Accounting Principles I Syllabus for 2019-2020
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Course Information

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Students who do not attend class on or prior to the census date will be administratively dropped. Effective Fall, 2016

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Course

ACCT-2301-004 Accounting Principles I

Prerequisites

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).

Student ResourcesStudent Resources Website

Department Expectations

Occupational License Disclaimer

Notice to Students enrolled in an educational program for preparation of issuance of certain occupational licenses:

Students enrolled in an educational program in preparation for obtaining certain occupational licenses are potentially ineligible for such license if the student has been convicted of an offense. For further information, please contact:

Melodie Graves
Justice Involved Advocate
Student Service Center 117
mgraves24@actx.edu
806-371-5995
Make appointment at https://melodiegraves.youcanbook.me

You can also contact the Legal Clinic, or the faculty member in charge of the educational program that you seek to enroll in. The further information you will receive will include notification to you of your right to request a criminal history evaluation letter from the licensing authority in order to clarify your particular situation.

Hours

(3 sem hrs; 3 lec)

Class Type

Online Course

Syllabus Information

Textbooks

The REQUIRED textbook will be used for both ACCT 2301 and ACCT 2302.

Accounting, 26e, Warren/Reeve/Duchac, Cengage Learning

If you purchase the book in the AC Bookstore, it is offered in a discounted bundle with a loose leaf copy of the book and the CengageNow online access code with the following ISBN 1305617061 for $207.00.

You can also purchase the book directly on the publisher’s website at www.cengagebrain.com or on other websites with the ISBN 978-1-285-74361-5. If you do not wish to use the access code, you can find a used book MUCH LESS EXPENSIVE online.

The CengageNow access code is not required for this class.  However, many students find it very helpful to complete homework, tutorials, and quiz/exam study reviews.  Keep in mind that if you purchase a new or used textbook separately, you have to pay extra for the access code. 
 

 

 

Supplies

Paper, pencil, pen, and calculator. You will be allowed to use a calculator when taking exams in class or in the testing center, but will not be allowed to use a cell phone as your calculator.

 

 

Student Performance

1. To identify and apply generally accepted accounting principles, concepts, and procedures.
2. To identify and process steps in the accounting cycle for service and merchandising enterprises.
3. To identify and process transactions relating to assets, liabilities, and capital accounts.
4. To describe the accounting profession.
5. To describe the effects of transactions on the accounting equation through the financial statements using generally accepted accounting principles.
6. To record transactions utilizing subsidiary ledgers in an accounting system of specialized journals and describe the features of an effective accounting information system.
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.
8. To define different types of receivables and record transactions relating to bad debt receivables and notes receivable.
9. To analyze different methods of accounting for merchandise inventory including lower of cost or market rule, estimating methods, perpetual and periodic systems.
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.
11. To classify liabilities as current or long-term, make basic payroll entries, and cite examples of contingent liabilities.

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 70 percent competency level based on the completion of the exams and other assignments administered under the supervision of the instructor.

Students Rights and Responsibilities

Student 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

Quiz and exam due dates will be listed in the course online in Blackboard.

Course Grade
90% – 100% =  A
80% – 89%   =  B
70% – 79%   =  C
60% – 69%   =  D
Below 60%   =  F
*Note that most universities require a grade of “C” or higher in order for the course to transfer. 

Grade calculation:

35% Required Quizzes – Required Quizzes for each chapter have between 10 and 20 questions and must be completed before 11:59 pm on the due date listed in Blackboard. The Required Quizzes are taken online in Blackboard outside of class.  Quizzes open once the chapter has been assigned. Required Quizzes (Average of highest 10 of 11) count as 35% of your course grade.

15% Comprehensive Problem – You will be assigned a comprehensive problem covering all the steps in the Accounting Cycle.  The due date will be listed in Blackboard.  The comprehensive problem will count at 15% of your course grade. This assignment is REQUIRED.  If you choose to not submit it, you will be REQUIRED to take the Comprehensive Final and you forfeit the option to drop your lowest exam score.

50% Exams  –  You will have 4 major exams and a comprehensive final exam. Your exam average will be the average of your 4 highest scores.  The exams will consist of  multiple choice, true/false, and short answer questions/problems.  The Instructor will determine if the exams are taken in class, online, or at the AC Testing Center.  The average of your 4 highest exam scores will count as 50% of your course grade.  There are NO make up exams.  You must make arrangements in advance if you will miss an exam.  If you miss an exam and have not made arrangements to take the exam in advance, you will receive a zero. If you miss an exam, you will be REQUIRED to take the Comprehensive Final.

HOMEWORK: Each class period the instructor will assign exercises and/or problems to be completed outside of class.  Homework will not be turned in to nor graded by the instructor; however, there is usually a high correlation between success on the exams and successful completion of ALL homework assignments.

CLASS NOTES: Class notes, handouts, homework assignments/solutions, exam reviews, etc. will be posted on Blackboard.  You are responsible for printing your own copy of PowerPoint notes and other handouts PRIOR to the class period the chapter will be discussed. You may bring a mobile device (lap top, iPad, etc.) to class to view notes if you do not wish to print hard copies.  You should also bring a basic calculator to class.  You may use a mobile device during class for class purposes ONLY.  The instructor reserves the right to ban your mobile device from class should it become a distraction to your classmates, the instructor, or yourself.

 

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, notes from classmates, material posted on Blackboard, and CengageNow study tools. Students are expected to login frequently to the course in Blackboard to check assignments and due dates.

DEADLINE TO DROP THE COURSE*:  Thursday, April 23     UPDATED Drop Date:  Thursday, April 30
*You must contact the instructor to approve your withdrawal request and sign your form PRIOR to this deadline.  The withdrawal form is posted in the course on Blackboard.

Calendar

Additional Information

ALL students will use AC Connect - Blackboard for required class problems, quizzes, and exams as assigned.

Students are expected to login to the course in Blackboard frequently for announcements and other class instructions and assignments.  All dues dates will be posted in the course in Blackboard.