ACCT 101 – FUNDAMENTALS OF ACCOUNTING I
TUES-THURS 12:30-2:45 PM
SYLLABUS– SPRING 2016 (rev a)
Stephen R. Kroll CPA, MBA, MS
e-mail: skroll@cerritos.edu
website: http://www.cerritos.edu/skroll
phone: (562) 860-2451 ext.4032
COURSE DESCRIPTION
This course is an introduction to basic financial accounting concepts primarily for businesses
organized as corporations.
Students will learn to record business transactions in accounting records; prepare a trial balance and
financial statements for corporations. The course is a prerequisite to ACCT 102, "Fundamentals of
Accounting-II. "(Managerial Accounting)
STUDENT LEARNING OUTCOMES
1. Identify users of financial information and the information provided by financial
statements. Analyze and record service business transactions into the fundamental
accounting equation. (Ch 1)
2. Analyze and record service business transactions using the rules of debit and credit into
a general journal and post to “T” accounts or a general ledger. (Ch 2)
3. Analyze and record adjusting entries, complete a worksheet and prepare an income
statement, statement of retained earnings and a balance sheet. (Ch 3)
4. Analyze and record merchandise transactions into a general journal, post to “T”
accounts or a general ledger and prepare a multiple-step income statement. (Ch 4)
5. Compute inventory values in a perpetual system using the FIFO, LIFO, average cost and
specific identification methods. (Ch 5)
6. Prepare a bank reconciliation and the resulting adjusting journal entries. (Ch 6)
7. Calculate and prepare adjusting general journal entries to record the effect of
uncollectible accounts receivable using the direct write-off and allowance methods.
(Ch 7)
8. Under stand the cost principle for Plant Assets and compute depreciation and the
resulting journal entries using the straight-line, units-of-production and the decliningbalance methods. (Ch 8)
9. Prepare entries to record transactions related to current liabilities including short term
Notes Payable and Payroll. (Ch.9)
10. Compute and prepare resulting journal entries for the issuance of Bonds including the
amortization of any premium/discount using the straight-line method. (Ch 10)
11. Record the issuance of corporate stock and subsequent transactions involving cash and
stock dividends and treasury stock purchases and sales. (Ch. 11)
12. Prepare a statement of cash flows using the indirect method of operating activities.
(Ch 12)
PREREQUISITE
ACCT 100 with a grade of “C” or higher. If you have not met the prerequisite please inform me
immediately.
TEXT
Wild, Shaw, Chiapetta, “Financial and Managerial Accounting: Information for Decisions,” sixth
edition, McGraw-Hill, 2015. Students will also need an access code for Connect ( McGraw Hill’s
homework management system.. You should purchase this text bundled with the access codes
that you will need to complete your homework. If you purchase an electronic text or purchase a
used book, you will need to purchase the Connect access code separately. This is the same text
will be used for the next accounting class, ACCT 102.
OTHER ITEMS REQUIRED
You will need 5 Scantron #882 forms for the tests, a notebook for class notes, a USB flash drive
for the QuickBooks project and a cheap calculator. You will not be allowed to use calculators with
alpha or programmable features. You can not use a cell phone as a calculator or any other
electronic devices during a test.
ACCOUNTING
LABS
There may be times when you can’t complete assignments during class time or you may need help outside
of class. You are encourages to attend one of the Accounting Labs.
Time
To Be
Determined
the first week
of classes
Day
Instructor
Room
GRADING
>90%
= A
12 Homework Assignments (2 lowest dropped)
100
80 - 89%
= B
4 Tests ( 100 pts. each)
400
65 - 79%
= C
50 - 64%
= D
QuickBooks Project
50
Below 50%
= F
Final Examination
150
Total
HOMEWORK
Homework assignments must be completed on line using Connect and are listed on the
accompanying Assignment Schedule and are due by 12 PM PST on the dates indicated . Late
homework will not be accepted.
LECTURE NOTES
Lecture notes for each chapter are available in Powerpoint on my website. I encourage you to
review these notes in conjunction prior to each class
700
HOW TO BUY AN ACCESS CODE
If you purchased a new textbook, it will have an access code included and you may ignore the
following instructions. If you purchased a used text, please use the following instructions to
purchase an access code.
 Go to: http://connect.mheducation.com/class/s-kroll-act-101-springl-2016 Click on
“Register or Purchase Access”
 Click on “I do not have a registration code”
 Choose the “McGraw-Hill’s Connect Plus for College Accounting” by clicking the
“Continue” button underneath the price
 Follow on-screen instructions.
HOW TO ACCESS CONNECT TO COMPLETE HOMEWORK
Homework assignments are listed in the “Assignments Schedule”. These assignments must be
completed using Connect. Demonstrations on using Connect will be done during the first week
of class. To access Connect:
 The URL is http://connect.mheducation.com/class/s-kroll-act-101-springl-2016 Enter your
Login and Password (password and login is case-sensitive)
 Select an Assignment Name

Choose either “Print assignment for off-line work” or “Work assignment on-line right now.”
(Note: If you print the assignment for off-line work, you will still need to enter your answers
to the problems online.)

When working on-line, each problem/exercise will be given one a time

Fill in the answer in the box provided

At the top of the page, click “Next” to go to the next problem

When all problems are completed, click “Grade.” (Note: Incomplete assignments can be
saved and worked on later by clicking “Save my work” or “Quit and save.”)

Each assignment has unlimited attempts and only the best score is recorded.
ATTENDANCE
Students are expected to attend all classes and be on time. If a student misses a class, it is the student's
responsibility to determine what they missed. If a student misses either 3 classes in a row or 5 classes in total,
they will be considered excessively absent and can be dropped from the class.
WITHDRAWLS
Students are requested to consult with the instructor before dropping the class. Should a student decide
to drop, it is the student's responsibility to process the appropriate paper work. State law requires me to assign
a letter grade to all students on my roster after the official drop date.
The last day to drop with a "W" is April 22, 2016
POLICY STATEMENT
Excessive absences, unsatisfactory progress, undesirable citizenship, falsification of work, or allowing others to
copy work may serve as a basis for a failing grade and/or a dismissal from class. The college and I take
academic honesty issues very seriously. Ethical behavior and integrity inside the classroom are expected of all
Students, academic dishonesty will be dealt with according to the college's academic honesty policy, a copy of
which may be found in the 2015 Cerritos College Catalog which is available on the College’s Website.
DISABILITY ACCOMODATIONS
Students that require special accommodations due to certified disabilities are encouraged to advise the
instructor. If the student has not already done so, they should contact Disabled Student Programs and
Services (DSPS) at (562)860-2451 ext. 2404 for information concerning the services available.