Midland College
Syllabus
FALL 2013- 2015
ACCT 2402
Principles of Accounting II
Course
Description:
A continuation of ACCT 2401 completing the study of corporate financial accounting data for cost
control and management decision making. The student is required to learn the preparation of Cash
Flow Statement and review the relationships among all the corporate financial statements. The
student will use financial statement analysis to track a firm=s trends and to determine a firm=s
liquidity, profitability, and solvency. The student will learn the basis of manufacturing cost
accounting and product costing, as well as basic planning and control tools such as break-even and
marginal analysis. The study will include the planning and budgeting function, including cash
budgeting and the use of standard costs for cost control. The student will learn the variable costing
method, incremental cost analysis, and the use of present value and other techniques to analyze
alternatives such as capital expenditures, make-or-buy, sales mix and other managerial accounting
decision making techniques. This course will transfer to most upper level institutions as ACCT
2302. (Prerequisites: ACCT 2401)
Text,
References,
and Supplies:
1.
Horngren, Harrison, Oliver ACCOUNTING, 9th edition, Prentice Hall (required).
2.
MY ACCOUNTING LAB (access code) for homework (included with book or purchase separately).
A project for understanding annual reports (furnished).
Course
Goals/
Objectives:
3.
4.
5.
1.
2.
3.
4.
Student
Contri
bution
s and
1.
2.
Class
Policies:
3.
4.
5.
Scantrons for major exams.
A calculator is strongly recommended B NO cell phones used for calculators.
Students will explore the theory and practice of recording, measuring, and
interpreting financial data for partnerships and corporations.
Students will apply basic concepts, principles, and procedures of accounting while
analyzing corporate financial statements for decision making purposes by completing
a special project..
Students will survey management accounting and concentrate on cost accounting
techniques for manufacturing entities by preparing journal entries and completing a
Cost of Goods Manufactured Statement.
Students will prepare budgets and performance reports and preform
cost-volume-profit analysis (break-even) from management=s perspective.
Each student should spend at least 8 hours per week preparing for class. Attendance is
critical in this class. Students are expected to read and study each chapter in the text.
POLICY FOR QUIZZES & EXAMS MISSED BY STUDENTS:
Seven progress quizzes are scheduled during the semester, and only five progress quizzes will
be counted in arriving at the final grade. Because two quizzes will be dropped, the
GENERAL RULE to be followed is that there will be NO MAKE-UPS on progress
quizzes that are missed! Students who miss progress quizzes may obtain blank copies of
the quiz for study purposes when the progress quiz is returned to the class. In the
event that a student misses a scheduled major exam, the GENERAL RULE to be followed is
that all makeup exams will be given on the day of the final exam.
Students will be expected to participate in classroom activities and discussions.
Students will be expected to exhibit professional behavior during scheduled class
times and while in the lab. Professional behavior includes, but is not limited to,
complying with the rules of Midland College; being punctual; exhibiting cooperative
behavior in class; avoiding the use of earphones, cell phones, and beepers, which are
disruptive to the class.
The use of cell phones, even for calculators, will result in a zero on the quiz or exam.
Evaluation of
Students:
1.
2.
Performance will be measured according to established grading standards by
student testing, including exams consisting of true-false, multiple-choice,
matching; fill-in-the-blanks; short-answer; essays; problems; or any
combination.
Grading for this course will be as follows:
Best 5 Progress Quizzes (20 points each)
3 Major Exams (100 points each)
All homework
Project
Final Examination (emphasis on last 3 chapters)
Maximum Points
Grade
A
B
C
D
F
Course
Schedule:
Scholastic
Dishonesty &
Academic
Misconduct
100 points
300 points
100 points
100 points
100 points
700 points
Points
630+
560-629
490-559
420-489
less than 420
A grade of W will only be given at the request of the student. Please review the withdrawal
policy in the Midland College Catalog.
The class meets for 3 lecture hours per week. A tentative course schedule will be provided to the
student during the first class meeting.
Cheating:
The deliberate use of unauthorized materials and/or actions or fraudulent acquisition
in order to obtain information for an examination or assignment.
.
1.
Plagiarism:
Appropriation, buying, receiving as a gift, or obtaining by any means
another=s work and the unacknowledged submission or incorporation of
it in one=s own written work offered for credit.
2.
Collusion:
The unauthorized collaboration with another person in preparing
written work offered for credit or collaboration with another person to
commit a violation of the rules of scholastic dishonesty.
3.
Penalties:
The instructor has the primary responsibility for recommending the
penalties for any type of scholastic dishonesty describe on pages 66 and
67 of the Catalog and Handbook. These penalties include:
1.
Failure of the test/assignment.
2.
Failure of the course.
3.
Recommendation for disciplinary action, including institutional
suspension or dismissal.
Note: Students are encouraged to contact the instructor at any time; however, making an
appointment will guarantee the instructor=s availability at a specific time.
