FALL 2012 COURSE SYLLABUS GREAT BASIN COLLEGE

ACC 201 FINANCIAL ACCOUNTING (3 credits) (1001, 1003, 1004, 1005, 1006)

Instructor: Scott Nielsen, MBA, CPA Class Dates: 8/27, 9/17,10/1,10/15,10/29,11/12,11/26, 12/10

Office: Berg Hall Office Phone: (775) 753-2289 (voice mail) Time: 7:00-9:45 pm Location: HTC 121 (Elko)

Office Hours: 8:00-5:00 by appointment E-mail: Through WebCampus

Or

COURSE MATERIALS

1) Textbook: Accounting, by Warren, Reeve, Duchac, 24e, South-Western Cengage Learning, 2009 , 2012. (Required) NOTE: Only Chapters 1-12 are covered in this course; remaining chapters are covered in ACC 202 in Spring.

2) A calculator for working problems on homework, quizzes, and exams. (Strongly Recommended)

COURSE CATALOG DESCRIPTION Basic accounting principles and procedures with a focus on the sole proprietorship and partnership forms of business. The accounting cycle, receivables, payables, inventory, fixed asset acquisition and disposal, and financial statement preparation.

COURSE PREREQUISITES There are no prerequisites for the course, but analytical reading and a working knowledge of basic mathematics is required; an understanding of basic algebraic concepts is also helpful.

COURSE OBJECTIVES/EXPECTED LEARNER OUTCOMES MEASUREMENT

Upon completion of the course the student will be able to:
1.  Apply accounting concepts/principles, use the acctg equation to analyze business transactions, prepare financial statements. / Chapter 1 homework problems and quiz; Exam 1
2.  Apply rules of debit & credit in journalizing transactions, posting to the ledger, and preparing a trial balance. / Chapter 2 homework problems and quiz;
Exam 1
3.  Apply revenue & matching principles to make adjusting entries, prepare an adjusted trial balance. / Chapter 3 homework problems and quiz;
Exam 1
4.  Complete the accounting cycle, prepare a worksheet, and close appropriate accounts. / Chapter 4 homework problem and quiz;
Exam 2
5.  Journalize & post transactions using special journals & subsidiary ledgers in both manual & computerized accounting systems. / Chapter 5 homework problems and quiz; Exam 2
6.  Journalize transactions and prepare financial statements for a merchandising business. / Chapter 6 homework problems and quiz; Exam 2
7.  Account for inventory using FIFO, LIFO, and average cost methods under both perpetual & periodic inventory systems. / Chapter 7 homework problems and quiz; Exam 3
8.  Describe the impact of Sarbanes-Oxley on internal control; prepare a bank reconciliation & related journal entries. / Chapter 8 homework problems and quiz;
Exam 3
9.  Use allowance & direct write-off methods for bad debts; account for accounts & notes receivable. / Chapter 9 homework problems and quiz; Exam 3
10.  Account for the cost, depreciation, and disposal of a plant asset; account for natural resources and intangible assets. / Chapter 10 homework problems and quiz; Final exam
11.  Account for known & estimated current liabilities; use a payroll
register, compute payroll amounts & record payroll transactions. / Chapter 11 homework problems and quiz; Final Exam
12. Account for partnership investments, profits/losses, admission &
withdrawal of partners, & partnership liquidation. / Chapter 12 homework problems and quiz; Final Exam
In addition, this course is part of the Associate of Applied Science degree in which students’ overall progress is measured at the program level upon entrance into the program and upon graduation.

HOMEWORK/EXAMS

All homework, exams, and quizzes are completed online through WebCampus. Students must submit homework when due for full credit. Students may discuss homework assignments, but the final product submitted should be each student’s individual work. Chapter quizzes are open book, untimed, and completed independently. Three quizzes may be taken per chapter with the highest score recorded. Exams are timed and must be completed independently. Working with others on the exams or transferring or receiving exam information before, during, or after an exam is cheating and will result in disciplinary action in accordance with the GBC general catalog and student handbook.

ATTENDANCE

Since there are only seven (7) class meetings during the semester, it is extremely important that students attend all classes. Students missing class are still responsible for material covered.

