Heartland Community College
Social and Business Sciences Division
Course Syllabus for Students – Spring 2010
Course Prefix and Number: ACCT 200 - 02
Course Title: Financial Accounting
Prerequisite: Math 96 or Math 99
Credit Hours: Lecture Hours 4 Laboratory Hours 0
Days and times the course meets: Monday &Wednesday 10:00 – 11:50 AM
CATALOG DESCRIPTION:
Prerequisite: Math 96 or Math 99. Sophomore standing recommended. This course offers students a full
semester of financial accounting. It presents accounting as an information system that produces summary
financial statements, primarily for users external to a business or other enterprise. The emphasis of the
course is on understanding and applying basic accounting principles and other concepts that guide the
reporting of the effect of common business transactions. How to analyze and interpret historical financial
statements was well, and the limitations of using these in making business decisions are included. The
primary content emphasis will be accounting for operating activities, current assets and liabilities, longterm assets and liabilities, corporations, cash flow statements, and financial statement analysis.
INSTRUCTOR INFORMATION:
Karen Mitchusson, M.A., C.P.A.
Office location:
Office phone:
E-Mail:
Office hours:
2118 ICB
(309) 268-8571
karen.mitchusson@heartland.edu
Monday 12:00 – 12:45 pm, Wednesday 12:00 – 12:30, Tuesdays and Thursdays
11:00 – 12:30 and other times by appointment
TEXTBOOK AND SUPPLIES:
Rich, Jay S, Jefferson P Jones, Maryanne M Mowen, and Don R. Hansen. Cornerstones of Financial
Accounting, Mason, OH: South-Western Cengage Learning, 2010. ISBN 13-9780324657739
Aplia website access code is required. Aplia Grace Period: ends at the end of the day on 01.31.10
Calculator and Pencil
RELATIONSHIP TO ACADEMIC DEVELOPMENT PROGRAMS AND TRANSFER:
ACCT 200 fulfills 4 semester hours of elective credit for the A.A., A.S. or A.A.S. degrees. It should
transfer to most colleges and universities as an elective course. However, since it is not part of the
General Education Core Curriculum described in the Illinois Articulation Initiative, students should check
with an academic advisor for information about its transferability to other institutions. ACCT 200 should
articulate as the equivalent of the IAI baccalaureate major course BUS 903 Financial Accounting. Refer
to the IAI web page for information as well at www.itransfer.org
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COURSE OBJECTIVES (Learning Outcomes):
Outcomes
Describe the role of accounting as an information development and
communication system that supports economic decision-making and
identify the organizations that influence and regulate the accounting
profession.
2. Identify the ethical responsibilities for accurate accounting reporting by
management and independent auditors and the legal ramifications for
those that fail to comply with generally accepted accounting principles
and practices.
3. Apply the accrual basis accounting rules to record transactions
throughout the accounting cycle including year-end adjustments for
accruals and deferrals and closing entries.
4. Prepare, interpret, and analyze a classified balance sheet.
General
Education
Outcomes
Range of
Assessment
Methods
Quiz/Test questions
Class activities
DI 3
Case project
Class activities
Quiz/Test questions
CT1
PS2
1.
Prepare, interpret, and analyze the single-step income statement for a
service business and a multi-step income statement for a merchandising
business.
6. Prepare a statement of cash flows using the indirect method
CT2
PS3
Record, interpret, and analyze sales, inventory, and cost of goods sold
transactions using periodic and perpetual merchandise inventory
methods and appropriate inventory cost flow assumptions.
Identify and analyze the components of an internal control system,
internal control activities, and evaluate the strengths, weaknesses, and
limitations of internal control systems.
Record, interpret and analyze cash, accounts receivable, and
uncollectible accounts transactions and identify asset management
issues and how they affect business decisions
Record, interpret and analyze transactions related to long-term assets
and formulate management policies related to long-term assets and their
depreciation
Record, interpret, and analyze transactions related to short-term, longterm, and contingent liabilities and identify debt management issues and
how they affect business decisions
Record, interpret and analyze transactions that affect the stockholder’s
equity section of a corporate balance sheet and identify equity financing
issues and how they affect business decisions.
