Course Syllabus for
ACCOUNTING 101
PRINCIPLES OF ACCOUNTING
Instructor:
Andrea Murowski
Larrison Hall, Room 214
224-2927
amurowski@brookdale.cc.nj.us
COURSE OBJECTIVE:
The purpose of this course is to provide students with an understanding of the environment
in which accounting information is developed and used. The preparation of accounting
information is emphasized by focusing on recording and posting, preparation of the trial
balance, worksheet and financial statements. The valuation of assets and accounting for
liabilities are introduced. Accounting is presented as a tool for decision making. The
primary objective is to illustrate accounting concepts that will help students make good
personal and business decisions.
CORE COMPETENCIES
Principles of Accounting meets the following primary core competencies:
1. Communication Skills
2. Critical Thinking
1.1
Communicate
information
and
ideas clearly and effectively in
written form.
1.2
Communicate
information
and
ideas clearly and effectively in
spoken form.
1.5
Demonstrate
skills.
effective
listening
1.6
Demonstrate
skills.
effective
reading
2.1
Identify a problem and analyze it.
2.3
Recognize and construct logical
form of argumentation.
1
3. Mathematical Skills
4.1
Be able to analyze, discuss, and
use quantitative information.
4.2
Be able to apply algebraic and
geometric techniques to analyze
and solve mathematical problems.
4.3
Use appropriate problem solving
techniques.
Books Required for the Class
♦ Accounting Principles by Weygant, Kieso and Kemmel, John Wiley & Sons, Inc. Fifth
Edition.
♦ Working Papers, Volume 1: Chapters 1-13
♦ Practice Set -- Heavy-Weight
These three books are normally wrapped together and sold as one package by the
bookstore.
Videos
Videos for Accounting Principles are available at the audio/video desk in the library. Each
module covers a chapter and averages 40 to 60 minutes. The videos are designed for
student self-study and review and cover each major accounting topic.
Solution Manuals
Solution Manuals are available for student use in the Accounting Lab (LAH 214) or at the
reference desk in the library. The manuals can be used to help students prepare their
homework or review solutions to additional problems. A student must present a valid
Brookdale ID to use the manuals.
Laboratories
The Accounting Lab is located in Larrison Hall Room 214 and is normally staffed during
business hours. Scheduled labs to reinforce material covered in class and special labs for
specific topics will be held throughout the semester. A schedule of lab meeting times will be
handed out at the beginning of the semester. Individual tutoring may be available from the
department’s learning assistant on a drop-in first-come, first-served basis or by
appointment. The learning assistant’s phone number is 224-2554 or 224-2703.
2
Grading and Testing Policy
1.
Your final grade will be comprised of unit tests, practice set, class participation and
homework.
Unit Test
Practice Set
Homework, Class Participation
85%
5%
_10%
100%
2.
Students will take unit tests at the Testing Center. You must have a valid Brookdale
College ID. These tests will consist of multiple choice and short problems. Each unit
test will be assigned a specific testing date. Testing must be completed within one
week of this date. Any test taken after this one week testing period will have a
grade reduction penalty of one point for each school day that has elapsed after the
first week has expired. Saturdays count as a school day. All current unit tests must
be taken by the assigned date, before the student will be permitted to take the next
unit test.
3.
Any unit test with a grade of less than 75 may be re-taken once. The maximum
grade for a re-test will be 75. Any student who had a grade reduction penalty
applied to the first test will have the same reduction of points applied to the re-test’s
maximum grade of 75. Students must obtain a permission slip from their teacher or
accounting learning assistant in order to take a retest. If a student re-tests with the
same test as original test, the re-test will not be graded.
4.
Determination of Final Grade will be based on the following scale:
90-100
80-89
70-79
65-69
5.
A
B
C
D
If you have completed two unit tests and have completed the practice set, you may
be eligible for a grade of incomplete (INC). You must submit an Incomplete
application form to your instructor for approval on or before the last class meeting
date.
