FALL 2010 COURSE SYLLABUS GREAT BASIN COLLEGE ACC 201 FINANCIAL ACCOUNTING (3 credits) (ER1, BV1, WV1, YV1, 1V1)

Instructor: Scott Nielsen, MBA, CPA Class Dates: 9/13, 9/27,10/11,10/25,11/8,11/22,12/06 Office: Berg Hall Office Phone: (775) 753-2289 (voice mail) Time: 7:00-9:45 pm Location: HTC 123 (Elko) Office Hours: 8:00-5:00 by appointment E-mail: Through WebCampus Or [email protected] COURSE MATERIALS 1) Textbook: Accounting, by Warren, Reeve, Duchac, 23e, South-Western Cengage Learning, 2009. (Required) NOTE: Only Chapters 1-12 are covered in this course; remaining chapters are covered in ACC 202 in Spring. 2) A calculator for working problems on homework, quizzes, and exams. (Strongly Recommended)

COURSE CATALOG DESCRIPTION Basic accounting principles and procedures with a focus on the sole proprietorship and partnership forms of business. The accounting cycle, receivables, payables, inventory, fixed asset acquisition and disposal, and financial statement preparation.

COURSE PREREQUISITES There are no prerequisites for the course, but analytical reading and a working knowledge of basic mathematics is required; an understanding of basic algebraic concepts is also helpful.

COURSE OBJECTIVES/EXPECTED LEARNER OUTCOMES MEASUREMENT Upon completion of the course the student will be able to: 1. Apply accounting concepts/principles, use the acctg equation to Chapter 1 homework problems and quiz; analyze business transactions, prepare financial statements. Exam 1 2. Apply rules of debit & credit in journalizing transactions, posting Chapter 2 homework problems and quiz; to the ledger, and preparing a trial balance. Exam 1 3. Apply revenue & matching principles to make adjusting entries, Chapter 3 homework problems and quiz; prepare an adjusted trial balance. Exam 1 4. Complete the accounting cycle, prepare a worksheet, and close Chapter 4 homework problem and quiz; appropriate accounts. Exam 2 5. Journalize & post transactions using special journals & Chapter 5 homework problems and quiz; subsidiary ledgers in both manual & computerized accounting Exam 2 systems. 6. Journalize transactions and prepare financial statements for a Chapter 6 homework problems and quiz; merchandising business. Exam 2 7. Account for inventory using FIFO, LIFO, and average cost Chapter 7 homework problems and quiz; methods under both perpetual & periodic inventory systems. Exam 3 8. Describe the impact of Sarbanes-Oxley on internal control; Chapter 8 homework problems and quiz; prepare a bank reconciliation & related journal entries. Exam 3 9. Use allowance & direct write-off methods for bad debts; account Chapter 9 homework problems and quiz; for accounts & notes receivable. Exam 3 10. Account for the cost, depreciation, and disposal of a plant asset; Chapter 10 homework problems and quiz; account for natural resources and intangible assets. Final exam 11. Account for known & estimated current liabilities; use a payroll Chapter 11 homework problems and quiz; register, compute payroll amounts & record payroll transactions. Final Exam 12. Account for partnership investments, profits/losses, admission & Chapter 12 homework problems and quiz; withdrawal of partners, & partnership liquidation. Final Exam In addition, this course is part of the Associate of Applied Science degree in which students’ overall progress is measured at the program level upon entrance into the program and upon graduation.

HOMEWORK/EXAMS All homework, exams, and quizzes are completed online through WebCampus. Students must submit homework when due for full credit. Students may discuss homework assignments, but the final product submitted should be each student’s individual work. Chapter quizzes are open book, untimed, and completed independently. Three quizzes may be taken per chapter with the highest score recorded. Exams are timed and must be completed independently. Working with others on the exams or transferring or receiving exam information before, during, or after an exam is cheating and will result in disciplinary action in accordance with the GBC general catalog and student handbook.

ATTENDANCE Since there are only seven (7) class meetings during the semester, it is extremely important that students attend all classes. Students missing class are still responsible for material covered. METHODS OF INSTRUCTION This is an interactive video (IAV)/WebCampus hybrid course. Chapters will be covered through lecture, discussion, working exercises and problems. Students should prepare the chapter before it is discussed in class.

