AUSTIN COMMUNITY COLLEGE

ACCOUNTING DEPARTMENT

MASTER COURSE SYLLABUS

ACNT 1403 

INTRODUCTION TO ACCOUNTING PART I 

 

INSTRUCTOR NAME: XXXXXXX

COURSE NAME: Introduction to Accounting Part I

COURSE NUMBER: ACNT 1403

COURSE SYNONYM: XXXXXX

COURSE TIME: XXXXXX

COURSE LOCATION: XXXXX

CREDIT HOURS: 4, (Lecture Hours: 3; Lab Hours: 3)

OFFICE HOURS: XXXXX

OFFICE LOCATION: XXXX

PHONE / EMAIL /WEBSITE: XXXXX

ARRAGEMENT CONFERENCES / APPOINTMENTS: XXXX

CATALOG DESCRIPTION: ACNT 1403 INTRODUCTION TO ACCOUNTING I (4-3-3). A study of analyzing, classifying, and recording business transactions in a manual and computerized environment (Peachtree). Emphasizes an understanding of the complete accounting cycle, preparation of basic financial statements, bank reconciliation’s, and payroll.  PREREQUISITE: None: Skills: R

 

Course Rationale: The goals and objectives of this course prepare students for (1) obtaining or improving job skills, (2) qualifying for a business or accounting job, (3) achieving job advancement, (4) preparing for a Principles of Financial Accounting or other accounting course (5) preparing for a business certification exams (Certified Bookkeeper), (6) working as an entrepreneur, (7) completing degree requirements and/or (8) fulfilling personal goals.

 

STUDENT LEARNING OUTCOMES: See last page.

 

DISCIPLINE / PROGRAM OUTCOMES: See last page

Scans Competencies:

Competency must be shown in the following three areas:

1)       Manages time

a)       Uses class and lab time efficiently to accomplish required assignments

b)       Focus efforts toward accomplishing class-related goals

c)       Prioritizes activities based on deadlines and level of importance

d)       Stays on target with class syllabus and planned lab activities

2)       Uses computers to process information

a)       Uses lab computers and text to acquire and organize financial information for the completion of lab assignments using QuickBooks software

b)       Analyzes information necessary to complete and accounting cycle and prepare statements using an automated system

c)       Communicates financial information through the processing and production of financial statements

3)       Student exhibits responsibility

a)       Meets established deadlines for homework and lab assignments

b)       Attends class/lab on a regular basis

c)       Takes exams on time

d)       Seeks assistance from instructor and/or tutors when necessary

e)       Prepares for classes

 

TEXTBOOKS: Accounting Principles, 9th edition, Weygandt/Kieso/Kimmel, John Wiley & Sons Inc., ISBN: 978-0-470-31754-9 and Computer Accounting, with Peachtree Complete Peachtree 2011, 15th edition, ISBN: 978-0-07-750503-5

 

INSTRUCTIONAL METHODOLOGY: The objectives of this course will be met by incorporating a variety of instructional methods.  These may include lecture, class exams and quizzes, group activities and project, student presentations, class problem-solving, written analysis, spreadsheet, word processing and power point activities, the use of accounting software and online activities and research.

 

METHOD OF PRESENTATION: Three-hour lecture/discussion each week. Three lab hours each week.

 

COURSE REQUIREMENTS: See specific Instructor's First Day Class Handout.

 

OTHER: Basic computer skills utilizing word processing and spreadsheet are recommended for ACCT 1403.

 

Grade System:

 

Activity

Number

Pts Each

Total

Percent

Points

Grade

Exams

4

100

400

57%

630

to

700

A

Assignments - Text

30

3

90

13%

560

to

629

B

Quizzes (10 drop 2)

8

10

80

11%

490

to

559

C

Exercises - Peachtree

7

5

35

5%

420

to

489

D

Peachtree Quizzes

7

5

35

5%

Below

420

F

Peachtree Simulation Exam

1

50

50

7%

Blackboard, Google Mail & Lab

1

10

10

1%

TOTAL

700

100%

 

 

 

COURSE POLICIES

 

Attendance Policies: Certification of attendance is required in accordance with federal financial aid requirements. The Business Studies Area has determined that absences in excess of 10 percent of the scheduled class periods are the basis for an instructor to withdraw a student from class. While I may withdraw a student for excessive absences, I have no obligation to do so.

