ACCOUNTING 1210-202 FUNDAMENTALS OF ACCOUNTING CLASS SYLLABUS - FALL 2015 (Subject to Change) Instructor: Class time: Location: Email: Office: Office phone: Office hours: I. II. III. IV. V. VI. VII. VIII. IX. X. XI. XII. XIII. XIV. XV. XVI. XVII. XVIII. XIX. XX. XXI. XXII. Rick Serafini, CPA, CMA, MAC M, W, F: 10:00 – 10:50 A 321 rick_serafini@ivcc.edu A 327 815-224-0392 Monday 8:45-9:15, 6:00-6:30 Tuesday 9:30-11:00 Wednesday 8:45-9:15 Thursday 9:30-11:00 Friday 8:15-9:15 Also By Appointment TABLE OF CONTENTS Course Description Prerequisite Expected Learning Outcomes Required Materials Assessment of Student Learning Grading Scale Contesting Of Grades Structure of Class Classroom Rules Instructor Expectations Assessment Guidelines Attendance Policy Late Submission Policy Extra Credit Policy Plagiarism & Cheating Special Needs Withdrawal Policy & Financial Aid Communicating with the Instructor Student Email On-line Requirements Assignments & Due Dates Class Schedule 1 I. COURSE DESCRIPTION Emphasis is placed on the procedural aspects of financial accounting for sole proprietorship and merchandising companies. The accrual basis is used, debit and credit is studied as it relates to the accounting equation. The entire accounting cycle is covered for both service and merchandising businesses including adjustments, preparation of financial reports, and closing procedures. Also included are bank statement reconciliations, petty cash, special journals, and payroll accounting. The course is intended for students who plan to take only one semester of accounting or for those who need preparation before enrolling in ACT 1010. II. PREREQUISITE None. III. EXPECTED LEARNING OUTCOMES Upon successful completion of the course, the student will be able to; ● ● ● ● ● ● ● ● ● ● Understand and be able to perform the steps in the accounting cycle for both a sole proprietorship and merchandising company. Prepare journal entries in proper format and be able to record these entries in the General Journal, Sales Journal, Purchases Journal, Cash Receipts Journal, and Cash Payments Journal. Be able to properly post all entries to the General Ledger and Subsidiary Ledgers. Be able to prepare a worksheet for a sole proprietorship and merchandising company. Be able to prepare a Pre and Post Closing Trial Balance. Be able to prepare a bank reconciliation in proper form. Be able to prepare a payroll register, and journalize payroll and payroll tax entries. Understand various payroll reports such as 940, 941, W-2’s, W-3’s, and 8109. Be able to prepare a Cost of Goods Sold section for a merchandising company Be able to prepare a classified Income Statement, Statement of Owner’s Equity, and classified Balance Sheet. IV. REQUIRED MATERIALS College Accounting, Chapters 1-12, Scott, 12th Edition Access card for CENGAGE for College Accounting 2 V. ASSESSMENT OF STUDENT LEARNING Point Distribution Exams Chapter Assignments Quizzes Comprehensive Problems Total 5 10 10 2 700 points 150 points 100 points 50 points 1,000 points VI. GRADING SCALE 90% - 100% 80% - 89% 65% - 79% 55% - 64% < 55% (900 – 1,000) pts (800 – 899) pts (650 – 799) pts (550 – 649) pts < 550 A B C D F The instructor reserves the right to apply a class curve to points awarded. Final grades are based on points, not percentages! VII. CONTESTING OF GRADES Any student wishing to contest a grade for any assignment must do so within 48 hours of the posting of the grade on Blackboard – days when the college is closed do not count. All grades after this time are final and not subject to change! VIII. STRUCTURE OF THE CLASS Class time is important in the sense that we have a limited amount of time to cover a great deal of material; as such time is of the premium so we will try to stick to our schedule and cover the material in an organized fashion. Class time will be split between lecture, both by demonstrating the concepts covered at the board as well as the use of PowerPoint slides and other visual aids. We will try to work through examples in class on demonstration problems, cases, or problems your author gives you at the end of each chapter. You should be prepared to work through problems during the course of most lectures. You will also be provided a lecture outline which will highlight some of the more important topics we will cover for that chapter along with a demonstration problem and a section for note taking. I encourage you to ask questions as we go along. Your participation will be of benefit not only to you but also to your fellow students as it is an aid in the overall learning process. 