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****COLLEGE OF BUSINESS****
ACADEMIC SYLLABUS
ACG 2021
Financial Accounting
Fall Term 2014
INSTRUCTOR:
Dr. Laurel Cobb
EMAIL: Please use the course email system
REQUIRED TEXTBOOK & OTHER RESOURCE INFORMATION:



Horngren, Harrison, & Oliver: Financial and Managerial Accounting, 3e. Pearson.
(Volume One)
Access to MyAccountingLab (Included with the book).
Access to high speed Internet.
Important: This book is a custom edition for the Saint Petersburg College only.
Note: Instructions on how to register for MyAccountingLab will be provided in Angel.
Library: http://www.spcollege.edu/central/libonline/.
COURSE DESCRIPTION:
This course is a study of basic accounting principles including the recording and
reporting of financial activity. The preparation and interpretation of financial
statements with emphasis on the corporation is also studied. 47 contact hours.
MAJOR LEARNING OUTCOMES:
1. The student will explain the principles of financial accounting, the business
environment and accounting systems.
2. The student will record adjusting journal entries and complete the accounting
cycle.
3. The student will describe the concepts of merchandising operations and
inventories.
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4. The student will identify the methods for internal control, cash and receivables
in an organization.
5. The student will explain the acquisition and disposal of plant assets and
intangible assets.
6. The student will define accounting practices for current liabilities and payroll.
7. The student will estimate and record transactions related to a corporation’s
long-term liabilities and paid-in capital.
CLASS SCHEDULE:
MODULE
Module 1
TOPIC
Course Overview
CH 1
Accounting and the Business Environment:
1 Define accounting vocabulary
2 Define the users of financial information
3 Describe the accounting profession and the
organizations that govern it
4 Identify the different types of business organizations
5 Delineate the distinguishing characteristics and
organization of a corporation
6 Apply accounting concepts and principles
7 Describe the accounting equation, and define assets,
liabilities, and equity
8 Use the accounting equation to analyze transactions
9 Prepare financial statements
MODULE
Module 2
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ASSIGNMENTS
TOPIC
CH 2
Recording Business Transactions:
1 Explain accounts, journals, and ledgers as they relate
to recording transactions and describe
2 Define debits, credits, and normal account balances,
and use double-entry accounting and T accounts
3 List the steps of the transaction recording process
4 Journalize and post sample transactions to the ledger
5 Prepare the trial balance from the T accounts
Homework CH1
MyAccountingLab
Chapter Exam CH1:
MyAccountingLab
ASSIGNMENTS
Homework CH2
MyAccountingLab
Chapter Exam CH2:
MyAccountingLab
2
Module 3
Module 4
CH 3
The Adjusting Process:
1 Differentiate between accrual and cash basis
accounting
2 Define and apply the accounting period concept,
revenue recognition and matching principles,
3 Explain why adjusting entries are needed
4 Journalize and post adjusting entries
5 Explain the purpose of and prepare an adjusted trial
balance
6 Prepare the financial statements from the adjusted trial
balance
CH 4
Completing the Accounting Cycle:
1 Prepare an accounting worksheet
2 Use the worksheet to prepare financial statements
3 Close the revenue, expense, and dividend accounts
4 Prepare the post -closing trial balance
5 Classify assets and liabilities as current or long term
CH 5
Merchandising Operations:
1 Describe and illustrate merchandising operations and
the two types of inventory systems
2 Account for the purchase of inventory using a perpetual
system
3 Account for the sale of inventory using a perpetual
system
4 Adjust and close the accounts of a merchandising
business
5 Prepare a merchandiser's financial statements
7 Account for the sale of inventory using a periodic
system (Appendix 5A)
Module 5
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CH 6
Merchandise Inventory:
1 Define accounting principles related to inventory
2 Define inventory costing methods
3 Account for perpetual inventory using the three most
common costing methods
4 Compare the effects of the three most common
inventory costing methods
5 Apply the lower-of-cost-or-market rule to inventory
7 Estimate ending inventory by the gross profit method
8 Account for periodic inventory using the three most
common costing methods
Homework CH3
MyAccountingLab
Chapter Exam CH3:
MyAccountingLab
Homework CH4
MyAccountingLab
Chapter Exam CH4:
MyAccountingLab
Homework CH5
MyAccountingLab
Chapter Exam CH5:
MyAccountingLab
Homework CH6 &
MyAccountingLab
Chapter Exam CH6:
MyAccountingLab
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CH 7
Internal Control and Cash
1 Define internal control
2 Explain the Sarbanes-Oxley Act
3 List and describe the components of internal control
and control procedures
4 Explain control procedures unique to e-commerce
5 Demonstrate the use of a bank account as a control
device
6 Prepare a bank reconciliation and journalize the related
entries
7 Apply internal controls to cash receipts
8 Apply internal controls to cash payments
9 Explain and journalize petty cash transactions
Module 6
CH 8
Receivables:
1 Define and explain common types of receivables and
review internal controls for receivables
2 Use the allowance method to account for uncollectibles
3 Understand the direct write-off method for
uncollectibles
4 Journalize credit card and debit card sales
5 Account for notes receivables
6 Report receivables on the balance sheet (only)
CH 9