CT1
PS2
Case project
Class activities
Quiz/Test questions
Case project
Class activities
Quiz/Test questions
Case project
Class activities
Quiz/Test questions
Class activities
Quiz/Test questions
Class activities
Quiz/Test questions
CT1
PS3
Class activities
Quiz/Test questions
CT1
PS2
Class activities
Quiz/Test questions
CT1
PS2
Class activities
Quiz/Test questions
CT2
PS3
Class activities
Quiz/Test questions
CT2
PS3
Class activities
Quiz/Test questions
5.
7.
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12.
CT2
PS3
PS1
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COURSE OUTLINE:
Chapter 1
Accounting and the Financial Statements
Chapter 2
The Accounting Information System
Chapter 3
Accrual Accounting
EXAM 1
Chapter 4
Internal Control and Cash
Chapter 5
Sales and Receivables
Chapter 6
Cost of Goods Sold and Inventory
EXAM 2
Chapter 7
Operating Assets
Chapter 8
Current and Contingent Liabilities
Chapter 9
Long-Term Liabilities
EXAM 3
Chapter 10
Stockholders’ Equity
Chapter 11
The Statement of Cash Flows
COMPREHENSIVE FINAL EXAM
Course Websites:
www.cengage.com/accounting/rich
www.aplia.com
Aplia course key: 2M54-5WXS-E72B
METHODS OF INSTRUCTION:
Instructor’s Responsibilities:
The instructor will direct the class through the material contained in this course. The
material will be presented through a variety of techniques including lectures,
demonstrations, examples, and group problem solving.
Student Responsibilities
As the student, you have a responsibility to:
 attend class
 complete assignments and preparation for class
 access to Aplia program
 be willing to actively participate in all course related activities
 be respectful of the instructor and the other students in the classroom
 communicate with instructor when you encounter difficulties with course materials
 apply what you learn in class to future studies in accounting and business as well in your life/job.
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Top 10 things to do to be successful in this class:
1.
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4.
5.
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10.
Ask questions!
Attend class and participate in class discussions.
Read and review all assigned material prior to class.
Attempt all assigned homework problems/exercises prior to class. After the
assignments have been discussed in class, review the problems/exercises and
complete all aspects of the assignment for future reference.
Participate in class/group activities.
Have a class contact/study partner that you work with the keep up with class
activities.
Review chapter materials on the textbook website.
Don’t let yourself fall behind – it can be devastating in a class like this.
Review EARLY and OFTEN for quizzes and exams.
Ask questions!!!
COURSE POLICIES
Grading System:
Grades will be based on required assignments, quizzes, online assignments, group assignments, projects
and exams.
Measurement
Assignments, Quizzes, Problems
Group Assignments and Projects
Exams*
Total
%
25%
15%
60%
100%
*Final Exam is comprehensive
***THERE ARE NO EXTRA CREDIT POINTS AVAILABLE IN THIS COURSE ***
Grading Scale:
The grading scale used to determine course grade is as follows:
90 – 100%
80 – 89%
70 – 79%
60 – 69%
Below 60%
=
=
=
=
=
A
B
C
D
F
Policies on Assignments/Exams/Make-ups:
All graded work must be completed by the due dates announced in class or posted on the webpage to
receive full credit.
Quizzes given in class must be taken during the allotted time. If you come in the class after the quiz has
started you may not be allowed to take that quiz. No in-class quizzes can be made up regardless of
presence in class. In determining your course grade, the lowest quiz grade will be dropped.
Each chapter will have activities that are completed in class. You must be present during the class activity
to receive the points for that activity.
