201ACC – Financial AccountingSYLLABUS
SectionLive Term: Fall 2012 Room:T-200COURSE INSTRUCTOR INFORMATION
Name: Al Wallace MBA/CPA
Office Phone Number: 270-686-4609 Cell Phone Number: 270-485-1339
Office Location: Main Campus – Tech Bldg – T-126
Office Hours: Mon -Th – 9:15 – 11:45 Fri & Summer– By Appointment
Preferred form of contact: email
The best time to reach me by phone is any day after 10:00 am and before 8:00 pm at 270-485-1339.
I will respond to emails with 24hours.
Prerequisites/Co-requisites: sophomore standing or consent of the instructor
Course Credit Hours: 3
This course is designed to provide an introduction to financial accounting from the users’ perspectives. Its primary purposes are to promote understanding of financial accounting information for decision-making purposes and to focus on financial accounting’s role in communicating business results.
Textbook or e-book:
Fundamental Accounting Principles by Wild, Chiappetta – 20th ed. McGraw-Hill
ISBN: 978-0-07-811087-0 new, used, or E-book Make sure front cover matches.Other Resources or Materials:
1. Connectonline access card– for the above book - REQUIRED
Paper, pencils, simple calculator
General Education Competencies:
1.Make connections in learning across the disciplines and draw logical conclusions.
2.Demonstrate problem solving through interpreting, analyzing, and summarizing.
3. Use mathematics to organize, analyze, and synthesize data to solve a problem.
Student Learning Outcomes (SLOs)
Upon successful completion of this course you should be competent to perform the following tasks at an introductory level.
- Explain the aims, functions, uses and influence of accounting in society and in ethical financial decision-making.
- Describe and apply the steps of the accounting cycle, using mathematics to organize, analyze and synthesize financial data.
- Define the elements of internal control and apply internal control procedures to business organizations.
- Prepare the four basic financial statements: Income Statement, Statement of Owner’s/Stockholders’ Equity, Balance Sheet and Statement of Cash Flows.
- Explain the content and reporting goals of the four basic financial statements: Income Statement, Statement of Owner’s/Stockholders’ Equity, Balance Sheet and Statement of Cash Flows.
- Explain fundamental generally accepted accounting principles (GAAP), especially as they apply to accrual accounting and ethical decision-making.
- Determine costs and inventory valuations of merchandising operations.
- Apply accounting procedures for Cash, Receivables, Plant Assets, Liabilities, Paid-In Capital and Retained Earnings.
Chapter 1: Accounting in Business
Chapter 2: Analyzing and Recording Transactions
Chapter 3: Adjusting Accounts and Preparing Financial Statements
Chapter 4: Completing the Accounting Cycle
Chapter 5: Accounting for Merchandising Operations
Chapter 6: Inventories and Cost of Sales
Chapter 7: Accounting Information Systems
Chapter 8: Cash and Internal Controls
Chapter 9: Accounting for Receivables
Chapter 10: Plant Assets, Natural Resources, and Intangibles
Chapter 11: Current Liabilities and Payroll Accounting
GRADE SCALE - A=100-90% B = 89-80% C = 79-70% D = 69-60% E = 59%-0% Of total Pts
Assignment Schedule / Total / Your
Only Your highest score will be recorded / Points / Score
ACC 201 Pre-Test / 20
Ch 1 HW Interactive / 6
Ch 1 HW - ACBSP-APC-02-GAAP / 23
Ch 1 HW- ACBSP-APC-03-Business Forms/ Equity Acctg. / 4
Ch 1 HW- ACBSP-APC-06-Recording Transactions / 10
Ch 1 HW- ACBSP-APC-09-Financial Statements / 6
Ch 1 Test - Practice - 18 pts / 18
Ch 1 Test / 54
Ch 2 HW - Interactive / 9
Ch 2 HW - Dr/CR - ACBSP-APC-06-Recording Transactions / 13
Ch 2 HW - JE- ACBSP-APC-06-Recording Transactions / 1
Ch 2 HW - Tacct-ACBSP-APC-06-Recording Transactions / 27
Ch 2 HW- BS-ACBSP-APC-09-Financial Statements / 16
Ch 2 HW- ACBSP-APC-03-Business Forms/ Equity Acctg. / 8
Ch 2 HW- Debt Ratio - APC-24-Financial Statement Analysis / 1
Ch 2 Test - Practice 20 pts / 20
Ch 2 Test - 60 pts / 60
