SYLLABUS

ACC 2010:  PRINCIPLES OF ACCOUNTING I

Semester I, 07-08

Three semester hours

Instructor: Mrs. Carolyn Caldwell (office:  Hard234, phone:  3062, email: crcaldwell@anderson.edu,

 webpage: http://facultyweb.anderson.edu/~crcaldwell/ )

 

OFFICE HOURS:         Monday, Wednesday, Friday--8:00-8:45, 10-10:45 am, or by appointment.

STUDY GROUP:        

REQUIRED TEXT:      Fundamental Financial Accounting Concepts, 5th edition, Edmonds/Edmonds/McNair/Olds, http://highered.mcgraw-hill.com/sites/0072989432/ (for check figures and practice quizzes)

REQUIRED MATERIALS:      HP-10BII 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

 

Students are expected to attend class regu­larly and on time.  If attendance has already been taken when you arrive, you are considered absent unless you contact the professor after class.  Much of one’s grade is based on his/her contribution to the student-learning team.  If one is not in class on a regular and punctual basis, significant contribution is impossible. Students may arrange help sessions with the grading/study table assistants or one should always feel free to ask the instructor for help, but plan ahead so the help can be given in an optimum fashion

 

Make-ups will NOT be given for missed homework, quiz-re-quizzes, 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.  This abides with the policy defined in The Student Handbook!.  CELL PHONES ARE TO BE TURNED OFF AT ALL TIMES AND NOT USED DURING EXAMS.  LEAVING THE ROOM DURING EXAMS IS BY INSTRUCTOR PERMISSION ONLY.

 

            GRADING:

                        Exams (4 @ 100) [application, analysis, and written communication]         400 points

                        Quiz/Requiz (9 @ 5) [knowledge and comprehension]                               45 points

                        In-class cases (9 @ 5) [application and analysis]                                       45 points

                        Homework Completion (4 @ 5) [application and analysis]                          20 points

                        Teamwork (4 @ 5) [interpersonal and oral communication]                        20 points

                                                                                                                                    530 points

           

GRADING SCALE:  (based on 530 total points)

                       530-493 points    A                                 423-413 points   C+                    317 or lower      F

            492-477 points   A-                                412-387 points   C                     

                        476-466 points   B+                                386-371 points   C-

465-440 points   B                                  370-360 points   D+

439-424 points   B-                                359-318 points   D

 

CLASS FORMAT

 

This is a demanding course and requires discipline of the student to read the chapter and attempted 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 is a discussion and lecture over the assigned reading and the second and third class period are devoted to problem solving and analysis. 

 

Quiz/Requiz:  (Sample quiz questions on textbook web page.)  Each student is graded on 9 of 11 quiz/requizzes.  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 and handed in.  Then, the quiz is retaken by the student-learning team.  The student’s grade is the average of the individual and team grade for that quiz.     

 

In-Class Cases:  Each student-learning team is graded on 9 of 11 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.

 

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.  Each student in the team is evaluated by the personnel director, who, in turn, is evaluated by the instructor.  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, (4)is ready to work each day

 

            Personnel Director:

(1)Takes daily attendance for every member of the team, (2)checks homework, (3)determines each member’s contributions to team and prepares an individual evaluation at end of exam period, (4)is ready to work each day

 

            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, (4)is ready to work each day

 

            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, (3)is ready to work each day

 

 

SCHEDULE [September 21—Job Fair:  Accounting Interview Day – See Jo DuMontelle]

 

Sept 5               Introductions; course objectives; policies; student background and interests assessment

 

Sept 7               Chapter 1: Elements of Financial Statements, Q/R #1

 

Sept 10             Chapter 1:  Discussion and Lecture, E1-13A (Equation), E1-23A (Horizontal Statement)

 

Sept 12             Problems:   P1-33A, P1-29A, ATC 1-7, Case # 1 

 

Sept 14             Chapter 2:  Accounting for Accruals, Q/R #2

 

Sept 17             Chapter 2:  Discussion and Lecture, E2-6A, E2-7A, E2-8A, E2-14A, E2-17A

