IVY TECH STATE COLLEGE-NORTHCENTRAL
COURSE OUTLINE
Accounting Technology
Associate in Applied Science
COURSE TITLE: Financial Accounting
COURSE NUMBER: ACC 101
PREREQUISITES: ENG 025 Introduction to College Writing II, ENG 032 Reading Strategies for College II, MAT 044 Mathematics.
COREQUISITES: None
PROGRAM: Accounting
DIVISION: Business Division
CREDIT HOURS: 3
CONTACT HOURS: 3 Lec ___Lab
DATE OF LAST REVISION: Spring 2005
EFFECTIVE DATE OF THIS REVISION: Fall 2005
CATALOG DESCRIPTION: Introduces the fundamental principles, techniques, and tools of financial accounting. The development and use of the basic financial statements pertaining to corporations both service and retail.
MAJOR COURSE LEARNING OBJECTIVES:
At the completion of this course the student will be able to:
1. Discuss the purpose of an accrual accounting system and explain its role in making business decisions.
2. Identify and explain the meaning of standard accounting terms in a corporate environment.
3. Explain how transactions affect the accounting equation, income statement, statement of stockholders; equity/retained earnings, balance sheet and cash flow statement, as well as applying the rules of debit and credit.
4. Explain the purpose of period ending adjustments and their effect on the financial statements.
5. Apply the accounting process from source document through period end closing, including the preparation of a trial balance and other ancillary reports.
6. Prepare and interpret an income statement, statement of stockholders’ equity/retained earnings, balance sheet and statement of cash flows (both direct and indirect).
7. Understand the complexities and additional accounts of a retailer as opposed to a service corporation.
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MAJOR COURSE LEARNING OBJECTIVES: (cont’d)
8. Prepare a bank reconciliation, account for petty cash and explain other internal controls over cash and cash equivalents.
9. Calculate interest and maturity values for both notes payable and receivable as well as understand the recording process for notes.
10. Calculate Bad debts as well as understand the write-off process for receivables.
11. Use periodic and perpetual procedures, estimate the cost of inventory using FIFO, LIFO, weighted average, gross profit and retail methods comparing the effect of the inventory costing methods on the financial statements
12. Understand the recording process for the acquisition, depreciation and disposal of plant assets.
13. Demonstrate the calculation and recording of depletion for natural resources and amortization of intangible assets.
14. Understand short term and long term investments and their handling and valuation on the balance sheet
15. Describe and illustrate the accounting for stockholders’ equity including stock issuance, stock repurchases, splits and dividends.
16. Describe and illustrate the accounting for long-term liabilities including issuing of bonds and amortization of premiums and discounts..
17. Analyze financial statements using various techniques including horizontal and vertical analysis as well as various financial ratios.
18. Communicate effectively using correct standard English, both orally and in writing by completion of papers, projects and/or presentations.
COURSE CONTENT:
This course will cover the following topics.
Accounting Equation
Accrual Accounting
Accounting Cycle
Financial Statements and analysis
Transaction analysis
Cash Reconciliation and control
Long-term Asset Acquisition, Disposal, and Depreciation
Inventory Methods
Equity transactions
Long term Liabilities
Investments
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SUGGESTED TEXTS/CURRICULUM MATERIALS:
Financial Accounting, The Impact on Decision Makers, Porter and Norton, 4th ed., Southwestern.
Study Guide recommended, but optional.
ACADEMIC HONESTY STATEMENT:
The College is committed to academic integrity in all its practices. The faculty value intellectual integrity and a high standard of academic conduct. Activities that violate academic integrity undermine the quality and diminish the value of educational achievement.
Cheating on papers, tests or other academic works is a violation of College rules. No student shall engage in behavior that, in the judgment of the instructor of the class, may be construed as cheating. This may include, but is not limited to, plagiarism or other forms of academic dishonesty such as the acquisition without permission of tests or other academic materials and/or distribution of these materials and other academic work. This includes students who aid and abet as well as those who attempt such behavior.