Assignments required in Aplia will be submitted online at www.aplia.com. Aplia assignments must be
completed by deadline announced in class and posted on the Aplia course home page. In determining
your course grade, the lowest Aplia grade will be dropped.
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Students will use calculators during quizzes and examinations. Students are responsible for completing
quizzes/exams within the allotted time period in case of calculator failure. No calculators on cell
phones, palm pilots, or other multifunctional electronic devices may be used on quizzes/exams.
Examinations will consist of problems, as well as multiple choice, true false, and/or essay questions
which are included to test your conceptual understanding of the material.
***
MAKEUP EXAMS WILL BE GIVEN AT THE DISCRETION
OF THE INSTRUCTOR. ***
Anyone who removes an exam, in part or in total, from the classroom at anytime will be given a grade of
"F" for the course. Reproduction of the contents of the exam by any process will result in your receiving
a grade of "F" for the course. Cheating on any course work will result in an “F”.
Attendance Policy:
All students are expected to attend class on a regular basis. Consistent class attendance and participation
is critical in the learning process since accounting knowledge tends to be cumulative in nature. Some
problems will be completed in small groups; you are expected to attend each class period to participate as
part of the class. Class attendance and participation in class activities will be evaluated by the instructor
and may be considered as part of determining your final course grade.
Notice of Cancelled Class Sessions:
Cancelled class sessions, for all HCC classes, will be listed under Cancelled Class Meetings
announcements at www.myheartland.edu. The list will show you the classes that have been cancelled for
that day and the upcoming week. Be sure to check the last column, which might contain a message from
the instructor.
Required Writing and Reading:
The reading materials are designed to provide the basis needed for the study of financial 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 assigned text readings.
Students will also be required to complete a written project during the semester that is based on a study of
financial statements. It is a goal of this course to enhance both the written and verbal communication
skills of students. Most problems and exercises assigned will be reviewed in class discussions. All
students are expected to actively participate in these class discussions.
Group activities will be assigned during the semester. These activities are designed to reinforce the
accounting skills as well as the critical thinking skills being introduced in that particular unit of study. It
is also a goal of these activities to enhance the teamwork skills of all students. All students are expected
to actively participate in these activities.
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.
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SUPPORT CENTER SERVICES
Library
The Library, located in the Student Commons Buildings at the Raab Road campus, provides Heartland
students with a full range of resources including books, online journal databases, videos, newspapers,
periodicals, reserves, and interlibrary loan. Librarians are available to assist in locating information. For
more information, please call the Library (309) 268-8200 or (309) 268-8292
Tutoring Services
Heartland Community College offers tutoring in various forms at no cost to Heartland students at the
Tutoring and Testing Center in Normal and at the Pontiac and Lincoln Centers. Tutors are available at
convenient times throughout the week. Study groups are also available by request. For more information
about services available at each location, please call the Tutoring and Testing Center in Normal (309) at
268-8231, the Pontiac Center at (815) 842-6777, or the Lincoln Center at (217) 735-1731.
Testing Services
The Tutoring and Testing Center provides a secure testing environment for students who are enrolled in
online, hybrid, and other distance learning courses; have a documented disability; or need to take a makeup exam. Testing accommodations for students having documented disabilities must be arranged by the
student through the Office of Disability Services, and Testing Services will only administer make-up
exams at the request of the instructor. Contact Testing Services at (309) 268-8231 for more information.
Open Computing Lab
The Open Computing Lab provides free computing for HCC students at convenient times throughout the
week. The computer lab is staffed by trained Lab Assistants and offers the use of approximately 70
computers, a scanner, a laser printer, and an electric typewriter.
Hours for Support Services
Hours that the various support services are available are posted online at www.heartland.edu .
Please be advised that hours around holidays and over school breaks may be limited.
Disclaimer
The instructor reserves the right to alter the course syllabus as circumstances dictate. Any
changes will be announced in class and/or posted on WebCT or the Aplia course page. Any
student not attending class is responsible for obtaining this information.