MGMT X 423.430-351358 BOOKKEEPING ESSENTIALS Quarter: Winter, 2017 Instructor: Shael B. Jacobson, CPA Email: sbjacobson@ucla.edu COURSE SYLLABUS Instructor s Phone: Office (310) 475-5910 - Cell (424) 253-4606 Office hours: Arrange with instructor Meetings: 12 (36 Hours) Meeting Dates January 12, 2016 January 19, 2016 January. 26, 2016 February 2, 2016 February 9, 2016 February 16, 2016 February 23, 2016 March 2, 2016 March 9, 2016 March 16, 2016 March 23, 2016 March 30, 2016 Times: Thursdays 6:30 to 9:30 PM Location: UCLA Extension DTLA 261 South Figueroa Street. Downtown Los Angeles, Room 103 Description This introductory course, ideal for bookkeepers and accountants who are early in their career or for individuals considering a career transition, provides an overview of the essential skills needed to be a successful bookkeeper. 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 instruction on adjusting and closing entries. Additional topics include a general overview of 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 tax. 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 of accrual accounting and will learn the effect of accrual and deferral transactions to financial statements MGMT X 423.430-006 (Revised 01/11/17) Page 1 of 14
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://www.cengagebrain.com/course/1933787. The following links provide information regarding how to access CengageNOW: Student Registration URL https://login.cengagebrain.com/course/e-y84eylfnfyr6m 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 (Revised 01/12/17) Page 2 of 14
(Optional) Bookkeeping Essentials: How to Succeed as a Bookkeeper; Steven M. Bragg; John Wiley & Sons, Inc.; 1st Edition (2011); ISBN: 978-0-470-88255-9 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 01/12/17 Describe the qualities and importance of accounting information. Use the accounting equation as a tool to maintain balance in company accounts. Explain how debits and credits are used in accounting. 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 Participation 3 Pts. Chapter 2 Mastery Problem Page 48 - Pts. TBD Chapter 3 Mastery Problem Pages 83 & 84 Pts. TBD 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 Chapter 3 Analyze business transactions Show the effects of business transactions on the accounting equation The T: Account Form Balancing a T account Debits and Credits Transaction analysis The Trial Balance and financial statements MGMT X 423.430 (Revised 01/12/17) Page 3 of 14
Prepare & describe the purposes of simple financial statements Define the three basic phases of the accounting process Define the parts of and balance a T account Class Review Problems: Chapter 2 Demonstration Problem Chapter 3 Demonstration Problem Read Chapters 1, 2 & 3 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 Week Two 01/19/17 Show how an accounting system is maintained through the use of journals and a general ledger system with emphasis on the accounting cycle Describe how accounting worksheets and financial statements are prepared. Summarize the concepts and timing related to the recognition of revenue and expenses. 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 Understand how to post to the general ledger and prepare a trial balance Understand and prepare endof-period adjustments 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 Chapter 5 End of period adjustments Preparing the 10 column worksheet Journalizing adjusting entries from the worksheet Posting the adjusting entries Participation 3 Pts. Chapter 4 Pages 125 & 126 Pts - TBD Chapter 5 Mastery Problem Pages 175 & 176 Pts. TBD MGMT X 423.430 (Revised 01/12/17) Page 4 of 14
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. The 3 methods of accounting Class Review Problems: Chapter 4 Demonstration Problem Chapter 5 Demonstration Problem Read Chapters 4 & 5 Understand the methods of accounting Accrual Basis, Modified Cash Basis & Cash Basis Week Three 01/26/17 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. Describe how accounting worksheets and financial statements are prepared. Summarize the concepts and timing related to the recognition of revenue and expenses. Explain the process of bank account and pretty cash fund reconciliations. Outline various stages of 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. Describe how to open and use a checking account Understand a bank reconciliation and related journal entries Understand a petty cash fund Before you begin this week s, complete the following: Chapter 6 The financial statements Purpose and Procedures for Closing Entries Post-Closing Trial Balance Preparation 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 Class Review Problems: Participation 3 Pts. Chapter 6 Mastery Problem Pages 212 & 213 Pts. TBD Chapter 7 Mastery Problem Pages 264 & 265 Pts. TBD Extra Credit: Comprehensive Problem 1: The Accounting Cycle Pages 223 & 224- Pts. TBD Chapter 6 Demonstration Problem Chapter 7 Demonstration Problem Read Chapters 6 & 7 MGMT X 423.430 (Revised 01/12/17) Page 5 of 14
Week Four 02/02/17 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 tax. 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 Participation 3 Pts. Chapter 8- Pages 314 Pts. TBD Chapter 9 Pages 350 & 351- Pts. TBD 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 Review Problems Chapter 8 Demonstration Problem Chapter 9 Demonstration Problem Read Chapters 8 & 9 Week Five 02/09/17 Describe and understand accounting for merchandise sales Describe merchandise sales transactions Describe and use merchandise sales accounts Describe and use the accounts receivable 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 Participation 3 Pts. Chapter 10 Pages 394, 395 & 396- Pts. TBD MGMT X 423.430 (Revised 01/12/17) Page 6 of 14