3
Notification Of Services For Students With Disabilities
If you have a documented disability and would like to request accommodations and/or
academic adjustments, contact the Disability Services Office at (732) 224-2730. Brookdale
provides support services for all students with disabilities. Any student with a disability can
contact the Disability Services Office to make an appointment to request accommodations.
Each student with a disability who has an Alert Form with accommodations listed is
encouraged to make an appointment with Elizabeth Twohy, Director of Disability Services,
as soon as possible. It is important that you work together early in the semester to be sure
that needed help is given before problems arise. She will be available to discuss any
arrangements that need to be made for approved accommodations.
For information regarding:
♦ Brookdale’s Academic Integrity Code
♦ Student Conduct Code
♦ Student Grade Appeal Process
please refer to Answers, student handbook.
Academic Integrity
Any incidence of cheating will be fully process in accordance with Brookdale Community
College Regulation 6.3000 entitled STUDENT CONDUCT and the Student Conduct Code,
Section V, “Academic Integrity Code” as found in the student handbook.
4
Chapter 1:
ACCOUNTING IN ACTION
After reading and studying this chapter, you will be able to:
1.
Explain the meaning of accounting.
2.
Identify the users and uses of accounting.
3.
Understand why ethics is a fundamental business concept.
4.
Explain the meaning of generally accepted accounting principles and the cost
principle
5.
Explain the meaning of the monetary unit assumption and the economic entity
assumption.
6.
State the basic accounting equation and explain the meaning of assets, liabilities,
and owner’s equity.
7.
Analyze the effect of business transactions on the basic accounting equation.
8.
Prepare an income statement, owner’s equity statement, balance sheet, and
statement of cash flows.
Chapter 2:
THE RECORDING PROCESS
After reading and studying this chapter, you will be able to:
1.
Explain what an account is and how it helps in the recording process.
2.
Define debits and credits and explain how they are used to record business
transactions.
3.
Identify the basic steps in the recording process.
4.
Explain what a journal is and how it helps in the recording process.
5.
Explain what a ledger is and how it helps in the recording process.
6.
Explain what posting is and how it helps in the recording process.
7.
Prepare a trial balance and explain its purposes.
5
Chapter 3:
ADJUSTING ENTRIES
After reading and studying this chapter, you will be able to:
1.
Explain the time period assumption.
2.
Distinguish between the revenue recognition principle and the matching principle.
3.
Explain why adjusting entries are needed.
4.
Identify the major types of adjusting entries.
5.
Prepare adjusting entries for prepayments.
6.
Prepare adjusting entries for accruals.
7.
Describe the nature and purpose of an adjusted trial balance.
8.
Explain the accrual basis of accounting.
9.*
Prepare adjusting entries for the alternative treatment of prepayments.
Chapter 4:
COMPLETION of the ACCOUNTING CYCLE
After reading and studying this chapter, you will be able to:
1.
Prepare a work sheet.
2.
Explain the process of closing the books.
3.
Describe the content and purpose of a post-closing trial balance.
4.
State the required steps in the accounting cycle.
5.
Explain the approaches to preparing correcting entries.
6.
Identify the sections of a classified balance sheet.
6
Chapter 5:
ACCOUNTING for MERCHANDISING OPERATIONS
After reading and studying this chapter, you will be able to:
1.
Identify the differences between a service enterprise and a merchandising company.
2.
Explain the entries for purchases under a perpetual inventory system.
3.
Explain the entries for sales revenues under a perpetual inventory system.
4.
Explain the computation and importance of gross profit.
5.
Identify the features of the income statement for a merchandising company.
6.
Explain the steps in the accounting cycle for a merchandising company.
7.
Distinguish between a multiple-step and a single-step income statement.
Chapter 7:
INTERNAL CONTROL and CASH
After reading and studying this chapter, you will be able to:
1.
Define internal control.
2.
Identify the principles of internal control.
3.
Explain the applications of internal control principles to cash receipts.
4.
Describe the applications of internal control principles to cash disbursements.
5.
Explain the operation of a petty cash fund.
6.
Indicate the control features of a bank account.
7.
Prepare a bank reconciliation.
8.
Explain the reporting of cash.
