Accounting Principles I Syllabus for 2015-2016
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Course

ACCT-2301-007 Accounting Principles I

Prerequisites

Prerequisite: MATH 0303-minimum grade of C, RDNG 0331-minimum grade of C or a score on a state-approved test indicating college-level reading and math skills

Course Description

This course is an introduction to the fundamental concepts of financial accounting as prescribed by U.S. generally accepted accounting principles (GAAP) as applied to transactions and events that affect business organizations. Students will examine the procedures and systems to accumulate, analyze, measure and record financial transactions. Students will use recorded financial information to prepare a balance sheet, income statement, statement of cash flows and statement of shareholders' equity to communicate the business entity's results of operations and financial position to users of financial information who are external to the company. Students will study the nature of assets, liabilities and owners' equity while learning to use reported financial information for purposes of making decisions about the company. Students will be exposed to International Financial Reporting Standards (IFRS).

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Department Expectations

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Hours

(3 sem hrs; 3 lec)

Class Type

Hybrid

Syllabus Information

Textbooks

Supplies

Paper, pencil, pen, and calculator. Taking exams at the testing center you will be allowed to use a calculator but not allowed to use a cell phone or any internet enabled device as your calculator.

You will also need 4 Scantrons. (Form 882-E)

Student Performance

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1. \ To identify and apply generally accepted accounting principles, concepts, and procedures.
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2. \ To identify and process steps in the accounting cycle for service and merchandising enterprises.
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3. \ To identify and process transactions relating to assets, liabilities, and capital accounts.
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4. \ To describe the accounting profession.
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5. \ To describe the effects of transactions on the accounting equation through the financial statements using generally accepted accounting principles.
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6. \ To record transactions utilizing subsidiary ledgers in an accounting system of specialized journals and describe the features of an effective accounting information system.
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7. \ To identify features of an effective internal control system and control over cash through preparation of a bank reconciliation, recording petty cash disbursements, and recording transactions in a voucher system.
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8. \ To define different types of receivables and record transactions relating to bad debt receivables and notes receivable.
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9. \ To analyze different methods of accounting for merchandise inventory including lower of cost or market rule, estimating methods, perpetual and periodic systems.
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10. \ To identify the elements of a plant asset cost including contrasts of capital from revenue expenditures, record depreciation by four methods, record depletion of natural resource, amortize intangible assets, and record the disposal of plant assets.
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11. \ To classify liabilities as current or long-term, make basic payroll entries, and cite examples of contingent liabilities.
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\ By the end of the semester the student will be able to satisfactorily complete all the learning objectives listed in the Student Performance/Learning Objectives with a minimum of 60 percent competency level based on the completion of the exams and other assignments administered under the supervision of the instructor.

Students Rights and Responsibilities

Log in using the AC Connect Portal

In order to receive your AC Connect Email, you must log in through AC Connect at https://acconnect.actx.edu .

If you are an active staff or faculty member according to Human Resources, use "Exchange". All other students, use "AC Connect (Google) Email".

Expected Student Behavior

\ Food and drinks are allowed in the classroom setting but should be properly disposed of. Pagers and cell phones must be turned off or in silent mode. Also, refer to Student Rights and Responsibilities Policy.

Grading Criteria

Major exams: Due dates will be listed on the Blackboard Calendar

Grading Criteria:

Your semester grade (90-100% = A,80-89% = B,70-79% = C,60-69% = D, below 60% = F)

Grade calculation:

Total points come from in-class quizzes and 4 major exams. Values available for each component are as follows:

100 points in-class quizzes (10 highest grades)

400 points exams (4)

500 total points

80% Major Exams | 40 – 50 questions which could be multiple choice, true/false and/or short answer questions.  The Instructor will determine if the Major Exams are taken online or at the AC Testing Center.  Exams taken online - you will have 65 minutes to complete the exam.  The average of your Major Exams will count as 80% of your grade.  Major Exams taken on-line must be completed before 10 PM on the due date. If you miss a Major Exam you will be required to take a comprehensive exam (over all 11 chapters) for the makeup exam at the AC Testing Center at the end of the semester.

20% In-Class Quizzes | 10 – 15 questions which could be multiple choice, true/false and/or short answer questions. (highest 10 scores)

Attendance

\ It is the responsibility of the student to make up any work missed due to absences and to gain missed lecture information through outside reading and/or notes from classmates. Make up examinations will be permitted at the discretion of the instructor. The time and place for make up tests will be determined by the instructor.

Calendar

Additional Information

You will find the general instructions for the class under general instructions on AC Blackboard.