MGMT X 423.430-354060 BOOKKEEPING ESSENTIALS I Quarter: Summer, 2017 Instructor: Shael B. Jacobson, CPA Email: sbjacobson@ucla.edu COURSE SYLLABUS Instructor s Phone: Office (310) 475-5910 - Cell (310) 625-3472 Office hours: Arrange with instructor Meetings: 12 (36 Hours) Meeting Dates June 27, 2017 July 8, 2017* July 11, 2017 July 18, 2017 July 25, 2017 August 1, 2017 August 8, 2017 August 15, 2017 August 22, 2017 August 29, 2017 Sept. 5, 2017 Sept. 12, 2017 Times: Tuesdays 6:30 to 9:30 PM - *Saturday 9:30 AM to 12:30 PM Location: UCLA Extension Gayley Center 1145 Gayley Ave. Room 121D Description This introductory course is the first course in the Bookkeeping Essentials sequence and provides an overview of the essential skills needed to be a successful bookkeeper. The course is ideal for bookkeepers and accountants who are early in their career or for individuals considering a career transition. Students learn the principles of double-entry bookkeeping, the basics of preparing financial statements, and how to analyze business transactions from an accounting standpoint. Topics include recording entries in a general ledger, preparing end-of-period worksheets and financial statements, and adjusting and closing entries. Additional topics include accounting for cash, preparing a bank reconciliation, a general overview of payroll accounting, employee earnings and deductions, employer taxes and reporting, using the payroll register and journal entries, accounting for sales, cash receipts, purchases, cash payments and accounting for merchandise inventory using weighted average, FIFO & LIFO methods, This course is a prerequisite for all other courses in the Bookkeeping Certificate. Upon completion of this course, students will understand the basic concepts of accounting and bookkeeping and be able to process and summarize business events through all steps of the accounting cycle. The course will provide practical techniques and best practices for analyzing, evaluating, and solving the day-to-day challenges bookkeepers and accountants face. Students will understand how to apply the concepts MGMT X 423.430-354060 (Revised 06/27/17) Page 1 of 12
of accrual accounting and will learn the effect of accrual and deferral transactions to financial statements s Students who complete the course will be familiar with the following: 1. The language of accounting. 2. Understand and apply the accounting equation. 3. Processing and summarizing business events through all steps of the accounting cycle. 4. GAAP as they apply to selected areas of the balance sheet and income statement. 5. How to prepare and interpret financial statements. 6. Practical techniques and best practices for analyzing, evaluating, and solving the day-to-day challenges bookkeepers and accountants face. Materials Textbooks (Mandatory) College Accounting, 22 th Edition Chapters 1-27 + CengageNOW v2 by James A. Heintz, DBA, CPA & Robert W. Parry, Jr. Ph.D. - South-Western Cengage ISBN 978-1-305-93041-4 Materials may be purchased at a discounted rate from the publisher at http://services.cengagebrain.com/course/site.html?id=2285638. The following links provide information regarding how to access CengageNOW: Student Registration URL https://login.cengagebrain.com/course/e-y84ey92pjbpjk Tech Support www.cengage.com/support Student Quick Log in instructions http://assets.cengage.com/pdf/gui_cnowv2-stu-quick-guide.pdf Student Registration and Log in video https://www.cengage.com/services/resource/6087 Student User Guide https://www.cengage.com/services/resource/6207 How to complete assignments video https://www.cengage.com/services/resource/6183 To access student resources: Go to www.cengagebrain.com and then type in the ISBN: 9781305666160 When the text book screen is loaded scroll down the page and click the green button Access Now to access the student resources. MGMT X 423.430-354060 (Revised 06/27/17) Page 2 of 12
Outline (Subject to Change) In-Class & Homework problem assignments are stated below. In-Class assignments are to be retained by students for study purposes. Homework assignments are due at the beginning of the next class. Students may be called on to either present and/or discuss the previous week's homework assignments in class. Week One 06/27/17 Describe the qualities and importance of accounting information. Use the accounting equation as a tool to maintain balance in company accounts.. Review the definition of accounting and the importance of accounting information. Recognize potential career opportunities in the accounting field. Define GAAP and describe the process used by the FASB to develop these principles Define three