 

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

 

Sept 21             Chapter 3:  Accounting for Deferrals, Q/R #3 

 

Sept 24             Chapter 3:  Discussion and Lecture, E3-2A, E3-4A, E3-5A, E3-7A, E3-9A

 

Sept 26                 Problems:  P3-17A, P3-19A, ATC3-9a (on Excel, print original with formulas—Tools, Options, View, Formulas), Case #3

 

Sept 28            EXAM:  Chapters 1-3

 

Oct 1                Chapter 4:  The Recording Process, Q/R #4

 

Oct 3                Chapter 4:  Discussion and Lecture,  E4-3A, E4-4A, E4-6A, E4-8A

 

Oct 5                Chapter 4:  Discussion and Lecture,  E4-9A, E4-10A, E4-17A

 

Oct 8                Problems:  P4-28A (accounting cycle), CS #4

 

Oct 10              Chapter 5:  Accounting for Merchandising Businesses (with emphasis on Perpetual Inventory Method and gross method for reporting discounts—See my webpage for Replacement of pp. 222-228 of text, Q/R #5

 

Oct 12              Chapter 5:  Discussion and Lecture, E5-2A, E5-6A (purchase), E5-8A, E5-10A (sale), E5-15A

 

Oct 15              Problems:  P5-25A (accounting cycle); NOTE:  Do this problem with the gross method and in #3 and #7 payment was made within the discount period.  Case #5

 

Oct 17              Chapter 6:  Accounting for Merchandising Businesses—Advanced Topics, Q/R #6

 

Oct 19              FALL BREAK

 

Oct 22              Chapter 6:  Discussion and Lecture, E6-1A, E6-3A, E6-4A, E6-8A

 

Oct 24              Problems:   P6-21A, Case #6

 

Oct 26             EXAM,  Chapters 4-6

Oct 29              Chapter 7:  Internal Control and Accounting  for Cash, Q/R#7

 

Oct 31              Chapter 7:  Discussion and Lecture, E7-9A, E7-17A

 

Nov 2               Problems:  P7-17A, P7-18A, Case #7 

 

Nov 5               Chapter 8:  Accounting  for Accruals—Advanced Topics—Receivables and Payables, Q/R#8

 

Nov 7               Chapter 8:  Discussion and Lecture, E8-1A, E8-2A, E8-3A, E8-4A

 

Nov 9               Problems:  P8-15A, Case #8 

 

Nov 12             Chapter 9:  Long-Term Operational Assets, Q/R #9

 

Nov 14             Chapter 9:  Discussion and Lecture, E9-4A, E9-8A, E9-11A, E9-14A, E9-15A

 

Nov 16             Problems:   P9-21A, ACT 9-10 a,b,c on Excel and print copy with formulas, Case #9

 

Nov 19                        EXAM,  Chapters 7-9

 

Nov 21-25         THANKSGIVING VACATION

 

Nov 26             Chapter 10:  Accounting for Long-Term Debt, (omitting pp. 475-477 but including Appendix

                         “Time Value of Money”, pp. 478-482), Q/R #10           

 

Nov 28             Chapter 10:  Discussion and Lecture, E10-3A, E10-4A, E10-9A, E10-13A. E10-17A

 

Nov 30             Chapter 10:  Discussion and Lecture, HP 10B Tutorial, E10-21A, E10-22A, E10-23A (Use calculator for this assignment)

 

Dec 3               Problems:  P10-25A, P10-28A, CS #10 

 

Dec 5               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

 

Dec 7               Chapter 11:  Discussion and Lecture, E11-4A, E11-7A, E11-9A

 

Dec 10             Chapter 11:  Discussion and Lecture, E11-10A, E11-13A

 

Dec 12             Problems:  P11-19A, CS #11

 

Dec 14             Review for Exam

 

Dec 17-20       EXAM, Chapters 10-11 (Section 1, Thursday, Dec 20, 9:30 am; Section 3, Tuesday, Dec 18, 8:00 am)

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.)