3 IV. CLASSROOM RULES A few rules for the classroom are; 1) All cell phones are to be turned OFF and PUT AWAY during class. 2) Professionalism - Professionalism is an important part of the business world and is demanded of those who choose accounting as their career. Part of the learning process involves understanding what is expected of you in class including your behavior and attitudes toward your instructor and fellow students. As part of this class you will be required to be respectful of others, to show courtesy, and to conduct yourself in a professional manner. 3) Promptness – You are expected to be in class ON TIME. If you arrive late it can be a distraction to others in class. I reserve the right to ask you to leave if you continue to arrive late for class. X. INSTRUCTOR EXPECTATIONS The material found in this course is intended for the student who has limited or no prior exposure to accounting. The author takes great pains to walk the student through the material step by step building on each prior topic. The book is generously populated with various visual aids to help the student follow the material. Accounting is a discipline that must be mastered through repetition and the working of problems. YOU SHOULD EXPECT TO SPEND 7 – 9 HOURS PER WEEK STUDYING THE TEXTBOOK AND WORKING ON YOUR ASSIGNMENTS. Individual time requirements will vary on the student’s ability. Although the material is basic in nature, do not take this lightly! It is of the upmost importance that the student work as many problems as possible to get a thorough understanding of the material. You will be expected to read the chapter and do the homework assignments BEFORE we review them in class. We will review the homework assignment for each chapter after the due date for submitting the homework has passed. You should print out your assignment as submitted in CENGAGE and bring this with you to class. I encourage students to make all necessary corrections to their homework assignments as we review the answers. Please bring a red pen or pencil to class to make corrections to your homework solutions based upon our review of the problems in class. 4 In summary, to be successful in this class, the student should do the following; 1. Read the chapter quickly to get a “feel” of the material being presented. 2. Re-read the chapter a second time much more slowly highlighting specific areas that the author is covering. 3. Make a note card or other study aid to help commit certain concepts to memory. Accounting is a transactional discipline that involves the application of various steps in order to correctly apply a concept. The student will be required to develop their own study pattern to help commit these steps to memory. 4. Work the problems as assigned. It is imperative that the student works, and in some cases, reworks problems to develop the skill sets necessary to successfully apply the concepts in the chapter. 5. IF YOU ARE HAVING PROBLEMS, MAKE AN APPOINTMENT TO SEE ME DURING MY OFFICE HOURS SO THAT WE MAY DEVELOP A PLAN TO MOVE FORWARD. THIS MAY INVOLVE USING TUTORING SERVICES AT THE COLLEGE IN ORDER TO HELP YOU BETTER UNDERSTAND THE MATERIAL. XI. ASSESSMENT GUIDELINES (1) Chapter Assignments You will have 12 chapter assignments with only the highest 10 counting meaning that I will drop your two lowest scores. The chapter assignments are to be completed using the CENGAGE system. There will be no time limit, other than the due date, to complete your assignment. Each chapter assignment will be worth 15 points and is due according to the schedule attached. See separate instructions under the file entitled “Assignments and Due Dates” under Course Information in Blackboard for a summary of all of your assignments and the due dates. Each homework assignment will be in the form of exercises, and problems. The questions are the same as those that appear at the end of the chapters in your textbook. Your assignments will be automatically graded by the CENGAGE program. The CENGAGE system is set up to allow you up to 4 attempts in doing the problems. The program will indicate if you have the correct solution in addition to providing hints after your second submission. Points will be awarded based on partial credit for