Welcome to Corporate Financial Accounting (Acct 101)!!!
Carol Flowers, Professor of Accounting at Orange Coast College, over 20 years of Accounting Online Teaching.
Course Description
Fundamentals of financial accounting relating to corporations. Application of widely used accounting theory and practice for both service and merchandise enterprises. Preparation and analysis of financial statements. This course may also be offered online. Transfer Credit CSU; UC
Student Learning Outcomes:
- Demonstrate knowledge of an accounting cycle by performing appropriate accounting functions.
- Demonstrate ability to prepare financial statements for a corporation.
- Prepare accounting entries required for a service versus merchandising business.
This section of Accounting 101 will be offered online with THREE (3) Proctored exams and ONE (1) on the following dates and times:
Exam / Date / Time / LocationExam 1 / 3/3/2018 / 10am - 12:30pm / Room: MBCC 162
Exam 2 / 4/7/2018 / 10am - 12:30pm / Room: MBCC 162
Exam 3 / 4/28/2018 / 10am - 12:30pm / Room: MBCC 162
Exam 4 / 5/19/2018 / 9 am – 10 pm / ONLINE
If you cannot commit to these 4 exam dates and times, please don’t sign up for the class as you will be unable to complete the class.
The week begins Monday at 12:30 am and goes until Sunday evening, 11:55 pm. You will notice that all work is made available the Saturday before the official start of the week at 12:30 am.
a)All work is done in the CANVAS environment unless otherwise noted.
b)Discussion questions must be responded to by Wednesday night at 11:55 pm.
c)There is at least one quiz each week that is due by Friday night at 11:55pm. In order to access the quiz you will need to complete the required coursework that comes prior to that quiz.
d)All other coursework for each week is to be completed by Sunday night at 11:55pm.
Should you be unable to complete a Discussion Question or Quiz, you will not be able to earn an “A” in the class.
Attendance
Non participation after a week (with no explanation to the instructor) may result in a drop. This will adversely impact students collecting financial aid from the various sources – Financial Aid, Veterans aid, etc. PLEASE BE ADVISED {THOSE STUDENTS COLLECTING FINANCIAL AID, GRANTS, ETC.}: THE INSTRUCTOR IS NOW REQUIRED TO REPORT YOUR LAST DAY OF ACTIVITY AS SOON AS IT OCCURS. NON ACTIVITY COULD RESULT IN THE RETURN OF MONIES TO THE FUNDING AGENCY.
The individual, when dropped, will be required to pay back funds received. Therefore, time management, hours being worked, and total course units being taken needs to be realistic.
Texts
REQUIRED:
ISBN: 978-0-9894068-5-7
Morgan, All Dogs Eat Financial Accounting, 7th Edition.
Approx 570 pages. (This book is only available in the OCC bookstore. The other editions are no longer used. Please do not be fooled with online sellers. Check the ISBN number. This workbook will be checked for completeness during the on campus exams and awarded points. Photocopies of the workbook and prior editions will not be considered.)
OPTIONAL:
ISBN-10: 0471730513ISBN-13: 9780471730514
Kimmel / Weygandt / Kieso, Financial Accounting; Tools for Business Decision Making, 4th Edition
(You may borrow this book for a fully refundable deposit of $20. To do this, please visit the office of Prof. Arabian Morgan on campus in MBCC 115. Purchases can be made online at many book resellers [i.e. Amazon.com, Half.com] for a reasonable cost ($5 plus shipping). Don’t pay more than $20. This book will not be available in the OCC bookstore. This book is for students who would like to read for better understanding of the course materials. Beginning in Week 3 of the semester, reading assignments will be suggested.)
IF YOU CANNOT PURCHASE THE REQUIRED TEXT BY THE FIRST DAY OF THE SEMESTER, DUE TO FUNDING ISSUES, PLEASE SIGN UP FOR THIS COURSE IN A SEMESTER WHEN YOU ARE ABLE TO DO SO.
