CHESAPEAKE COLLEGE

Course of Study

ACC 103-101, 301PRINCIPLES OF ACCOUNTING I

Fall 2012

INSTRUCTOR:Larry Hearn

PHONE:Office:(410) 822-5400 Ext. 349 Home: (302) 629-2779

E-MAILOffice: Use course Angel e-mail

OFFICE:T-116

OFFICE HOURS: Wye Mills Campus

Monday and Wednesday: 9:00 a.m. -10:00 a.m.

12:45 p.m. - 2:15 p.m.

Other meeting times available by appointment

Course Description:

An introductory course on the principles, practices, and techniques of accounting, with special emphasis on the basic accounting functions for proprietorships.

Prerequisite--none.

Statement of Goals:

  1. To explain the functions of accounting and the accountant.
  2. To introduce the terms and concepts of accounting.
  3. To introduce the importance of financial reporting.
  4. To prepare students for further study in the field of accounting.

Learning Outcomes:

Upon completion of this course, the student should be able to:

  1. Define and articulate accounting terminology to better communicate with industry colleagues and apply accounting procedures.
  2. Prepare financial statements
  3. Analyze and record financial transactions in a general journal.
  4. Record end of accounting period general journal entries.
  5. Analyze accounting related ethical issues in order to propose sound ethical solutions.

Common Course Outline of Material Included in the Course:

  1. Accounting in business.
  2. Analyzing and recording transactions.
  3. Adjusting accounts and preparing financial statements.
  4. Complete the accounting cycle.
  5. Financial statements.
  6. Accounting for merchandising operations.
  7. Inventories and cost of sales.
  8. Accounting information systems.
  9. Cash and internal controls.
  10. Accounting for receivables.
  11. Plant assets, natural resources, and intangibles.
  12. Current liabilities and payroll accounting.
  13. Time value of money.

Materials

1.Fundamental Accounting Principles, 20th edition, by Wild, Larson and Chiappetta. Irwin, Inc., Publisher.

2. Connect code.

Student Grading

Grading Criteria / Grading Scale
Assessment / Points / Grade / Percent / Points
Exam 1 / 100 / A / 90-100% / 625-695
Exam 2 / 100 / B / 80-89% / 556-624
Exam 3 / 100 / C / 70-79% / 486-555
Exam 4 / 100 / D / 60-69% / 417-485
Writing Assignments / 100 / F / Below 60% / Below 417
Connect Assignments / 145
Quizzes / 50
Total / 695

Writing Assignments:

An awareness of ethics, as well as writing, is very important in the field of accounting. Individuals and entities must be able to trust the information prepared by accountants. Students are required to complete ten (10) ethics challenge casesin order to become acquainted with a few of the ethical dilemmas that accountants can be faced with. Ethics challenge cases are found at the end of each chapter in a section entitled “Beyond the Numbers.” For these assignments, a short case will be given along with a series of questions. Answers should be numbered to correspond to the questions asked in each case. Cases will be evaluated based upon the application of accounting principles to the case facts. Spelling and grammar will also be considered in grading cases. Although the length of student responses will vary by case, they must be thoughtful and fully articulated. All case submissions are to be submitted electronically through the Assignment Folder which is located in the Lesson tab of the course Angel page. I suggest that students use a word processing program to complete the assignments and then copy and paste their work in the submission window which is found in the assignment.

Hint: In each of the cases students will be asked whether or not there is an ethics issue. Although it may not be obvious, there is always a problem.

Points / Chapter / Due Date
10 / 1 / 8-29
10 / 2 / 9-10
10 / 3 / 9-19
10 / 4 / 9-26
10 / 5 / 10-17
10 / 6 / 10-24
10 / 7 / 10-31
10 / 9 / 11-12
10 / 10 / 11-19
10 / 11 / 11-28

Connect Assignments:

In this course, students are required to complete a series of graded assignments which can be found at a publisher provided website. The system is called Connect and I have provided a link to the site in the Lessons tab of our course. For the most part, the assignments are short problems.

You will need a code in order to access the site for the first time. If you purchased a new text at the College bookstore, you received a free copy of the access code. If you purchased your text elsewhere, you can purchase an access code at the Connect site.

Connect assignments will give you immediate feedback as you complete them. Also, prior to the due date, I will give you I will give you unlimited attempts to complete the assignments correctly. I will record your highest score.

Note: Not only will these assignments give you an opportunity to earn points towards your final grade, they will also prepare you for success when taking your exams. To that end, Connect assignment due dates, for all chapters tested on a particular exam, will be the day prior to the exam due date. This will allow you to use these assignments as part of your exam review.

Points / Assignment / Due Date
10 / Chapter 1 / 9-11
25 / Chapter 2 / 9-11
10 / Chapter 3 / 10-9
10 / Chapter 4 / 10-9
20 / Chapter 8 / 10-9
20 / Chapter 5 / 11-4
10 / Chapter 6 / 11-4
10 / Chapter 7 / 11-4
10 / Chapter 9 / 12-3
10 / Chapter 10 / 12-3
10 / Chapter 11 / 12-3

Quizzes:

Students will complete a series of quizzes. These quizzes are used to assess core student learning outcomes for this course. They will be timed, graded and administered through Connect.

