SYLLABUS

ACCT 2010:  PRINCIPLES OF ACCOUNTING I

Semester II, 07-08

Three semester hours

Instructor: Prof. Cindy Peck (office:  Hardacre 102, office phone:  (765) 641-4366, email: cjpeck@anderson.edu)

cell phone for emergencies:  (765) 610-7674

                        

REQUIRED TEXT:

Fundamental Financial Accounting Concepts, 5th edition, Edmonds/Edmonds/McNair/Olds

RELATED WEBSITE:

http://highered.mcgraw-hill.com/sites/0072989432/

REQUIRED MATERIALS:

HP-10BII or other financial calculator

           

COURSE OBJECTIVES

 

Upon successful completion of this course, students will be able to:

  1. Understand the basic principles, elements and concepts of accounting;
  2. Use proper methods to record and communicate useful financial data to others;
  3. Be able to perform a complete accounting cycle from source documents to post closing trial balance for a business;
  4. Understand the role of accounting in making informed decisions, in providing an overview for non-accounting majors and in building a foundation for further study for accounting majors through management planning, performing, and evaluating cycles.

 

EVALUATION

 

GRADING:

Exams (3 @ 100) [application, analysis, and written communication]

300 points

Quiz/Requiz (8 @ 5) [knowledge and comprehension]

  40 points

In-class cases (10 @ 5) [application and analysis]

50 points

Homework Completion [application and analysis]

40 points

Teamwork/Participation [interpersonal communication]

  20 points

 

450 points

 

Students are expected to attend class regularly and on time in order to learn and to contribute to the student-learning team.  Students may arrange help sessions by speaking with the instructor but plan ahead so the help can be given in an optimum fashion.

 

Make-ups will NOT be given for missed homework, quiz/requizzes, or in-class cases.  There will be NO make-up exams unless one has made prior arrangements and at the instructor’s discretion. 

 

Students are expected to do their own work.  Copying homework or exams is plagiarism and will result in the loss of credit for the assignment/exam and a reporting of the incident to the Vice President for Academic Affairs (see policy in The Student Handbook).  Cell phones and other electronic devices other than laptops are to be turned off at all times.  Leaving the room during exams is by instructor permission only.

 

GRADING SCALE:  (based on 450 total points)

450-416 points

A

 

359-350 points

C+

415-405 points

A-

 

349-315 points

C

404-395 points

B+

 

314-270 points

D

394-370 points

B

 

269 or lower

F

369-360 points

B-

 

 

 

                                               

CLASS FORMAT

 

This is a demanding course and requires discipline of the student to read the chapter and to attempt all homework assign­ments prior to class.  (Check figures for problems on textbook web page.)  Even a brief retreat from this study habit will be very damaging.  One should expect to work 2 hours outside of class for every hour of class time.  In general, each topic (chapter) is examined for one week.  The first class period covers the assigned reading including working the exercises listed on the syllabus.  The second class period is devoted to problem solving and analysis. 

 

Quiz/Requiz:  Quizzes are 5 point multiple-choice quizzes administered at the beginning of class when a new chapter is begun.  The quiz is taken individually by each student, then the quiz is retaken by the student-learning team.  Each student is graded on 8 of 11 quiz/requizzes.  The student’s grade is the average of the individual and team grade for that quiz.  (Sample quiz questions are provided on the textbook web page.)     

 

In-Class Cases:  These 5 point cases are to be completed after the student-learning team has mastered the homework material.  In-class cases must be completed in class without the aid of notes or books.  The cases are designed to provide teams with a self-check of the chapter material prior to the examination.  Each student-learning team is graded on 10 of 11 in-class cases. 

