Session 2014-1 Fall Frank Kircher, CPA,
[email protected] Room Location: D224 Office: 217.546.4446 Wednesday 6:00 – 10:00 pm Appt: Upon Request Date: August 27th, September 3,10,17,24 October 1,8,15 PRE-ASSIGNMENT- See last page of syllabus for assignment ACCT 111-70 – ACCOUNTING I
I.
Course Description ACCT-111 (3). Accounting I. Principles of financial accounting; including the basic structure of accounting, accounting systems, and controls, the preparation and use of financial statements, and problems related to financial disclosures.
II.
Textbook and Materials Accounting. Warren, Reeve, Fess, 24th Edition, 2012. ISBN 0-538-47500-5 Cengage
III.
Mission Statement Benedictine University is dedicated to the education of undergraduate and graduate students from diverse ethnic, racial and religious backgrounds. As an academic community committed to liberal arts and professional education distinguished and guided by our Roman Catholic tradition and Benedictine heritage, we prepare our students for a lifetime as active, informed and responsible citizens and leaders in the world community.
IV.
Goals, Objectives, and Student Learning Outcomes A. Goals 1. Evaluate the role of economics and business in the social environment of our culture 2. Articulate how the functional areas of business interrelate within organizations 3. Improve skills in communication, analytical thinking and appreciating the human element in organizations; and 4. Develop specific skills applicable to the various aspects of the functional areas of business. B. Course Objectives Upon completion of the course, students will be able to demonstrate their mastery of the following: 1. To analyze business activities using accounting concepts and principles
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2. 3. 4. 5.
To record financial transactions utilizing accrual basis of accounting To prepare and analyze financial statements To prepare and interpret the statement of cash flows using the indirect format. To calculate depreciation on plant assets using different methods.
V.
Teaching Methods/Delivery System Class will consist of informal discussions and problem solving activities.
VI.
Course Requirements Attendance Policy: Class attendance is mandatory. This course is a highly accelerated course which will meet only once a week for eight weeks. Therefore, students will need to take a great deal of responsibility for their own learning outcomes. In the case of illness or an emergency, please notify the instructor before the class meets. Class attendance will directly impact your final grade! This course is highly accelerated, and students will need to take a great deal of responsibility for their own learning outcomes. Attendance is required in each class meeting for the full period of time. Any absence must be due to extraordinary circumstances and will require documentation for it to be considered excused. Documentation must be provided immediately in order to determine what, if any, accommodations are reasonable or possible. Class attendance will directly impact your final grade, and each undocumented absence will be considered unexcused and will result in a 20% reduction in the final grade for the course. Due to the accelerated nature of the course, should you experience a medical condition which prevents you from attending any class(es), appropriate medical documentation must be provided immediately so it may be determined what, if any, accommodations are reasonable or possible. Benedictine University at Springfield Student Academic Honesty Policy The search for truth and the dissemination of knowledge are the central missions of a university. Benedictine University at Springfield pursues these missions in an environment guided by our Roman Catholic tradition and our Benedictine heritage. Integrity and honesty are therefore expected of all University students. Actions such as cheating, plagiarism, collusion, fabrication, forgery, falsification, destruction, multiple submission, solicitation, and misrepresentation are violations of these expectations and constitute unacceptable behavior in the University community. Student’s Responsibility Though there is no formal honor code at Benedictine University at Springfield, students are expected to exhibit academic honesty at all times. Violations against academic honesty are always serious and may result in sanctions that could have profound longterm effects. The final responsibility for understanding the Academic Honesty Policy of the institution, as well as the specific policies of individual courses normally found in
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syllabi, rests with students. If any doubt exists about what constitutes academic dishonesty, students have the responsibility to talk to the faculty member. Students should expect the members of their class to be academically honest. If students believe one or more members of the class have been deceitful to gain academic advantage in the class, students should feel comfortable to approach the faculty member of the course without prejudice. Violations of the Academic Honesty Policy will be reported to the Office of the Dean of Academic Affairs. Along with a verbal warning, the following are consequences a student may face for academic dishonesty:
VII.
a failing grade or “zero” for the assignment dismissal from a failing grade for the course; or dismissal from the institution
Means of Evaluation Your grade will be determined by total points accumulated throughout the semester. Points will be assigned as follows: Exams (3) Homework Class Discussion & Attendance Total Points Possible Grades will be assigned as follows:
300 100 100 500 450 points – 500 points = A 400 points – 449 points = B 350 points – 399 points = C 300 points – 349 points = D Less than 300 points = F
Exams: Exams consist of two parts (1) take-home and (2) in-class. The take home exams will consist of problems and written exercises. The in-class portion of the exams usually consists of conceptual multiple choice and short answer questions. If a student has an acceptable reason (illness or emergency) for missing class the night an exam is handed out, the student is responsible for contacting the instructor and making arrangements to pick up the exam. Homework: Homework assignments are due at the beginning of the class period. At times students may be asked to present the solutions before the class.