ADA STATEMENT:
Ivy Tech seeks to provide effective services and accommodations for qualified individuals with documented disabilities. If you need an accommodation because of a documented disability, you are required to register with Disability Support Services at the beginning of the semester. If you will require assistance during an emergency evacuation, notify your instructor immediately. Look for evacuation procedures posted in your classrooms.
IVY TECH STATE COLLEGE VIRTUAL LIBRARY:
For students on-and-off campus, the Virtual Library offers full text journals, books, and other resources essential for completing course assignments. Go to http://www.ivytech.edu/library and choose the Virtual library link for your campus.
GENERAL EDUCATION OUTCOMES:
Ivy Tech State College is committed to graduating students who have the appropriate technical and general education skills. General Education skills are assessed in selected courses through an authentic assessment project to evaluate curriculum effectiveness.
DISABILITY SUPPORT SERVICES:
In South Bend, call Cathy Cassady, 1-574-289-7001. Ext. 5340. Her office is in Room 1213 (in the Learning Lab) on the South Bend campus.
METHOD (S) OF DELIVERY:
BlackBoard (E-LEARNING) materials for this course-Internet delivery
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MATERIALS AND SUPPLIES TO BE SUPPLIED BY THE STUDENT:
Required texts: Financial Accounting, The Impact on Decision Makers, Porter and Norton, 4th ed.,
Southwestern.
Calculator
METHOD (S) OF EVALUATION:
Number Percentage Number Percentage
Chapter Tests 2 40% Comprehensive Final 1 25%
Comprehensive 1 20% Homework Problems
Project (best 7 of 9) 15%
(0-100 points)
TOTAL 100%
GRADING:
Percentage average of all scores: The grading criteria for the examinations: (average of all scores)
4.0 - 3.6 = A 90 - 100% = A
3.5 - 2.6 = B 80 - 89% = B
2.5 - 1.6 = C 70 - 79% = C
1.5 - .6 = D 60 - 69% = D
.5 - .0 = F Below 60% = F
MAKE-UP POLICY:
All assignments are due by the dates listed on the assignment schedule. Late assignments are not accepted without penalty unless a valid reason such as acute illness, work, etc. exists. Prior e-mail notification must have been given to instructor.
ATTENDANCE POLICY:
Your participation in this class is monitored through e-learning statistics and your use of the materials on Blackboard (e-learning). A STUDENT IS AUTOMATICALLY DROPPED FROM THIS CLASS IF HE/SHE HAS NOT LOGGED ON TO E-LEARNING BY THE SECOND WEEK OF THE SEMESTER.
COURSE ACTIVITY DISCLAIMER:
The instructor reserves the right to alter the type and sequence of activities scheduled for this course.
Weekly monitoring of Blackboard notices is essential.
NOTE:
See the assignment sheet for class activities, assignments and tests under the heading Syllabus and schedule on Blackboard.
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VOLUNTARY DROP DEADLINE:
COURSE TITLE: ACC 101-11B – Financial Accounting
See assignment sheet for contact information and detailed assignments.
ACTIVITIES SCHEDULE:
Week Date Chapter Topic
1 Introductory Remarks - Requirements of the Course
Chapter 1 Accounting as a Form of Communication
2 Chapter 2 Financial Statements and the Annual Report
3 Chapter 3 Processing Accounting Information
4 Chapter 3 Appendix – Accounting Tools: The Double-Entry System
5 Chapter 4 Income Measurement and Accrual Accounting
6 Chapter 5 Cash and Internal Control
7 Chapter 6 Investments and Receivables
8 Chapter 7 Inventories and Cost of Goods Sold
9 Chapter 8 Operating Assets: Property, Plant, and Equipment, Natural Resources, and Intangibles
10 Chapter 8 Operating Assets: Property, Plant, and Equipment, Natural
Resources, and Intangibles (cont’d)
11 Chapter 9 Current Liabilities, Contingencies, and the Time Value of Money
Appendix A – Accounting Tools: Payroll Accounting
12 Chapter 10 Long-Term Liabilities
13 Chapter 11 Stockholders’ Equity
14 Chapter 12 The Statement of Cash Flows
15 Chapter 13 Financial Statement Analysis
16 Final Exam