Ch 3 HW - Interactive / 6
Ch 3 HW- ACBSP-APC-07-Adjusting Entries / 37
Ch 3 HW- APC-07-Adjusting Entries / 50
Ch 3 HW- ACBSP-APC-04-Cash vs. Accrual / 16
Ch 3 HW- Profit Margin - APC-24-Financial Statement Analysis / 5
Ch 1,2,3 Exam Practice / 30
Ch 1,2,3 Exam / 150
Ch 4 HW- ACBSP-APC-09-Financial Statements / 22
Ch 4 HW- Current Ratio- APC-24-Financial Statement Analysis / 20
Ch 5 HW- Gross Margin Acid Test - APC-24-Financial Statement Analysis / 32
Ch 6 HW- ACBSP-APC-18-Inventories Reporting / 26
Ch 6 HW- Inventory Turnover - APC-24-Financial Statement Analysis / 4
Ch 4,5,6 Exam Practice / 15
Ch 4,5,6 Exam / 150
Ch 8 HW- ACBSP-APC-11-Bank Reconciliation / 14
Ch 8 HW- Days Sales-ACBSP-APC-24-Financial Statement Analysis / 2
Ch 9 HW- ACBSP-APC-13-Receivables Reporting / 53
Ch 9 HW- A/R Turnover - ACBSP-APC-24-Financial Statement Analysis / 2
Ch 10 HW- ACBSP-APC-14-Long-term Assets Reporting / 44
Ch 11 HW-Notes - ACBSP-APC-17-Current Liabilities Reporting / 23
Ch 11 HW-ACBSP-APC-15-Payroll/Other Compensation / 17
Ch 11 HW- Times Interest Earned- ACBSP-APC-24-Financial Statement Analysis / 7
ACC 201 Post-Test / 20
Final Exam Ch 1-11 Practice / 20
Final Exam Ch 1-11 / 200
Total / 1261
Warning: Students Receiving Financial Aid
If you are receiving Financial Aid grants or loans, you must show participation in this class within 5 days of the course START date by completing the first course assignment on Connect which is the Pre-Test.
To be successful in this course, students must regularly log in to the course and complete course activities. Long absences from the course will only make the course more difficult to complete because long absences may require that students review previously completed material.
Late Work Policy
Graded assignments will not be accepted late.
Graded assignments cannot be made.
No grades of “W” or exceptions will be made to the college regulations and dates regarding the dropping of this course.
OCTChas embarked on a five-year Quality Enhancement Plan (QEP) to improve student learning through the setting of clear expectations for allOCTC students-expectations founded on our general education competencies and focused on 1) the expression of ideas, 2) the ethical and personal responsibility to be exhibited by every member of theOCTC community of learners, and 3) the life-long need for social/civic interaction and learning. For more information, visit:
QEP – Expectations
Performance Level 1 - Expression at this level would include sharing of ideas with a free open exploration, including brainstorming with individual expression. Students have the obligation to respond with individual perception to assignments. The performance goal would be the gathering of ideas/ information.
Examples:Reading, quizzes, on-line/class discussion, exploration exercises, brainstorming, short answer test questions
Performance Level 2 - Expression at this level would include hands-on testing of initial ideas or designs against a theoretic foundation for successfully and safely meeting standards. The performance goal would be a brief project or isolated test of a concept, idea, process, or component primarily to gather feedback for improvement.
Examples: Skills practice, testing, essay questions, responses to case studies, reaction responses
Symbolic Level 1 - Expression at this level would use numbers, symbols, or graphs to summarize or represent data in more easily understood terms. Calculators and spreadsheets may be appropriate tools.
Examples: Using graphs and charts to display quantities. Using the mean, median, and/or mode with appropriate units to describe a data set.
Symbolic Level 2 - Expression at this level would represent and relate events or data sets using equations and graphs. Graphs, charts, maps, and diagrams may be used to display data and information in two or three dimensions.
Examples: Using equations to relate events, objects, or data. Creating bar and circle graphs, histograms, stemplots, and boxplots. Graphing linear, quadratic, and exponential equations.