ACC 201 Fall 2010 TENTATIVE CLASS SCHEDULE Due Dates Topics Homework Dates Points Aug 30 Intro to Course & WebCampus Self-Intro Sep 3 5 Ch 1: Intro to Acctg & Business P1-2A, P1-4A; Quiz Sep 14 5,5,5 Sept 7 Ch 2: Analyzing Transactions P2-2A,3A; Quiz Sep 14 5,5,5 Sept 13 Ch 3: The Adjusting Process P3-3A, P3-5A; Quiz Sep 21 5,5,5 CLASS Review Chapters 1-3 Sep 14 Ch 1 & 2 homework & quizzes due on WebCampus Sep 20 Ch 4: Completing the Acctg Cycle P4-6A; Quiz Oct 5 10,5 Sep 21 Ch 3 homework & quiz due on WebCampus Sep 21-22 **EXAM 1 (Chapters 1-3)** on WebCampus 100 Sep 27 Ch 5: Accounting Systems E5-8,16,P5- Oct 11 5,5,5,5 CLASS Appen: End-of-Period Spreadsheet (Chpt 4) 1A;Quiz Review Chapters 4-6 Oct 5 Ch 4 homework & quiz due on WebCampus Oct 5 Ch 6: Accounting for Merchandising Businesses P6-2A, 3A; Quiz Oct 11 5,5,5 CLASS Appen 1: Acctg Systems for Merchandisers (Chpt 6) Appen 2: The Periodic Inventory System (Chpt 6) Oct 11 Ch 5 & 6 homework & quizzes due on WebCampus Oct 11-12 **EXAM 2 (Chapters 4-6)** on WebCampus 100 Oct 18 Ch 7: Inventories; P7-1A,2A,3A; Quiz Oct 26 5,5,5,5 Oct 25 Ch 8: Sarbanes-Oxley, Internal Control, and Cash P8-2A,5A; Quiz Nov 2 5,5,5 CLASS Appen: Estimating Inventory (Chpt 7) Review Chpts 7-9 Oct 26 Ch 7 homework & quiz due on WebCampus Nov 1 Ch 9: Receivables; Appen: Discounting Notes E9-19,P9-2A; Quiz Nov 23 5,5,5 Receivable Nov 2 Ch 8 homework & quiz due on WebCampus Nov 8 Ch 10: Plant Assets & Intangible Assets; P10-1A, 2A; Quiz Nov 30 5,5,5 CLASS Appen 1: Sum-of-the-Years-digits Depreciation; Appen 2: Exchanging Similar Fixed Assets Nov 15 Assignments/Activity to be determined Nov 22 Ch 11: Current Liabilities and Payroll P11-3A,5A; Quiz Dec 7 5,5,5 CLASS Review Chapters 10-12 Nov 23 Ch 9 homework & quiz due on WebCampus Nov 23-24 **EXAM 3 (Chapters 7-9)** on WebCampus 100 Nov 29 Ch 12: Acctg for Partnerships & Limited Liability Co. P12-1A,5A; Quiz Dec 7 5,5,5 Nov 30 Ch 10 homework & quiz due on WebCampus Dec 6 Review Chpts 10-12 for final exam answer any CLASS questions Dec 7 Ch 11 & 12 homework & quizzes due on WebCampus Dec 13-15 **FINAL EXAM (Chapters 10-12)**on WebCampus 100

Note: This schedule is tentative. No major changes in the content of this syllabus are anticipated other than changes instructor finds necessary to accommodate student/instructor needs. Students will be informed of any changes made in a timely and clear manner. Check WebCampus daily for updates.

Course Requirements: Letter Grade Equivalents: 3 Exams 300 A 95-100%; A- 90-94% Homework 120 B+ 87-89%; B 83-86%; B- 80-82% Chapter quizzes (12 @ 5 pts) 60 C+ 77-79%; C 73-76%; C- 70-72% Final exam 100 D+ 67-69%; D 63-66%; D- 60-62% Total points 580 F < 60%

Students who successfully complete this course attend all classes, ask questions, and complete all homework, quizzes and exams in a timely manner. Remember that the more effort you put into this class, the more you will get out of the class in terms of knowledge as well as a course grade.