Syllabus
Course Number: ACC 101 – Section: Online Course Title: Accounting Principles I
Credit Hours: 3.0
Prerequisite: Placement in ENG 101 and MAT 155
Catalog Course Description: This course introduces basic accounting procedures for analyzing, recording, and summarizing financial transactions, adjusting and closing the financial records at the end of the accounting cycle, and preparing financial statements. An introduction to accounting theory is included in this course.
Purpose of the Course: The purpose of this course is to give the student an understanding of and the ability to apply the basic principles and procedures of accounting; to give the student an understanding of the business environment in which accounting exists; to give the student the tools for summarizing accounting information; and to show the student how accounting is used in the decision-making process.
Optional Materials:
http://highered.mcgraw-hill.com/sites/0072996536/student_view0/index.html
In the left panel of the website, click on the down arrow to the right of the “Choose one” option. Click on any chapter to display the available supplements. Many of you will find the “Interactive Quizzes”, “Flashcards”, and “Video Segments” to be helpful supplements for this course.
Students for Whom the Course is Intended: This course is intended for those students who want to transfer credit to a 4-year college, those who want to earn an Associate Degree in Business with an emphasis in Accounting, those who want to earn one or more accounting certificates, and those who want to learn more about accounting.
NOTE: Although this course is taught for College Transfer, it may not have been articulated for transfer to the college of your choice. Please check with your College Transfer counselor should you have any questions about the transferability of this course.
Instructor’s Name: Lyle C. Frazer Instructor’s Office: ET – 342 Telephone Number: 250-8676
Office Hours: Hours are posted on my office door and I am available upon request.
Email Address: Web-Ct (Monday - Saturday) or lyle.frazer@gvltec.edu
Mailing Address: Lyle C. Frazer, 301 Quail Run Circle, Fountain Inn, SC 29644-1409
Approved by: Department Head May 12, 2008
Approved by: Dean Business/Public Service Division May 12, 2008
Course Objectives: Students who are successful with this course, through completion of appropriate exercises within accepted time limits, will accomplish the following objectives without the aid of references with a minimum competency of 70 percent:
Student Learning Objectives – Chapter 01
C1. Explain the purpose and importance of accounting in the information age.
C4. Explain why ethics are crucial to accounting.
C5. Explain the meaning of generally accepted accounting principles, and define and apply several key accounting principles.
A1. Define and interpret the accounting equation and each of its components.
A2. Analyze business transactions using the accounting equation.
A3. Compute and interpret return on assets.
P1. Identify and prepare basic financial statements and explain how they interrelate.
Student Learning Objectives – Chapter 02
C3. Describe an account and its use in recording transactions.
C5. Define debits and credits and explain their role in double-entry accounting.
A1. Analyze the impact of transactions on accounts and financial statements.
A2. Compute the debt ratio and describe its use in analyzing financial condition.
P1. Record transactions in a journal and post entries to a ledger.
P2. Prepare and explain the use of a trial balance.
P3. Prepare financial statements from business transactions.
Student Learning Objectives – Chapter 03
C1. Explain the importance of periodic reporting and the time period principle.
C2. Explain accrual accounting and how it improves financial statements.
C3. Identify the types of adjustments and their purpose.
A1. Explain how accounting adjustments link to financial statements.
A2. Compute profit margin and describe its use in analyzing company performance.
P1. Prepare and explain adjusting entries.
P3. Prepare financial statements from an adjusted trial balance.
Student Learning Objectives – Chapter 04
C2. Identify steps in the accounting cycle.
A1. Compute the current ratio and describe what it reveals about a company’s financial condition.
P2. Describe and prepare closing entries.
Student Learning Objectives – Chapter 05
C1. Describe merchandising activities and identify income components for a merchandising company.
C4. Analyze and interpret cost flows and operating activities of a merchandising company.
A1. Compute the acid-test ratio and explain its use to aSSess liquidity.
A2. Compute the gross margin ratio and explain its use to assess profitability.
P1. Analyze and record transactions for merchandise purchases using a perpetual system.
P2. Analyze and record transactions for merchandise sales using a perpetual system.
