Welcome to 201: Principles of Accounting I
Spring, 2015
Instructor: Mark Morgan, PhD, CPA, CFE
Office Self 113; M 9:30 – 10 am; M Noon - 1 pm and 5 – 6:30 pm; T 4:30 -6:30 pm; W 9:30 – 10
am and Noon – 2:30 pm; F 9:30 – 10 am; Noon – 1:30 pm.
601.925.3896; Morgan00@mc.edu; Self Hall 113
Prerequisite: None. Credit: 3 Hrs
Course Description
Coursework includes fundamental concepts of financial accounting and uses of
accounting data by managers, owners, and creditors.
Rationale for the course
Accounting 201 is a core course in the School of Business. The curriculum is designed
to stimulate the intellectual development of business and accounting students by developing the
basic skills needed to be knowledgeable users of financial statements.
Learning Objectives
Upon completion of this course, students should acquire the knowledge and skills to
enable them to:
1. Describe the role of accounting in business.
2. Describe the importance of business ethics and the basic principles of ethical conduct.
3. Read, interpret, and analyze financial statements for effective business decision making.
4. Define the elements of accounting.
5. Prepare trial balances and financial statements.
6. Analyze and summarize the financial statement effects of transactions.
7. Explain the matching concept and how it relates to the accrual basis of accounting.
8. Understand the accounting cycle.
9. Summarize the basic procedures for achieving internal control over cash, receivable
inventory.
10. Describe the inventory cost flow assumptions and how they impact the financial
statements.
11. Describe distinctions between Accounts and Notes Receivables.
12. Distinguish between Direct Write-Off and Allowance for Bad Debt Methods.
Instructional Resources and Methodology
Teaching methods employed in this class may consist of cases, lecture, discussion,
class work exercises and financial analysis. Students are strongly encouraged to utilize student
resources available at the Internet site for this text. Student participation in class is imperative.
All questions and appropriate comments are welcomed. A thorough understanding of
accounting transactions and the related financial statements are necessary to enable the
student to apply them to businesses. Assigned homework exercises and problems provide
opportunities for such application. Homework assignments will be discussed in class. Students
should come to class prepared by reading the text and completing homework assignments prior
to class.
Academic Integrity and Student Responsibility
Mississippi College students are expected to be scrupulously honest. Dishonesty, such
as cheating or plagiarism, will be regarded as a serious offense subject to severe penalty
including, but not limited to, loss of credit and possible dismissal. See the latest Mississippi
College Tomahawk or University Policy 2.19 for specific information.
Text: Accounting, 25nd Edition, Warren/Reeve/Duchac, South-Western Cengage, 2014.
Working Papers, Practice Cases, Software. Custom version available in the bookstore at a
reduced price.
Examinations and Grading Scale
A 90-100
B 80-89
C 70-79
D 60-69
Points are earned in this class by quiz, project, participation and exams. The project is
due relatively early in the coursework and will be a comprehensive take-home assignment on
the accounting cycle covered in chapters 1-4. Students will be provided some class time to
complete this assignment and depending on the size of the class may work together in groups.
Understanding the accounting cycle is critical and fundamental to an understanding of all
accounting concepts, therefore, this project will help the student with the first in-class exam on
chapters 1-4. The second in-class exam will cover chapters 5 – 7. The final exam will be onethird comprehensive and the remainder test chapters 8, 9.
The three in-class examinations may consist of multiple choice questions, matching
questions, discussion questions, and/or problems related to the text material assigned and
covered in lecture, homework assignments, critical thinking exercises, and cases. Students will
receive their tests in class to provide feedback and then the tests will be picked up by the
instructor and filed. Students may make an appointment or come by the instructor's office during
office hours and review any of his/her exams. A pencil and simple-function calculator is
required for all exams. If you should miss first or second in-class exam for an excused absence
only, the final exam grade will count twice.
