Central Ohio Technical College
Division of Engineering, Industrial, & Business
Accounting Technology
Spring Semester, 2013
January 7, 2013 to May 1, 2013
Class Syllabus
Course Title:
Financial Accounting
Course Number:
ACCT-111
Instructor:
Amanda Mosely
Licking Heights High School – Room 118
Office telephone: 740-927-9046
amosely@laca.org
Required Materials:
Textbook:
Gilbertson, Lehman (2008). Multicolumn Journal, Century 21 Accounting, (9E).
Mason, OH: South-Western Cengage Learning.
Packets:
None
Supplies:
Calculator
Additional Materials: Working Papers: Online Chapter 1-24
Closed Reserve:
None
ITS Resources:
http://www.cotc.edu/faculty-and-staff/it-support/Pages/index.aspx
Student Services:
http://www.cotc.edu/student-life/Pages/default.aspx
Library:
http://www.cotc.edu/libraries/Pages/default.aspx
College-Wide Policies:
1.
Assessment -- As part of COTC’s campus-wide assessment initiatives (quality assurance program),
samples of student performance such as test results, projects, papers, etc. may be used. The data
gathered will not identify individual students and are not related to the student’s grade for the course,
but this data will be used to improve student learning at COTC.
2.
Disability -- Any student who has need for accommodations due to a disability must first register with
the Office for Disability Services (ODS). Please call ODS at 740-366-9441 to discuss your needs and
the procedures for getting accommodations. Students then must notify the instructor of their
authorized accommodations, preferably within the first week of class. For online information about
the Office for Disability Services, see http://www.cotc.edu/student-life/ODS/Pages/index.aspx
3.
Plagiarism Statement – Submitting plagiarized work for an academic requirement is considered
academic misconduct. Plagiarism is the representation of another’s work or ideas as one’s own; it
includes the unacknowledged word-for-word use and/or paraphrasing of another person’s work,
and/or inappropriate unacknowledged use of another person’s ideas. For additional details, see
http://www.cotc.edu/student-life/Documents/Handbook.pdf
4.
Diversity Statement – It is the responsibility of the faculty member and the student to foster and
maintain a harmonious, non-threatening and non-discriminating environment in the classroom. The
College is committed to follow a non-discriminatory policy and encourages diversity as part of the
community environment. Therefore, all individuals are to be respected as equal and contributing
partners of our society.
5.
Withdrawal Date Statement -- Students enrolled in regular quarter courses should check the Official
COTC Calendar or with the Gateway Office of Student Records for last date to withdraw from this
class. Students enrolled in flexibly scheduled courses should check with the Gateway Office of
Student Records for the last date to withdraw from the flexibly scheduled course.
For a full list of College policies, see http://www.cotc.edu/current-students/policiesprocedures/Pages/index.aspx
General Policies:
a. Calculators for tests: Use of a graphing or programmable calculator is prohibited during
quizzes and exams. Students should acquire a basic calculator for use during quizzes and
exams in this course. Students are not allowed to share calculators during tests!
b.
Make- up Work: .All in-class work including quizzes is considered as part of the class
participation evaluation. One quiz will be dropped. No make-up quizzes will be given for
unexcused absence; however, if a student has taken all of the quizzes, the lowest score will
be dropped. Any late assignments/tests will automatically be penalized 10% deduction for
each day. NO assignments or tests will be accepted more than one week late unless there is
an emergency situation. If a student misses the midterm exam, a make-up midterm will only
be given at the discretion of the instructor after the student has presented a reasonable
excuse and discussed it with the instructor. If a make-up midterm exam is given, it must be
made up within a week of the original midterm exam.
c.
Modification of Policies: Any of these policies may be modified by the instructor either via
verbal or written notification in class. In extreme circumstances, a policy may be modified for
a particular student only and will not be considered applicable to or binding for other
students. Due dates for exams, homework assignments, et cetera may be changed as the
semester progresses, and as a result, class attendance is of paramount importance.
Course Evaluation:
C Grade: Those students majoring in Accounting must obtain a C grade (2.0) or better in ACCT-111 before
being permitted to take the accounting courses for which ACCT-111 is a prerequisite.