Student Learning Objectives – Chapter 06
C1. Identify the items making up merchandise inventory.
C2. Identify the costs of merchandise inventory.
A2. Analyze the effects of inventory errors on current and future financial statements.
P1. Compute inventory in a perpetual system using the methods of specific identification, FIFO, LIFO, and weighted average.
Student Learning Objectives – Chapter 08
C1. Define internal control and its purpose and principles.
C2. Define cash and cash equivalents and explain how to report them.
A1 Compute days' sales uncollected ratio and use it to assess liquidity.
P2. Explain and record petty cash fund transactions.
P3. Prepare a bank reconciliation.
Student Learning Objectives – Chapter 09
C2. Describe a note receivable and the computation of its maturity date and interest.
A1 Compute accounts receivable turnover and use it to help assess financial condition.
P1. Apply the direct write-off and allowance methods to account for accounts receivable.
P2. Estimate uncollectibles using methods based on sales and accounts receivable.
P3. Record the receipt of a note receivable.
P4. Record the honoring and dishonoring of a note and adjustments for interest.
Student Learning Objectives – Chapter 10
C3. Explain depreciation for partial years and changes in estimates.
A1. Compare and analyze depreciation for different methods.
A2. Compute total asset turnover and apply it to analyze a company's use of assets.
P1. Apply the cost principle to compute the cost of plant assets.
P2. Compute and record depreciation using straight-line, units-of-production, and declining-balance methods.
P3. Distinguish between revenue and capital expenditures, and account for them.
P4. Account for asset disposal through discarding, or selling, an asset.
P5. Account for natural resource assets and their depletion.
P6. Account for intangible assets.
Student Learning Objectives – Chapter 11
C2. Identify and describe known current liabilities.
C3. Explain how to account for contingent liabilities.
A1. Compute times interest earned ratio and use it to analyze liabilities.
P1. Prepare entries to account for short-term notes payable.
P4. Account for estimated liabilities, including warranties and income taxes.
Student Learning Objectives – Chapter 13
C1. Identify characteristics of corporations and their organization.
C2. Describe the components of stockholders' equity.
Beliefs about educational purpose: A fundamental role of education is to help students achieve their vocational goals. For students majoring in business, an understanding of the basics of business is a must. Whether the student is majoring in marketing, management, or accounting, the student should understand the importance of developing financial information and its relationship to the solvency of the business organization. The student should understand that financial information is used not only within an organization by management but also by external groups such as banks, suppliers, and investors. Accounting information used for financial reporting purposes is historical information. Projections and other decisions for the future are developed from past performance. All decisions made in the business world have an impact upon the financial picture of a business organization.
Competencies: The Accounting Department has developed program competencies that the student should acquire by completing the accounting curriculum. Upon completion of (ACC 101) the student will have been introduced to the following:
1. Demonstrate proficiency in applying the balance sheet equation to analyze any business transactions that is stated in measurable terms. Proficiency is defined as the ability to determine which Asset, Liability, and Equity accounts are increased or decreased by the transaction.
2. Demonstrate proficiency in journalizing and summarizing financial data that is stated in measurable terms.
3. Demonstrate an awareness of professional ethics issues and how these issues affect the accounting environment.
4. Communicate effectively, in both oral and written form, using appropriate business and accounting terminology.
College-Wide Student Learning Outcomes: The College has developed learning outcomes of which all students must demonstrate proficiency for graduation. Learning outcomes that relate to ACC 101 are
01. Communication--the ability to read, write, speak, listen, and use nonverbal skills effectively with different audiences.
02. Information Technology and Technological Literacy--the ability to operate a computer efficiently and demonstrate proficiency in computer applications specific to the student’s field of study.
03. Reasoning--the ability to apply the scientific method, mathematical processes, and research skills to solve problems.
04. Professionalism and Personal Responsibility--the ability to exhibit conduct, attitudes, and etiquette appropriate to the student’s community and chosen career; the ability to manage time, to use effective interpersonal skills, and to display responsible behavior.
