accounting 122 - West Virginia Northern Community College

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West Virginia Northern Community College
1704 Market Street
Wheeling, West Virginia 26003
Email - [email protected]
Professor Dennis Roth
Rm 235, Redline Bldg, Weirton Campus
304-723-7530
Rm 417-D, Education Ctr, Wheeling
Campus
304-214-8889
ACC122
Principles of Accounting I
Course Description
This course covers the accounting process: the observation, measurement, and reporting of economic
activity in order to develop information useful for decision-making. Basic underlying accounting
procedures and techniques involved in recording and classifying business transactions, accounting
cycles, journals, ledgers, working papers, financial statements, procedures involved in adjusting and
closing accounting records, accrued and prepaid items, notes and interest, bad debts and depreciation
are covered.
3 Cr (3 lect/pres, 0 lab, 0 other)
Course Focus
The focus of this course will be to acquire the knowledge and ability needed to maintain accounting
records for a sole proprietorship. The approach will be instructor directed and student imitated until
proficiency is achieved.
Prerequisites:
Read 095, Math 086 or satisfactory placement scores
Text and References
"Accounting", by Horngren, Harrison & Oliver
Published by Prentice Hall
Working papers for the above text will be provided with this syllabus and must be copied by the
student to help complete homework assignments. Power point presentations are available in the
LRC.
We will cover the first eight (8) chapters.
Tentative Assignment Schedule
Chapter 1 – Accounting and Business Environment
P1-28a, P1-29a, P1-30a, P1-31a, P1-32a, P1-33a, P1-34a, P1-35a, P1-36a
Chapter 2 – Recording Business Transactions
P2-27a, P2-28a, P2-29a, P2-30a, P2-31a, P2-32a, P2-33a, P2-34a, P2-35a,
P2-36a, P2-37a, P2-38a, P2-39a, P2-40a
TEST 1
Chapter 3 – The Adjusting Process
P3-29a, P3-30a, P3-31a, P3-32a, P3-33a, P3-34a
Chapter 4 – Completing the Accounting Cycle
P4-23a, P4-24a, P4-25a, P4-26a, P4-27a, P4-28a, P4-29a
TEST 2
Chapter 5 – Merchandising Operations
P5-26a, P 5-27a, P5-28a, P5-29a, P5-30a, P-31a, P5-32a, P5-33a and P5a-2a
Chapter 6 – Merchandise Inventory
P6-28a, P6-29a, P6-30a, P6-31a, P6-32a, P6-33a, P6-24a and P6a-4a
TEST 3
Chapter 7 – Internal Control and Cash
P7-26a, P7-27a, P7-28a, P7-29a, P7-30a, P7-31a, P7-32a
Chapter 8 – Receivables
P8-25a, P8-26a, P8-27a, P8-28a, P8-29a, P8-30a, P8-31a, P8-32a
TEST 4
Student Contributions
Each student will spend at least 6 hours per week preparing for class. Attendance is critical in this
class. The student may be administratively withdrawn from the course for missing more than four (4)
classes without the prior approval of the instructor. This does not eliminate the need for students to
withdraw themselves from this course. Homework is the responsibility of the student and will aid
considerably in the successful completion of this course.
TUTORING IS AVAILABLE IN ROOM 225 OF THE B&O BUILDING ON THE
WHEELING CAMPUS, ROOM 107 IN WEIRTON AND ROOM 114 IN NEW
MARTINSVILLE.
Course Evaluation
The students will be evaluated by tests, and quizzes. Tests must be completed on time unless prior
notification has been given. Tests taken after the original test date will be lowered one full letter
grade for each class that passes. Any test not taken within two weeks of the original test date
will be a zero ( 0 ). The instructor reserves the right to use a different yet similar test for make up
tests.
GRADES:
90 - 100
80 - 89
70 - 79
60 - 69
0 - 59
A
B
C
D
F
Course Schedule
The class meets for 3 lecture hours per week.
Student Learning Outcomes
1.
2.
3.
4.
5.
complete the accounting cycle for a service business
complete the accounting cycle for a merchandising business
account for cash
account for inventory
account for receivables
Course Goals
The following list of course goals will be addressed in the course. These goals are directly related to
the performance objectives. (*designates a CRUCIAL goal)
1.
*2.
*3.
*4.
5.
*6.
*7.
*8.
*9.
10.
*11.
*12.
*13.
*14.
*15.
*16.
*17.
*18.
19.
20.
21.
22.
23.
*24.
*25.
26.
27.
28.
29.
30.
31.
32.
33.
34.
35.
36.
*37.
develop accounting vocabulary
apply accounting concepts/principles
use accounting equation
prepare service business financial statements
define specific accounting terms
apply debit and credit rules
record transactions
post transactions
prepare trial balance
prepare business chart of accounts
define cash-basis accounting
define accrual/basis accounting
apply revenue and matching principles
prepare adjusting entries
prepare adjusted trial balance
prepare accounting worksheet
complete accounting cycle
close temporary accounts
classify current & long-term assets/liabilities
evaluate merchandising firm's operating income
account for inventory purchases/sales
compute COGS/gross margin
adjust merchandising firm's accounts
close merchandising firm's accounts
prepare merchandising firm's financial statements
describe accounting information system
prepare special accounting journals
prepare receivable/payable subsidiary ledgers
explain internal control system
prepare bank reconciliation/entry
account for petty cash transactions
prepare allowance method uncollectible accounts entries
prepare direct method uncollectible accounts entries
account for notes receivable entries
report financial statement receivables
account for periodic and perpetual inventory
apply specific-unit, weighted-average, FIFO, and LIFO costing methods
Developed/Revised : Aug 16, 2011
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