Attendance
Class attendance is an essential part of college education, and students are expected to
attend regularly and punctually all classes for which they are registered. Students are strongly
encouraged to be present for each class session in order to receive maximum benefit from this
course. This class will adhere to the College's attendance policy outlined in the Mississippi
College Undergraduate Catalog.
Homework
Successful completion of homework assignments is a strong contributor to the overall
successful completion of this course. Students are expected to read chapter material and work
homework problems, exercises, and practice cases assigned for each class. Students should be
prepared to answer (or ask) questions relating to chapter material. The instructor may
supplement the required homework assignments with additional exercises, problems, cases,
critical thinking questions, or class work exercises at his/her discretion. Students are expected
to bring a simple-function calculator, paper, and text to class each day.
Homework assignments can be used by students to judge and measure their level of
understanding of the text material. Opportunities for points may be offered at the instructors’
discretion. The student completed or attempted homework is an effective learning tool because
lecture in this course will involved the detailed explanation of homework problems assigned as
well as discussion and completion of additional exercises and problems. Students are expected
to be prepared to discuss their own answers. Due to time constraints, the instructor will
determine what homework will be discussed in class.
Completing homework is an individual task and should not be copied from another
student or the accounting lab.
Student Assistance
A. Early Alert System
Mississippi College has adopted the practice of finding students early in the semester
who may be exhibiting behaviors that could ultimately have a negative impact on their
academic progress. These behaviors are often called “red flag” behaviors and include,
but are not limited to, excessive absences, poor test grades, and lack of class
participation or evidence of non-engagement. Identifying these behaviors early gives the
instructor the opportunity to raise the “red flag” on behalf of a particular student so that
the student can take the appropriate action to redirect his/her progress. The system
alerts the student, the student’s advisor, and the Office of Student Success.
These messages are intended to help a student recognize an area of concern and to
encourage him/her to make some choices to improve the situation. When a student
receives an Early Alert message, the student should quickly make an appointment to talk
with his/her professor about the situation. Also, students can make full use of the Office
of Student Success to set academic goals and connect to campus resources.
.
B. Students with Disabilities
In order for a student to receive disability accommodations under Section 504 of the
Americans with Disabilities Act, he or she must schedule an individual meeting with the
Director of Student Counseling Services immediately upon recognition of their
disability (if their disability is known they must come in before the semester begins or
make an appointment immediately upon receipt of their syllabi for the new semester).
The student must bring with them written documentation from a medical physician and/or
licensed clinician that verifies their disability. If the student has received prior
accommodations, they must bring written documentation of those accommodations
(example Individualized Education Plan from the school system). Documentation must
be current (within 3 years).
The student must meet with SCS face-to face and also attend two (2) additional follow
up meetings (one mid semester before or after midterm examinations and the last one at
the end of the semester). Please note that the student may also schedule additional
meetings as needed for support through SCS as they work with their professor
throughout the semester. Note: Students must come in each semester to complete
their Individualized Accommodation Plan (example: MC student completes fall semester
IAP plan and even if student is a continuing student for the spring semester they must
come in again to complete their spring semester IAP plan).
Student Counseling Services is located on the 4th floor of Alumni Hall) or they may be
contacted via email at mbryant@mc.edu . You may also reach them by phone at 601925-7790. Dr. Morgan Bryant is director of MC Student Counseling Services.
Course Accounting Topics
 Uses of Accounting Information and the Financial Statements
 Measuring Business Transactions and Income
 End-Of-Period Adjustment Transactions
 Completion of the Accounting Cycle
 Merchandising Operations
 Analysis of Financial Reporting and Information Systems
 Internal Control and Accounting Systems
 Inventories and Receivables
Retaining Student Work:
The instructor reserves the right to retain for pedagogical reasons the original student exam or
quiz.
Please turn off and put away cell phones and other electronic devices during classes.
Place backpacks, text and notebook material at the front of the class during testing. Translators
are not allowed for testing.
This syllabus represents a tentative program of study. The instructor may
modify this plan at any time during the semester.