05. Diversity--the ability to recognize diversity and to demonstrate respectful conduct and attitudes toward those of differing gender, culture, ethnicity, language, religion, sexual orientation, social class, and age, as well as toward those with disabilities; the ability to understand how global issues impact life, work, and opportunities.
<div align="center">
|
Chapter |
Major Topics Refer to the specific Learning Objectives previously listed. |
|
1 |
Accounting in Business |
|
2 |
Analyzing and Recording Transactions |
|
3 |
Adjusting Accounts and Preparing Financial Statements |
|
4 |
Completing the Accounting Cycle. |
|
5 |
Accounting for Merchandising Operations |
|
6 |
Inventories and Cost of Sales |
|
8 |
Cash and Internal Controls |
|
9 |
Accounting for Receivables |
|
10 |
Plant Assets, Natural Resources, and Intangibles |
|
11 |
Current Liabilities and Payroll Accounting. |
|
13 |
Introduction to the Corporate Form of Ownership |
</div>
Method of Instruction: Accounting Principles I is learned by studying online lessons, reading text assignments, working through homework assignments, successfully completing examinations, and contacting your instructor via email through Web-Ct anytime you have ANY questions.
Homework Assignments: Problems and exercises from each chapter will be assigned. Completion of the homework assignments is a must to master the skills presented in the class. Good accounting skills can be acquired only through study of the text materials and by applying the principles presented through problem solving. Accounting is learned by doing accounting, not by trying to memorize accounting. Students should endeavor to work through and understand all assigned homework. After you have completed your homework assignment, you can compare your answers to the Key Answers provided by your instructor. You are NOT required to deliver your homework assignments to your instructor.
Participation (Discussion Assignments): Beginning Friday, May 16, 2008, you will be assigned ten (10) Discussion Assignments. These assignments will require you to apply the skills you have acquired in the current or preceding chapters. They will be delivered to the Assessments Folder in Web-Ct and they will always be DUE on Wednesday following the week they are made available to you. Each of these ten (10) Discussion Assignments will count for 1% of your final grade. GTC and the Distance Education Department use these to track “attendance and participation”. These items can NOT be “made-up” and I am NOT permitted to grant any “partial credit”.
Exam 1: This exam will cover chapters 1-2. It will be composed of approximately 40 multiple choice questions. It will be available in the Assessments Folder through Web-Ct for 72 hours and you will have two hours to complete it.
Mid-term Exam: The mid-term exam will cover chapters 1-5. It will be composed of approximately 40 multiple choice questions. It will be available in the Assessments Folder through Web-Ct for 72 hours and you will have two hours to complete it.
Exam 3: This exam will cover chapters 6 and 8. It will be composed of approximately 40 multiple choice questions. It will be available in the Assessments Folder through Web-Ct for 72 hours and you will have two hours to complete it.
Final Exam: COMPREHENSIVE FINAL EXAMINATION. Chapters 1- 6 and 8-11. No exemptions are permitted. It will be available for TWO days and it will be proctored at the GTC Testing Center on the Barton Campus. The final exam will be closed book and you will have two and one-half hours to complete it. You will be required to present a photo-id when you take the final exam. It will be composed of 50 multiple choice questions.
Testing Devices: Tests/examinations may include any of the following: Multiple choice, Completion, General Journal, Short essay, Short problem solving, True/False, and Other problems.
Grading: Your final grade will be based on the following percentages:
|
Requirement |
Weight |
Percent of Total Grade |
|
Discussion Assignments |
1% for each of 10 assignments |
10% |
|
Exam 01 Online |
10% |
10% |
|
Mid-term Online |
35% |
35% |
|
Exam 03 Online |
10% |
10% |
|
Final Exam (GTC Testing Ctr.) |
35% |
35% |
|
|
Total |
100% |
Your final grade is based on the following percentages as listed above:
|
Letter Grade |
Percentage |
|
A |
90-100 |
|
B |
80-89 |
|
C |
70-79 |
|
D |
65-69 |
|
F |
0-64 |
Policy for being awarded an Incomplete (grade of I).
