Rev. Fall 2009
ACCT 2003, PRINCIPLES OF ACCOUNTING I
Course Philosophy and Instructor Requirements
Philosophy: This course is designed to teach the accounting cycle for merchandising and service-oriented business organizations. The
primary emphasis is on financial accounting principles applicable to measuring assets, liabilities, and owners’ equity. Expectations are
that once students complete this course they will be able to successfully complete Principles of Accounting II.
Instructor Objectives: The instructor’s teaching techniques should ensure that the students are able to:
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Describe the nature of accounting and how it is used in business, especially in the decision-making process.
Illustrate basic accounting principles and practices, including the double-entry system, financial statements, adjusting entries, and
closing entries.
Apply the accounting principles to service-oriented and merchandising businesses.
Apply accounting principles to more complex situations, such as internal control, subsidiary ledgers, and analyses of financial
statements.
Apply accounting principles to the measurement and reporting of specialized areas such as inventories, receivables, liabilities,
and long-term assets.
Course Teaching Requirements: The following should be followed by all instructors teaching this course (online and in the traditional
setting).
1.
Chapters 1-10 should be covered during the semester; MyAccountingLab (MAL) access for students is recommended. (Bonds
topic in Chapter 10 is optional; it will be covered in Accounting II.)
2.
The following should be completed by each student, one chapter at a time:
a. Read the chapter, working the assigned homework at the end of each chapter or similar exercises in MAL.
b. Homework, class participation, and/or online discussions should count no more than 15 percent of the student’s total
grade.
3.
A test should be given over two-three chapters at a time.
a. Each test should have an objective part.
b. Each test should have an application part.
4.
In online classes only* - a midterm exam should be given over Chapters 1-5.
a. It must be proctored at an approved proctoring location; it can be given in MAL with a password for proctor.
b. The exam should have an objective part.
c. The exam should have an application part, including general journal entries with adjusting and closing entries,
worksheet, and financial statements with income statement for merchandising company and classified balance sheet.
d. This exam should count 25 percent** of the course grade.
5.
The final exam should be comprehensive over Chapters 1-10.
a. If the course is online it must be proctored at an approved proctoring location; it can be given in MAL with a password
for the proctor.
b. The exam should have an objective part.
c. The exam should have an application part, including general journal entries with inventory, uncollectible account, cash,
receivables, long-term assets, intangible assets, liabilities, and payroll.
d. In online classes only - this exam should count 25 percent** of the course grade.
*Proctored midterm exams in online classes are important so the student and the instructor can better evaluate the student’s
potential for success in completing the course before the drop date. It is especially important in this learning environment since
the instructor does not have face-to-face contact with students and cannot know for sure it is the student who is doing the work.
**The midterm and final exam should account for 50 percent of the course grade in online classes.
Assessment Responsibilities: Instructors teaching this course (online and traditional) will be expected to participate in assessment
activities as dictated by the division. You will be given further information/instruction by the lead instructor during the term assessments
are to be completed.
Business & Agriculture Division Contact Information:
Division Chair: Robert Mitchum, 501.882.8847, rlmitchum@asub.edu
Lead Instructor: Dr. Shirley Powell, 501.882.8838, sjpowell@asub.edu
Online Course Monitor: Wendell Dillard, 501.882.8914, wldillard@asub.edu