Financial Accounting Concepts
JACKSON COMMUNITY COLLEGE
ACCOUNTING 216-71
Spring 2014
Professor: Patrick Walsh
E-Mail: pwalsh3124@hotmail.com
JCC Phone: (419) 351-7609
COURSE BASICS:
Course Description:
This course is designed for the non-accounting supervisor/ manager who must have an
understanding of financial and managerial accounting as it is used in decision making. Learn
about annual reports, financial statements, balance sheet accounts and accounting transactions.
Focus on how accounting information is used in decision making and not on the mechanics
behind that accounting information. This is an introductory accounting course required for some
BUA, CIS and HOC programs. Students should consider their academic program and select
either ACC 216 or ACC 231 for their introductory accounting course. Prerequisites: ENG 085*,
ENG 090* and MTH 098*
Course Objectives:
The student will:
1. Identify the users of accounting information and their individual needs.
2. Read and understand the information communicated on a balance sheet, income statement,
statement of retained earnings and statement of cash flows.
3. Understand the qualitative characteristics that make financial reporting useful.
4. Compute and interpret financial ratios that focus on liquidity, solvency, efficiency and
profitability.
5. Understand the accounting cycle as it relates to the preparation of financial statements.
6. Distinguish between cash basis and accrual basis accounting.
7. Relate basic accounting concepts to the preparation of the financial statements.
8. Evaluate a company’s internal controls and identify potential weaknesses.
9. Communicate both orally and in writing in an accounting context.
10.Analyze and develop multiple solutions for ethical dilemmas faced in today’s business
environment.
Required Text Materials: Using Financial Accounting Information, the Alternative to Debits
and Credits, Porter and Norton, 8th edition
Other Required Materials: simple calculator, pencils, flash drive and Internet access
Class Meeting: 12:00 to 1:56 PM, Monday - Wednesday
Office Hours: By appointment or after class.
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COURSE INFORMATION:
Methods to achieve objectives: discussion, lecture, mutual explanation, team problem solving,
group practice work, individual practice with homework, tests, special projects and practical
application of the text
Tests: There will be 3 chapter tests throughout the semester covering 2 to 3 chapters each. We
will review on the Wednesday before we take our tests. Plan ahead to attend all test dates.
Attendance & Participation: Your regular attendance and active involvement in our class will
directly correlate to how well you do with this class. If you attend every class, work on all class
activities and complete all assignments, you will do very well with ACC 216.
Emergencies: If you find yourself in an emergency situation on an exam date, contact Pat by
phone or e-mail ASAP. When you return to class, you will be required to provide documentation
of your absence such as a funeral notice, hospital admit slip, police ticket, etc. We will discuss
your situation and work out a plan together.
Academic Honesty: If you cheat in this class, you will either A) fail the assignment or B) fail the
course. Cheating in an accounting class takes the form of using or copying another student’s work
and using it as your own. All assignments related to this class must be your own work. The JCC
Catalog defines academic honesty as “ …the ethical behavior that includes (students’) producing
their own work and not representing others’ work as their own…”
Cell Phones: Please make sure to turn off your cell phone ringer before joining our class.
JCC INFORMATION:
JCC Associate Degree Outcomes (ADO’s): The Board of Trustees of Jackson Community College
has determined that all JCC graduates should develop or enhance certain essential skills while
enrolled in the college. ADO #3 and #8 will be addressed in this course. ADO #3 represents
student understanding of computational skills and mathematical reasoning, and ADO #8
represents student understanding of personal and ethical responsibility.
JCC Technology: If you have trouble with your JCC login or other computer issues, please contact
the JCC Solution Center at 517-796-8539. When e-mailing your instructor, please include your first
and last name and put “ACC 231” in the subject line. Always save your work and have a back-up
plan. Please ask questions and get help early with any concerns you may have including computer
problems.
JCC Center for Student Success: Students requiring special assistance (including those affected by
the Americans with Disabilities Act) should contact the Center for Student Success at 517-7870800. This is the first step in acquiring the appropriate accommodations to facilitate your learning.
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Note: This syllabus is not a contract: it is a plan for the course. Each course and each group of
students is unique. We may do more or less work than is outlined above. Total points in the
course may be altered to reflect the dynamics of our class.
ACC 216
Semester Schedule
Spring 2014
Week Date
Chap
Focus
Homework
Ex 1- 3,7,8,9,14
P1-5
Dec. Case 1-7
1
05/05-07 1
Accounting as a
Form of Comm.
2
05/12-14 1
Lecture; Review of homework problems
3
05/19-21 2
Financial
Statements
4
05/28
Lecture; Review of homework problems
5
06/02-04 1-2
Test 1
6
06/09-11 3
Processing
Account Info
7
06/16-18 3
Lecture; Review of homework problems
8
06/23-25 4
Income
Measurement
9
6/4-07/2 4
Lecture; Review of homework problems
10
07/07-09 3-4
Test 2
11
07/14-16 5
Inventories and
CGS
Ex 5- 25
P5- 2, 9
Dec. Case 5-9
12
07/21-23 6
Cash and Internal
Control
P6- 1
13
07/28-30 7
Receivables and
Investments
Ex 7-1, 7, 12
P7- 5
14
08/04-06 8
Operating Assets
P8- 1
15
08/11
Ex 9- 5, 7, 13
16
08/14
Liabilities and
Time Value of
Money
Final
2
9
Chapter 2 Ex 2- 5, 6, 14
P2- 3, 7, 11
Ex 3- 2, 5, 6
P3- 1, 3
Dec. Case 3-6
Ex 4-2, 4
Ex 4-3,5,8,16
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