Division Information
Division Dean:
Division Secretary: Norma Duran (685-6830)
Division Office:
Room 154 MHAB
ACCOUNTING LAB
The accounting lab is located in room 170 TC (432-686-4212). More definite information will be posted in the
lab after the first week of class.
STUDENTS WITH DISABILITIES
Midland College provides services for students with disabilities through Student Services. In order to receive
accommodations, students must place documentation on file with the Counselor/Disabilities Specialist.
Students with disabilities should notify Midland College prior to the beginning of each semester. Student
Services will provide each student with a letter outlining any reasonable accommodations. The student must
present the letter to the instructor at the beginning of the semester.
ACCT 2402 - Principles of Accounting II
HOMEWORK ASSIGNMENTS - (ACCOUNTING, 9th edition, Horngren, Harrison, Oliver).
At the end of each chapter in your textbook, you will find a glossary of terms, Quick Check test, Short
Exercises, Exercises, and Problems.
SHORT EXERCISES generally review concepts and terminology. You may be assured that a significant
number of questions concerning concepts and terminology will appear on both progress quizzes and major
exams. Therefore, students are advised to study and be able to answer these short exercises.
EXERCISES represent short applications of the concepts contained in the chapter (usually covering one or
two chapter objectives). Often a student can work an exercise in his head or on scratch paper C although some
exercises are more detailed and require more thought and concentration.
PROBLEMS are longer and more complex than exercises, often involving several chapter objectives.
semester students will complete selected exercises and problems for a homework grade.
This
CHAPTER
FOURTEEN
HOMEWORK--EXERCISES and PROBLEMS
P14­25A, P14­26A
FIFTEEN
P15­23A, P15­24A, P15­25A, P15­26A
SIXTEEN
P16­26A, P16­25A
SEVENTEEN
P17­25A, P17­28A, 17A­12A, P17A­13A
EIGHTEEN
P18­27A, P18­29A
NINETEEN
P19­23A, P19­24A
TWENTY
P20­21A, P20­23A
TWENTY­ONE
omitted
TWENTY­TWO
E22­14, E22­16, E22­18, E22­20
TWENTY­THREE
P23­28A
TWENTY­FOUR
P24­19A, P24­21A
Competencies
Purpose and/or Sample of
Real Life Applications
Assignments
Used
Through-out the
Course
Build a vocabulary of accounting
terminology as it relates to
corporations and manufacturing
companies
To understand the difference
in accounting for the sole
proprietorship and
corporation forms of business
using GAAP.
Write answers to select
questions and short exercises
Yes
Recognize two ways to internally
finance a corporationBselling
stock and profitable operations
and how to display these sections
on a Balance Sheet for
corporations.
To distinguish the owner=s
equity section of a Balance
Sheet of a sole proprietorship
or partnership from that of a
corporation.
Record transactions to sell
capital stock, declare and
pay/distribute cash and stock
dividends and prepare several
Stockholder=s Equity sections
of Balance Sheets for
No
corporations.
Identify an additional way to
finance corporations- using
external sources.
Illustrate external long term
financing opportunities for a
corporationBspecifically
bonds.
Record entries to issue bonds,
pay interest, and amortize
Premiums and Discounts.
No
Identify the three basic financial
activities in which all businesses
engageBoperating, investing, and
financing.
Catagorize financial activities
into three separate activities.
Prepare several Cash Flow
Statements using the Indirect
Method of preparation.
No
To make informed decisions
about the financial health of a
company.
Complete a major project that
analyzes a company=s
financial position
Utilize horizontal and vertical
analysis plus 14 common
financial statement ratios to
interpret a company=s
financial status.
No
Describe/distinguish three types
of business organizations-service,
merchandizing, and
manufacturing, and classify their
costs by value-chain element.
Classify costs into 3 cost
categoriesBdirect materials,
direct labor, and factory
overhead.
Record entries for job order
costing and process costing.
No
Use Cost-Volume-Profit analysis
to determine a company=s
breakeven point.
Demonstrate how changes in
volume affect costs/profits.
Compute the breakeven point
for a business using equation
approach, Income Statement
approach, and CVP graph.
No
To develop a Master Budget for a
businessBincluding a budgeted
Income Statement & Balance
Sheet.
To develop strategies
(business goals) that help a
business plan and control
revenues and costs.
Prepare budgets for sales,
purchases, cost of goods sold,
and inventory; cash budgets,
and performance reports.
No
Competencies
Evaluate a manufacturing
company=s performance using
standard cost accounting
procedures for Direct Materials,
Direct Labor, and Factory
Overhead.
Purpose and/or Sample of
Real Life Applications
Companies must know how
to use variance to learn why
actual results differ from
budgets.
Assignments
Prepare flexible budgets and
use these budgets to show
why actual results differ from
standardsBcompute efficiency
and price variances for direct
materials and direct labor.
Compute overhead variances.
Used
Through-out the
Course
No