Introduction to Financial Accounting - Pat Brown

  

 

Syllabus - Introduction to Financial Accounting - ACC 110
 

Quarter:                 Winter 2004
 

Instructor:             Pat Brown
 

Class Schedule:    M-F, 8:00 – 10:00  
    

Telephone:             425-235-7870
  

E-mail:           pbrown@rtc.ctc.edu  

Web Page:    http://www.rtc.edu/instruction/Accounting/welcome_page.htm 

Office Hours:   Room H309A (7:30A-8:00A; 2:30P-3:00P)  
 
Text:  College Accounting, 8th Edition , Houghton Mifflin –  McQuaig, Bille  
 

Other Materials:          Working Papers, Chapters 1-14

    Straight edge

    No. 2 or 2 ½ pencils

    Eraser(s)
  

OBJECTIVE:  This is a course in the fundamentals of accounting.  Through a series of in-depth problems, you will learn the fundamentals of the accounting cycle for a service business, accounting for cash payroll, the accounting cycle for a merchandise business using special journals, and budgeting. Upon completion of this course you will be ready to move on to Accounting II.  
 

MAKEUP POLICY:
Missed Assignments 
    None allowed
                                           
Missed Exams -  “yes” under special circumstances  
    10% late fee
 

Make-up Exams 
    None allowed

Missing Time -  “no”  
 

TIMELINESS:  Being on time is important on the job and in this class.
  
OTHER:     Food or drink – not allowed per campus policy
                     Cell phones and beepers – turn off please
                     Classroom phones – for official campus employee business
                     Copier Use – for official campus employee  business
                    Emergencies – use campus pay phones  
 

Course Competencies

ACC 121 Accounting I

1.     Record a group of business transaction, in column form, involving all five elements of the fundamental accounting equation according to GAAP

2.     Prepare in proper format an income statement, statement of owner’s equity, and a balance sheet according to GAAP.

3.     Record transactions pertaining to service type and merchandising enterprises in a general journal and special journals, posting to the general ledger and special ledger accounts per GAAP.

4.     Complete a worksheet recording and posting adjusting, closing, and reversing entries for a service and a merchandising business per GAAP.

5.     Define banking terms and complete a bank reconciliation, recording required journal entries according to GAAP.

6.     Establish and use a petty cash and change fund, recording journal entries according GAAP.

7.     Calculate and complete a payroll register and prepare proper journal entries according to GAAP.

8.     Calculate the employer’s payroll tax expense, including FICA, FUTA, and SUTA taxes according to GAAP.

9.     Build basic speed and accuracy skills on the electronic calculator according to industry requirements.

 

Grading - Accounting I

The following standards are used for this class:

Grading Standards  

Description

Percent of Grade

Chapter Exams

70%

Class Presentations, Participation, Attendance

10%

Homework/Quizzes

20%

Grades

Percentage Range

Letter
94% and over                   A
90% but less than 94%                   A-
87% but less than 90%                   B+
84% but less than 87%                   B
80% but less than 84%                   B-
77% but less than 80%                   C+
74% but less than 77%                   C
70% but less than 74%                   C-
67% but less than 70%                   D+
64% but less than 67%                   D
60% but less than 64%                   D-
Less than 60%                   F

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

  

  

 

Calendar - Accounting I (Brown)

The following calendar is an approximation of the progress I expect from this class. However, each class seems to have its own characteristics - some move more quickly than others. Therefore, the actual schedule will adjust based on the class progress.

All listed assignments (Exercises and Problems) are due at the end of each chapter.

Week

Chapters

Topic

Assignments

Questions

Exercises

Problems

1-3

1

Asset, Liability, Owners Equity, Revenue, and Expense Accounts

1-8

1-8

1A, 2A, 3A, 4A

1-3

2

T Accounts, Debits and Credits, Trial Balance, and Financial Statements

1-8

1-8

1A, 2A, 3A, 4A

Review Problem #1 (Approx. 2 days) - Due Before First Exam

Exam 1, Chapters 1 &2

1-3

3

The General Journal and the General Ledger

1-8

1-8

1A, 2A, 3A, 4A

1-3

4

Adjusting Entries and the Work Sheet

1-8

1-8

1A, 2A, 3A, 4A

1-3

5

Closing Entries in the Post-Closing Trial Balance

1-8

1-8

1A, 2A, 3A, 4A

Exam 2, Chapters 3, 4 & 5

4-6

7

Bank Accounts and Funds

1-8

1-8

1A, 2A, 3A, 4A

4-6

8

Employee Earnings and Deductions

1-8

1-8

1A, 2A, 3A, 4A

4-6

9

Employer Taxes, Payments, and Reports

1-8

1-8

1A, 2A, 3A, 4A

Exam 3, Chapters 6, 7, 8 & 9

7-9

10

The Sales Journal

1-8

1-8

1A, 2A, 3A, 4A

7-9

11

The Purchases Journal

1-8

1-8

1A, 2A, 3A, 4A

7-9

12

The Cash Receipts Journal and the Cash Payments Journal

1-8

1-8

1A, 2A, 3A, 4A

Exam 4, Chapters 10, 11 & 12

10-12

13

Work Sheet and Adjusting Entries

1-8

1-8

1A, 2A, 3A, 4A

10-12

14

Financial Statements, Closing Entries, and Reversing Entries

1-8

1-8

1A, 2A, 3A, 4A

Review Problem #2 (Approx. 3 days) – Due Before Final Exam

Exam 5, Chapters 13 & 14

 

Homework/Exam Dates - Accounting I (Brown)

First - Please refer to the class Syllabus. All problems and exercises are due by the end of each chapter.

Second - See the calendar below for specific due dates. REMEMBER - even though a problem may not be specifically noted on the following calendar, it is still due by the end of the chapter.

Week#    Monday        Tuesday        Wednesday        Thursday        Friday

    1           

    2            

    3            

    4            

    5            

    6            

    7            

    8            

    9            

    10            

    11            

    12            

    13            

    14