Edmonds Community College
Financial Accounting 1 - ACCT 201A - Spring 2007
Mon - Wed - 8:30- 10:20 a.m. SQL #203
Instructor: Andy Williams
Course Objectives
Course Schedule
Assessment
Resources
Textbooks: Financial & Managerial Accounting, Sixth Edition, by Needles, Powers, and
Crosson is required. Also, the authors have posted useful materials at their web site at
http://college.hmco.com/accounting/needles/fin_man_acc/2005e/students/index.html.
Equipment and software: A calculator, paper and pencils will prove to be handy, as will
computer skills, such as familiarity with word processing, spreadsheets and the Internet.
This is a hybrid course and we will use Blackboard to supplement the classroom in a
variety of ways, including discussions, assignments and exams. You can find additional
information at the EdCC Blackboard site at http://blackboard.edcc.edu/. For that matter,
your fine mind and your ability to communicate can also be considered to be equipment
necessary for this course!
Availability: The best way to reach me is via email at <andy.williams@edcc.edu>. You can
also reach me by phone at 425-640-1450. If you want to meet in person, you can find me in
my office in SNO #235 during my scheduled office hours, Monday – Thursday 10:30 –
11:30 a.m. You can also find additional information on my web page at
http://faculty.edcc.edu/andy.williams/.
Prerequisites: Successful completion of an introductory accounting or bookkeeping
course, or work experience in accounting is a prerequisite for this course. Minimum
placement in EAP (English for Academic Purposes) 121 or Bridge 91, roughly the
equivalent of American High School English, is a prerequisite for this course.
Mathematical ability equivalent to Math 60 or Business Math (BUS 130), again the
equivalent of High School Algebra is also recommended. Proficiencies in computer
spreadsheet and word processing applications will be helpful to those students who have
acquired those skills. If you have any questions regarding these prerequisites, please talk
to the instructor.
Course Objectives
Financial Accounting 1 (ACCT 201) is designed for students who have successfully
completed an introductory accounting class in high school or at a community college, or
have on-the-job experience in accounting. The following college-wide abilities and specific
learning outcomes are taught, applied and assessed in this course:
Critical Thinking Outcomes:
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Observe, analyze, synthesize, apply and evaluate business information.
Identify arguments, evaluate claims, and form conclusions based on standard
business practices.
Identify and analyze problems and options, then select and implement appropriate
solutions, and evaluate outcomes appropriate to course content.
Examine and evaluate personal thinking as well as the thought process and
perspectives of others.
Communication Outcomes:
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Prepare and present clear, concise, well-developed written communications in
Standard English with correct punctuation and spelling, using business-appropriate
word processing formats and styles.
Write clear organized short informational reports using correct format and report
writing principles.
Use listening skills that positively enhance relationships in a business environment.
Quantitative Skills Outcomes:
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Use mathematics to solve quantitative business issues and problems.
Calculate and explain the costs and benefits of simple financial choices encountered
in financial planning and strategic decision-making.
Use personal computers and other tools most commonly used by business to obtain,
store, organize and communicate quantitative business information.
Specific Course Outcomes for ACCT 201:
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Recognize accounting transactions and record them in journals using proper
formats.
Prepare financial statements including income statements, statements of retained
earnings, balance sheets and statements of cash flows.
Apply the concepts of accrual accounting to transactions that span fiscal periods.
Trace the effects of those transactions to financial statements.
Apply accounting conventions, concepts, and the basic tools of financial analysis
to financial statements.
Record accounting transactions for merchandising operations and understand
how to cost inventories using a variety of methods.
Record cash, marketable securities, and account receivable transactions.
Record transactions for uncollectible accounts using generally accepted
accounting principals.
Journalize transactions involving definitely determinable and estimated liabilities.
Identify contingent liabilities. Explain the effects of recording liabilities on financial
statements.
General Course Schedule
Week One: Accounting as an Information System
4/2 – 4/4 Learning Objectives
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What is accounting?
The corporate form of business.