each exercise and problem with the point distribution roughly 40/60 between exercises and problems. I will manual convert your CENGAGE score to the 15 point scale awarded to you in Blackboard. Homework solutions will be available in CENGAGE after the due date of the assignment. We will review as much of the homework in class as possible. To view the solutions to the homework go to your grade book tab and click on the assignment after the due 5 date; there you will see the correct solutions. This should be done after each assignment so you can see where you had difficulty and what areas you should go back and review. Should you need further clarification on specific homework questions please contact the instructor. (2) Quizzes You will have 12 quiz assignments with only the highest 10 counting meaning that I will drop your two lowest scores. The quizzes are to be completed using the CENGAGE system. You will have 15 minutes to complete each quiz. Each quiz will be worth 10 points. The due dates for all quizzes can be found under the file mentioned above entitled “Assignments and Due Dates”. Each quiz will consist of a problem covering an important topic(s) in the chapter. Quiz solutions will be available in CENGAGE after the due date of the assignment. We will review the quizzes in class if time permits. To view the solutions to the quiz go to your grade book tab and click on the assignment after the due date; there you will see the correct solutions. This should be done after each assignment so you can see where you had difficulty and what areas you should go back and review. Should you need further clarification on the quizzes please contact the instructor. (3) Comprehensive Problems You will be required to complete two (2) Comprehensive Problems; one at the end of chapter 5 and the other at the end of chapter 12. Both of these problems will be done using CENGAGE similar to your regular homework. These comprehensive problems require much more work than the normal chapter problems and as such it is important that you begin working on them as soon as you can. The due date for comprehensive problem 1 is 09-27-15 while comprehensive problem 2 is due 12-08-15. The review problems are worth a total of 50 points. These will be graded through CENGAGE and transferred to Blackboard’s grade book. 6 (4) Exams There will be five exams totaling 700 points. Exam number 5 will be our final exam covering the last two chapters meaning that there will not be a comprehensive final for this class. The exams with their relative point value and coverage area are as follows: Test #1 Test #2 Test #3 Test #4 Test #5 Chapters 1, 2, 3 Chapters 4, 5 Chapters 6, 7, 8 Chapters 9, 10 Chapters 11, 12 180 points 120 points 180 points 110 points 110 points You will only be able to use a calculator for the exam, no other notes or materials. You must use the calculator provided to you. Exams can consist of classification, multiple choice theory questions, multiple choice requiring calculations, and various problems requiring completion of tables, worksheets, journals, ledgers, and so on. Each exam will have a time limit of 1 hour. Please see the Word document “Study Guide for Exams” found under Course Information for further detail on what will be covered for each exam. A rough estimate of point distributions for each exam is approximately 20% for classification, 30% for multiple choice, and the remaining 50% for problem solving of various kinds. XII. ATTENDANCE POLICY You are expected to attend class regularly. It is imperative that you attend class as much as possible in order to improve your chances of success in this course. In order to impress upon you the importance of attendance, you will be limited to the amount of absences allowed, both excused and unexcused, during the semester. There are a total of 46 class meetings with 33 prior to the withdrawal date and another 13 beyond that. You may not miss more than 7 classes for any reason during the period 08/17/15 to and including 11/04/15. If you do, the instructor reserves the right to withdraw you from class without prior notification! As a final note, excessive absences will negatively affect any borderline grades! 