PRINCIPLES OF ACCOUNTING I
JACKSON COLLEGE
ACCOUNTING 231-71
FALL 2013 /


Professor: Joel Steudle

E-Mail:

Cell Phone: (517) 902-4270

COURSE BASICS:

Jackson College Catalog Description for ACC 231: Learn the theory and practice of recording financial accounting data and preparation of financial statements in accordance with Generally Accepted Accounting Principles (GAAP) with an emphasis on corporations. Topics include account analysis, month end accounting, and financial statement preparation through the Statement of Cash Flows. Current software and online applications will be utilized. Prerequisites: ENG 085*, ENG 090*, MTH 120 or higher and CIS 101

Required Text Materials: (1) Financial Accounting for Undergraduates 2e, Ferris, Wallace and Christensen, 2nd edition and (2) online access to MyBusinessCourse. Both textbook and MyBusinessCourse access are sold as one product through the JC bookstore for $58.00/$77.25 or online at http://cambridgepub.com/fau2e/ for $60.

Other Required Materials: reliable Internet access, Microsoft Word and Excel or compatible programs, and a flash drive for your work.

Class Meeting: 12:10 to 2:06 p.m., Mondays and Wednesdays in Room 106, JCC @ LISD Tech

Office Hours: Available by appointment

COURSE INFORMATION:

Methods to achieve objectives: discussion, lecture, mutual explanation, team problem solving, group practice work, individual practice with MyBusinessCourse, homework, tests, special projects and practical application of the text
Mondays vs. Wednesdays: We will usually start each chapter on Mondays (as the calendar allows) with an introduction, demonstration of problems in class and group activities. We will follow up on each chapter on Wednesdays with a check on how you are doing with the chapter, with more practice in areas as needed. Then, you will have a longer period of time to think and practice with these new ideas over the weekend as you practice with MyBusinessCourse. All chapter homework including MyBusinessCourse homework and chapter Excel homework problems will be due by Sunday midnight, prior to beginning the next chapter.

MyBusinessCourse (MBC): We will use MyBusinessCourse to practice and learn throughout this class. MyBusinessCourse is an online homework management system for learning accounting similar to Aplia, MyMathLab, MyITLab, etc. See page 6 of this syllabus file for specific directions on how to access MyBusinessCourse. All MyBusinessCourse work is due by Sunday midnight each week.
Excel Homework: We will also prepare traditional, formal accounting work in Excel, similar to what you would see in the workplace. See JetNet for specific homework problems assigned. Excel work is also due by Sunday midnight in JetNet.

Tests: There will be three chapter tests throughout the semester covering four chapters each. We will review on the class meeting prior to the test, and then take our tests on the scheduled date. About 75% of the tests will be comprised of accounting problems and the remainder will be multiple-choice and/or matching problems. If you have a conflict with a test date, you may arrange to take an exam early. Plan ahead to attend all test dates. No make-up dates will be available after the scheduled test date except in the case of an emergency. (See Emergencies below)

Kate’s Cards Project: Each week we will work on a continuing problem or serial problem about a new business called “Kate’s Cards”. You will find complete directions for Kate’s Cards at the end of each textbook chapter. You will find a detailed Excel template file in JetNet for your use with this project. We will also work on Kate’s Cards during class. This is an opportunity to think through accounting that would be used in a practical sense with a small, successful, growing business.

Extra Credit: Extra credit is not available in this class. Your grade will consist of those components outlined in the Grading Details section of this syllabus.

Emergencies: If you find yourself in an emergency situation on an exam date, contact Joel by phone or e-mail ASAP. When you return to class, you will be required to provide documentation of your absence such as a funeral notice, hospital admit slip, police ticket, etc. If at all possible, plan ahead to attend all test dates or make arrangements to take your test early when conflicts arise.

Academic Honesty: If you cheat in this class, you will either A) fail the assignment or B) fail the course. Cheating in an accounting class takes the form of using or copying another student’s work and using it as your own. All assignments related to this class must be your own work. The JC Catalog defines academic honesty as “…the ethical behavior that includes (students’) producing their own work and not representing others’ work as their own…”

Cell Phones: Make sure to quiet your cell phone ringer before joining our class. Please leave the room if you need to use your phone (including texting!)