METHODS OF INSTRUCTION

This is an interactive video (IAV)/WebCampus hybrid course. Chapters will be covered through lecture, discussion, working exercises and problems. Students should prepare the chapter before it is discussed in class.

ACC 201 Fall 2012 TENTATIVE CLASS SCHEDULE

Dates / Topics / Homework / Due Dates / Points
Aug 27
CLASS / Intro to Course & WebCampus
Ch 1: Intro to Acctg & Business / Self-Intro
P1-2A, P1-5A; Quiz / Sep 1
Sep 9 / 5
10,10,10
Sept 4 / Ch 2: Analyzing Transactions / P2-2A,3A; Quiz / Sep 16 / 10,10,10
Sept 10 / Ch 3: The Adjusting Process / P3-1A, P3-5A; Quiz / Sep 23 / 10,10,10
Sep 17
CLASS / Ch 4: Completing the Acctg Cycle
Review Chapters 1-3 / P4-6A; Quiz / Sept 30 / 20,10
Sep 21-22 / **EXAM 1 (Chapters 1-3)** on WebCampus / 100
Oct 1 / Ch 5: Accounting Systems
Appen: End-of-Period Spreadsheet (Chpt 4) / P5-1A, P5-1B;Quiz / Oct 7 / 10,10,10
Oct 1
CLASS / Ch 6: Accounting for Merchandising Businesses
Appen 1: Acctg Systems for Merchandisers (Chpt 6)
Appen 2: The Periodic Inventory System (Chpt 6)
Review Chapters 4-6 / P6-2A, 3A; Quiz / Oct 14 / 10,10,10
Oct 12-13 / **EXAM 2 (Chapters 4-6)** on WebCampus / 100
Oct 15
CLASS / Ch 7: Inventories;
Review Chpts 7-8 / P7-1A,2A,3A; Quiz / Oct 21 / 10,10,10,10
Oct 22 / Ch 8: Sarbanes-Oxley, Internal Control, and Cash
Appen: Estimating Inventory (Chpt 7) / P8-2A,5A; Quiz / Oct 28 / 10,10,10
Oct 29
CLASS / Ch 9: Receivables; Appen: Discounting Notes Receivable
Review Chpts 7-9 / E9-19,P9-2A; Quiz / Nov 4 / 10,10,10
Nov 5 / Ch 10: Plant Assets & Intangible Assets;
Appen 1: Sum-of-the-Years-digits Depreciation; Appen 2: Exchanging Similar Fixed Assets / P10-3A, 2A; Quiz / Nov 11 / 10,10,10
Nov 12
CLASS / Ch 11: Current Liabilities and Payroll
Review Chapters 10-12 / P11-3A,5A; Quiz / Nov 18 / 10,10,10
Nov 21 / Ch 10 homework & quiz due on WebCampus
Nov 23-24 / **EXAM 3 (Chapters 7-9)** on WebCampus / 100
Nov 26
CLASS / Ch 12: Acctg for Partnerships & Limited Liability Co.
Review Chpts10-12 / P12-1A,5A; Quiz / Dec 2 / 10,10,10
Dec 3 / Review Chpts 10-12 for final exam answer any questions
Dec 10-11 / **FINAL EXAM (Chapters 10-12)**on WebCampus / 100

Note: This schedule is tentative. No major changes in the content of this syllabus are anticipated other than changes instructor finds necessary to accommodate student/instructor needs. Students will be informed of any changes made in a timely and clear manner. Check WebCampus daily for updates.

Course Requirements: Letter Grade Equivalents:

3 Exams / 300 / A 93-100%; / A- 90-92%
Homework / 255 / B+ 87-89%; / B 83-86%; / B- 80-82%
Chapter quizzes 12 @ 10 pts) / 120 / C+ 77-79%; / C 73-76%; / C- 70-72%
Final exam / 100 / D+ 67-69%; / D 63-66%; / D- 60-62%
Total points / 775 / F < 60%

Students who successfully complete this course attend all classes, ask questions, and complete all homework, quizzes and exams in a timely manner. Remember that the more effort you put into this class, the more you will get out of the class in terms of knowledge as well as a course grade.