Only under unusual and extenuating circumstances will a student be awarded a grade of I. The following conditions must be in place for a student to receive an I:
1. The circumstances must occur unexpectedly after the student’s last date to withdraw from the courses without penalty.
2. The student must provide appropriate documentation concerning why he/she cannot complete the requirements of the course within the specified timeframe.
3. The student has at least a C average in the class when the circumstances arise.
The student must complete the requirements of the course in which he/she received the I at least 10 school days before the end of the following semester. This 10-day period is necessary for determining the student’s grade for the course and communicating that grade to the Office of Student Records. Students will not be reminded of the I. The student is responsible for contacting the instructor of the class and making arrangements to satisfy the requirements for removing the I. Students who do not meet the time requirement or course requirements will receive a grade of F for the course. The student cannot register to retake the course until he/she has received a letter grade, other than the I. A grade of I does not affect grade-point calculations.
Grade Requirements for ACC 101.
Accounting majors (degree and certificate) must earn a grade of C or better to meet graduation requirements. Transfer students must earn a grade of C or better to meet transfer requirements. To enroll in ACC 102, students must earn a C or better in ACC 101.
Expiration of college credit earned: Semester-hour credit earned for college courses taken may expire within five (5) years. Credit earned in Acc 101 will expire in five years from the time that the semester hours are earned.
Make-up tests: Make-up tests are given at the end of the semester. Make-up tests will be similar to original tests, but not the same test as the original. The student may make up no more than one test. If the student misses more than one test, those tests will be assigned a grade of zero. Since make-up tests are considered to be extraordinary, the student must provide a documented reason for having missed a testing session to be eligible to make up a missed test. The make-up test may be graded subject to as much as a ten-point discount!
Cheating Policy: A part of the final grade for this course may be obtained from work completed by the student without direct instructor intervention or observation. It is important for the student to present his/her work for grading purposes. Presenting the work of another for one's own graded activities constitutes cheating. When there is evidence of student cheating, the Accounting Department will follow school policy as stated in the current Greenville Tech catalog.
Withdrawals: Greenville Tech Office of Student Records no longer grants a one-time forgiveness to students who fail to drop or withdraw from their classes. Students will not be purged from the system; it is the student’s responsibility to initiate the proper paperwork to drop or withdraw from classes. Failure to attend classes does not constitute proper procedure for dropping or withdrawing from classes and may result in financial penalty. Dates for add/drop and dates for withdrawal from unwanted classes will be strictly enforced. No exceptions will be made. Students should refer to the current Greenville Tech catalog or the college website www.greenvilletech.com for more information on this policy.
Enrollment purges: Students with incomplete registration are purged frequently during the last days of registration. Registered students, who are not protected from the purge, must complete a Do Not Purge form prior to purge deadline dates. Without having completed this form, students are purged from class rosters during this period.
Withdrawal Dates: If the student decides to discontinue class participation, the student must formally withdraw from the class. Failure to do so will result in a failing grade (F) on the transcript. It is the student’s responsibility to initiate the withdrawal.
Last day of add/drop (this class): May 16, 2008.
The last day to withdraw from (this class) without penalty: June 27, 2008.
Failing grades cannot be removed form the transcript, even by repeating the course.
Section Changes: Students cannot change sections at will after the last day of add/drop. Any section change must be the result of changes in the student’s circumstances and such changes will be effected only after receipt of appropriate documentation.
Appeal For Late Withdrawal: Withdrawal from a course is the student’s responsibility. Withdrawal dates are listed in college publications as well as on course syllabi. Withdrawal dates are strictly enforced and late withdrawals are considered only when certain situations—extenuating or medical--occur. To be considered for late withdrawal, the student must submit a course update form and authoritative documentation to support this request to the Student Records office. Representatives from this office will make a decision whether the student can be withdrawn without penalty.
Greenville Technical College Policy for Repeating a Course: A student may register for this course a maximum of three times.(W’s, F’s, and, D’s count toward the maximum of three registrations, as well as registration for the course without having attended. Students should refer to the current Greenville Tech catalog for more information on this policy.