Attendance & Participation: Your regular attendance and active involvement in our class will directly correlate to how well you do with this class. If you attend every class, work on all class activities and complete all assignments, you will do very well with ACC 231. Attendance will be taken at the beginning of each class session. You can earn 1, 2 or 3 points per class session, according to the criteria below.

Possible Points for
Class Attendance & Participation
3 points earned / 2 points earned / 1 point earned / 0 points earned
On time and ready to work at 8:00 AM for today’s class / Either on time at the beginning of class or at the end but not available for the entire class session / Either on time at the beginning of class or at the end but not available for the entire class session / Not in attendance at the beginning of class
Actively working and participating on class activities throughout today’s class / Actively working and participating on class activities throughout today’s class / Not working and participating on class activities either due to absence or student choice to play online, e-mail, work on other assignments or other courses / Not working and participating on class activities either due to absence or student choice to play online, e-mail, work on other assignments or other courses
In attendance for
class completion and closing instructions
at 9:45 AM / Either on time at the beginning of class or at the end but not available for the entire class session / Either on time at the beginning of class or at the end but not available for the entire class session / Not in attendance at the end of class

Grading Details:

ACC 231 Requirements: / Grading Scale:
Attendance & Participation – 30 @ 3 / 90 / 4.0 / A / 93-100%
MyBusinessCourse chapter work / 100 / 3.5 / AB / 88-92%
Excel chapter work / 120 / 3.0 / B / 83-87%
Tests – 3 @ 100 points each / 300 / 2.5 / BC / 78-82%
Papers – 2 @ 10 points each / 20 / 2.0 / C / 73-77%
Serial Problem – Kate’s Cards / 120 / 1.5 / CD / 68-72%
1.0 / D / 63-67%
0.5 / DF / 58-62%
Total Points Available / 750 / 0.0 / F / 0-57%


Jackson College INFORMATION:

Associate Degree Outcomes (ADO’s): The Board of Trustees of Jackson College has determined that all JC graduates should develop or enhance certain essential skills while enrolled in the college. ADO #3 will be addressed in this course. ADO #3 represents student understanding of computational skills and mathematical reasoning.
JC Course Objectives with Associate Degree Outcomes (ADO’s):

1) Complete double-entry accounting procedures including journalizing transactions, posting journal
entries and preparation of the trial balance (ADO 3)

2) Analyze and prepare month-end adjusting and closing procedures (ADO 3)

3) Prepare financial statements including Income Statement, Equity Statement, Balance Sheet and
Statement of Cash Flows (ADO 3)

4) Understand and complete all aspects of the accounting cycle (ADO 3)

5) Prepare bank reconciliations and record related adjusting entries to Cash (ADO 3)

6) Estimate bad debts using acceptable GAAP methods for doubtful accounts and record related entries
(ADO 3)

7) Compute ending inventory using various acceptable GAAP inventory methods under a perpetual or
periodic system (ADO 3)

8) Compute depreciation using acceptable GAAP depreciation methods and record entries for the
acquisition and disposal of plant assets (ADO 3)

9) Analyze and record equity transactions (ADO 3)

10) Analyze and record transactions for short term liabilities and long term liabilities including interest
calculations (ADO 3)

JC Technology: If you have trouble with your JC login or other computer issues, please contact the JC Solution Center at 517-796-8539. When e-mailing your instructor, please include your first and last name and put “ACC 231” in the subject line. Always save your work and have a back-up plan. Please ask questions and get help early with any concerns you may have including computer problems.

JC Center for Student Success: Students requiring special assistance (including those affected by the Americans with Disabilities Act) should contact the Center for Student Success at 517-787-0800. This is the first step in acquiring the appropriate accommodations to facilitate your learning.

A note to transfer students: It is in your best interest to continue your studies and complete a bachelor degree. There are a variety of ways to do this. When considering your options, make sure to use the Michigan Transfer Equivalency website at http://michigantransfernetwork.org/ . For JC advising in accounting and business, contact Latisha Hurd with the JC Student Service Center at 517-787-0800. For specific academic advising in accounting, contact Suzanne Kiess or Jim Shimko also available through 517-787-0800.

Note: This syllabus is not a contract: it is a plan for the course. Each course and each group of students is unique. We may do more or less work than is outlined above. Total points in the course may be altered to reflect the dynamics of our class.