 

Withdrawal Policy: XXXXXth   is the last day to withdraw from this class and receive a grade of “W”. If you wish to withdraw, complete a withdrawal slip and turn it into the admission’s office. Do not assume I will withdraw you.

 

Make-up exam policy – You must contact me within one week after the missed exam to schedule an exam in the testing center. If you have not taken the exam within one week from the scheduled exam date 15 points will be deducted from your exam grade for each class meeting date until the exam is taken. There is no curve available for the make-up exams. Only one make-up exam may be taken during the semester. The make-up exam may consist entirely of multiple-choice questions and cover any topics included in the chapters – not just the topics listed on the exam review sheet. If there is a conflict, you may take an exam early with no penalty. Please discuss this with me as soon as you are aware of a conflict.

 

Due Dates: To receive credit all exams, quizzes, homework, projects and or other assignments are due on or before the dates as specified in the course outline/calendar located on the current syllabus. No late exams, quizzes, homework, projects or other assignments will be accepted. There is no make-up work and no extra credit work.

 

Incomplete Policy:  An instructor may award a grade of “I” (Incomplete) if a student was unable to complete all of the objectives for the passing grade in a course. An incomplete grade cannot be carried beyond the established date in the following semester. The completion date is determined by the instructor but may not be later than the final deadline for withdrawal in the subsequent semester. Incomplete grades are given only on rare occasions. The purpose of this grade is for an emergency, or other serious considerations, which occurs after the withdrawal date and prevents timely completion of the course.

 

Scholastic Dishonesty: Acts prohibited by the college for which discipline may be administered include scholastic dishonesty, including but not limited to cheating n an exam or quiz, plagiarizing, and unauthorized collaboration with another in preparing outside work. Academic work submitted by students shall be the result of their thought, research or self-expression. Academic work is defined as, but not limited to tests, quizzes, whether taken electronically or on paper; projects, either individual or group; classroom presentations, and homework.

 

Student Rights and Responsibilities: Students at the college have the rights accorded by the U.S. Constitution to freedom of speech, peaceful assembly, petition, and association. These rights carry with them the responsibility to accord the same rights to others in the college community and not to interfere with or disrupt the educational process. Opportunity for students to examine and question pertinent data and assumptions of a given discipline, guided by the evidence of scholarly research, is appropriate in a learning environment. This concept is accompanied by an equally demanding concept of responsibility on the part of the student. As willing partners in learning, students must comply with college rules and procedures.

 

Students with Disabilities: The following statement on students with disabilities must also be included: Each ACC campus offers support services for students with documented physical or psychological disabilities. Students with disabilities must request reasonable accommodations through the Office for Students with Disabilities on the campus where they expect to take the majority of their classes. Students are encouraged to do this three weeks before the start of the semester.

Safety Statement: Austin Community College is committed to providing a safe and healthy environment for study and work.
You are expected to learn and comply with ACC environmental, health and safety procedures and agree to follow ACC safety policies. Additional information on these can be found at
http://www.austincc.edu/ehs. Because some health and safety circumstances are beyond our control, we ask that you become familiar with the Emergency Procedures poster and Campus Safety Plan map in each classroom. Additional information about emergency procedures and how to sign up for ACC Emergency Alerts to be notified in the event of a serious emergency can be found at http://www.austincc.edu/emergency/.

Please note, you are expected to conduct yourself professionally with respect and courtesy to all. Anyone who thoughtlessly or intentionally jeopardizes the health or safety of another individual will be immediately dismissed from the day’s activity, may be withdrawn from the class, and/or barred from attending future activities.

 

ACC Email Policy: All College e-mail communication to students will be sent solely to the student’s ACCmail account, with the expectation that such communications will be read in a timely fashion. ACC will send important information
and will notify you of any college related emergencies using this account. Students should only expect to
receive email communication from their instructor using this account. Likewise, students should use their
ACCmail account when communicating with instructors and staff. Instructions for activating an ACCmail
account can be found at http://www.austincc.edu/accmail/index.php.