7 XIII. LATE SUBMISSION POLICY All assignments are due on the date indicated under the section entitled “Assignments and Due Dates” found in this Class Syllabus. ALL ASSIGNMENTS ARE DUE ON THE DATE IDENTIFIED IN THIS DOCUMENT WITH NO EXCEPTIONS WHATSOEVER. The following are specific guidelines for each of the assessment types: (1) Chapter Assignments and Quizzes; I realize that there can always be unforeseen circumstances outside of the control of the student which will make it impossible to meet a due date for a given assignment; therefore I will drop the (2) lowest chapter assignments, and the (2) lowest quiz scores. This will allow for most any unforeseen circumstances that might arise. (2) Comprehensive Problems; There are two comprehensive problems due. As stated above, these assignments must be submitted through CENGAGE. The assignments will be available for several weeks before the due date so you may begin working on them right away. You may complete and submit them in advance of the due date if you wish. No late submissions for the Comprehensive Problems will be allowed for any reason whatsoever. (3) Exams; There will be 5 exams totaling 700 points. All exams will be closed book and you will only be able use a calculator which will be provided for you for the exam. The exams will be given on the dates shown below under “Assignments and Due Dates”. Please be sure to plan your schedules accordingly. I have included two study aids to help you prepare for each of the exams. The files are “Exam Study Guide – Key Terms to Know”, and “Exam Study Guide – Key Competencies”. Both of these files can be found in Blackboard under the Course Information tab. Makeup Exams – There will be no makeup tests unless the student contacts the instructor BEFORE class time on the date of the exam. If the student does not contact the instructor before this time they will receive a zero (0) for that exam! If the student is sick, a written doctor’s excuse must be presented for the makeup test. If the student does contact the instructor with a legitimate reason as determined by the instructor as to why they cannot take the exam during the time allotted, the student will be granted a 1 day extension. This will be done only under extreme circumstances! 8 I reserve the right to give the student a completely different exam in the case of a makeup. The makeup exam will be dropped off at the Assessment Center by 8:00AM following the date of the scheduled exam. It is the student’s responsibility to contact the Assessment Center to make arrangements to take the exam by the next school day. Please call the Assessment Center at 815-224-0542 to make the necessary arrangements. THERE WILL BE NO EXCEPTIONS BEYOND THIS POLICY FOR ANY REASON! XIV. EXTRA CREDIT POLICY No extra credit is given in this course; however the instructor reserves the right to add additional assignment(s) as extra credit should it be considered beneficial to the learning process. XV. PLAGIARISIM AND CHEATING POLICY Plagiarism involves using another person’s exact words or thoughts without citing the source in your work. Plagiarism is therefore an illegal act that constitutes a type of theft from another individual. Such actions are not tolerated in the business world and will not be tolerated in class. Whenever exact quotes are used, citing the source of the original material is required. Illinois Valley Community College prohibits plagiarism in any form. Students found plagiarizing or cheating in any way will result in automatically failing the course and/or dismissal from the college. XVI. SPECIAL NEEDS This course is designed to support diversity of learners. My hope is to create a safe environment for all students. If you want to discuss your learning experience, please talk to me as early in the term as possible. If you know you have, or suspect you have a disability (learning disability, physical disability, or psychiatric disability such as anxiety, depression, AD/HD, or others) for which you may need accommodations, please contact the Disability Services Office in C-211. Tina Hardy tina_hardy@ivcc.edu, 224-0284) can help determine if you are eligible for support. 