types of business ownership structures. Before you begin this week s, complete the following: Chapter 1 The purpose of accounting The accounting process Generally Accepted Accounting Principles Types of business ownership structures Types of business Career opportunities in accounting Chapter 2 Chapter 2 Mastery Problem Page 48 - Pts. 76 Classify different types of businesses by activities Define the accounting elements Construct the accounting equation The accounting elements The accounting equation Effect of transactions on the accounting equation Financial statements Overview of the accounting process Analyze business transactions Show the effects of business transactions on the accounting equation Various Exercises - TBD Chapter 2 Demonstration Problem Prepare & describe the purposes of simple financial statements Read Chapters 1 & 2 Define the three basic phases of the accounting process MGMT X 423.430-354060 (Revised 06/27/17) Page 3 of 12
Week Two 07/08/17 Explain how debits and credits are used in accounting. Define the parts of and balance a T account Describe the effects of debits and credits on specific types of accounts Use T accounts to analyze transactions Prepare a trial balance and explain its purposes and linkage with the financial statements Before you begin this week s, complete the following: Chapter 3 The T: Account Form Balancing a T account Debits and Credits Transaction analysis The Trial Balance and financial statements Chapter 3 Mastery Problem Pages 83 & 84 Pts. 83 Various Exercises - TBD Chapter 3 Demonstration Problem Read Chapter 3 Week Three 07/11/17 Show how an accounting system is maintained through the use of journals and a general ledger system with emphasis on the accounting cycle Describe the flow of data from source documents to the trial balance Describe and explain the purpose of source documents Describe the chart of accounts as a means of classifying financial information Understand how to journalize transactions Before you begin this week s, complete the following: Chapter 4 The flow of data Source documents The chart of accounts The general journal & journalizing The General Ledger and the posting process Trial Balance Preparation Participation 3 Pts. Chapter 4 Pages 125 & 126 Pts 249 Understand how to post to the general ledger and prepare a trial balance Various Exercises - TBD Chapter 4 Demonstration Problem MGMT X 423.430-354060 (Revised 06/27/17) Page 4 of 12
Read Chapter 4 Week Four 07/18/17 Describe how accounting worksheets and financial statements are prepared Summarize the concepts and timing related to the recognition of revenue and expenses Understand and prepare endof-period adjustments Illustrate how to prepare a ten column worksheet. State the importance of accounting principles related to the timing of revenue and expense recognition. Record adjusting entries in a journal and post them to the general ledger. Understand the methods of accounting Accrual Basis, Modified Cash Basis & Cash Basis Before you begin this week s, complete the following: Chapter 5 End of period adjustments Preparing the 10 column worksheet Journalizing adjusting entries from the worksheet Posting the adjusting entries The 3 methods of accounting Various Exercises - TBD Chapter 5 Demonstration Problem Chapter 5 Mastery Problem Pages 175 & 176 Pts. 43 Week Five 07/25/17 Use the accounting equation as a tool to maintain balance in company accounts. Show how an accounting system is maintained through the use of journals and a general ledger system with emphasis on the accounting cycle. Prepare financial statements using the worksheet Understand the closing process Describe how to prepare and post the closing journal entries. Explain what a post-closing trial balance is. Before you begin this week s, complete the following: Chapter 6 The financial statements Purpose and Procedures for Closing Entries Post-Closing Trial Balance The Accounting Cycle Chapter 6 Pages 212 & 213 Pts. 90 Extra Credit: MGMT X 423.430-354060 (Revised 06/27/17) Page 5 of 12
Describe how accounting worksheets and financial statements are prepared. Summarize the concepts and timing related to the recognition of revenue and expenses. Outline various stages of the accounting cycle. Class Review Problems Various Exercises - TBD Chapter 6 Demonstration Problem Read Chapter 6 Comprehensive Problem 1: The Accounting Cycle Pages 223 & 224- Pts. TBD Week Six 08/01/17 NONE Before you begin this week s, complete the following: Participation - 3 Pts. Mid-Term Exam Review of chapters 1 through 6 Review Chapters 1 through 6 Mid-Term Exam: Chapter 1 through Chapter 6 Pts. 295 Week Seven 08/08/17 Explain the process of bank accounts, petty cash funds and change funds. Describe how to open and use a checking account Understand a bank reconciliation and related journal entries Understand a petty cash fund and a change fund. Understand the use of a cash short & (over) account Before you begin this week s, complete the following: Chapter 7 The checking account Reconciling the bank statement Petty Cash Set Up and Fund Reimbursement The change fund and cash short & over Chapter 7 Appendix Internal controls Participation 3 Pts Chapter 7 Pages 264 & 265 Pts. 65 MGMT X 423.430-354060 (Revised 06/27/17) Page 6 of 12
