AUSTIN COMMUNITY COLLEGE
ACCOUNTING DEPARTMENT
COURSE SYLLABUS
ACNT 1403
INTRODUCTION TO ACCOUNTING PART I
CIP CODE AREA: 52.0302. 5821
COURSE LEVEL: Introductory (Freshman Level)
COURSE NUMBER: ACNT 1403 (Common Course)
COURSE TITLE: Introduction To Accounting Part I
CREDIT HOURS: 4; LECTURE HOURS: 3; LAB HOURS: 3
PREREQUISITE: None: Skills: R
METHOD OF PRESENTATION: Three-hour lecture/discussion each week. Three lab hours each week.
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. Skills: R
TEXTBOOKS: Accounting Principles by Weygandt, Keiso & Kimmel, Wiley 8th edition.
COURSE REQUIREMENTS: See specific Instructor's First Day Class Handout.
OTHER: Basic computer skills utilizing word processing and spreadsheet are recommended for ACCT 1403.
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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, completing the courses required for the Certified Public Accounting (CPA) exam (a minimum of an undergraduate (4 year) degree is required for the CPA exam), (4) preparing for accounting or business certification exams (CMA, CFA, CGFM, CIA, etc), (5) preparing for a master’s program, (6) working as an entrepreneur, (7) completing degree requirements and/or (8) fulfilling personal goals.
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. Focuses 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
Scholastic
Dishonesty:
The following statement on scholastic dishonesty must be included: 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.
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.
Course Evaluation/Grading
System, How to Reach the Instructor, and Course
Outline/Calendar:
Refer to the Instructor’s syllabus for this course.
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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.
4. Indicate how companies post a multi-column journal.
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.