Final grades will be earned based upon the following:
Total Points
11 quizzes @ 25 points each (11 Quizzes; 1 Dropped)
250
Midterm Exam
100
Comprehensive Final Exam
150
Homework assignments
300
Total Possible Points
800
The details of homework assignments will be discussed in class. Quizzes will consist of objective questions
related to material covered in the text and during class.
Final Grades:
Final grades will be computed using the following scale:
Grade
A
AB+
B
BC+
C
CD+
D
DF=
Points
720 – 800
696 – 719
672 – 695
640 – 671
616 – 639
592 – 615
560 – 591
536 – 559
512 – 535
480 – 511
456 – 479
below 455 points
Percentage
90-100
87-89
84-86
80-83
77-79
74-76
70-73
67-69
64-66
60-63
57-59
below 57%
Course Calendar: Changes may occur in this calendar due to unforeseen events. Students will be notified of
schedule changes by course email should they occur.
Additional Notes
Due dates for Homework Assignments will be announced during class.
Week
Topic/Chapter
Week 1
Week 2
The Accounting Environment
Changes that Affect Accounting Equation, Analyzing
Transactions into Debit & Credit, Journalizing Transactions,
Posting to a General Ledger. Chpt 1, Chpt 2, Chpt 3, Chpt 4
Journalizing Purchases & Cash Payments, Journalizing
Sales & Cash Receipts Using Special Journals, Posting to
General & Subsidiary Ledgers. Chpt 9, Chpt 10, Chpt 11
Distributing Dividends and Preparing a Worksheet for a
Merchandising Business. Chpt 14
Financial Statements for a Corporation. Chpt 15
Recording Adjusting & Closing. Chpt 16
Midterm Exam Week
Accounting for Uncollectible Accounts. Chpt 17
Accounting for Plant Assets & Depreciation. Chpt 18
Accounting for Inventory. Chpt 19
Accounting for Notes & Interest. Chpt 20
Accounting for Accrued Revenue & Expenses. Chpt 21
End-of-Fiscal-Period Work for a Corporation. Chpt 22
Investments in Other Firms; Articles of Summary; Financial
Statements Analysis
Final Exam Week
Week 7
Week 10
Week
Week
Week
Week
Week
Week
Week
Week
Week
Week
12
14
16
17
20
23
26
29
32
35
Week 37
Quizzes/Exams
Quiz 1
Quiz 2
Quiz 3
Quiz 4
Quiz 5
Midterm Exam
Quiz 6
Quiz 7
Quiz 8
Quiz 9
Quiz 10
Quiz 11
Final Exam
Central Ohio Technical College
Division of Engineering, Industrial, & Business
Accounting Technology
Standardized Course Syllabus
Course Title:
Financial Accounting
Course Number:
ACCT - 111
Course Credit:
__3___credit hours
Course Contact Hrs:
__2__ hours of lecture
__2__ hours of college lab
_____ hours of clinical lab/practicum/directed practice
__4__Total contact hours
Course Prerequisite:
None. Course is graded A–F.
Course Description:
This course focuses on the rules of financial accounting and reporting for the
corporate form of business. The course begins with basic accounting procedures including journalizing
transactions, adjusting accounts and preparing the trial balance. The course will then cover the preparation
and analysis of the corporate balance sheet, income statement, statement of stockholders’ equity and the
statement of cash flows. Material covered will include receivables, inventory methods, internal control, plant
and equipment and depreciation, current liabilities, long-term debt financing, equity financing, analysis of
financial statements and investments in other corporations. Course is graded A-F.