9 XVII. WITHDRAWAL POLICY AND FINANCIAL AID You may be withdrawn from the class in one of two ways; Instructor initiated – Based on the attendance requirement outlined above, I reserve the right to withdraw a student from class without prior notification. Student initiated - Effective Summer 2011, students will have the ability to initiate a withdrawal from classes. By completing the form in the Records Office or at www.ivcc.edu/withdraw, the student is authorizing IVCC to remove him/her from the course. Entering the student ID number serves as the student’s electronic signature. IVCC has the right to rescind a withdrawal in cases of academic dishonesty or at the instructor’s discretion. Students should be aware of the impact of a withdrawal on full-time status for insurance purposes and for financial aid. It is highly recommended that students meet with their instructor or with a counselor before withdrawing from a class to discuss if a withdrawal is the best course of action for that particular student. The last day to withdraw for this class is November 4, 2015. Any student who has not withdrawn from the class after this date will receive a letter grade! XVIII. COMMUNICATING WITH THE INSTRUCTOR The instructor’s contact information is listed above. You may contact me by phone, in person or email. Whenever contacting the instructor using email, be sure to place your full name in the subject line along with your class number and section. Contact by email is limited over the weekend and evenings. XIX. STUDENT EMAIL Please note: Effective Summer 2011, all students will be responsible for checking their IVCC email. All electronic college correspondence will only be sent to the IVCC email. For information on accessing this account, go to http://www.ivcc.edu/studenthelpdesk.aspx?id=16712.” 10 XX. ONLINE REQUIREMENTS BLACKBOARD All communication, grades, and most course documents will be provided for you through Blackboard. Your instructor will enroll you in your Blackboard class based on the class roster. Please be sure to check Blackboard often for announcements from your instructor concerning all important information for this class. Also, please make sure to verify that your student email account is working. Important announcements may also be emailed to you through Blackboard by your instructor. It is the student’s responsibility to insure that their student email is correct and working properly. CENGAGE All chapter assignments, quizzes, and the comprehensive review problems will be completed using CENGAGE. It is your responsibility to register and monitor your use of this online system. For any problems with the CENGAGE system please contact CENGAGE TECHNICAL SUPPORT! Your instructor cannot trouble shoot problems with their system or program! You may contact technical support through their website found through a link in your course home page or you may contact them by phone at 1800-354-9706. TECHNICAL ASSISTANCE The center provides individualized academic assistance to all students utilizing computer technology. The Help Desk Support Staff provides assistance to students in person, on the phone, and via e-mail. Phone: Location: Email: Web Page: Contact Person: 815-224-0318 D201 crc@ivcc.edu http://www.ivcc.edu/crc Michelle Story - Michelle_Story@ivcc.edu If you need assistance with communication tools or software issues, contact our staff. If you are having trouble with your computer, you will need to contact the manufacturer or the store where you bought it. If you are having trouble with your Internet connection, you should contact your Internet Services Provider (ISP). 11 In case you are having difficulty logging into Blackboard or accessing your student email, IVCC has set up a “Known Technical Issues” Page for your convenience. This page is located at http://www.ivcc.edu/its/students/KnownIssues.html. Please call 224-0555 as soon as you detect a problem during regular campus hours. NETIQUETTE In the virtual classroom, you communicate with your classmates and Instructor primarily in writing through the public course bulletin board, e-mail, and sometimes chat sessions. “Online manners” are generally known as “netiquette”. As a general rule, you should adhere to the same classroom conduct that you would “off-line” in a face-to-face course. Some examples of proper netiquette are: ● ● ● ● ● ● ● Avoid writing messages in all capital letters. THIS IS GENERALLY UNDERSTOOD AS SHOUTING. Be careful what you put in writing. Even if you are writing an e-mail message to one person, assume that anyone could read it. Though you may send an e-mail to a single person, it is very easy to forward your message to hundreds or thousands of people. Students use of grammar and spelling matter in all classrooms whether face-to-face or online. Never use profanity in any area of an online course. The transcripts of online course