 

Testing Center Policy: Under certain circumstances, an instructor may have students take an examination in a testing center.
Students using the Academic Testing Center must govern themselves according to the Student Guide for
Use of ACC Testing Centers and should read the entire guide before going to take the exam. 

 

Student and Instructional Services: ACC strives to provide exemplary support to its students and offers a broad variety of opportunities and services. Information on these services and support systems is available at: http://www.austincc.edu/s4/
Links to many student services and other information can be found at: http://www.austincc.edu/current/

ACC Learning Labs provide free tutoring services to all ACC students currently enrolled in the course to be
tutored. The tutor schedule for each Learning Lab may be found at: http://www.autincc.edu/tutor/students/tutoring.php

For help setting up your ACCeID, ACC Gmail, or ACC Blackboard, see a Learning Lab Technician at
any ACC Learning Lab.

 

Grade Change Policies: Click on this link to view the policy. (See Student Handbook: www.austincc.edu/handbook/policies2.htm)

Rule of Three:  Per state law, effective spring 2006 any student taking a class for the third time or more may be charged an additional $60 per credit hour unless exempted. Click on this link for more information: 

http://www.austincc.edu/withdraw/conseq_and_resources/onepage.htm

 

Student and Instructional Services: http://www.austincc.edu/cataloghtml/services.php

 

Always refer to the instructor’s current syllabus for course evaluation, contact information, and course outline/calendar.

 


 

COURSE LEARNING OUTCOMES

Upon successful completion of this course, you should be able to:

LEARNING OBJECTIVES:

 


