Cerro Coso Community College - Online
Instructor - Margaret Porter
Fall 2009 Semester
General Course Information
Course Title: Principles of Accounting I - BSAD C101
Course Description: Accounting concepts and techniques, study of journal, ledgers, and financial
statement preparation. Includes interest, depreciation, and accounting data processing systems.
Text: Warren, Reeve and Duchac - Financial and Managerial Accounting 10th Edition, Chapters
1 - 15
NOTE: To get started you will need to create and account at http://academic.cengage.com/sso/
Your course key is: E-4YNV4PTZGZEET - you will have an access code from a card you got
when you bought your book. You will need both codes when you register.
Evaluation:
Participation: You are expected to express opinions on financial accounting in a manner so as
to contribute to a penetrating and insightful discussion.
Performance on this dimension is based on the quality of your input to class discussion, not on
the quantity of your input.
Assignments : An important part of the grading of assignments is evidence of a serious attempt
at all parts of the assignment. All assignments will be done online at CengageNow
http://academic.cengage.com/sso/
Coursework and Grading
Students will be evaluated based on homework assignments, exams and discussion participation.
Class participation - Discussion
Homework Assignments
5%
95%
The week starts on Monday and ends on Sunday at 11:55PM (2355). So all assignments are due
by 11:55PM (2355) on Sunday. Assignments will only be available 1 week after the due date,
after which time you will receive a zero. If assignments are completed after the due date and
before it becomes unavailable, you will be penalized 10%.
Since you can check your grades in CengageNow I will not be posting a grade sheets. The grades
in CengageNow are updated each time you complete an assignment. If you have trouble figuring
out the grading please let me know and I will assist you.
The college will make reasonable accommodations and/or academic adjustments to ensure that
students with disabilities have an equal opportunity to participate in the college’s courses.
Students with disabilities, who are requesting academic accommodations, auxiliary aides or
services, contact Special Services at 760-384-6250.
News forum
Accounting Coach file
Simple Studies file
Assignment
Practice Activities for each week file
Week 1 - 24 August - 30 August
Objectives for Chapter 1: Introduction to Accounting and Business
Describe the nature of a business and the role of ethics and accounting in business.
Summarize the development of accounting principles and relate them to practice.
State the accounting equation and define each element of the equation.
Describe and illustrate how business transactions can be recorded in terms of the resulting
change in the basic elements of the accounting equation.
Describe the financial statement of a corporation and explain how they interrelate.
Introduction Forum
PowerPoint Presentation
Homework - 1-2a; 1-3a; 1-4a; 1-5a
Week 2 - 31 August - 6 September
Objectives for Chapter 2: Analyzing Transactions
Describe the characteristics of an account and record transactions using a chart of accounts and
journal.
Describe and illustrate the posting of journal entries to accounts.
Prepare an unadjusted trial balance and explain how it can be used to discover errors.
Discover and correct errors in recording transactions.
Week 2 Discussion Forum
PowerPoint Presentation
Homework 2-1a; 2-2a; 2-3a; 2-4a
Week 3 - 7 September - 13 September
Objectives for Chapter 3: The Adjusting Process
Describe the nature of an adjusting process.
Journalize entries for accounts requiring adjustments.
Summarize the adjustment process.
Prepare and adjusted trial balance.
Week 3 Discussion Forum
PowerPoint Presentation
Homework 3-1a; 3-3a; 3-5a; 3-6a
Week 4 - 14 September - 20 September
Objectives for Chapter 4: Completing the Accounting Cycle
Describe the flow of accounting information from the unadjusted trial balance into the adjusted
trial balance and financial statements.
Prepare financial statements from adjusted account balances.
Prepare closing entries.
Describe the accounting cycle.
Illustrate the accounting cycle for one period.
Explain what is meant by the fiscal year and the natural business year.
Week 4 Discussion Forum
PowerPoint Presentation
Homework: 4-1a; 4-2a; 4-3a; 4-4a
Week 5 - 21 September - 27 September
Objectives for Chapter 5: Accounting for Merchandising Businesses
Distinguish between the activities and financial statements of service and merchandising
businesses.
Describe and illustrate the financial statements of a merchandising business.
Describe and illustrate the accounting for merchandise transactions including (1) sale of
merchandise, (2) purchase of merchandise, (3) transportation costs, sales taxes, and trade
discounts, and (4) dual nature of merchandising transactions.
Describe the adjusting and closing process for a merchandise business.
Week 5 Discussion Forum
PowerPoint Presentation
Homework: 5-1a; 5-2a; 5-3a
Week 6 - 28 September - 4 October
Objectives for Chapter 6: Inventories
Describe the importance of control over inventory.
Describe three inventory cost flow assumptions and how they impact the income statement and
balance sheet.
Determine the cost of inventory under the perpetual inventory system, using FIFO, LIFO, and
average cost methods.
Determine the cost of inventory under the periodic inventory system, using the FIFO, LIFO and
average cost methods.
Compare and contrast the use of the three inventory costing methods.
Describe and illustrate the reporting of merchandise inventory in the financial statements.
Estimate the cost of inventory, using the retail method and the gross profit method.