Make sure to enter the class by the first TUESDAY of the semester and Introduce Yourself. Those not having done so, may be dropped and your seat given to a petitioning student. As one student mentioned: Out of all my classes, this one was the easiest to understand in terms of navigation, and consistencyof the manner in which the assignments were presented. She gives us the necessary tools andresourcesto do well in the class, but I think a lot of it boils down to how disciplinedthe student is. As far as the speed goes, it seems fast at first but once you get on rhythm, it’s just a matter of keeping up!
All emails will be sent to your school email address or through CANVAS.
Additionally, make sure you have gone to Preparing forYour Online Class website and the Log in Issues on the College website, Online Classes to assure browser compatibility.
If you have any questions, please email me at
SEE YOU INSIDE THE CANVAS WEBSITE ON MONDAY (Jan. 30!)
Learning Environment
Free and open discussions in this class will be critical, as some of the topics we will be discussing may be controversial, highly charged, and/or political in nature. You are encouraged to share your opinions, even those opinions that are contrary to those presented by the professor or other students. You should also realize that your personal views may be challenged by content in the course and opinions stated by others in the course.If at any time a student does not feel comfortable with the opinions being expressed by the professor or other students, the appropriate steps to take are as follows:
- First raise the concern during classroom discussion.
- If a student was not able to express their opinion during classroom discussion, speak to the professor privately after class or during office hours.
- If the student was not able to express their opinions in a private setting, speak to the professor’s Dean and explain the situation.
- Speak to the Vice President of Instruction.
It is important to note that the goal of classroom discussion is to have an open and challenging environment to exchange knowledge and a variety of opinions.
Cheating Policy
Cheating on any assignment will earn student “zero” points for the assignment. Student will be subject to the policies of Orange Coast College for further disciplinary action. Academic dishonesty will not be tolerated.
Course Objectives
1.Explain the nature and purpose of generally accepted accounting principles (GAAP) and International Financial Reporting Standards (IFRS). Explain and apply the components of the conceptual framework for financial accounting and reporting, including the qualitative characteristics of accounting information, the assumptions underlying accounting, the basic principles of financial accounting, and the constraints and limitations on accounting information.
2.Define and use accounting and business terminology.
3.Explain what a system is and how an accounting system is designed to satisfy the needs of specific businesses and users; summarize the purpose of journals and ledgers.
4.Apply transaction analysis, input transactions into the accounting system, process this input, and prepare and interpret the four basic financial statements.
5.Distinguish between cash basis and accrual basis accounting and their impact on the financial statements, including the revenue recognition and matching principles.
6.Identify and illustrate how the principles of internal control are used to manage and control the firm’s resources and minimize risk.
7.Explain the content, form, and purpose of the basic financial statements (including footnotes) and the annual report, and how they satisfy the information needs of investors, creditors, and other users.
8.Explain the nature of current assets and related issues, including the measurement and reporting of cash and cash equivalents, receivables and bad debts, and inventory and cost of goods sold.
9.Explain the valuation and reporting of current liabilities, estimated liabilities, and other contingencies.
10.Identify and illustrate issues relating to long-term asset acquisition, use, cost allocation, and disposal.
11.Distinguish between capital and revenue expenditures.
12.Identify and illustrate issues relating to long-term liabilities, including issuance, valuation, and retirement of debt; (including the time value of money).
13.Identify and illustrate issues relating to stockholders’ equity, including issuance, repurchase of capital stock, and dividends.
14.Explain the importance of operating, investing and financing activities reported in the Statement of Cash Flows.
15.Interpret company activity, profitability, liquidity and solvency through selection and application of appropriate financial analysis tools.
16.Identify the ethical implications inherent in financial reporting and be able to apply strategies for addressing them.
Required Class Tools
- Four Function Calculator. This may be used during the in class Saturday exams.
- Three (3) ScanTrons: EW-F-289-PAR-L (Red Skinny ScanTron – can be purchased at the OCC Bookstore and some vending machines on campus.)
- Access to a working computer (that supports the CANVAS environment requirements) with reliable internet access. The school has computers in the Library and Computer Lab, also. To find out if you have the right type of computer , go to ‘About your Online Class’ on the College website.
- Headphones / Speakers. The class has several videos that replicate in class lectures to watch to guide you in the learning process. Headphones or speakers may make it easier for you to listen to the audio portion of the videos.