Required Topics:
I. The Environment of Accounting
1.00 The Role of Accounting in Society
1.01 Financial Information and Resource Allocation
1.02 Accounting and the Corporation
1.03 Auditing and Credibility in Reporting
1.04 Structure of the Accounting Profession
1.05 Ethics, Reputation, and Legal Liability in Accounting
1.06 Types of Business Organizations
2.00 Accounting Standards and Regulation Structures
2.01 Financial Statements and Generally Accepted Accounting Principles
2.02 The FASB and Financial Accounting Standards
2.03 Government Oversight of Accounting and Auditing
II. The Accounting Model
3.00 The Basic Corporate Financial Statements
3.01 Income Statement and Balance Sheet for Corporation
3.02 Statement of Equity and Retained Earnings Balances
3.03 Cash Flow Statement
3.04 Other Elements of the Corporate Annual Report
4.00 Analysis of Business Activity
4.01 The basic accounting model (“balance sheet equation”)
4.02 Income measurement and accrual accounting
4.03 Impact of simple transactions on “balance sheet equation”
4.04 Debits and credits
4.05 Accounting records (journal, ledgers, and computer systems)
5.00 Preparation of Corporate Financial Statements
5.01 The accounting cycle (trial balances, adjustments)
5.02 Income statement and balance sheet
5.03 Statement of equity and retained earnings
5.04 Cash flow statement
III. Accounting for Key Domains of Business Activity
6.00 Revenues and Receivables
6.01 Accounting for service and merchandise revenues
6.02 Reporting customer receivables-allowances and write-offs
7.00 Merchandising and Inventory
7.01 Accounting for the cost of purchases and sales of merchandise
7.02 Inventory records (perpetual, periodic)
7.04 Inventory accounting methods (FIFO, LIFO, etc)
7.05 Lower of cost or market valuation
8.00 Working Capital
8.01 Classification of current assets and current liabilities
8.02 Management of working capital
8.03 Measures of working capital use (current ratio, etc.)
8.04 Internal control of cash
9.00 Long-Lived Assets
9.01 Acquisition cost
9.02 Depreciation accounting and depreciation methods
9.03 Accounting for disposition of assets
9.04 Intangible assets
10.00 Long-term Debt Financing
10.01 The nature of liabilities
10.02 Types of long-term liabilities (long-term debt, deferred tax liabilities, pension and postretirement benefit liabilities, contingent liabilities, leases, etc.)
10.03 Effective interest method (present value analysis) and accounting for long-term liabilities
11.00 Equity Financing
11.01 Debt vs. equity
11.02 Types of equity (preferred, common, treasury)
11.03 Accounting for stock (issuance. dividends)
11.04 Book value vs. market value
IV. Using Financial Statements
12.00 Analysis of Financial Statements
12.01 Objectives of financial statement analysis
12.02 Sources of company information
12.03 Financial ratios
12.04 Earnings per share
13.00 The Annual Report
13.01 Accounting elements of annual report
13.02 Management elements of annual report
13.03 SEC reporting requirements
14.00 Intercorporate Investments
14.01 Accounting for long-term investments
14.02 Consolidated financial statements
14.03 Purchased goodwill
Course Competencies and Corresponding Student Learning Outcomes:
Upon successful completion of this course, the student will be able to:
1.00 Understand the broad role that accounting information plays in the economy.
1.01 Explain the role of providing financial information in resource allocation.
1.02 Describe the basic organization of the Corporation and the role of accounting in reporting its
results of operations and financial position.
1.03 Describe the role of auditing in providing credibility for financial reporting.
1.04 Describe the structure of the accounting profession
1.05 Explain the importance of ethics, reputation, and legal liability in the accounting profession.
1.06 Distinguish among the major types of business organizations by describing the
characteristics common to each type.
1.07 Explain the role of accounting standards and regulation structures in financial accounting.
1.08 Explain the function of Generally Accepted Accounting Principles in preparing financial
statements and be able to apply selected principles to factual situations.
1.09 Describe the role and process of the FASB in setting Financial Accounting Standards.
1.10 Explain the Government Oversight of Accounting and Auditing including the role of the SEC
and the PCAOB in your description.
2.00 Understand of basic financial statements their nature, purposes and use by business
decision makers.
2.01 State the purpose of an Income Statement and Balance Sheet for a Corporation.
Summarize how these statements would be used by decision makers.
2.02 Given an annual report identify the Income Statement and Balance Sheet for a Corporation.
2.03 State the purpose of a Statement of Equity and describe the calculation of Retained
Earnings Balances. Summarize how this statement would be used by decision makers.
2.04 Identify the Statement of Equity for a Corporation within an annual report.
2.05 State the purpose of a Cash Flow Statement. Summarize how this statement would be
used by decision makers.
2.06 Identify the Cash Flow Statement for a Corporation within an annual report.
2.07 Describe the Other Elements of the Corporate Annual Report.
3.00 Develop the ability to use the language of accounting and apply the important concepts on
which financial reporting is based.
3.01 State the basic accounting model (“balance sheet equation”) and apply the equation to
calculate equity.