Chapter 1

1.       Explain what accounting is.

2.       Identify the users and uses of accounting.

3.       Understand why ethics is a fundamental business concept.

4.       Explain generally accepted accounting principles and the cost principle.

5.       Explain the monetary unit assumption and the economic entity assumption.

6.       State the accounting equation, and define assets, liabilities, and owner’s equity.

7.       Analyze the effects of business transactions on the accounting equation.

Chapter 2

1.       Explain what an account is and how it helps in the recording process.

2.       Define debits and credits and explain their use in recording business transactions.

3.       Identify the basic steps in the recording process.

4.       Explain what a journal is and how it helps in the recording process.

5.       Explain what a ledger is and how it helps in the recording process.

6.       Explain what posting is and how it helps in the recording process.

7.       Prepare a trial balance and explain its purposes.

Chapter 3

1.       Explain the time period assumption.

2.       Explain the accrual basis of accounting.

3.       Explain the reasons for adjusting entries.

4.       Identify the major types of adjusting entries.

5.       Prepare adjusting entries for deferrals.

6.       Prepare adjusting entries for accruals.

7.       Describe the nature and purpose of an adjusted trial balance.

Chapter 4

1.       Prepare a worksheet.

2.       Explain the process of closing the books.

3.       Describe the content and purpose of a post-closing trial balance

4.       State the required steps in the accounting cycle.

5.       Explain the approaches to preparing correcting entries.

6.       Identify the sections of a classified balance sheet.

Chapter 5

1.       Identify the differences between service and merchandising companies.

2.       Explain the recording of purchases under a perpetual inventory system.

3.       Explain the recording of sales revenues under a perpetual inventory system.

4.       Explain the steps in the accounting cycle for a merchandising company.

5.       Distinguish between a multiple-step and a single-step income statement.

6.       Explain the computation and importance of gross profit.

7.       Determine cost of goods sold under a periodic system.

Chapter 6

1.       Describe the steps in determining inventory quantities.

2.       Explain the accounting for inventories and apply the inventory cost flow methods.

3.       Explain the financial effects of the inventory cost flow assumptions.

4.       Explain the lower-of-cost-or-market basis of accounting for inventories.

5.       Indicate the effects of inventory errors on the financial statements.

6.       Compute and interpret the inventory turnover ratio.

7.       Apply the inventory cost flow methods to perpetual inventory records.

Chapter 7

1.       Identify the basic concepts of an accounting information system.

2.       Describe the nature and purpose of a subsidiary ledger.

3.       Explain how companies use special journals in journalizing.

Chapter 8

1.       Define internal control.

2.       Identify the principles of internal control.

3.       Explain the applications of internal control principles to cash receipts.

4.       Explain the applications of internal control principles to cash disbursements.

5.       Describe the operation of a petty cash fund.

6.       Indicate the control features of a bank account.

7.       Prepare a bank reconciliation.

8.       Explain the reporting of cash.

Chapter 9

1.       Identify the different types of receivables.

2.       Explain how companies recognize accounts receivable.

3.       Distinguish between the methods and bases used to value accounts receivable.

4.       Describe the entries to record the disposition of accounts receivable.

5.       Compute the maturity date of and interest on notes receivable.

6.       Explain how companies recognize notes receivable.

7.       Describe how companies value notes receivable.

8.       Describe the entries to record the disposition of notes receivable.

9.       Explain the statement presentation  and analysis of receivables.

Chapter 10

1.       Describe how the cost principle applies to plant assets.

2.       Explain the concept of depreciation.

3.       Compute periodic depreciation using different methods.

4.       Describe the procedure for revising periodic depreciation.

5.       Distinguish between revenue and capital expenditures, and explain the entries for each.

6.       Explain how to account for the disposal of a plant asset.

7.       Compute periodic depletion of natural resources.

8.       Explain the basic issues related to accounting for intangible assets.

9.       Indicate how plant assets, natural resources, and intangible assets are reported.

 

 

Sage 50 Complete Accounting

Chapter 1

1.       Explore the sample company, Bellwether Garden Supply.

2.       Make sure global options are set

3.       Back up Bellwether Garden Supply data.

4.       Restore data with Sage 50’s restore Wizard.

5.       Operate Sage 50’s menus, drop-down lists, toolbar, and navigation bar.

6.       Use Windows Explorer to see files sizes.

7.       Export Sage 50 reports to Excel, and save reports as Adobe PDF files.

8.       Make three backups, save three Excel files, and three PDF files

 Chapter 2

1.       Restore data from Exercise 1-2.

2.        Enter a purchase order.

3.       Apply receipt of inventory to existing purchase order.

4.       Enter and post a vendor invoice in the Purchases\Receive Inventory  window.

5.       Go to the Payments window to pay a vendor.

6.       Print a check in payment of the vendor invoice.

7.       Add a Terms column to the Vendor Ledgers report.

8.       Analyze payments and vendor credit memos.

9.       Export the Vendor List and Vendor Ledgers to Excel.

10.    Save the Vendor List and Vendor Ledgers as PDF files.

Chapter 3

1.       Go to the Customers & Sales Navigation Center to enter quotes and sales orders.

2.       Enter a sales order.

3.       Ship items from a sales order.

4.       Enter customer terms.

5.       Record a sales invoice on the Sales/Invoicing window.

6.       Print a sales invoice.

7.       Analyze receipts and customer credit memos.

8.       Post a receipt for previously invoiced amounts.

9.       Add a Customer Terms column to the Customer Ledgers report.

10.    Export Customer Ledgers to Excel.

11.    Save Customer Ledgers as a PDF file.

Chapter 4

1.       Enter and store information using the Maintain Employees/Sales Rep window.

2.       Set up default information for payroll.

3.       Store information about payroll payment methods.

4.       Transfer funds from the regular checking account to the payroll checking account.

5.       Enter paychecks in the Payroll Entry window.

6.       Print employee paychecks

Chapter 5

1.       Use Sage 50’s help feature.

2.       Enter a new account in the Chart of Accounts.

3.       Look at Sage 50’s budget feature.

4.       Record and post a General Journal entry to transfer funds.

5.       Display the General Ledger Trial Balance.

6.       Set up an Inventory Item.

7.       Record an inventory adjustment.

8.       Look at Sage 50’s internal controls, user security and access, and audit trail

 

 

 

 

Chapter 6

1.       Learn about SCA's Job Cost system.

2.       Set up a job.

3.       Coordinate job costs with purchases, sales, and payroll.

4.       Display the Job Profitability Report

Chapter 7

1.       Print the financial statements.

2.       Use drill down to go from the income statement to the general ledger, then to the original entry window.

Chapter 8

1.       Explore Sage 50’s time and billing feature.

2.       Use the time and billing feature to complete a time ticket, sales invoice, and payroll entry