Plant Assets and Intangibles
1 Measure the cost of a plant assets
2 Account for depreciation
3 Record the disposal of an asset by sale or trade
4 Account for natural resources
5 Account for intangible assets
Module 7
CH 10
Current Liabilities and Payroll:
1 Account for current liabilities of known amount
2 Account for current liabilities that must be estimated
3 Calculate payroll and payroll tax amounts
4 Journalize basic payroll transactions
CH 11
Long-Term Liabilities, Bonds Payable, and
Classification of Liabilities of the Balance Sheet:
1 Journalize transaction for long-term notes payable and
mortgages payable
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Homework CH7
MyAccountingLab
Chapter Exam CH7:
MyAccountingLab
Homework CH8
MyAccountingLab
Chapter Exam CH8:
MyAccountingLab
Homework CH9
MyAccountingLab
Chapter Exam CH9:
MyAccountingLab
Comprehensive
Problem is due
MyAccountingLab
(Details are provided
by the instructor)
Homework CH10
MyAccountingLab
Chapter Exam CH10:
MyAccountingLab
Homework CH11
MyAccountingLab
Chapter Exam CH11:
4
2 Describe bonds payable
3 Measure interest expense on bonds using the straightline amortization method
4 Report liabilities on the balance sheet
Module 8
CH12
Corporations: Paid-in Capital and the Balance Sheet
1 Review the characteristics of a corporation
2 Describe the two sources of stockholders' equity and
the classes of stock
3 Journalize the issuance of stock and prepare the
stockholder's equity section of a corporation balance
sheet
4 Illustrate Retained earnings transactions
5 Account for cash dividends
Review of all the Chapters and Preparation for Final
Exam.
MyAccountingLab
Homework CH12
MyAccountingLab
Chapter Exam CH12:
MyAccountingLab
Cumulative Final
Exam:
MyAccountingLab
Academic calendar: http://www.spcollege.edu/calendar/
Financial Aid: http://www.spcollege.edu/getfunds/
DISCIPLINE SPECIFIC INFORMATION:
Accounting, in general is a challenging subject that requires a lot of patience,
perseverance, practice and study to learn. This is an intensive course. It is
recommended to dedicate a minimum of 12-15 hours per week (in an 8-week session)
and 6-7.5 hours per week (in a 16-week session) to its study. Online and blended
classes give the student a lot of flexibility in regards to study time but it is imperative to
get organized and set a consistent time per week to master the learning objectives and
complete the assessments of this course.
The learning process can be very demanding, but at the same time it will be very
rewarding. The world of accounting is fascinating and will help you develop a new set of
skills that will open the doors to a whole new world of opportunities.
ATTENDANCE:
The college-wide attendance policy is included in the Syllabus Addendum at:
http://www.spcollege.edu/webcentral/policies.htm
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Students classified as “No Show” for both of the first two weeks will be administratively
withdrawn from the class.
For face to face classes “No Show” means not physically present in the classroom at the
moment attendance is taken.
For blended classes “No Show” means not physically present in the classroom and/or
never logged into Angel.
For online classes “No Show” means never logged into Angel.
Students who have not completed more than 40% of their assignments due (homework
& chapter exams) at the 60% point will be considered as “not actively participating” in
the class and may be administratively withdrawn with a grade of “WF”.
GRADING:
Grades will be earned in four parts, as follows:
Homework (5 attempts, unlimited time) --------------------- 20%
Chapter Exams (1 attempt, time limit) ----------------------- 50%
Comprehensive Problem (5 attempts, unlimited time) - 10%
Cumulative Final Exam (1 attempt, time limit) ------------- 20%
Total percentage ------------------------------------------------- 100.00%
A
B
C
D
F
90 - 100%
80 - 89%
70 - 79%
60 - 69%
Less than 60%
ASSIGNMENTS:
It will be the students’ responsibility to complete their assignments on time and in an
acceptable manner. Thus, late assignments will not be accepted unless
substantiated with documentation due to extreme extenuating circumstances.
Assignments that are not completed by the due date will receive a zero (0). In
consideration of personal contingencies, the instructor will drop the student’s lowest
score on homework and chapter exams. With this rule, the student will not be penalized
for a low score on a homework and chapter exam.
Please pay attention to the instructions for every assignment such as due date, time
allowed (if that is the case), maximum attempts, etc. The instructions will be displayed in
MyAccountingLab.
The due date for assignments will be posted by the instructor in MyAccountingLab and
Angel.
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STUDENTS’ AND INSTRUCTOR’S EXPECTATIONS:
Online /Student Conduct
http://www.spcollege.edu/ecampus/help/conduct.htm
Online Student, Faculty and Staff Expectations and Performance Targets
http://www.spcollege.edu/ecampus/help/expectations.htm
Academic Honesty Policy
http://www.spcollege.edu/AcademicHonesty/
STUDENT SURVEY OF INSTRUCTION:
The student survey of instruction is administered in courses each semester. It is
designed to improve the quality of instruction at St. Petersburg College. All student
responses are confidential and anonymous and will be used solely for the purpose of
performance improvement.
SYLLABUS CHANGES:
Will be posted in ANGEL and announced to all students.
SYLLABUS ADDENDUM:
Please make sure you read the information in the addendum.
http://www.spcollege.edu/webcentral/policies.htm
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