3.02 Define accrual accounting and apply the revenue recognition principle and the matching
principle in Income measurement.
3.03 Describe the Impact of simple transactions on the “balance sheet equation”.
3.04 State the rules of Debits and credits as they apply to asset, liability, equity, revenue and
expense accounts.
3.05 Maintain appropriate accounting records such as journals, ledgers, and computerized
accounting systems.
3.06 Complete the steps necessary for the preparation of corporate financial statements.
3.07 Describe the process of completing the accounting cycle (trial balances, adjustments).
Complete a problem using the steps in the accounting cycle.
3.08 Define and be able to construct an Income statement and balance sheet.
3.09 Define and be able to construct a Statement of equity and retained earnings.
3.10 Define and be able to construct a Cash flow statement.
4.00
Develop an appreciation of general business concepts and processes.
4.01 Define revenues and receivables.
4.02 Explain the accounting for service and merchandise revenues. Prepare journal entries to
record transactions involving revenues.
4.03 Describe the reporting of customer receivables and allowances for uncollectible accounts.
Prepare adjusting entries to record the allowances and entries for the write-offs of receivables.
4.04 Prepare journal entries for merchandising and inventory transactions.
4.05 Describe the accounting for the cost of purchases and sales of merchandise
4.06 Prepare inventory records using the perpetual and periodic methods.
4.07 Calculate inventory balances using the following accounting methods: FIFO, LIFO, etc.
4.08 Calculate inventory balances using the lower of cost or market valuation.
4.09 Identify internal controls over cash transactions.
4.10 Identify long-lived assets.
4.11 Identify the costs that are included in the Acquisition cost of long-lived assets. Prepare the
journal entries to record the costs.
4.12 Explain depreciation accounting and calculate and record depreciation using various
depreciation methods.
4.13 Record the journal entries used in the accounting for disposition of assets.
4.14 Account for intangible assets and amortization.
4.15 Account for long-term debt financing.
4.16 Describe the nature of liabilities.
4.17 Define and record the various types of long-term liabilities (long-term debt, deferred tax
liabilities, pension and post-retirement benefit liabilities, contingent liabilities, leases, etc.)
5.00 Develop an ability to analyze the impact of basic business transactions on the financial
statements of a business corporation.
5.01 Define current assets and current liabilities and define and calculate Working Capital.
5.02 Use the appropriate classifications of current assets and current liabilities in preparing a
balance sheet.
5.03 Evaluate the management of working capital for selected companies.
5.04 Compute various measures of working capital use (current ratio, etc.) Explain the
significance of each of the measures.
5.05 Describe the effective interest method (present value analysis)and apply the method in
accounting for long-term liabilities
5.06 Discuss the advantages and disadvantages of equity financing.
5.07 Contrast debt vs. equity financing.
5.08 Define the various types of equity (preferred, common, treasury.)
5.09 Prepare the journal entries required in accounting for stock (issuance. dividends)
5.10 Define book value vs. market value for stocks.
6.00 Develop an ability to construct basic financial statements for a simple corporate business
entity.
6.01 Given appropriate information prepare an Income Statement and Balance Sheet for a
Corporation.
6.02 State the purpose of a Statement of Equity and describe the calculation of Retained
Earnings Balances.
6.03 Given appropriate information prepare a Statement of Equity for a Corporation.
6.04 State the purpose of a Cash Flow Statement.
6.05 Given appropriate information prepare a Cash Flow Statement for a Corporation.
7.00 Develop an ability to evaluate the financial performance of a simple corporation on the
basis of its financial statements.
7.01 Describe the objectives of financial statement analysis.
7.02 Discuss the sources of company information.
7.03 Calculate liquidity, leverage and profitability financial ratios and discuss their significance.
7.04 Calculate basic and diluted earnings per share.
7.05 Describe the accounting elements of an annual report.
7.06 Describe the management elements of an annual report.
7.07 Discuss SEC reporting requirements.
7.08 Account for available for sale intercorporate investments. Also use the equity method of
accounting for intercorporate investments.
7.09 Prepare journal entries required in accounting for long-term investments.
7.10 Define consolidated financial statements and
7.11 Discuss the reporting requirements for purchased goodwill.
Reviewed/Revised/Approved: July 29, 2012