Business Division Policy Pertaining to Academic Matters: If, at anytime during the semester, a problem should arise pertaining to this course or any other academic matter, you should consult your instructor first. If further assistance is needed after this consultation, your instructor will make an appointment for you with the department head. If the problem is not resolved, the department head will make an appointment for you with the appropriate person at the next level. Greenville Tech has a zero-tolerance policy for accusing or harassing an instructor.
Resources for success:
1. The textbook and the textbook web site.
2. Solutions posted on the internet.
3. Student Tutoring Service available through Student Services, located upstairs in the Student Center.
4. Access to me via Web-Ct's email. I check for messages Monday - Saturday.
Suggestions For Success: Although the responsibility for learning rests upon the student, the Accounting faculty is always available to provide assistance. Each student should realize that accounting courses are very rigorous and require assignments. Because the Accounting faculty wants every student to be successful, they have provided suggestions and resources for the students to use to increase the likelihood of success.
Attendance/Correspondence/Communications: Attendance in an online course is defined by correspondence as required by the instructor. One contact per week is the minimum requirement. Students not meeting the minimum attendance/correspondence requirement will be awarded a grade of "W" or "WF" based upon the student's academic standing at the last date of attendance/correspondence. Email through WebCT will be the primary means of communication. It is the student’s responsibility to check his/her email regularly. The instructor strongly encourages communication via e-mail, especially when the student is having difficulty answering a question or solving an exercise or a problem. For your instructor to help you effectively, please provide as much information as possible concerning the difficulty you are having with the assignment.
Student Code: The student is required to be knowledgeable of the Greenville Tech Student Code. The Code can be found on the GTC web site at http://greenvilletech.com/admissions_assistance/student_policy.shtml. Click on Admissions Assistance, click on Student policy. This code is also in the current Greenville Tech catalog.
STUDENT WITH DISABILITIES
All students who have a disability and need accommodations should visit, call, or e-mail Student Disability Services at the beginning of each semester. Students are strongly encouraged to obtain their accommodation forms within the first 2 weeks of class to ensure appropriate services. The office is located at the Barton Campus in the Student Center (Building 105), Room 124, and can be reached by phone at 250-8202 or 250-8408 or by email at sharon.bellwood@gvltec.edu. The Disability Service Counselor is available to meet with students on satellite campuses by appointment.
Crisis Intervention Office: Their services are available to the entire student body and include confidential professional counseling as well as resources and referrals to agencies. All this is to help student retention and to provide assistance in time of crisis. The crisis intervention office is Barton Campus, building 105/room 140. Jackie Bradham is the licensed counselor and can be reached at jackie.bradham@gvltec.edu or by phone at 250-8176 or 250-8318. Their office hours are from 7:00 a.m. until 3:00 p.m. Monday through Thursday and 7:00 a.m. until 1:00 p.m. on Fridays. They can schedule appointments around a student’s schedule if necessary.
The Career Center: The Career Direction Center and the Employment Assistance Office have been combined to form the Career Center located in Rooms 25 and 26 of the ARC. Their services included career testing, career counseling, and employment assistance. If you are undecided about your future and what you should chose as a major, the Career Center can administer the Kuder Career Assessment to help you to make a wise choice. The Career Center can even administer this assessment online.
Career counseling, resume critiques, and mock interviews are available by appointment. Students and alumni may search for jobs using the online service called Career Central, found on Campus Cruiser and at www.Greenvilletech.com.
Office hours are 8:00 to 5:00 Monday through Wednesday, 8:00 to 7:00 on Thursday, and 8:00 to 1:00 on Friday. For information, contact Betty Vaughn at 250-8139 or 250-8222.
Cooperative Education: To assist students in their search for part-time employment in their fields of study, the faculty encourages you to contact the Cooperative Education office in the Engineering Technology Building, Office 117. You may contact Susan Gasque at 250-8105 or susan.gasque@gvltec.edu.
Academic Forgiveness: Under special circumstances, the student can apply for academic forgiveness. Contact the office of Student Records for more information.