Semester Schedule for ACC 231-02
Week / Date / Chap / Focus / Homework and Due Dates
n/a / M 8/26 / n/a / Introductions
/ Introductions to the course, to each other, to your instructor and to our text materials
1 / W 8/28
W 9/4 / 1 / Financial Accounting & Business Decisions (accounts and basic financial statements)
/ CH 1 in MBC (MyBusinessCourse) – due Su 9/8
CH 1 Excel problems – due Su 9/8
CH 1 Serial Problem Kate’s Cards – due Su 9/8
2 / M 9/9
W 9/11 / 2 / Processing Accounting Information
(journal entries and Trial Balance) / CH 2 in MBC – due Su 9/15
CH 2 Excel problems – due Su 9/15
CH 2 Serial Problem Kate’s Cards – due Su 9/15
3 / M 9/16 W 9/18 / 3 / Accrual Basis of Accounting
(month-end adjustments and closing) / CH 3 in MBC – due Su 9/22
CH 3 Excel problems – due Su 9/22
CH 3 Serial Problem Kate’s Cards – due Su 9/22
4 / M 9/23
W 9/25 / 4 / Understanding Financial Statements
(more complex Financial Statements) / CH 4 in MBC – due Su 9/29
CH 4 Excel problems – due Su 9/29
CH 4 Serial Problem Kate’s Cards – due Su 9/29
5 / M 9/30
W 10/2 / 1-4 / Test #1 / Test Review on M 9/30
Test Day on W 10/2
Paper #1 due on M 10/7
6 / M 10/7
W 10/9
/ 5 / Accounting for Merchandising Operations
(entries for inventory, purchases and sales) / CH 5 in MBC – due Su 10/13
CH 5 Excel problems – due Su 10/13
CH 5 Serial Problem Kate’s Cards – due Su 10/13
7 / M 10/14
W 10/16
/ 6 / Accounting for Inventory
(FIFO, LIFO and other valuation methods) / CH 6 in MBC – due Su 10/20
CH 6 Excel problems – due Su 10/20
CH 6 Serial Problem Kate’s Cards – due Su 10/20
8 / M 10/21
W 10/23
/ 7 / Internal Control and Cash
(fraud, internal control, bank reconciliations) / CH 7 in MBC – due Su 10/27
CH 7 Excel problems – due Su 10/27
CH 7 Serial Problem Kate’s Cards – due Su 10/27
9 / M 10/28
W 10/30
/ 8 / Accounting for Receivables
(entries and analysis of the Allowance account) / CH 8 in MBC – due Su 11/3
CH 8 Excel problems – due Su 11/3
CH 8 Serial Problem Kate’s Cards – due Su 11/3
10 / M 11/4
W 11/6
/ 5-8 / Test #2 / Test Review on M 11/4
Test Day on W 11/6
Paper #2 due on W 11/11
11 / M 11/11
W 11/13
/ 9 / Accounting for Long-Lived and Intangible Assets
(depreciation, amortization long term assets) / CH 9 in MBC – due Su 11/17
CH 9 Excel problems – due Su 11/17
CH 9 Serial Problem Kate’s Cards – due Su 11/3
12 / M 11/18
W 11/20
/ 10 / Accounting for Liabilities
(entries and interest calculations) / CH 10 in MBC – due Su 11/24
CH 10 Excel problems – due Su 11/24
CH 10 Serial Problem Kate’s Cards – due Su 11/24
13 / M 11/25
M 12/2
W 11/27 / 11 / Stockholders’ Equity
(stock issuance, dividends, treasury stock)
Off for Thanksgiving :0) / CH 11 in MBC – due T 12/3
CH 11 Excel problems – due T 12/3
CH 11 Serial Problem Kate’s Cards – due T 12/3
14 / W 12/4
M 12/9
/ 12 / Statement of Cash Flows / CH 12 in MBC – due T 12/10
CH 12 Excel problems – due T 12/10
CH 12 Serial Problem Kate’s Cards – due T 12/10
Test Review on M 12/9
15 / W 12/11 / 9-12 / Test #3 / Test Day on W 12/11

Student login to MyBusinessCourse:

Course Registration Code: xgg7iwtx