Define merchandise purchases transactions Describe and use merchandise purchase accounts and compute gross profit Describe and use the accounts payable ledger 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 Class Review Problems: Chapter 10 Demonstration Problem Chapter 11 Demonstration Problem Read Chapters 10 & 11 Chapters 11 Master Problem Pages 434 & 435 - Pts. TBD Week Six 02/16/17 NONE Before you begin this week s, complete the following: Participation - 3 Pts. Mid-Term Exam Review of chapters 1 through 11 Review Chapters 1 through 11 Mid-Term Exam: Chapter 1 through Chapter 11 Pts. TBD MGMT X 423.430 (Revised 01/12/17) Page 7 of 14
Week Seven 02/23/17 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 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 Participation 3 Pts Chapter 13 - Pages 517 & 518 Pts TBD Chapter 14 Pages 562 & 563 Pts. TBD Chapter 15 Pages 611 & 612 Prepare adjusting journal entries for the perpetual inventory system Prepare an adjustment for merchandise inventory using the periodic inventory system Class Review Problems: Chapter 13 Demonstration Problem Chapter 14 Demonstration Problem Chapter 15 Demonstration Problem Read Chapters 13, 14 & 15 MGMT X 423.430 (Revised 01/12/17) Page 8 of 14
Week Eight 03/02/17 Describe & understand accounts receivable, the estimation of uncollectible accounts (bad debts) and effects on financial statements Describe & understand a promissory note, the accounting for notes receivable & payable and the calculation of interest and the due dates of notes. Describe & understand the accounting for longterm assets Apply the allowance method of accounting for uncollectible accounts Apply the percentage of sales and percentage of receivables methods of estimating uncollectible accounts Apply the direct write-off method of accounting for uncollectible accounts. Before you begin this week s, complete the following: Chapter 16 The Allowance Method Estimating & writing off uncollectibles The direct write-off method Chapter 17 The Promissory Note Calculating interest & determining due dates Accounting for notes receivable Accrued interest receivable Accounting for notes payable Accrued interest Payable Participation 3 Pts. Chapter 16 Pages 651 & 652 Pts. TBD Chapters 17 Master Problem Page 688 Pts. TBD Class Problems: Chapter 16 Demonstration Problem Chapter 17 Demonstration Problem Read Chapters 16 & 17 MGMT X 423.430 (Revised 01/12/17) Page 9 of 14
Week Nine 03/09/17 Describe and understand how to identify and record different types of property and equipment and calculate and record depreciation Describe partnerships and understand the related accounting for partners, partnership dissolutions & liquidations Determine the cost of property, plant & equipment Understand the nature & purpose of depreciation Compute depreciation using the following methods: Straight-line Double declining balance Sum of the year s digits Units of production MACRS depreciation Accounting for repairs, maintenance, additions, improvements & replacements Account for the disposition of property The nature & purpose of depletion Before you begin this week s, complete the following: Chapter 18 Acquisition cost of property, plant & equipment Depreciation methods Repairs, maintenance, additions, improvements & replacements Disposition of assets Intangible assets Chapter 19 Types of partnerships How they are formed Accounting for initial investments Partners compensation & allocation of net income or loss Financial statements for partnerships Dissolution of a partnership Liquidation of a partnership Participation 3 Pts Chapter 18 Page 728 Pts. TBD Chapters 19 Master Problem Pages 771-773 Pts. TBD The nature of & accounting for intangibles Class Review Problems: Chapter 18 Demonstration Problem Chapter 19 Demonstration Problem Read Chapters 18 & 19 MGMT X 423.430 (Revised 01/12/17) Page 10 of 14
Week Ten 03/16/17 Define and understand the corporate form of a business entity. Describe the characteristics, formation and organization of a corporation Describe stockholders equity and the types of capital stock and compute dividends on preferred stock and common stock. Account for capital stock transactions Prepare the stockholders equity section of a corporation s balance sheet. Account for corporate income taxes Explain the use of the retained earnings account Before you begin this week s, complete the following: Chapter 20 Forming a corporation Organization of a corporation Stockholders equity and types of capital stock. Capital stock transactions Treasury stock Stockholders equity section of the balance sheet. Chapter 21 Corporate income taxes The retained earnings account Dividends & stock splits Statement of retained earnings Participation 3 Pts. Chapter 20 - Page 814 Pts. TBD Chapter 21 Pages 840 & 841 Pts. TBD Account for dividends and stock splits Account for restriction of retained earnings Prepare a statement of retained earnings Class Review Problems: Chapter 20 Demonstration Problem Chapter 21 Demonstration Problem Read Chapters 20 & 21 Week Eleven 03/23/17 Describe & understand how to analyze financial statements to better understand the information obtained from them Perform horizontal & vertical analyses of the income statement & balance sheet Compute & explain liquidity measures Compute & explain activity measures Before you begin this week s, complete the following: Chapter 24 Comparative analysis Horizontal analysis Vertical analysis Liquidity measures Participation 3 Pts. Chapter 24 - Pages 994 & 995 Pts. TBD MGMT X 423.430 (Revised 01/12/17) Page 11 of 14
Compute & explain profitability measures Compute & explain leverage measures Explain the components of ROA & ROE Explain the limitations of financial statement analysis. Activity measures Profitability measures Leverage measures A look ROA & ROE Limitations of financial statement analysis Class review problem: Chapter 24 Demonstration Problem Read Chapter 24 Week Twelve 03/30/17 NONE Final Exam Before you begin this week s, complete the following: Participation 4 Pts. Final Exam: Review Chapters 13 through 21 Chapters 13 21& 24 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 (Revised 01/12/17) Page 12 of 14
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 MGMT X 423.430 (Revised 01/12/17) Page 13 of 14
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. 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 (Revised 01/12/17) Page 14 of 14