Frederick Community College

 

ACCT101- ONL1 Principles of Accounting I

 

Summer  2011

 

Class begins:  6/6/11

Class ends:  8/1/11

Last Day to Withdraw:  7/13/11

 

Instructor Information:

 

 

Name:   Brad Burtner, CPA 

Office:  B216A

E-mail:  bburtner@frederick.edu

Phone Number:  301-846-2545

Contact Hours: email and  by appointment for in-person meeting in my office:

Office Hours:

By Appointment Only

 

Campus Mail Box #:  231

           

Course Information:

 

Credits:  3

On-campus Meetings:  None

On-campus Exams:  2

Prerequisites:  EN 50 & 51 or ESL 94 & 97

Corequisites:  None

 

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:

 

Upon completion of this course students will demonstrate

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.  Students are expected to comprehend the textbook concepts and understand end of chapter assignments.

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

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

 

 

 

 

 

 

 How is this course organized:

 

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.  Think of me as a guide, to get you through the class.  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.

 

 

Text(s) and Course Materials:

 

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

Thomson Custom Publishing    

 

 

Progress Report:

 

By the end of the fourth week of the semester, you will have an opportunity to evaluate your progress in this course and decide if you need to make any adjustments (additional study, tutoring, conference with instructor) to assure your success in this course.

 

 

 

Evaluation Methods:

 

Exams / Projects

Point Value

Final Grade Scale

 

In-class exams: (20% multiple choice, 80% problem solving or other objective format.)

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

 

If the graded performance for online assignments differs significantly from the grade average for proctored assignments, the instructor reserves the right to administer additional tests.

 

 

 

 

 Participation Policy:

 

To maintain the highest quality of academic work, students are expected to participate fully in all course activities.

In case of serious illness, emergency, religious holidays, or participation in official college functions, students remain responsible for completing the requirements of the course. 

 

 

 

Student Services

A variety of services are available to assist students in succeeding at FCC. Students can learn more about these services by visiting the Student Services web page: http://www.frederick.edu/student_services/index.aspx.

Students with disabilities who are in need of accommodations or who have questions related to disabilities services should contact the Services for Students with Disabilities (SSD) office at 301-846-2408. Students can learn more about these services by visiting the Services for Students with Disabilities web page: http://www.frederick.edu/student_services/disability.aspx.

 

 

 

 Email Policy:

 

Email is an instructional tool essential to student-instructor and student-student communication. In the Blackboard environment by default, your email address is available to all students in this course.  However, students are permitted to use email addresses of other students in this course only for the purpose and the duration of this course.

 

All students will receive and be expected to use their FCC email address for their correspondence with faculty and staff at the college.  Students can establish and access their FCC email accounts at the login page: https://myfcc.frederick.edu.

 

Students who are concerned about the privacy of their personal email address are reminded of commercially available products that allow them to create unique email addresses specifically for the purpose and duration of this course.

 

The instructor can be expected to respond to regular student email inquiries (grades, posted assignments, and tests excluded) within the time frame of 24 to 48 hours.

 

 

 

 

Academic Integrity:

 

Students are required to uphold the Code of Academic Integrity and the Code of Student Conduct. Students who violate either of these codes may receive a failing grade in the class.  Information about these codes and other student policies, procedures, and penalties is available on the Student Policy and Procedures web page at

http://www.frederick.edu/student_services/studentpolicies.aspx

 

You must send your Academic Integrity Pledge to the instructor. The form is available at http://courses.frederick.edu/_utilities/regform.htm

 

 

 

 

 

            

Topical Outline

 

Week

Subject and Content ACTIVITY ONLINE

ON-CAMPUS ACTIVITY

1

Self Introduction Posted on Discussion Board Deadline –6/10

 

 

Introduction - Getting Started in Business

What is business

Forms of organization

The nature of business activity 

 

Chapter 1-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

 

Chapter 2-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

Practice Exam I – DEADLINE 6/21

 

Project work- Selection of company and Annual Report

 

Chapter 3-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

Exam I on Chapters 1-3 begins at FCC Testing Center on 6/22

3

Chapter 4-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

Exam I – DEADLINE 6/29

4

Practice Exam 2 – DEADLINE 7/5

 

Chapter 6-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

 

Chapter 7-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

 

Be sure you know your progress at this point of the semester.

Exam II on Chapters 4, 6, &7 begins at FCC Testing Center on 7/6

5

Chapter 5-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

Exam II – DEADLINE  7/13

 

Last date to drop the class or switch to audit 7/13

 

6

Project Due – DEADLINE 7/20

 

Chapter 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

 

7

Practice Exam III – DEADLINE 7/26

 

Chapter 9-Time Value of Money (Only)

Simple and compound interest

Single amount and annuities

Present value and future amounts

 

Chapter 3-Appendix – Accounting Tools: The Double Entry System

The T account

Debits and credits

 

8

EXAM  III – Chapters 3, 5, 8, & 9 - DEADLINE 8/1