 

Teamwork:  The student’s contribution to the team is invaluable.  It is important that the student-learning teams function as teams, not merely groups; therefore, each team member is assigned a role which will rotate after each exam.  Students will evaluate each other on contribution to team effort.  The student-learning team roles are:

 

CEO:

            (1)  leads but does not control the team discussion

(2)  appoints acting person when someone is absent

            (3)  breaks ties when necessary

 

            Personnel Director:

(1)     takes daily attendance for every member of the team

(2)     checks homework

 

            Production Manager:

(1)     determines the task for the day by checking folder for assignments left there by instructor

(2)     distributes graded material so folder is kept in neat order and returns folder at end of class

(3)     ensures that tasks are completed on time

 

            Information Systems Specialist:

(1)     elicits responses from all team members before making records

(2)     turns in all recorded work by leaving in the folder for instructor to grade

 

Staff:  (all team members)

(1)     contributes to the team discussion

(2)     is actively involved in the team

(3)     has attempted the homework problems

(4)     is ready to work each class session

 

 

TENTATIVE SCHEDULE

 

Jan 17

Introductions; course objectives; policies; student background and interests assessment

Jan 22

Chapter 1: Elements of Financial Statements, Q/R #1; E1-7A, E1-13A; ATC 1-6

Jan 24

Problems:  P1-33A, P1-29A, ATC 1-7, Case #1 

Jan 29

Chapter 2:  Accounting for Accruals, Q/R #2; E2-6A, E2-7A, E2-8A, E2-14A, E2-17A

Jan 31

Problems:  E2-19A, P2-27A, P2-29A, Case #2

Feb 5

Chapter 3:  Accounting for Deferrals, Q/R #3; E3-2A, E3-4A, E3-5A, E3-7A, E3-9A

Feb 7

Problems:  P3-17A, P3-19A, ATC3-9a (on Excel, print original with formulas), Case #3

Feb 12

Chapter 4:  The Recording Process, Q/R #4; E4-3A, E4-4A, E4-6A, E4-8A, E4-9A, E4-13A

Feb 14

Problems:  P4-28A (accounting cycle), Case #4

Feb 19

EXAM:  Chapters 1-4

Feb 21

Chapter 5:  Accounting for Merchandising Businesses (with emphasis on perpetual inventory method), Q/R #5;  E5-2A, E5-6A, E5-8A, E5-10A,  E5-15A

Feb 26

Problem:  P5-25A (accounting cycle); Case #5

Feb 28

Chapter 6:  Accounting for Merchandising Businesses—Advanced Topics; Q/R #6; E6-1A, E6-3A, E6-4A

Mar 4

Problems:   E6-8A, P6-21A, Case #6

Mar 6

Chapter 7:  Internal Control and Accounting for Cash, Q/R#7; E7-3A, 9A, 16A; ATC 7-9

Mar 8-16

SPRING BREAK (AU)

Mar 18

Problems:  P7-17A, 18A, Case #7

Mar 20

Chapter 8:  Accounting for Accruals—Advanced Topics—Receivables and Payables, Q/R#8; E8-1A, E8-2A, E8-3A, E8-4A

Mar 25

Problems:  P8-15A, Case #8

Mar 27

EXAM, Chapters 5-8

Apr 1

Chapter 9:  Long-Term Operational Assets, Q/R #9; E9-4A, E9-8A, E9-11A, E9-14A, E9-15A

Apr 3

Problems:   P9-21A, ACT 9-10 a,b,c on Excel and print copy with formulas, Case #9

Apr 5-13

SPRING BREAK (HSE)

Apr 15

Appendix “Time Value of Money”, pp. 478-482;  E10-21A, E10-22A, E10-23A (use financial calculator not tables)

Apr 17

Chapter 10:  Accounting for Long-Term Debt (omitting pp. 475-477); Q/R # 10; E10-3A, E10-4A, E10-9A, E10-13A, E10-17A

Apr 22

Problems:  E10-15A, 16A; P10-25A; Case #10

Apr 24

Chapter 11:  Accounting for Equity Transactions, (omitting p. 523-4 “Stock Issued at Stated or No-Par Value” but including Appendix “Not for Profit Accounting,” pp. 532-535), Q/R #11; E11-4A, E11-7A, E11-9A

Apr 29

E11-10A, E11-13A

May 1  

Problem:  P11-19A, Case #11

May 6

EXAM, Chapters 9 - 11

                        

STUDY GUIDE FOR ACCOUNTING STUDENTS

Accounting Instructors' Report, January 1984

 

 

Reading the Textbook

 

1.   Studying accounting is not like reading fiction or even like studying history, mathematics, or economics.

a.   Each assignment in many accounting courses builds on previous assignments.  If you do half-hearted work in Chapter 1, you may have difficulty in Chapter 2 and be lost in Chapter 3.

b.   Accounting books are condensed.  Almost every sentence is important.  Look over the chapter for content and then read carefully.

