Heartland Community College
Social and Business Sciences Division
Course Syllabus for Students
Course Prefix and Number: ACCT 120
Course Title: Small Business Accounting
Prerequisite: None
Credit Hours: Lecture Hours 3 Laboratory Hours 0
Days and times the course meets: For the academic year 2010-2011 Section 1 Monday
through Friday 7:15-8:05am and Section 2 Monday through Friday 1:40-2:30 pm
Catalog Description:
General accounting principles and their application to small businesses. Topics will include the
accounting cycle, special journals and ledgers, cash and receivables, inventory, depreciation, product
costing, cost analysis, and financial statement preparation. Practical application will be emphasized
throughout the course.
Instructor Information:
Instructor: Dana L Starkey
Office location: NCHS Business Office Room 2333
E-Mail: starkedl@unit5.org
Office phone: Business office 728-5000 ext. 4136 or Voice mail 728-5000 box 4886
Office hours
Each school day 6:45-7:15am, 9:00-9:55am, 11:50am-12:40pm and 2:30-2:50pm
Textbook and supplies:
Business Accounting (Primis Online Custom Textbook) McGraw Hill-Primis
College Accounting, Chap 1-14, Wild, Richardson, Shaw. McGraw Hill
Relationship to Academic Development Programs and Transfer:
ACCT 120 was designed to meet the specific needs of students in the Small Business Management and
the Accounting Foundations program and not necessarily as a transfer course, particularly in relation to
the Illinois Articulation Initiative. This course may transfer to various institutions in a variety of ways.
Please see an academic advisor for an explanation concerning transfer options.
It should be noted that this course generally will not transfer as Financial Accounting or Managerial
Accounting as required for most four-year business degrees.
COURSE OBJECTIVES
Learning Outcomes:
Upon completion of this course, students will be able to:
1.
Understand the role of accounting as an information development and communication function
that supports economic decision-making.
2.
Apply basic financial accounting concepts and theory to the specific topics of study in the
course.
3.
Utilize the basic accounting record keeping procedures of a financial accounting system and the
steps followed in the basic accounting cycle to record business transactions.
4.
Prepare an income statement and show a comprehensive knowledge of its components.
5.
Prepare a balance sheet and show a comprehensive knowledge of its components.
6.
Prepare a statement of cash flows and show a comprehensive knowledge of its components.
7.
Utilize the basic process used to measure, record, and report sales, inventory, and cost of goods
sold for a retailing firm.
8.
Understand of how the computer can be utilized to assist in the basic record keeping aspects of
an accounting system.
9.
Develop the basic accounting knowledge and decision-making skills necessary for more
advanced courses in accounting and business.
Course Outline:
1.
2.
3.
4.
5.
6.
7.
8.
9.
Introduction to Accounting and the Accounting Model
The Accounting Cycle
Accounting for Merchandising Businesses
Accounting for Cash and Internal Control
Classified Financial Statements
Accounting for Payroll and Related Liabilities
Accounting for Plant Assets
Accounting for Partnership and Corporate Equity
Statement of Cash Flows
COURSE POLICIES
Methods of Instruction:
Description of learning format:
1.
2.
3.
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5.
It is essential to attend class and participate in the learning activities and class
discussions.
Material will be learned by students in a variety of ways, including class demonstrations,
class discussions, guided chapter notes, workbook assignments and activities, and
computer assignments.
All homework must be attempted as assigned - we will discuss questions during class
and students will also have access to answer keys to assess their own understanding.
Prepare yourself properly for all quizzes and tests.
Ask questions! I can only help you prepare properly for assessments if you make me
aware that you do not fully comprehend the material.
Grading System:
Total points accumulated during the semester will determine course grades. Points will be assigned as
follows:
Quizzes (top 5)
50 points
Cases
75 points
Class Participation
25 points
Hourly exams (2)
200 points
Final exam
100 points
Total points possible
450 points
Grading Scale:
The grading scale used to determine the course grade will be:
A = 405 to 450 points
B = 360 to 404 points
C = 315 to 359 points
D = 270 to 314 points
F = Less than 270 points
Policies on Assignments and Exams:
All regular homework assignments must be turned in on the due date in order to earn full credit.
Homework will be accepted one day late for half credit - beyond that no credit will be given. In
the event you are absent and the absence is excused, then per school rules you have two days to
turn in the assignment to receive full credit.
All quizzes and tests are to be made up within three school days of an excused absence or a
score of zero will be earned.
Required Writing and Reading:
The reading materials required are designed to provide the basis for the study of accounting. We will not
necessarily discuss all of the information contained in the daily reading assignments. Students will be
responsible for all information presented in required reading material.
Various types of homework problems will be assigned throughout the course. The cases/exercises will
provide business background and financial information as they relate to an accounting decision making
situation. The written responses to the case/exercises will require the student to integrate concepts and
decision-making skills from that chapter to arrive at a decision and/or discussion of concepts involved.
The practice sets are assigned to provide a more extensive application of the accounting procedures
introduced in the course.
Academic Integrity:
Academic integrity is a fundamental principle of college life at Heartland Community College and is
essential to the credibility of the College’s educational programs. Moreover, because grading may be
competitive, students who misrepresent their academic work violate the right of their fellow students.
The College, therefore, views any act of academic dishonest as a serious offense requiring disciplinary
measures, including course failure, suspension, and even expulsion from the College. In addition, an act
of academic dishonesty may have unforeseen effects far beyond any officially imposed penalties.
Violations of academic integrity include, but are not limited to cheating, aiding or suborning cheating or
other acts of academic dishonesty, plagiarism, misrepresentation of data, falsification of academic
records or documents, and unauthorized access to computerized academic or administrative records or
systems. Definitions of these violations may be found in the college catalog.
Course Schedule
Week(s)
Chapter & Topic
1
Review major concepts learned in first-year Accounting (full-year prerequisite
course)
2
Chapter 1 – Recording Departmental Purchases & Cash Payments
3
Chapter 2 – Recording Departmental Sales & Cash Receipts
4-5
Chapter 3 – Calculating and Recording Departmental Payroll Data
6-7
Chapter 4 – Financial Reporting for a Departmentalized Business
8
Chapter 5 – Voucher Systems (includes internal controls)
9-10
Chapter 6 – Inventory Planning & Valuation
11
Chapter 7 – Accounting for Uncollectible Accounts
12-14 Chapter 8 – Accounting for Plant Assets
15-16 Chapter 9 – Accounting for Notes Payable, Prepaid Expenses, and Accrued
Expenses
17
Chapter 10 – Accounting for Notes Payable, Unearned Revenue, and Accrued
Revenue
18
Prepare for and take first semester final exam
19-20 Chapter 11 – Organizing a Corporation and Paying Dividends
21
Chapter 12 – Acquiring Additional Capital for a Corporation
22-23 Chapter 13 – Financial Analysis and Reporting for a Corporation
24-25 Advanced Accounting Computer Simulation
26-27 Chapter 14 – Budgetary Planning and Control
28
Chapter 15 – Management Decisions Using Cost-Volume-Profit Analysis
29
Chapter 16 – Management Decisions Using Present-Value Analysis
30
Chapter 17 – Financial Statement Analysis
31
Chapter 18 – Statement of Cash Flows
32
Chapter 19 – Cost Accounting Elements for a Manufacturing Business
33
Chapter 21 – Organizational Structure of a Partnership
34-35 Chapter 22 – Financial Reporting for a Partnership
36
Prepare for and take second semester final exam
* All assignments will be announced during daily class times.
** Schedule is subject to change.