PRINCIPLES OF ACCOUNTING I - ACC201
Gogebic Community College
E4946 Jackson Road
Ironwood, MI 49938
(906)932-4231 or 1-800-682-5910
www.gogebic.edu
Instructor: Dennis Mackey Office # B010
Phone # 906-932-4231 ext. 244
mackeyd@gogebic.edu
Textbook: Accounting, 25th edition by Warren, Reeve, & Duchac.
Course Description
The Principles of Accounting I course is designed as an introduction to the development of financial accounting
principles. This course fulfills the needs of college students transferring to another college or university and
planning a career in the following disciplines: Accounting, business administration, liberal arts, marketing,
management, law, computer information technology, & other disciplines Topics covered include: The accounting
cycle, asset valuation, income determination, & financial reporting
Class Meetings
Principles of Accounting I (ACC201) will meet four hours per week for the semester for the on campus class.
Students will be expected to attend class regularly and be responsible for daily assignments. Class time will be spent
covering topics relevant to past and future assignments. Online students do not meet so they will need to discipline
themselves to complete the assigned materials within the time frames allotted.
Student Learning Outcomes
I.
II.
III.
IV.
V.
Interpret the accounting equation based on Generally Accepted Accounting Principles
(GAAP)
Explain the need for accurate reporting of financial information to enhance proper
managerial decision making
Complete the accounting cycle
Integrate financial reporting into merchandising businesses
Illustrate procedures for managing the following:
 Inventories
 Cash
 Receivables
 Assets
 Liabilities
Course Objectives
Week One  Review the nature of business & accounting
 Discuss GAAP (Generally Accepted Accounting Principles)
 Business transactions & the accounting equation
 Preview financial statements
Week Two –
 Use accounts to record transactions
 Employ double entry accounting system
Week Three  Post journal entries to accounts
 Prepare a trial balance
Week Four –
 Begin adjusting process
 Record adjusting entries
 Prepare adjusted trial balance
Week Five –
 Prepare financial statements
- Income Statement
- Statement of Owner’s Equity
- Balance Sheet
 Prepare closing entries
 Close the books
Week Six –
 Review basic accounting systems
- Manual
- Computerized
Week Seven –
 Begin merchandising transactions
Week Eight –
 Learn perpetual inventory system
 Learn periodic inventory system
Week Nine –
 Cash management
 Sarbanes-Oxley Act of 2002
 Learn cash control methods over receipts & payments
 Prepare bank reconciliation
Week Ten –
 Classify receivables
 Account for uncollectible receivables
Week Eleven –
 Write-off receivables as uncollectible
- Direct write-off method
- Allowance Method for Uncollectible Accounts
Week Twelve –
 Recording notes receivable
- Reporting Receivables on the Balance Sheet
- Discounting Notes Receivables
Week Thirteen 
Distinguish nature of fixed & intangible assets
- Depreciate fixed assets
- Learn intangible Asset
Week Fourteen –
 Review current liabilities
 Learn the payroll & payroll taxes
Week Fifteen Employees' Fringe Benefits
 Contingent Liabilities
 Financial Analysis & Interpretation
Please note: The above schedule is tentative; we will cover materials through chapter 11 during the semester .
Supplemental Materials
Students will be responsible for textbook assignments, class lecture materials, and online activities. The purchase of
the Working Papers will be helpful for students in completing daily assignments but not required. A calculator will
be helpful for homework, in class assignments, quizzes, and tests.
Grading Basis
A = 91.5% - 100% A- = 89.5 - 91.4%
B+ = 85.5% - 89.4% B = 81.5% - 85.4% B- = 79.5% - 81.4%
C+ = 75.5% - 79.4% C = 71.5% - 75.4% C- = 69.5% - 71.4%
D+ = 65.5% - 69.4% D = 61.5% - 65.4% D- = 59.5% - 61.4%
F = Below 59.5% or cheating!!!
Tests =
Chapter Quizzes =
Comprehensive Problem I =
Participation =
60%
20%
10%
10%
NOTE: Participation includes attendance & completion of all assignments, tests, & quizzes within the
specified time periods. Students missing tests will not be allowed a make-up test unless approved by the
instructor.
Attendance, Cell Phones, & Cheating!!!
The attendance policy for this course will follow the guidelines in the GCC Student Handbook. Students late for
class are welcome, but please do not disrupt class when entering. A student who is regularly absent, late, and/or
disruptive will be subjected to a meeting with the instructor and the Dean of Students.
The use of cell phones is prohibited during class time! As a courtesy to others please remember to turn your phone
off before class! Please do not expect to use your cell phone as a calculator during class time!
Cheating on assignments, tests, and/or quizzes may result in a student failing the course. If such activity
is observed or suspected, the student will be asked to meet with the instructor and the Dean of Students
to determine the course of action necessary.
Academic Support Services
ACES (Academic Center for Enrichment Services) – This is our tutoring lab located on the 2nd floor of the
technical building. Students will need to check at ACES to find tutor hours available for the semester.
Answer keys for some of the daily assignments can be found here upon request.
Computer Labs – The computer labs are located on the 2nd floor of the Solin Center for Business. The
labs are available during College open hours unless a class is being conducted in the lab at that time.
Students may access the Moodle aspect of the course at www.gogebic.edu
Instructor Office Hours – Go to the course website under Moodle to and click on Instructor to find my office hours
and contact information for the semester.
Disability Statement
Disability statement: "Gogebic Community College abides by the American with Disabilities Act and Section 504 of
the Rehabilitation Act of 1973 that prohibits federal and state agencies or programs from discriminating against
qualified individuals with disabilities. Students in this course who have a documented disability, that limits a major
life activity which may have some impact on your work in this class and for which you may require
accommodations should meet with a counselor in Disabled Student Services and Program (DSP&S) as soon as
possible.”
ADA Accommodation Statement for Students with Disabilities
If you believe that you need academic accommodations for a disability that qualifies under the
Americans with Disabilities Act and Section 504 of the Rehabilitation Act, please contact the Office of
Disability Services, located in office T105C of the ACES Center, call 906.932.4231 x 237, or e-mail
jessicaln@gogebic.edu to discuss your needs and the process for requesting accommodations. This
office is responsible for coordinating disability-related academic accommodations and will issue
students with verification letters as appropriate. Since accommodations may require early planning and
generally are not provided retroactively, please contact the office as soon as possible.