Professor Weusi Tafawa Spring 2015
Principles of Accounting 1
Evening: Wednesday: 6:00 pm – 8:45 pm (Room D120)
SYLLABUS
Required Materials:
Textbook: Fundamental Accounting Principles by Wild, Shaw & Chiappetta, 21st Edition, Publisher - McGraw-Hill Irwin,
Click on this link to register to Connect;
Text Book on-line resources:hhtp://mhhe.com/wildfap21e
Email Address:
Telephone:617-228-2115
Course Description:
This course will introduce students to the Principles and Concepts of Financial Accounting. The responsibilities of Bookkeepers will be discussed in the early chapters. The latter chapters will focus on more complex transactions and the analytical challenges explained in this course. Students will analyze and interpret the financial statements of a Sole-Proprietorship and discuss potential areas that need to be addressed to enhance the success of the business. An appreciation of the ethical dilemmas that businesses are confronted with on a daily basis will be a consistent theme throughout the course.
Course Objectives:
Describe the nature of business and the role of ethics and accounting.
Describe and illustrate how business transactions can be recorded in terms of the accounting equation.
Describe the financial statements of a proprietorship and explain how they interrelate.
Describe the characteristics of an account and record a variety of transactions to the general journal and post to the general ledger.
Prepare an unadjusted Trial Balance and explain how it may be used to discover errors.
Describe the nature of the adjusting process.
Journalize entries for accounts requiring adjusting at the end of the fiscal year.
Prepare financial statements from adjusted account balances and assess the strength or weakness of the business.
Prepare closing entries.
Describe the accounting cycle.
Complete a 10 column worksheet at the end of the fiscal year.
Distinguish between the activities and financial statements of a service business and a merchandising business.
Describe and illustrate the accounting for merchandising transactions to include;
Sale of merchandise; purchase of merchandise; transportation costs; sales tax; purchase returns; payment to a vendor; receipt of payment from a customer.
Describe the importance of inventory control.
Determine the cost of inventory under the perpetual inventory systems using the FIFO, LIFO, Specific Identification and weighted average methods.
Describe and illustrate the reporting of merchandise inventory in the financial statements.
Know how to calculate the cost of ending inventory using the LCM method.
Describe the Sarbanes-Oxley Act of 2002 and its impact on financial reporting.
Explain the goals and uses of special journals.
Describe the use of controlling accounts and subsidiary ledgers.
Explain how technology-based information systems impact accounting.
Illustrate the use of bank reconciliation in controlling cash.
Describe the accounting for petty cash and the benefit it brings to a business.
Understand the reporting of cash and cash equivalents in the financial statements.
Describe the common classifications of receivables.
Determine the age of receivables and estimate the bad debt expense.
Describe the direct write-off method of accounting for receivables deemed uncollectible.
Describe the allowance method of accounting for receivables deemed uncollectible.
Describe the nature, characteristics, and accounting for notes receivable.
Method of
Evaluation:Module I and II Exam-Chapters 1 & 220 %
Module III Exam-Chapters 3 & 420 %
Module IV Exam -Chapters 5 & 620 %
Module V Exam - Chapters 7, 8 & 920 %
Connect Plus Homework assignments20%
All module exams will be announced one week in advance.
Method of
Instruction:
Teaching techniques will include the following; lectures, problem demonstration, hands-on problem solving and the use of excel templates to reinforce manual application of concepts.
Make-up Exam Policy:
Any student who misses a scheduled exam will be required to take a make-up exam.
Attendance Policy & Homework Assignments:
Students are expected to be in attendance for every scheduled class. Class participation and homework assignments account for 20 % of the final grade. Homework assignments must be submitted the week after in-class exercises have been completed.
Module
Assignments:
Homework Connect Plus
Modules I & II Chapter In-class Exercises ProblemsSet AHomework Due
01/21/2015 / 1 / 1-9; 1-11; 1-14/15/1601/28/2015 / 2 / 2-4; 2-7; 2-8; 2-9/10 / 1-7A; 1-8A / 01/28/2015
02/04/2015 / Module 1IIExam / 2-1A; 2-2A / 02/04/2015
The module 1 Exam is designed to look a great deal like Problem 1-8A. Therefore, you are advised to ask many questions so as to get a grasp of this topic.
The module II Exam is designed to look a great deal like Problems 2-2A. Therefore, you are advised to ask questions so as to get a grasp of this topic.
Homework Connect Plus
Module III Chapter In-class Exercises Problems Set A Homework Due
02/11/2015 / 3 / 3-1; 3-2; 3-4
02/18/2015 / 4 / 4-2; 4-3; 4-7 / 3-2A; 3-3A / 02/18/2015
02/25/2015 / 4 / 4-8; 4-9; 4-12
03/04/2015 / Module III Exam / 4-1A; 4-2A; 4-3A / 03/04/2015
The module III Exam is designed to look a great deal like Problem 4-3A. Therefore, you are advised to ask many questions so as to get a grasp of this topic.
Homework Connect Plus
Module IV Chapter In-class Exercises Problems Sett A Homework Due
03/11/2015 / 5 / 5-2; 5-13; 5-14
03/25/2015 / 6 / 6-3; 6-7; 6-10 / 5-1A; 5-2A / 03/25/2015
04/01/2015 / Module IV Exam / 6-1A; 6-2A / 04/01/2015
The module IV Exam is designed to look a great deal like Problem
5-1A; 6-1A and 6-2A. Therefore, you are advised to ask many questions so as to get a grasp of this topic.
Homework Connect Plus
Module V Chapter In-class Exercises Problems Due
04/08/2015 / 7
04/15/2015 / 8 / 8-6; 8-7; 8-10; 8-11
04/22/2015 / 9 / 9-11; 9-12; 9-13 / 8-2A; 8-4A / 04/22/2015
04/29/2015 / Module V Exam / 9-2A; 9-5A / 04/29/2015
05/06/2015
The module V Exam is designed to look a great deal like Problem 8-2A; 8-4A; and 9-5A. Therefore, you are advised to ask many questions so as to get a grasp of this topic.