SOUTHWESTERN MICHIGAN COLLEGE School of Business Dowagiac, Michigan

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1 SOUTHWESTERN MICHIGAN COLLEGE School of Business Dowagiac, Michigan COURSE SYLLABUS Spring Semester, 2014 COURSE TITLE: Principles of Accounting I COURSE NO.: ACCO 201 SECTION NO.: CRN 3046 INSTRUCTOR: DEPARTMENT CHAIR: OFFICE HOURS: PREREQUISITE: COURSE DESCRIPTION: Brenda Engel, MBA Office Location: Niles Campus Faculty Offices Cell Phone: (269) bengel@swmich.edu Joanne Strebeck Office Location: Wood 412 Office Phone: (269) jstrebeck03@swmich.edu By Appointment only. Minimum grade of C in MATH 100 or satisfactory test score. Covers the principles of accounting with emphasis on financial accounting for sole proprietorship, but including partnership and corporation, the accounting cycle, financial statements, worksheets, adjusting and closing entries, service and merchandising enterprises, special journals, subsidiary ledgers, cash voucher system, receivables, inventory, plant assets, payables, payroll and theory. TEXTBOOK: REQUIRED: 1. Accounting Principles, Fess and Warren, 25 th edition, Cengage Learning, ISBN Homework Working Papers ISBN Lightning Fitness Equipment Practice Set OPTIONAL: Study Guide METHOD OF INSTRUCTION: Lecture, discussion, group work, interactive problem solving, written assignments and handouts. EVALUATION METHOD: Exam 1 Ch Points Exam 2 Ch Points Practice Set 50 Points Exam 3 Ch Points Homework/Participation 50 Points 5 Top Quizzes 50 Points Final Exam Ch Points Total 600 Points

2 COURSE OUTCOMES: Upon completion of this course the learner will be able to: 1. Explain the role of accounting as an information system for analyzing business activity and reporting the results in a form useful for business decision making. 2. Identify the organizations that promulgate generally accepted accounting principles for business entities. 3. Explain how business transactions affect the basic accounting equations. 4. Describe the purpose and the inter-relationship between the financial statements (Balance Sheet, Income Statement, Statement of Owner s Equity and Cash Flow). 5. Record accounting transactions into T-accounts and/or journals properly utilizing the rules of debits and credits and a double entry accounting system and prepare the trial balance to test the accuracy of the recording process. 6. Prepare adjusting entries for deferred revenues and expenses and accrued revenues and expenses and explain why adjusting entries are required in accrual based accounting. 7. Identify the temporary accounts which need to be closed at the end of each accounting period and describe why this process is necessary and how it is accomplished. 8. Given sufficient information prepare the Income Statement, Statement of Owner s Equity and Balance Sheet. 9. Explain the basic principles of internal control for the protection of a company s assets and for insuring accurate accounting records and be able to select effective internal control procedures of various situations. 10. Describe and use a manual accounting system, incorporating the general ledger, control accounts, subsidiary ledgers and special journals. 11. Record typical transactions for a merchandising business, related to sales and purchases of merchandise inventory. 12. Prepare a bank reconciliation for the cash account, and record the adjustment needed as a result of the reconciliation. 13. Explain the usefulness of a petty cash fund and demonstrate proper accounting procedures for the petty cash. 14. Prepare entries for recording bad debts under the direct write off method and the allowance method and calculate the amount of the expense under various methods. 15. Explain and record the proper accounting procedures for notes receivable to include the accrual and receipt of interest, and discounting of the notes. 16. Apply different inventory costing methods under both a perpetual and periodic inventory system in calculation the cost of goods sold and value of the ending inventory and explain the effects of these various methods of the financial statements. 17. Apply the lower of cost or market valuation and determine the net realizable value for inventory. 18. Identify the costs associated with the acquisition of assets and properly record the acquisitions in the accounting records. 19. Calculate the amount of depreciation, depletion and amortization expense under various methods and situations, properly record the expense and report the operational assets on the balance sheet. 20. Identify expenditures related to operational assets incurred after acquisition as capital or revenue expenditures and properly report these on the financial statements. 21. Record the disposals of assets when they are sold, discarded, exchanged for other assets and properly compute and report the gains and losses. 22. Distinguish the nature of current liabilities and account for accounts payable, current portion of notes payable, payroll and payroll taxes, employee fringe benefits and contingent liabilities 23. Describe financial analysis and interpretation of the financial statements. 24. Account for the formation, distribution of income, dissolution and liquidation of partnerships and/or limited liability corporations.