2.   Read to understand "why."

a.   This is a technical subject, it is logical, it requires reasoning.

b.   Strive to be able to say, "I understand why they do that."  If you can understand "why" in accounting, there is very little to memorize.

c.   Try to explain each new topic in your own words.  Getting the ideas into you own words is better than being able to quote the book.

d.   Be critical.  Ask your teacher for the reasons behind accounting methods that you do not understand.

3.   Work PROBLEMS to understand "how."

a.   You may be able to "understand why they do that," but you must be able to do it yourself as well as understand.  This is a do-it-your­self course.

b.   To be sure that you understand "how" as well as "why," work the prob­lems which illustrate the reading material in each chapter.

4.   Remember "why" and "how."

a.   Do not just keep up, consolidate and review as you go.

(1) Go back to previous chapters and bring yourself up to date.  See how this chapter builds on the last one.

(2) If possible, rework one problem each week from some previous chapter.  Rework problems that were difficult for you.

b.   Never wait until examination time to review.  The review-as-you-go plan produces better results.  It does not take as long, and saves the last minute worry and the sacrifice of other courses that go with cramming.

5.   Relate the things we talk about in accounting to things that you already know--places you have worked, your parents' business, other courses.  Try to see how this might help you do what you want to do in the future.  See if you can use it right now--as a treasurer for campus organizations, in part-time jobs, in a personal book­keeping system.

6.   If there is something you do not understand, prepare specific questions to ask your instructor.  PIN­POINT THE THING THAT YOU DO NOT UNDERSTAND.  (Some students keep a notebook of points with which they have difficulty.)

 

Working Problems

 

1.   Read the problem.  Read the instructions. Scan the problem to see what is ahead of you.

2.   Work the problems without "page flipping" back to the chapter.

a.   When in doubt look back at the chapter BUT not until you have tried to do the transaction on your own.  This indicates that you do not understand or do not remember the chapter material.  You are not prepared for an examination.

b.   The "page-flipping" method is guaranteed to waste a maximum of your time and to produce a minimum of results.

3.   Be neat and orderly.  Sloppy calculations, messy papers, and general carelessness cause most errors in the working of accounting problems.

4.   Keep up with your class.

a.   Check your problem against the solution presented in class.

b.   Find your mistakes.

c.   Be sure you understand the correct solution.

5.   Note the part of the problem with which you have difficulty and ask questions during the classroom session.

 

Make Best Use of Class Time

 

1.   Classes are never interesting unless you take part.

2.   Be prepared before you go to class.

3.   Don't be afraid to ask questions.

4.   Students who make failing grades also fail to attend classes, fail to pay attention during class, fail to do their homework, and fail to ask the instructor for help.  Stay out of these ruts.

 

Preparing for Exams

 

1.   Be specific in your study; concentrate on the things which seem to be most important.  (Some students make up an exam of their own.)

a.   Note items that instructor emphasizes in class.

b.   Determine topics for which most problems were assigned.

c.   Daily quizzes and hour exams often have a close resemblance to each other.

d.   Scan problems that were not assigned for problems that could be used on an examination.

e.   Read questions at the end of the chapters for good test questions.

2.   Do not stop with just "getting the idea."  Work some practice problems without the aid of the book.

3.   Every exam has an element of speed.  Have your "how's and "whys" right at your fingertips.  If you are slow, you probably need more study.

4.   Students are not parrots.  On a good exam you should be expected to give back something more than was in the textbook.  A good exam should not be a carbon copy of a homework problem.  It will probably approach the material covered from some different angle to test your ability to reason and understand, rather than your ability to memorize.

5.   When taking exams, many points are lost because the student does not READ THE PROBLEM, is not neat and orderly (has poor form and makes errors in addition), or does not show calculations.

6.   Examinations need not be a source of worry.  Conscientious effort is seldom unrewarded.

 

 

(Note:   AIR grants permission to reproduce this page for use in classroom instruction.)