exam CH6: MyAccountingLabHomework CH7 MyAccountingLabChapter Exam CH7: MyAccountingLabModule 6CH 8Receivables:1 Define and explain common types of receivables and review internal controls for receivables2 Use the allowance method to account for uncollectibles3 Understand the direct write-off method for uncollectibles4 Journalize credit card and debit card sales5 Account for notes receivables6 Report receivables on the balance sheet (only)CH 9Plant Assets and Intangibles1 Measure the cost of a plant assets2 Account for depreciation3 Record the disposal of an asset by sale or trade4 Account for natural resources5 Account for intangible assetsHomework CH8 MyAccountingLabChapter Exam CH8: MyAccountingLabHomework CH9MyAccountingLabChapter Exam CH9: MyAccountingLabComprehensive Problem is dueMyAccountingLab (Details are provided by the instructor)Module 7CH 10Current Liabilities and Payroll:1 Account for current liabilities of known amount2 Account for current liabilities that must be estimated3 Calculate payroll and payroll tax amounts4 Journalize basic payroll transactionsCH 11Long-Term Liabilities, Bonds Payable, and Classification of Liabilities of the Balance Sheet:1 Journalize transaction for long-term notes payable and mortgages payable2 Describe bonds payable3 Measure interest expense on bonds using the straight-line amortization method4 Report liabilities on the balance sheetHomework CH10 MyAccountingLabChapter Exam CH10: MyAccountingLabHomework CH11 MyAccountingLabChapter Exam CH11: MyAccountingLabModule 8CH12Corporations: Paid-in Capital and the Balance Sheet1 Review the characteristics of a corporation2 Describe the two sources of stockholders' equity and the classes of stock3 Journalize the issuance of stock and prepare the stockholder's equity section of a corporation balance sheet4 Illustrate Retained earnings transactions5 Account for cash dividendsReview of all the Chapters and Preparation for Final Exam.Homework CH12 MyAccountingLabChapter Exam CH12: MyAccountingLabCumulative Final Exam:MyAccountingLabAcademic calendar: Aid: SPECIFIC INFORMATION:Accounting, in general is a challenging subject that requires a lot of patience, perseverance, practice and study to learn. This is an intensive course. It is recommended to dedicate a minimum of 12-15 hours per week (in an 8-week session) and 6-7.5 hours per week (in a 16-week session) to its study. Online and blended classes give the student a lot of flexibility in regards to study time but it is imperative to get organized and set a consistent time per week to master the learning objectives and complete the assessments of this course. The learning process can be very demanding, but at the same time it will be very rewarding. The world of accounting is fascinating and will help you develop a new set of skills that will open the doors to a whole new world of opportunities. ATTENDANCE:The college-wide attendance policy is included in the Syllabus Addendum at: classified as “No Show” for both of the first two weeks will be administratively withdrawn from the class.For face to face classes “No Show” means not physically present in the classroom at the moment attendance is taken.For blended classes “No Show” means not physically present in the classroom and/or never logged into Angel.For online classes “No Show” means never logged into Angel.Students who have not completed more than 40% of their assignments due (homework & chapter exams) at the 60% point will be considered as “not actively participating” in the class and may be administratively withdrawn with a grade of “WF”.GRADING: Grades will be earned in four parts, as follows: Homework (5 attempts, unlimited time) ---------------------20%Chapter Exams (1 attempt, time limit) -----------------------50%Comprehensive Problem (5 attempts, unlimited time) -10% Cumulative Final Exam (1 attempt, time limit) -------------20%Total percentage -------------------------------------------------100.00%A 90 - 100%B80 - 89%C70 - 79%D60 - 69%FLess than 60%ASSIGNMENTS: It will be the students’ responsibility to complete their assignments on time and in an acceptable manner. Thus, late assignments will not be accepted unless substantiated with documentation due to extreme extenuating circumstances. Assignments that are not completed by the due date will receive a zero (0). In consideration of personal contingencies, the instructor will drop the student’s lowest score on homework and chapter exams. With this rule, the student will not be penalized for a low score on a homework and chapter exam.Please pay attention to the instructions for every assignment such as due date, time allowed (if that is the case), maximum attempts, etc. The instructions will be displayed in MyAccountingLab.The due date for assignments will be posted by the instructor in MyAccountingLab and Angel.STUDENTS’ AND INSTRUCTOR’S EXPECTATIONS:Online /Student Conduct Student, Faculty and Staff Expectations and Performance Targets Honesty Policy SURVEY OF INSTRUCTION:The student survey of instruction is administered in courses each semester. It is designed to improve the quality of instruction at St. Petersburg College. All student responses are confidential and anonymous and will be used solely for the purpose of performance improvement. SYLLABUS CHANGES:Will be posted in ANGEL and announced to all students. SYLLABUS ADDENDUM:Please make sure you read the information in the addendum. ................
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