7
Chapter 8:
ACCOUNTING for RECEIVABLES
After reading and studying this chapter, you should be able to:
1.
Identify the different types of receivables.
2.
Explain how accounts receivable are recognized in the accounts.
3.
Distinguish between the methods and bases used to value accounts receivable.
4.
Describe the entries to record the disposition of accounts receivable.
5.
Compute the maturity date of, and interest on, notes receivable.
6.
Explain how notes receivable are recognized in the accounts.
7.
Describe how notes receivable are valued.
8.
Describe the entries to record the disposition of notes receivable.
9.
Explain the statement presentation and analysis of receivables.
Chapter 9:
INVENTORIES
After reading and studying this chapter, you should be able to:
1.
Describe the steps in determining inventory quantities.
2.
Prepare the entries for purchases and sales of inventory under a periodic inventory
system.
3.
Determine cost of goods sold under a periodic inventory system.
4.
Identify the unique features of the income statement for a merchandising company
using a periodic inventory system.
5.
Explain the basis for accounting for inventories and describe the inventory cost flow
methods.
6.
Explain the financial statement and tax effects of each of the inventory cost flow
methods.
8
7.
Explain the lower of cost or market basis of accounting for inventories.
8.
Indicate the effects of inventory errors on the financial statements.
9.
Compute and interpret the inventory turnover ratio.
10.*
Describe the two methods of estimating inventories.
Chapter 10:
PLANT ASSETS, NATURAL RESOURCES and INTANGIBLE ASSETS
After reading and studying this chapter, you should be able to:
1.
Describe the application of the cost principle to plant assets.
2.
Explain the concept of depreciation.
3.
Compute periodic depreciation using different methods.
4.
Describe the procedure for revising periodic depreciation.
5.
Distinguish between revenue and capital expenditures and prepare the entries for
these expenditures.
6.
Explain how to account for the disposal of a plant asset through retirement, sale, or
exchange.
7.
Identify the basic accounting issues related to natural resources.
8.
Contrast the accounting for intangible assets with the accounting for plant assets.
9.
Indicate how plant assets, natural resources, and intangible assets are reported and
analyzed.
9
Chapter 11:
CURRENT LIABILITIES and PAYROLL
After reading and studying this chapter, you should be able to:
1.
Explain a current liability and identify the major types of current liabilities.
2.
Describe the accounting for notes payable.
3.
Explain the accounting for other current liabilities.
4.
Explain the methods for the financial statement presentation and analysis of current
liabilities.
5.
Describe the accounting and disclosure requirements for contingent liabilities.
6.
Discuss the objectives of internal control for payroll.
7.
Compute and record the payroll for a pay period.
8.
Describe and record employer payroll taxes.
9.
Identify additional fringe benefits associated with employee compensation.
Chapter 6:
ACCOUNTING INFORMATION SYSTEMS
After reading and studying this chapter, you should be able to:
1.
Identify the basic principles of accounting information systems.
2.
Explain the major phases involved in the development of an accounting system.
3.
Describe the nature and purpose of a subsidiary ledger.
4.
Explain how special journals are used in journalizing.
5.
Indicate how a columnar journal is posted.
6.
Distinguish between computer hardware and accounting software and the principal
methods of data processing.
7.
Identify the key points in comparing manual and electronic accounting systems.
10
ACCOUNTING 101
Chapters to be covered with required homework problems.
CHAPTER
HOMEWORK PROBLEMS
1
E 1-2, E 1-11
2
P 2-1A, P 2-2A
3
E 3-2, E 3-4, E 3-6, P 3-4A
4
E 4-1, E 4-2, P 4-1A, P 4-3B
Unit 1 Test
5
E 5-1, E 5-2, E 5-10, P 5-2A
7
E 7-5, E7-7, E7-8
8
E 8-2, E 8-3, E 8-9, E 8-10
Unit 2 Test
9
E 9-1, E 9-2, E 9-6, E 9-7, E 9-12
10
E 10-4, E 10-6, E 10-10, E 10-11
11
E 11-1, E 11-2, E 11-11, E 11-12
Unit 3 Test
6
P 6-4A
11