General Education Competency Statements
- Read and listen with comprehension.
- Speak and write clearly using standard English.
- Interact cooperatively with others using both verbal and non-verbal means.
- Demonstrate information processing through basic computer skills.
- Make connections in learning across the disciplines and draw logical conclusions.
- Demonstrate problem solving through interpreting, analyzing, summarizing, and/or integrating a variety of materials.
- Use mathematics to organize, analyze, and synthesize data.
- Use appropriate search strategies and resources to find, evaluate, and use information.
- Make choices based upon awareness of ethics and differing perspectives/ideas.
- Apply learning in academic, personal, and public situations.
- Think creatively to develop new ideas, processes, or products.
Examine Relationships in Diverse and Complex Environments
- Recognize the relationship of the individual to human heritage and culture.
- Analyze the relationship of the individual to the biological and physical environment.
- Develop an awareness of self as an individual member of a multicultural global community.
OCTC Standards of Professional Conduct
… all members of our academic community are committed to integrity as a standard of behavior.
1. We will establish and maintain high ethical standards in all interactions by:
- Communicating with honesty and integrity.
- Maintaining academic honesty.
- Acting in ways that do not endanger oneself or others.
- Treating the property of the college and of others with care and respect.
- Acting with civility and respect toward people one encounters.
- Dealing with everyone fairly.
- Respecting others’ need for privacy.
- Striving to understand people of other racial and ethnic backgrounds.
- Practicing open-mindedness and tolerance toward the ideas, beliefs, and practices of others.
- Avoiding unnecessary absences.
- Listening and being attentive.
- Being prepared and on time.
- Participating actively and taking work seriously.
- Participating in activities on campus.
- Volunteering for community activities and organizations.
- Fostering global awareness.
KCTCSStudent of Code Conduct
OCTCandKCTCS strive to maintain an atmosphere of academic freedom and personal respect that creates an environment in which all can be successful. As part of this commitment,KCTCS has developed a Code of Student Conduct that serves as a guide for the student’s responsibilities and rights within our academic community. For more information, visit:
Plagiarism and cheating are serious academic offenses. The KCTCS regulations pertaining to plagiarism and cheating can be foundin Sections 126.96.36.199, 188.8.131.52, and 184.108.40.206 of the KCTCS Code of Student Conduct at: Penalties for violation of these policies can be found in Section 220.127.116.11 and 18.104.22.168.
DISABILITYACCOMMODATIONS SYLLABUS STATEMENT
Disability Accommodations: Students with disabilities who require accommodations (academic adjustment and/or auxiliary aids or services) for this course must contact the Disability Services Office in the Counseling Center, Campus Center Building, Room 102B. The DSO telephone number is 270.686.4528. Dial 711 forTDD protocol. Please DO NOT request accommodations directly from the instructor without a letter of accommodation from the Disability Services Office.
Students in global on-line classes are to contact their Home College for disability accommodations and inform their instructors. The Home College DSO contact information is located at thisKCTCS website: . Once the student has contacted the Disability Services Officer at the Home College, the Home College DSO will communicate with the student's instructors and/or the Disability Services Officers at the Delivering College in order to coordinate and/or provide reasonable and appropriate accommodations to the student.
In compliance with federal law, including the provisions of Title IX of the Education Amendments of 1972, Sections 503 and 504 of the Rehabilitation Act of 1973, and the Americans With Disabilities Act of 1990, Owensboro Community & Technical College does not discriminate on the basis of race, sex, religion, color, national or ethnic origin, age, disability, or military service in its programs or activities: its admissions policies; scholarship and loan programs; athletic and other College-administered programs; or employment. In addition, the College does not discriminate on the basis of sexual orientation consistent withKCTCS nondiscrimination policy. Inquiries or comments regarding these issues should be directed to the Disability Services Officer/504/ADA Compliance, Owensboro Community and Technical College, 4800 New Hartford Road, Owensboro, KY 42303. Telephone (270) 686--4528, FAX (270) 686-4648.
KCTCS is in compliance with the 1973 Federal Rehabilitation Act. This Act prohibits discrimination on the basis of disability in programs conducted by federal agencies and programs receiving federal financial assistance.