3 ATTENDANCE POLICY: TESTING POLICY: NOTICE: Attendance is expected, Accounting is very much a subject that builds on itself. If you miss one class you may miss some critical information that will prohibit your success in this class. No late homework will be accepted! You may utilize fax and/or as a means of turning in assignments should unpredictable circumstances prevent you from handing in the assignments personally. No make-up exams are given in this class! It you are unable to make the exam date, come and speak with me in advance and I will allow you to take it early. Representative student work will be used as a part of SMC s on-going curriculum assessment program. GRADING SCALE: The following grading scale will be in effect for this course: A % C % A % C % B % D % B % D % B % D % C % F % OTHER COURSE EXPECTATIONS: Working the homework problems is essential to understanding accounting. I will be collecting homework from each chapter. You will not be graded on correctness, but on completion. The solutions will be posted or put on reserve after I have returned it to you. The practice set is to be completed outside of class. Work with partners or in teams if you so desire. The practice set should be started at the completion of Chapter 6 and is due April 3rd. CLASS BEHAVIOR Students are expected to assist in maintaining a classroom environment that is conducive to learning. In order to assure that all students have the opportunity to gain from time spent in class; students are prohibited from engaging in any form of distraction. Inappropriate behavior in the classroom shall result, minimally, in a request to leave class. ACCEPTABLE USE OF PERSONAL COMMUNICATION TECHNOLOGY All cell phones, laptops, and other technological devices not required for class must be turned off and may not be brought out during class. Your instructor will make every effort to identify devices, software, and necessary protocols for usage throughout the course. In all cases, utilizing devices that detract from a productive classroom experience is unacceptable and will not be permitted. If you are expecting an urgent call, please alert the instructor at the beginning of class and exit the

4 classroom prior to answering. If you are found to be in violation of these policies, you may be asked to leave during that class session; multiple violations may be referred to the appropriate Dean for disciplinary action. Your instructor has the right to modify this policy to meet the needs of the course. HONESTY POLICY PROFESSIONALISM POLICY: Cheating or plagiarizing will absolutely not be tolerated at Southwestern Michigan College. Any student found cheating or plagiarizing material in any manner may be assigned a failing semester/session grade in this course. A second such incident while at SMC could result in suspension or expulsion from the institution. A student found in violation of this section of the syllabus will not be allowed to drop this course. Additional detail regarding cheating and/or plagiarism may be found elsewhere in this syllabus. For more detailed information consult the SMC Code of Student Conduct. Students will be asked to present themselves in a positive and professional manner inside the classroom. The entire department will be requiring this of students in order to begin to prepare them for the workplace. Students should think of their classes like a job and instructors as their boss. TARDY - Students will not be allowed in class after the start of class. It will be up to the instructors to allow them into class at a break. ATTIRE Students should refrain from wearing revealing or tight clothing, hats, or other attire that would not be allowed in a normal professional business setting. CELL PHONES All cell phones should be turned off or put on manner mode before entering the classroom. Absolutely no calls should be taken during class time. VOCABULARY Students should refrain from swearing or using unprofessional language in the classroom. Also, a professional vocabulary should be adopted and used in class as they progress in their college careers. WEAPONS No weapons should be brought to class. OVERALL PROFESSIONALISM Students should begin to adapt an overall professional demeanor and attitude. STUDENT FEEDBACK POLICY: The full-time and adjunct faculty in the School of Business makes every effort to get students feedback as quickly as possible. Our policy is that test scores will be returned within one week. Homework will be returned within one week of the date which it was due. Projects will be returned within two weeks of the date they were due. Faculty will return student telephone calls or s within two business days. Student correspondence via or telephone must be in a professional format.

5 Principals of Accounting I Chapter Topic Assignment Jan. 9 Introduction to Accounting 14 1 Intro to Accounting and Business 16 1 Intro to Accounting and Business E 3, 6, 7, 8, 22; P 3, 4, 6a 21 2 Analyzing Transactions 23 2 Analyzing Transactions E 4, 8, 9, 21, P 2a 28 3 The Adjusting Process 30 3 The Adjusting Process P 1, 2, 5a Feb. 4 Exam 1 Chapter Completing the Acct. Cycle 11 4 Completing the Acct. Cycle E 1, 4, 15, 16, 20, 24; P 1a 13 5 Accounting System 18 5 Accounting System E 1, 2, 3; P 5a 20 6 Acct. for Merchandising Business (Start Practice Set) 25 6 Acct. for Merchandising Business E 1, 6, 12, 17, 29; P 3, 5a 27 Exam 2 Chapters 4 6 Mar. 4 Spring Break 6 Spring Break 11 7 Inventory 13 7 Inventory E 5, 6, 7, 8, 11, 18, 21; P 6a 18 8 SOX, Internal Control & Cash 20 8 SOX, Internal Control & Cash E 1, 9, 16, 18, 19, 24; P 5a 25 9 Receivables 27 9 Receivables E 3, 4, 6, 15, 20, 22, 23, 26 Apr. 1 Exam 3 Chapters Fixed & Intangible Assets (Collect Practice Set) 8 10 Fixed & Intangible Assets E 1, 4, 13, 14, 15, 18, 19, 20, Current Liabilities & Payroll P 2a Current Liabilities & Payroll E 4, 5, 8, 12, 20, 21, Accounting for Partnerships & LLC Accounting for Partnerships & LLC E 2, 3, 11, 12, 17, 20, 22, Review/Make-up 29 Final Exam Chapters 1 12 NOTICE: Information in this syllabus was, to the best knowledge of the instructor, considered correct and complete when distributed for use at the beginning of the semester. The instructor, however, reserves the right, acting within the policies and procedures of Southwestern Michigan College, to make changes in course content or instructional techniques.