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If a student believes that an error has been made in reporting a grade, an appeal must be made in writing to the instructor and must be initiated within 60 calendar days after the end of the term for which the grade in question was reported. The appeal should contain specific information about why it is believed the grade reported is inaccurate. See the Student Handbook for details. Add/Drop Dates Please refer to the current Academic Calendar for add/drop dates. Incomplete Request To qualify for an “I” grade, a minimum of 75% of the course work must be completed with a passing grade and a student must submit a completed Request for an Incomplete form to the Registrar’s Office. The form must be completed by both student and instructor, but it is the student’s responsibility (not the instructor’s) to initiate this process and obtain the necessary signatures. Student Withdrawal Procedure It is the student’s responsibility to officially withdraw from a course by completing the appropriate form, with appropriate signatures, and returning the completed form to the Advising Office. Please refer to the Student Handbook for important financial information related to withdrawals.
VIII. Topical Course Outline See attached schedule IX.
AMERICANS WITH DISABILITIES ACT (ADA)
Benedictine University at Springfield provides individuals with disabilities reasonable accommodations to participate in educational programs, activities, and services. Students with disabilities requiring accommodations to participate in campus-sponsored programs, activities, and services, or to meet course requirements, should contact Resource Center as early as possible:
[email protected] or (217) 717-9253. X.
ASSESSMENT Goals, objectives, and learning outcomes that will be assessed in the class are stated in this syllabus in Sections IV and VI. Instructor will use background knowledge probes, one-minute papers, reflective essays and/or other Classroom Assessment Techniques as deemed necessary in order to provide continuous improvement of instruction.
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Tentative Class Schedule DATE
CHAPTER
First Class Period
1
TOPIC
ASSIGNMENT DUE
Introduction to Accounting and Business Accounting as an informational system Users of accounting information Accounting measurement Forms of business organization Accounting equation Financial statements
Dates will be announced in Class 2 Analyzing Transactions Usefulness of an account Characteristics of an account Analyzing and summarizing transactions in accounts Illustration of analyzing and summarizing transactions Trial balance Discovery and correction of errors Financial analysis and interpretation
Review Chapters 1 and 2 3
The Matching Concept and the Adjusting Process The matching concept Nature of the adjusting process Recording adjusting entries Summary of adjustment process Financial analysis and interpretation
Take Home Exam I Distributed Take Home Exam I Due In Class Exam 4
Completing the Accounting Cycle Accounting cycle Work sheet Financial statements Adjusting and closing entries Fiscal year Financial analysis and interpretation
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DATE
CHAPTER
TOPIC
ASSIGNMENT DUE
Review Chapters 3 and 4 Take Home Exam II Distributed Take Home Exam Due In Class Exam 16
Statement of Cash Flows Reporting Cash Flows Cash Flows from Operating Activities Cash Flows from Investing Activities Cash Flows from Financing Activities Statement of Cash Flows – The Indirect Method Retained Earnings Common Stock Bonds Payable Building Land Preparing the Statement of Cash Flows Financial Analysis and Interpretation
Review Chapters 16 Take Home Exam III Distributed
Take Home Exam III Due In Class Exam
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FIRST ASSIGNMENT
A Memo to My Students: Meeting once a week for eight weeks is not a very long time to accomplish much. To apply accounting processes to financial information a person must learn the language of accounting and then practice, practice, and practice. Success in this course comes by doing. Any excess time resources that you thought that you had have suddenly been impounded for the next eight weeks. Being your instructor, I have been charged with the responsibility of teaching, mentoring, and guiding you through this material. I am preparing to make the next eight weeks the best learning experience that you have had to this date. However, I need your cooperation. It is very important that you are prepared on the first night of class. Therefore, I am charging you to:
1. 2. 3.
Read Chapters 1 and 2 Prepare solutions to Problem 1-1A page 37 Prepare solutions to Exercise 2-1 pages 81 - 82
If you have problems or questions regarding the material before the first class period, do not hesitate to contact me any time. Thank you for your cooperation.
Frank Kircher
Jr 7/14 Lsa 8/14
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