Class Review Problems Chapter 7 Demonstration Problem Read Chapters 7 & Appendix for chapter 7 Week Eight 08/15/17 Describe and understand payroll accounting; gross pay; employee deductions, employer s taxes, and net pay through the payroll register; journal entries; and income tax, Social Security tax, FICA, and unemployment Distinguish between employees and independent contractors How to calculate employee earnings and deductions Describe and prepare payroll records Describe various payroll record-keeping methods Describe and calculate employer payroll taxes How to account for employer payroll tax expense Before you begin this week s, complete the following: Chapter 8 Employees and independent contractors Employee earnings and deductions Computing net pay Payroll records Accounting for employee earnings and deductions Payroll record keeping methods Chapter 9 Chapter 8- Pages 314 Pts. 28 Chapter 9 Pages 350 & 351- Pts. 50 Describe employer reporting & payment responsibilities Describe and account for workers compensation insurance Employer payroll taxes Accounting for employer payroll taxes Reporting & payment responsibilities Workers compensation insurance Class Problems: Chapter 8 Demonstration Problem Chapter 9 Demonstration Problem Read Chapters 8 & 9 MGMT X 423.430-354060 (Revised 06/27/17) Page 7 of 12
Week Nine 08/22/17 Describe and understand accounting for merchandise sales, merchandise purchase transactions and special journals Describe merchandise sales transactions Describe and use merchandise sales accounts Describe and use the accounts receivable ledger Define merchandise purchases transactions Describe and use merchandise purchase accounts and compute gross profit Describe and use the accounts payable ledger Before you begin this week s, complete the following: Chapter 10 Merchandise sales transactions Merchandise sales accounts Journalizing and posting sales and cash receipts transactions Preparing a schedule of accounts receivable Chapter 11 Merchandise purchases transactions Merchandise purchases accounts Computation of gross profit Journalizing and posting purchases and cash payments transactions Prepare a schedule of accounts payable Participation 3 Pts Chapter 10 Pages 394, 395 & 396- Pts. 184 Chapters 11 Master Problem Pages 434 & 435 - Pts. 127 Chapter 12 Special journals Sales journal Cash receipts journal Purchases journal Cash payments journal Chapter 10 Demonstration Problem Chapter 11 Demonstration Problem Read Chapters 10, 11 & 12 MGMT X 423.430-354060 (Revised 06/27/17) Page 8 of 12
Week Ten 08/29/17 Describe and understand the effects of accounting for merchandise inventories. Explain the impact of merchandise inventory on the financial statements Describe the two principal systems of accounting merchandise inventory the periodic method and the perpetual method Compute the costs allocated to the ending inventory and cost of goods sold using different methods Estimate the ending inventory and cost of goods sold by using the gross profit and retail inventory methods Prepare an adjustment for merchandise inventory using the periodic inventory system Prepare an adjustment for unearned revenue Prepare a worksheet for a merchandising business Journalize adjusting entries for a merchandising business Before you begin this week s, complete the following: Chapter 13 The impact of merchandise inventory on financial statements Types of inventory systems: periodic & perpetual Assigning cost to inventory and cost of goods sold Estimating ending inventory and cost of goods sold Chapter 14 Adjustment for merchandise inventory periodic system Adjustment for Unearned Revenue Preparing a worksheet for a merchandising business Adjusting entries when using the perpetual inventory system Chapter 13 Demonstration Problem Chapter 14 Demonstration Problem Chapter 13 - Pages 517 & 518 Pts 59 Chapter 14 Pages 562 & 563 Pts. TBD Prepare adjusting journal entries for the perpetual inventory system Read Chapters 13 & 14 Week Eleven 09/05/17 Describe and understand the effects of accounting for merchandise inventories. Prepare a single-step and multiple-step income statement for merchandising business Prepare a statement of owner s equity Before you begin this week s, complete the following: Chapter 15 Chapter 15 MGMT X 423.430-354060 (Revised 06/27/17) Page 9 of 12