Points / Quiz / Due Date
10 / 1 / 9-17
10 / 2 / 10-15
10 / 3 / 11-7
20 / 4 / 12-3

Ungraded Homework:

Students are expected to complete a minimum of two hours work outside of class for every hour in class. Some assignments may require more time. Attached is a tentative assignment schedule for this semester. Although it is not expected that each problem will be completed perfectly, an honest attempt to complete each problem and to seek help when difficulties are encountered is necessary. The ability to complete the exercises and problems without the aid of the solutions is a good indication that the student understands the chapter material. Therefore, students may need to complete the assignments more than once in order to have a good understanding of chapter concepts. I recommend that students complete the ungraded homework assignments prior to completing the graded Connect assignments. For days on which a discussion is scheduled, please read the assigned chapter prior to attending class.

Attendance Policy:

Attendance will be taken. You cannot learn accounting and become proficient in its application unless you attend class on a regular basis and complete the required assignments.

Make-Up Exams:

If the student must miss an exam due to illness, he or she must contact the instructor within a reasonable period of time to discuss make-up options. If other legitimate circumstances dictate the need for an absence from an exam, the instructor should be contacted prior to the exam.

Note: Lack of preparation is not a legitimate reason for absence from an exam.

Classroom Expectations:

  1. Students will arrive to class prior to the scheduled start time and leave when dismissed by the instructor.
  2. Students will not talk in class unless participating in class discussions.
  3. Cell phones set to silent and no texting.
  4. Students will follow all requirements set forth in the Chesapeake College Student Honor Code.

Students with Disabilities:

Students with disabilities seeking services or accommodations through Chesapeake College must disclose the need for these services or accommodations to the Office of disability Services. Given sufficient notice and proper documentation, the College will provide reasonable accommodations, auxiliary aids and related services required by persons with disabilities to allow access to our programs and services, if it is not an undue burden to do so. Students requiring accommodations are urged to submit requests at least 14 days in advance of the need to use them. To be eligible for academic accommodations through Chesapeake College, a student must have a documented disability as defined by the Rehabilitation Act of 1973 or the Americans with Disabilities Act (ADA) of 1990. For information on eligibility, contact:

Judy Gordon

Developmental Studies Case Manager/ADA Coordinator

Phone: (410) 827-5805

Fax: (410) 827-5233

Chesapeake College is an equal opportunity institution, providing access to education, service and employment regardless of race, color, age religion, national origin, belief, sex or disability.

Academic Instruction Emergency Management Plan

In the event that Chesapeake College needs to close for an extended period of time due to a flu pandemic, severe weather event, or other emergency situation, consideration will be given to the timing and duration of the closure as follows:

  1. Closure during the semester for up to one week – there will be an opportunity to make up work missed without significant alteration to the semester calendar.
  2. Closure extending beyond one week (or in situations where classes are cancelled on the same days/evenings over multiple weeks) – the College may extend the length of the semester. Depending on the timing of the closure, scheduled breaks, end of semester dates, and/or the processing of final grades might be impacted.

Students can acquire information about closures on the College website or by calling 410-822-5400 or 410-228-4360. Chesapeake College courses held at off campus sites will follow the protocol of the host facility.

ACC 103-101, 301Principles of Accounting I

Monday and Wednesday 11:30 a.m. – 12:45 p.m.

Fall2012

Date / Discussion / Exercises / Problems / Exam
8-22 / Course introduction
8-27 / Chapter 1
8-29 / 1-14, 15, 16 / 1-8A
9-5 / Chapter 2
9-10 / 2-4 / 2-1A
9-12 / Chapters 1, 2
9-17 / Chapter 3
9-19 / 3-1A, 3-3A
9-24 / Chapter 4
9-26 / 4-3, 4, 5, 12
10-1 / Chapter 8
10-3 / 8-1, 2 / 8-2A, 4A
10-8 / Review
10-10 / Chapters 3, 4, 8
10-15 / Chapter 5
10-17 / 5-6, 14, 18, 19
10-22 / Chapter 6
10-24 / 6-3(d), 7, 13
10-29 / Chapter 7
10-31 / QS 7, 7-1, 2, 3, 4, 8
11-5 / Chapters 5, 6, 7
11-7 / Chapter 9
11-12 / 9-3, 4, 5, 13, 14 / 9-3A(1a, 2)
11-14 / Chapter 10
11-19 / 10-2, 3, 6, 7, 8, 9, 11, 15
11-26 / Chapter 11, Appendix B
11-28 / 11-5, 6, 7, 8, 11 QS B7,B9, B10, B15
12-3 / 11-5, 6, 7, 8, 11 QS B7,B9, B10, B15
TBA / Chapters 9, 10, 11, Appendix B

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