College of Business s3

COLLEGE OF BUSINESS ACADEMIC SYLLABUS ACG 2001 Section 2995 Applied Financial Accounting Spring Term 2012

INSTRUCTOR: Nils Lindskoog OFFICE: CL BT 117 PHONE: 727-791-2530 EMAIL: [email protected] WEBPAGE: http://it.spcollege.edu/course_info/inquiry.cfm?number=2290

OFFICE HOURS: T and Th 2:50 PM to 4:00 PM CL - Room BT 117

ACADEMIC DEPARTMENT:

Academic Chair: Roberto Fernandez Office Location: LY-249 (Tarpon Springs Campus) Office Number: 727-712-5770

REQUIRED TEXTBOOK & OTHER RESOURCE INFORMATION:

 Kimmel, Weydgandt, and Kieso: Accounting: Tools for Business Decision Making 3rd edition, Wiley ISBN Number: 978-0-470-54054-1  WileyPlus access code (Included with the book).  Access to high speed Internet.  Knowledge of Microsoft Office.  Basic calculator.

NOTE! The textbook book is a custom edition for St. Petersburg College.

Please use the URL shown below to access WileyPlus:

URL: http://edugen.wiley.com/edugen/class/cls219476/

Library: http://www.spcollege.edu/central/libonline/.

1 MEETING INFORMATION:

Course Location: BT-206 Clearwater Campus, Meeting Days: Tuesdays and Thursday Class Times: 1:30 PM – 2:45 PM

COURSE INFORMATION:

PURPOSE: This course is a study of basic accounting principles including the recording and reporting of financial activity. It includes the preparation and interpretation of financial statements for a sole proprietorship or corporation. An applied approach with computer applications to the study of financial accounting Is emphasized. Contact hours: 47

OBJECTIVES:

1. The student, when given a list of accounting terms, will understand the basic terminology of the double entry system of accounting.

2. The student, when given a group of business transactions, will journalize the transactions of a business.

3. The student will describe the required steps in the accounting cycle.

4. The student will understand how to develop a basic accounting system.

5. The student will, when given accounting data relating to a merchandising organization, properly record transactions and prepare the financial statements.

6. The student will understand the methods of proper control in an organization.

7. The student, when given accounting data, will prepare entries related to the receivables of an organization.

8. The student will understand the Generally Accepted Accounting Principles (GAAP).

9. The student will, when given accounting data, properly record adjusting entries.

10.The student will, when given financial statement data, perform basic financial statement analysis.

11.The student will, when given a workplace demonstration of a concept, apply an understanding of the generally accepted accounting principles through the completion of related applied activities.

2 CLASS SCHEDULE:

WEEK TOPIC

Week 1 Course Overview & Week 2 PART I. Reading: Chapter 1, “Introduction to Financial Statements” Chapter 2, “A Further Look at Financial Statements” What is accounting and why is it done? How is accounting different from finance? What is financial accounting, and what are other aspects of accounting? The uses and users of accounting information What is the accrual method of accounting, and why do we use it? In-class example of “The Extreme Hair Salon” The Balance Sheet and the concept of “balances” in accounting The basic accounting equation: A = L + OE The double-entry system and why it is used The nature and purpose of Owners’ Equity The purpose of a business Service businesses, merchandising businesses, manufacturing businesses The purpose and general nature of the Income Statement Overview of GAAP Fundamental assumptions/principles in accounting Company profitability Liquidity and solvency

Week 2 PART II. & Week 3 Reading: Chapter 3, “The Accounting Information System” (and portions of Chapter 2) Recording business transactions within the basic accounting equation What is revenue? What is an expense? Analysis of transactions The recording process The purpose of the General Journal and the nature of journal entries The logic of debits and credits The basic entries Classification to accounts in the General Ledger Posting to the General Ledger Nature and purpose of the Trial Balance Classification of business activities as operating, investing, or financing

QUIZ 1 – Basic Journal Entries

3 Week 4 & Week 5 PART III. Reading: Chapter 4, “Accrual Accounting Concepts” The accrual basis of accounting (versus cash basis) When does revenue occur? The revenue recognition principle When does an expense occur? Cost—Asset—Expense The matching principle Basic accrual entries Adjusting entries, and the nature of accruals versus deferrals The adjusted trial balance Closing entries Preparing basic financial statements