Healthful, Safe, And Secure Education Environment: The South Carolina Technical College System prohibits the unlawful manufacture, distribution, dispensation, possession or use of narcotics, drugs, other controlled substances and the use of alcohol in the educational setting. Unlawful means in violation of federal/state/local regulations, policy, procedures, rules, as well as legal statutes. The educational setting includes both institutional premises or in approved educational sites off campus. Please refer to the current Greenville Tech catalog for additional information.
Non-Discrimination Policy: Greenville Technical College provides equal opportunity and affirmative action in education and employment for all qualified persons regardless of race, color, religion, sex, national origin, age, disability, sexual orientation, or veteran status.
The following lab rules are in addition to those mandated by the college as outlined in the Computing Facilities Use Policy (College Catalog/Student Handbook, pages 56-57). By signing the Syllabus Acknowledgement Form for this course, you agree to follow all of the guidelines specified by both the college and the division. Failure to comply with all computer policies will result in the loss of privileges involving campus computer facilities.
· Children are not allowed in labs and classrooms nor left in hallways (College Catalog/Student Handbook, page 56).
· Food and drinks are not allowed in computer labs.
· Labs are to be used only for students enrolled in Computer/Business Program courses and for educational purposes only and may not be used for commercial or personal purposes.
· A Student ID is required. You may be asked to show your student ID and also a copy of your current class schedule.
· You must log into the computer when you arrive. You will enter your first and last names and your CampusCruiser ID. You will then receive a listing of courses for the current semester, and you will need to select the course for which you are completing work. Remember to log out of the computer before you leave the computer and the lab.
· Inappropriate or unethical use of the Internet is strictly prohibited (i.e., chat rooms, pornographic web site access, etc.) On the first offense, a written warning will be issued. Lab privileges will be revoked upon the second offense.
· Printing in the Business Division Student Lab is now available. Students will need to purchase a pay-to-print card (one is located in the lab), and the student will be charged per page for printing. Printing from the Internet is allowed; however, all regulations regarding the use of the Internet also apply to printing from the Internet.
· Printing in the lab classrooms may only be done at the request of the instructor during class time. Then only one copy of the final assignment may be printed for submission. No other printing is permitted in these labs.
· Lab assistants are on duty to handle hardware/software problems; they do not providing tutoring.
· The Lab Assistant’s office and telephone are not to be used by students; a pay phone is located in the canteen.
· All equipment malfunctions are to be reported to the lab assistant; do not attempt repairs.
· Labs are closed to all students during exam days (except for scheduled exam use), holiday breaks, and between semesters.
· Copying of any software programs and applications which are licensed or protected by copyright is theft.
· Copying of computer programs, documents, spreadsheets, databases, presentations, computer codes, etc. is not tolerated.
· You must keep the labs neat and clean by picking up after yourself.
· Labs are occasionally reserved for classes; adhere to posted signs.
· You must leave the lab and/or classroom to answer or return cell phone calls. Please put your cell phone on manner-mode or vibrant when in the lab and/or classroom; disruptive and loud ring tones are not acceptable. Students may be asked to change inappropriate ring tones that are disruptive to the learning environment in the lab and/or classroom.
· The lab assistant may be asked to perform corrective activity for a disk, but it is done so at your own risk with no guarantees that data will not be lost.
· Loading of ANY software onto campus computers is prohibited.
· Internet downloading is prohibited!
· Use of personal laptops is not permitted in the lab. Only computers owned by the College may be plugged into any College network.
· Instant messaging is prohibited.
· All students must use the Business Division Student Lab to complete work outside of the scheduled course times. Students will not be allowed to remain in the classroom to complete work after the class is over. Instructors will ask all students to leave the classroom and report to the Student Lab if they desire to continue working on a computer.
The Business Division Student Lab is located on the Barton Campus in the Engineering Building (103), Room 115.
You will be required to sign in and out when using this lab. Be sure to keep your student ID and class schedule with you; you may be asked to show your current student ID and/or your current class schedule.
Lab Hours: Monday – Friday 8:00 am to 9:00 pm ▪ Saturday 8:00 am to 1:00 pm ▪ Sunday Closed
Revised 03/14/08 The entire syllabus is subject to change as GTC administration releases directives.
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