Frederick Community College

ACCT101- ONL1  Principles of Accounting I

Summer  2009

 

Instructor Information:

 

Name: Brad Burtner, CPA 

Office:   L101H

E-mail: bburtner@frederick.edu

Phone Number:  301-846-2545

Office Hours:  By Appointment Only

Campus Mail Box Number:  108

 

 

Course Information:

 

Credits:   3

Last Day to Drop:  July 8, 2009

Prerequisites:  EN 50 & 51 or ESL 94 & 97

Co-requisites:  None

Meeting Day(s): Anytime

Meeting Time(s):  Anytime

 

 

Course Description:

           

Introduces the principles and procedures related to accounting theory and practice.  The analysis of transactions under generally accepted accounting principles (GAAP) and their relationship to the financial statements are covered from a user's perspective.

 

Core Learning Outcomes:

 

By the completion of the course students will:

1.   Perform and apply the steps of the accounting cycle.

2.   Identify, measure, and analyze events and activities in accordance with generally accepted accounting principles.

3.   Compare and contrast characteristics of different forms of Business Organizations.

4.   Identify proper presentation and disclosure of financial data within the financial statements.

5.   Interpret financial statements for decision-making.

 

 

 

Instructional Methods:

 

 

1.   Independent and/or group problem solving/research activities

2.   Class discussions & communication via Discussion board & E-mail.

 

 

Text(s) for Course:

 

Required:  Financial & Managerial Accounting  Special Edition for Frederick Community College, Porter, Norton, Jackson, and Sawyers 

Thomson Custom Publishing    

 

Evaluation Methods:

Exams / Projects

Point Value

Final Grade Scale

 

 

 

Exam I Chapters 1 – 3

Exam II  Chapters 4, 6, & 7

Exam III Chapters 5, 8, Chapter 9  (Time Value of Money only) and

Chapter 3 Appendix

 

 

 

100

100

100

 

 

           

 

            A = 360 – 400 points

            B = 320 - 359 points

            C = 280 - 319 points

            D = 240 - 279 points

            F = Below 240 points

Project

 50

 

Practice Exams

 40

 

Self Introduction

 10

 

TOTAL POINTS AVAILABLE

400

 

 

 

Examination/Project Policy:

 

All exams and projects must be taken or turned in when scheduled unless prior notification is received and approved.  Failure to notify the instructor in advance may result in penalties being assessed at the instructor's discretion.  Exams are taken on Blackboard and graded immediately.  Projects will be graded within one week of submission.

 

Progress Report:  

 

Students will receive graded assessments to measure their progress, by the sixth week of the class.  Students have continuous access to their grade within (Grades/Tools).

 

Change of contact information:

 

Please notify me immediately of any change in E-Mail address, Phone number(s), residence address, or any other means of contact.

 

Instructor Availability:

 

I am available for office hours only by appointment.  I invite you to please contact me several days in advance if you wish to make an appointment.  I will do my best to be available to assist you.  The best way to contact me is via E-mail.  I check my E-mails and Discussion Board threads daily.  I will reply within 24 hours.

 

Instructional Philosophy:

 

This summer course is a very rapid pace.  Students are responsible for all the information in the first nine chapters – unless stated otherwise.  Students taking this course are self-learners and are motivated to complete and submit assignments on time.  All the resources at FCC are available to you.  Everyone at FCC wants you to be successful.

 

I believe this on-line learning environment can be positive and enriching.  However, this requires interaction between everyone.  I expect students to solve problems among themselves with only guidance from me.  I strongly encourage everyone to voluntary interact within the Discussion Board.  Sharing our ideas by posting threaded discussions will help all of us learn.

 

It is imperative you continuously work on this course.  If something occurs and you are at a standstill, read your book, or apply other learning activities, to avoid getting behind.  There is always something you can do – Stay busy.

 

 

 

 

Students with Disabilities:

 

FCC provides reasonable accommodations to otherwise qualified students with disabilities in accordance with the Americans with Disabilities Act of 1990 (ADA) and Section 504 of the Rehabilitation Act of 1973 (Section 504) and amendments.  Students with disabilities who are in need of accommodations must contact the Services for Students with Disabilities (SSD) office at 301-846-2408 (A Building, Room 106A) in order to request and apply for services.  The SSD office will require appropriate documentation of a disability.  Questions related to accommodations or services can be directed to the SSD office.  Additional information related to services can be viewed at the following FCC web page:  http://www.frederick.edu/student_services/disability.aspx. 

If you currently receive services from the SSD office, please submit your Student Success Plan to me and make an appointment with me to discuss your accommodations and needs in class.  I will hold any information you share with me in strict confidence unless you give me permission to do otherwise.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOPICAL OUTLINE

 

Week

Chapter

Subject and Content

1

 

 

Introduction

 

 

 

 

          1

 

 

 

 

 

 

          2

Self Introduction Posted on Discussion Board Deadline 6/9

 

Getting Started in Business

What is business

Forms of organization

The nature of business activity           

 

Accounting as a Form of Communication

What is accounting

Users of accounting information

Financial statements: How accountants communicate

The conceptual framework: Foundation for financial statements

The accounting profession

 

Financial Statements and the Annual Report

Objectives of financial reporting

What makes accounting information useful

The classified balance sheet

The income statement

The statement of retained earnings

The statement of cash flows

 

2

 

 

 

        3

Practice Exam I – DEADLINE 6/10

 

Project work- Selection of company and Annual Report

 

Processing Accounting Information

What external decision makers want to know

Economic events: the basis for recording transactions

The account: the basic unit for recording transactions

Processing accounting information

3

1 – 3

 

          4

Exam I – DEADLINE 6/17

 

Income Measurement and Accrual Accounting

What external decision makers want to know

Recognition and measurement in financial statements

The accrual basis of accounting

Accrual accounting and adjustments

4

 

 

          6

 

 

 

 

 

 

          7

Practice Exam II – DEADLINE 6/24

 

Cash and Internal Controls

What external decision makers want to know

What constitutes cash

Control over cash

An introduction to internal controls

Computerized business documents and internal control

 

Investments and Receivables

Accounting for investments

Investments in highly liquid financial instruments

Investments in stocks and bonds

Accounts receivable

Notes receivable

Accelerating the inflow of cash from sales

Ratios for decision making

 

5

4, 6, & 7

 

          5

Exam II – DEADLINE  7/1

 

Inventories and Cost of Goods Sold

The nature of inventory

The income statement for a merchandiser

Net sales of merchandise

The cost of goods sold

Inventory valuation and the measurement of income

Selecting an inventory costing method

Ratios for decision making

6

8

 

 

 

 

 

 

    *****

Operating Assets: Property, Plant and Equipment, Natural Resources, and Intangibles

Operating assets: property, plant and equipment

Operating assets: natural resources

Operating assets: intangible assets

How long term assets affect the statement of cash flows

Analyzing long term assets

Ratios for decision making

 

Project Due – DEADLINE 7/8

 

7

 

 

 

          9

 

 

 

          3

Practice Exam III – DEADLINE 7/15

 

 

Time Value of Money (only)

Simple and compound interest

Single amount and annuities

Present value and future amounts

 

Appendix – Accounting Tools: The Double Entry System

The T account

Debits and credits

8

5, 8, 9, & 3

EXAM  III – DEADLINE 7/22