QUIZ 2 – Accrual Entries, Adjusting Entries, Week 6 The Entire Recording Process to Financial Statements & Week 7

PART IV. Reading: Chapter 5: “Merchandising Operations and the Multiple-Step Income Statement” The difference between service businesses and merchandising businesses Perpetual and periodic inventory systems Recording purchases and sales of merchandise Single-step and multiple-step income statements Classification of balance-sheet accounts Week 8 Income-statement accounts

PART V. Reading: Chapter 6, “Reporting and Analyzing Inventory” Steps in determining inventory quantities Periodic versus perpetual inventory Inventory costing methods Inventory cost-flow assumptions Financial statement and tax effects of inventory assumptions Inventory analysis

MID-TERM EXAM!!!

4 Week 9

PART VI. Reading: Chapter 7, “Fraud, Internal Control, and Cash”

Principles and limitations of internal control Cash controls Week 10 Bank deposits and account reconciliation Sarbanes-Oxley

PART VII. Reading: Chapter 8, “Reporting and Receiving Receivables”

Types of receivables Valuing accounts receivable and accounting for bad debts Disposing of receivables Week 11 Accounting for Notes Receivable Analysis of receivables

PART VIII. Reading: Chapter 9, “Reporting and Analyzing Long-Lived Assets”

Definition of plant assets Determining the total cost of plant assets Depreciation methods and computations Disposal and retirement of plant assets Natural resources and depletion Intangible assets and amortization

QUIZ 3 - Plant Assets, Receivables, and Internal Control Principles

BEGIN BIG OPPORTUNITY!

5 Week 12 Week 13

PART IX. Reading: Chapter 10, “Reporting and Analyzing Liabilities”

Current liabilities Accounting for notes payable Other current liabilities Week 14 Week 15 Basics of bonds Issuance of bonds and interest expense Bond redemption

PART X. Reading: Chapter 11, “Reporting and Analyzing Stockholders’ Equity”

Basic forms of business organization Major characteristics of a corporation Issuance of common stock The concept of retained earnings Week 16 Stockholders’ Equity section of the Balance Sheet Statement of Retained Earnings Purchase of treasury stock Preferred stock Cash dividends and stock dividends

Review and preparation for Final Exam

FINAL EXAM!

6 IMPORTANT DATES: Course dates: 1/09/2012 – 5/4/2012 Last day to drop and receive a refund: 1/13/2012 Last day to withdraw and receive a grade of “W”: 3/20/2012 Financial Aid: http://www.spcollege.edu/central/SSFA/HomePage/calendar.htm Spring Break: 3/5 – 3/9/2012

DISCIPLINE SPECIFIC INFORMATION:

Financial accounting is a beautiful, elegant subject--a product of the Renaissance. With a little patience and some solid effort, it is really quite simple to learn. Attending class, reading the textbook assignments, and completing the homework will create a high probability of success.

The learning process can be highly rewarding. Accounting is fun and highly practical skill, which has application throughout one’s life!

ATTENDANCE:

The college-wide attendance policy is included in the Syllabus Addendum at: http://www.spcollege.edu/webcentral/policies.htm The student must participate in the course per the college-wide attendance policy.

GRADING:

Quizzes 25% of overall grade Class Participation & Homework 18% Mid-Term Exam 20% Project/Opportunity 12% Final Exam 25%

ASSIGNMENTS:

7 Specific assignments will be given in class and posted on Angel in the Calendar section, and will be supported by WileyPlus.

INSTRUCTOR’S EXPECTATIONS:

Students are expected to follow the Academic Honesty Guidelines as well as Classroom Behavior listed as part of the College’s policies.

Please follow the link below to learn about them:

http://www.spcollege.edu/webcentral/catalog/current/stu_affairs_honesty.htm

Instructor’s classroom policies to be further discussed in class.

ATTENDANCE:

The college-wide attendance policy is included in the Syllabus Addendum at: http://www.spcollege.edu/webcentral/policies.htm

STUDENT SURVEY OF INSTRUCTION:

The student survey of instruction is administered in courses each semester. It is designed to improve the quality of instruction at St. Petersburg College. All student responses are confidential and anonymous and will be used solely for the purpose of performance improvement.

SYLLABUS CHANGES: Any syllabus changes will be posted on the ANGEL and announced to all the students.

SYLLABUS ADDENDUM:

Please make sure you read the information in the addendum. http://www.spcollege.edu/webcentral/policies.htm