Transactions, money measurement, separate entity
Financial position and four basic accounting statements
How to Read an Annual Report
Week Two: Measuring and Recording Business Transactions
4/9 - 4/11 Learning Objectives
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Recognition, valuation and classification issues
Asset, liability and stockholders' equity accounts
The double-entry system; debits and credits
General journal and general ledger
Trial balance preparation
Week Three: Business Income and Adjusting Entries
4/16 – 4/18 Learning Objectives
Monday – 4/16 – Quiz #1
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Net Income, revenues and expenses
Accrual accounting: periodicity, continuity and matching
Deferral adjusting and accrual adjusting transactions
Effects of adjustments on financial statements
Analysis of cash flows from accrual-based information
Week Four: Accounting Systems
4/23 – 4/25 Learning Objectives
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Identify the principles of accounting system design
Describe the sequence of the accounting cycle
Recording closing entries
Post-closing trial balance
Utilize computerized accounting systems to record transactions
and produce reports
Week Five: Financial Reporting and Analysis
4/30 - 5/2 Learning Objectives:
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Objectives of Financial Reporting
Qualitative characteristics of accounting information
Financial accounting concepts and ethical reporting
Classified balance sheets and income statements
Liquidity, leverage and profitability measures
Week Six:
5/7 – Midterm Review
5/9 - Midterm Exam
Week Seven: Merchandising Operations and Inventories
5/14 - 5/16 Learning Objectives
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Income statements for a merchandising concern
Purchase and sale transactions
Cost of goods sold calculations
Periodic and perpetual inventory systems
Inventory Management
Effects of inventory measurement
Inventory cost, cost flows and goods flows
Inventory valuation methods
Week Eight: Inventories
5/21 - 5/23 Learning Objectives
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Perpetual inventory systems
Lower of cost or market rules
Estimating inventory using retail & gross profit methods
5/23 – Quiz #2
Week Nine: Short-Term Liquid Assets –
5/28 – Memorial Day – No Classes
5/30 Learning Objectives
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Accounting for cash and marketable securities
Accounts receivable, credit policies, uncollectible accounts
The allowance method and estimating uncollectible account expense
Notes receivable and interest calculations
Week Ten: Short-Term Liquid Assets
6/4 - 6/6 Learning Objectives
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The allowance method and estimating uncollectible account expense
Notes receivable and interest calculations
Week Eleven: Current Liabilities
6/11 Learning Objectives:
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Recognition, valuation, classification and disclosure of liabilities
Definitely determinable and estimated liabilities
Contingent Liabilities
6/12 - 7:30 a.m. Final Exam
Assessment of Learning Outcomes:
Grades, Exams, and Homework
Please read my policy on Academic Integrity!
Student achievement of the course objectives will be assessed by a variety of instruments,
including objective testing, completion of written homework problems and discussion
questions, participation in class discussions and written analysis of cases.
Exam and Homework Policy: NO EXAM MAKEUPS WILL BE ALLOWED unless instructor
receives sufficient notice and adequate reasons prior to scheduled exam.
Specific homework problems and other assignments will be assigned periodically
throughout the course, usually at the beginning of each unit. The assigned homework is
the minimum that you should prepare to successfully complete this course. Homework
assignment due dates will be listed in the Course Materials section for each week.
NO LATE HOMEWORK ASSIGNMENTS WILL BE ACCEPTED for any reason without prior
approval from the instructor. If you know that you will need more time on an assignment,
please contact me BEFORE THE ASSIGNMENT IS DUE so we can discuss the situation.
Homework assignments will be graded on the bases of quality of presentation,
completeness, and accuracy.
Grades: Points will be earned as follows:
Midterm Exam
Final Exam
Homework, Exercises & Quizzes
Total Possible
100
150
300
550
Decimal Grades will be assigned to grade points earned according to the
Accounting Department Decimal Grading Table
Accounting Department Decimal Grading Table
Percentage of Total Points
Decimal Grade
Letter Grade Equivalent
95 - 100%
4.0
A
94
3.9
A
93
3.8
A
92
3.7
A
91
3.6
A-
90
3.5
A-
89
3.4
B+
88
3.3
B+
87
3.2
B
86
3.1
B
85
3.0
B
84
2.9
B
83
2.8
B
82
2.7
B
81
2.6
B-
80
2.5
B-
79
2.4
C+
78
2.3
C+
77
2.2
C
76
2.1
C
75
2.0
C
74
1.9
C
73
1.8
C
72
1.7
C-
71
1.6
C-
70
1.5
C-
69 - 67
1.4
D+
66
1.3
D
65
1.2
D
64
1.1
D
63
1.0
D-
62
0.9
D-
61
0.8
D-
60
0.7
D-
Score < 60%
0.0
No Credit