bulletin boards, email, and chat sessions are savable. When responding to messages, only use “Reply to All” when you really intend to reply to all. Avoid unkindly public criticism of others. Publicly criticizing others in an inappropriate way is known as “flaming”. Use sarcasm cautiously, in the absence of nonverbal cues such as facial expressions and voice inflections, the context for your sarcasm may be lost, and your message may thus be misinterpreted. In a face-to-face setting, our tone and facial expressions may convey as much of our meaning as the words we use. In a written message, the subtext of your meaning may be confused or misinterpreted. Please do not use Internet slang abbreviations (e.g., “lol”, “brb”, etc.). Not everyone may understand. Source: How to Succeed in an Online Course: Study Skills and Survival Tips. 6.2.05 http://www.distancelearning.org/howtosucceed.html 12 VIRTUAL CLASSROOM To log in the First Time: 1. 2. 3. Go to http://blackboard.ivcc.edu Follow the instructions. Do Not Forget to Change Your Password once you have logged in successfully! FINAL SPECIAL NOTE: As stated earlier, it is the student’s responsibility to initiate in a withdrawal from this class. The final date for withdraw is November 4, 2015. Anyone remaining after that date will receive a letter grade according to the point structure listed above. 13 XI. ASSIGNMENTS AND DUE DATES DUE DATE EXERCISE PROBLEM QUIZ OTHER DELIVERY DAY DATE TIME METHOD AUGUST 1-1, 1-2, 1-3, 1-4, 1-5, 1-6, 1-7, 1-8 1-4A, 1-5A CH 1 SUN 08/23/15 11:55PM CENGAGE 2-1, 2-2, 2-3, 2-4, 2-5, 2-6, 2-7, 2-8 2-2A, 2-4A CH 2 THU 08/27/15 11:55PM CENGAGE CH 3 TUE 09/01/15 11:55PM CENGAGE FRI 09/04/15 10:00AM PAPER SEPTEMBER 3-1, 3-2, 3-3, 3-4, 3-5, 3-6, 3-7, 3-8 3-4A, 3-5A EXAM 1 4-1, 4-2, 4-3, 4-4, 4-5, 4-6, 4-7, 4-8, 4-9 4-3A, 4-5A CH 4 TUE 09/15/15 11:55PM CENGAGE 5-1, 5-2, 5-3, 5-4, 5-5, 5-6, 5-7, 5-8, 5-9,5-10 5-3A, 5-5A CH 5 SUN 09/20/15 11:55PM CENGAGE EXAM 2 WED 09/23/15 10:00AM PAPER CYC REV PRB SUN 09/27/15 11:55PM CENGAGE CH 6 TUE 09/29/15 11:55PM CENGAGE 6-1, 6-2, 6-3, 6-4, 6-5, 6-6, 6-7, 6-8 6-3A, 6-4A OCTOBER 7-1, 7-2, 7-3, 7-4, 7-5, 7-6, 7-7, 7-8 7-2A, 7-4A CH 7 TUE 10/13/15 11:55PM CENGAGE 8-1, 8-2, 8-3, 8-4, 8-5, 8-6, 8-7, 8-8 8-2A, 8-4A CH 8 THU 10/22/15 11:55PM CENGAGE MON 10/26/15 10:00AM PAPER EXAM 3 NOVEMBER 14 9-1, 9-2, 9-3, 9-4, 9-5, 9-6, 9-7, 9-8, 9-9, 9-10 9-5A, 9-6A CH 9 TUE 11/03/15 11:55PM CENGAGE 10-1, 10-2, 10-3, 10-4, 10-5, 10-6,10-7,10-8, 10-9, 10-10 10-4A, 105A CH 10 TUE 11/17/15 11:55PM CENGAGE FRI 11/20/15 10:00AM PAPER EXAM 4 DECEMBER 11-1, 11-2, 11-3, 11-4, 11-5, 11-6, 11-7 11-2A, 115A CH 11 TUE 12/01/15 11:55PM CENGAGE 12-1, 12-2, 12-3, 12-4, 12-5,12-6, 12-7, 12-8 12-2A, 124A CH 12 SUN 12/06/15 11:55PM CENGAGE COMP REV PR TUE 12/08/15 11:55PM CENGAGE EXAM 5 FRI 12/11/15 10:00AM PAPER 15 XXII. CLASS SCHEDULE Class WEEK 1 2 Meeting # Day Date Lecture Chapter 1 2 3 4 5 6 Monday Wednesday Friday Monday Wednesday Friday 08/17/15 08/19/15 08/21/15 08/24/15 08/26/15 08/28/15 CH 1 CH 1 CH 2 CH 2 CH 2 CH 3 Exam AUGUST Other SEPTEMBER 3 7 8 9 4 5 6 7 10 11 12 13 14 15 16 17 18 19 Monday Wednesday Friday Monday Wednesday Friday Monday Wednesday Friday Monday Wednesday Friday Monday Wednesday 08/31/15 09/02/15 09/04/15 09/07/15 09/09/15 09/11/15 09/14/15 09/16/15 09/18/15 09/21/15 09/23/15 09/25/15 09/28/15 09/30/15 CH 3, 4 CH 4 EXAM 1 LABOR DAY - COLLEGE CLOSED CH 4 CH 4 CH 4, 5 CH 5 CH 5 CH 6 EXAM 2 CH 6 CH 6 CH 7 OCTOBER 8 9 10 11 20 21 22 23 24 25 26 27 28 29 30 31 Friday Monday Wednesday Friday Monday Wednesday Friday Monday Wednesday Friday Monday Wednesday Friday 10/02/15 10/05/15 10/07/15 10/09/15 10/12/15 10/14/15 10/16/15 10/19/15 10/21/15 10/23/15 10/26/15 10/28/15 10/30/15 CH 7 CH 7 CH 7 ENRICHMENT DAY - COLLEGE CLOSED CH 7, 8 CH 8 CH 8 CH 8 CH 8, 9 CH 9 EXAM 3 CH 9 CH 9 NOVEMBER 12 13 32 33 34 35 36 Monday Wednesday Friday Monday Wednesday Friday 11/02/15 11/04/15 11/06/15 11/09/15 11/11/15 11/13/15 CH 9, 10 OPEN CH 10 CH 10 LAST DAY FOR WITHDRAW VETERAN'S DAY - COLLEGE CLOSED CH 10 16 14 15 16 37 38 39 40 41 Monday Wednesday Friday Monday Wednesday Friday 11/16/15 11/18/15 11/20/15 11/23/15 11/25/15 11/27/15 Monday 11/30/15 CH 10, 11 CH 11 EXAM 4 CH 11 THANKSGIVING BREAK - COLLEGE CLOSED THANKSGIVING BREAK - COLLEGE CLOSED CH 11, 12 DECEMBER 17 18 42 43 44 45 Wednesday Friday Monday Friday 12/02/15 12/04/15 12/07/15 12/11/15 CH 12 CH 12 REVIEW EXAM 5 17