Week 6 Discussion Forum
PowerPoint Presentation
Homework: 6-1a; 6-2a; 6-3a; 6-4a
Week 7 - 5 October - 11 October
Objectives for Chapter 7: Sarbanes-Oxley, Internal Control, and Cash
Describe the Sarbanes-Oxley Act of 2002 and the impact on internal controls and financial
reporting.
Describe and illustrate the objectives and elements of internal controls.
Describe and illustrate the application of internal controls to cash.
Describe the nature of a bank account and its use in controlling cash.
Describe and illustrate the use of a bank reconciliation in controlling cash.
Describe the accounting for special-purpose cash funds.
Describe and illustrate the reporting of cash and cash equivalents in the financial statements.
Week 7 Discussion Forum
PowerPoint Presentation
Homework: 7-2a; 7-3a; 7-4a; 7-5a
Week 8 - 12 October - 18 October
Objectives for Chapter 8: Receivables
Describe the common classification of receivables.
Describe the nature of and the accounting for uncollectible receivables.
Describe the direct write-off method of accounting for uncollectible receivables.
Describe the allowance method of accounting for uncollectible receivables.
Compare the direct write-off and allowance methods of accounting for uncollectible accounts.
Describe the nature, characteristics, and accounting for notes receivable.
Describe the reporting of receivables on the balance sheet.
Week 8 Discussion Forum
PowerPoint Presentation
Homework: 8-1a; 8-2a; 8-3a; 8-4a
Week 9 - 19 October - 25 October
Objectives for Chapter 9: Fixed Assets and Intangible Assets
Define, classify, and account for the cost of fixed assets.
Computer depreciation, using the following methods: straight-line method, units-of-production
method, and double-declining-balance method.
Journalize entries for the disposal of fixed assets.
Computer depletion and journalize the entry for depletion.
Describe the accounting for intangible assets, such as patents, copyrights, and goodwill.
Describe how depreciation expense is reported in an income statement and prepare a balance
sheetthat includes fixed assets and intangible assets.
Week 9 Discussion Forum
PowerPoint Presentation
Homework: 9-1a; 9-2a; 9-3a; 9-4a
Week 10 - 26 October - 1 November
Objectives for Chapter 10: Current Liabilities and Payroll
Describe and illustrate current liabilities related to accounts payable, current portion of long-term
debt, and notes payable.
Determine employer liabilities for payroll, including liabilities arising from employee earnings
and deductions from earnings.
Describe payroll accounting systems that use a payroll register, employee earnings records, and a
general journal.
Journalize entries for employee fringe benefits, including vacation pay and pension.
Describe the accounting treatment for contingent liabilities and journalize entries for product
warranties.
Week 10 Discussion Forum
PowerPoint Presentation
Homework: 10-1a; 10-2a; 10-3a; 10-5a
Week 11 - 2 November - 8 November
Objectives for Chapter 11: Corporations: Organization, Stock, Transactions, and
Dividends
Describe the nature of the corporate form of organization.
Describe and illustrate the characteristics of stock, classes of stock, and entries for issuing stock.
Journalize the entries for cash dividends and stock dividends.
Journalize the entries for treasury stock transactions.
Describe and illustrate the reporting of stockholders' equity.
Describe the effect of stock splits on corporate financial statements.
Week 11 Discussion Forum
PowerPoint Presentation
Homework: 11-1a; 11-2a; 11-3a; 11-4a
Week 12 - 9 November - 15 November
Objectives for Chapter 12: Income Taxes, Unusual Income Items, and Investments in
Stocks
Journalize the entries for corporate income taxes, including deferred income taxes.
Describe and illustrate the reporting of unusual items on the income statements.
Prepare an income statement reporting earnings per share data.
Describe the concept and the reporting of comprehensive income.
Describe the accounting for investments in stocks.
Week 12 Discussion Forum
PowerPoint Presentation
Homework: 12-1a; 12-2a; 12-3a; 12-4a
Week 13 - 16 November - 22 November
Objectives for Chapter 13: Bonds, Payable and Investments in Bonds
Compute the potential impact of long-term borrowing on earning per share.
Describe the characteristics, terminology, and pricing of bonds payable.
Journalize entries for bonds payable.
Describe and illustrate the payment and redemption of bonds payable.
Journalize entries for the purchase, interest, discount and premium amortization, and sale of bond
investments.
Prepare a corporation balance sheet.
Week 13 Discussion Forum
PowerPoint Presentation
Homework: 13-1a; 13-2a; 13-3a; 13-4a
Week `4 - 23 November - 29 November
Objectives for Chapter 14: Statement of Cash Flows
Summarize the types of cash flow activities reported in the statement of cash flows.
Prepare a statement of cash flows, using the indirect method.
Prepare a statement of cash flows, using the direct method.
Week 14 Discussion Forum
PowerPoint Presentation
Homework: 14-1a; 14-2a; 14-3a; 14-4a
Week 15 - 30 November - 6 December
Objectives for Chapter 15: Financial Statement Analysis
List basic financial statement analytical procedures.
Apply financial statement analysis to assess the solvency of a business.
Apply financial statement analysis to assess the profitability of a business.
Describe the content of corporate annual reports.
Week 15 Discussion Forum
PowerPoint Presentation
Homework: 15-1a; 15-2a; 15-3a; 15-4a
Week 16 - 7 December - 13 December
Final Exam Assignment
Week 16 Discussion Forum