Prepare a classified balance sheet Understand & compute standard financial ratios Prepare closing entries for a merchandising business Understand & prepare reversing entries The Income Statement Statement of Owner s Equity The Balance Sheet Financial Statement Analysis Closing Entries Reversing Entries Various Exercises Chapter 15 Demonstration Problem Read Chapters 15 Pages 611 & 612 Week Twelve 09/12/17 NONE Before you begin this week s, complete the following: Final Exam Final Exam: Review Chapters 7-15 Chapters 7-15 Teaching Methodology The course will be a combination of lectures, class discussions, outside reading assignments, and classroom activities. Lectures and discussions are used to instruct students in accounting procedures. The student is expected to read and understand all materials assigned. All assigned material may NOT be covered in lectures. Therefore, it is the student s responsibility to bring up for discussion any material(s) she/he does not completely understand. Students are to use their laptops during class time (excluding breaks) for class work only. Students should not be responding to personal or other email, perusing the Internet, completing homework, playing games, etc. Such actions are distracting to the professor and other students. STUDENTS MUST TURN OFF THEIR CELL PHONES OR PUT THEM ON VIBRATE DURING CLASS. If a student leaves class to answer a call, they will be marked absent for the time they are out of class. NO EXCEPTIONS! MGMT X 423.430-354060 (Revised 06/27/17) Page 10 of 12
Grading / Assessments Assessment Items Weight % Participation 10% Assignments/Homework 35% Midterm Exam 25% Final Exam 30% Total 100% Grade Percentage A+ 97%-100% A 94%<97% A- 90%<94% B+ 87%<90% B 84%<87% B- 80%<84% C+ 77%<80% C 74%<77% C- 70%<74% F <70% Incompletes: The interim grade Incomplete may be assigned when a student's work is of passing quality, but a small portion of the course requirements are incomplete for good cause (e.g. illness or other serious problem). It is the student s responsibility to discuss with the instructor the possibility of receiving an I grade as opposed to a nonpassing grade. The student is entitled to replace this grade by a passing grade and to receive unit credit provided they complete the remaining coursework satisfactorily, under the supervision of and in a time frame determined by the instructor in charge, but in no case later than the end of the next academic quarter. At that time, the Registrar will cause all remaining Incompletes to lapse to the grade "F". Note: Receiving an I does not entitle a student to retake all or any part of the course at a later date. MGMT X 423.430-354060 (Revised 06/27/17) Page 11 of 12
Late Work Policy Homework Assignments Homework assignments are due at the beginning of the next class meeting. If a student is absent, all missed homework assignments are due at the beginning of the first class that the student attends. Late homework may be accepted at the discretion of the instructor. Make-Up Policy Quizzes, Midterm & Final Exams If a student is absent for a quiz or the mid-term exam, it is the student s responsibility to contact the instructor within 24 hours before or after the class time. Arrangements MAY be made to make up a quiz or the mid-term exam upon the approval of the instructor. There are no makeup exams for the final exam.. Academic Integrity Student Behavior involving cheating, copying other s work, and plagiarism are not tolerated and will result in disciplinary action. Students are responsible for being familiar with the information on Student Conduct in the General Information Section of the UCLA Extension Catalog or on the website at www.uclaextension.edu Academic dishonesty includes, but may not be limited to: plagiarism, cheating, falsifying records, lying, obtaining and/or distributing examination materials prior to exams without the consent of the professor, submitting another s work as one s own, submitting work completed for another course without the agreement of both professors, and helping any other student in any act of dishonesty. At a minimum, students who violate this policy will receive an F on the assignment or examination. Smoking and e-cigarettes Smoking of any type, including the use of vapor devices, is not allowed in the classroom. MGMT X 423.430-354060 (Revised 06/27/17) Page 12 of 12