College of Business s5

****COLLEGE OF BUSINESS**** ACADEMIC SYLLABUS ACG 2021 Sec. 2168 Financial Accounting Fall Term 2012-2013

INSTRUCTOR: Roberto Fernandez OFFICE: LY-249 (Tarpon Springs Campus) PHONE: 727-712-5770 EMAIL: [email protected] WEBPAGE: http://it.spcollege.edu/course_info/inquiry.cfm?number=1171

OFFICE HOURS: Online

ACADEMIC DEPARTMENT:

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

REQUIRED TEXTBOOK & OTHER RESOURCE INFORMATION:

 Horngren, Harrison, & Oliver: Financial and Managerial Accounting, 3e. Pearson. (Volume One)  Access to MyAccountingLab (Included with the book).  Access to high speed Internet.

ISBN Number: 978-1-256-71018-9

Important: This book is a custom edition for the Saint Petersburg College only.

Note: Instructions on how to register for MyAccountingLab will be provided in Angel.

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

COURSE DESCRIPTION:

This course is a study of basic accounting principles including the recording and reporting of financial activity. The preparation and interpretation of financial statements with emphasis on the corporation is also studied. 47 contact hours.

ACG-2021 MAJOR LEARNING OUTCOMES:

1. The student will explain the principles of financial accounting, the business environment and accounting systems.

2. The student will record adjusting journal entries and complete the accounting cycle.

3. The student will describe the concepts of merchandising operations and inventories.

4. The student will identify the methods for internal control, cash and receivables in an organization.

5. The student will explain the acquisition and disposal of plant assets and intangible assets.

6. The student will define accounting practices for current liabilities and payroll.

7. The student will estimate and record transactions related to a corporation’s long-term liabilities and paid-in capital.

CLASS SCHEDULE:

MODULE TOPIC ASSIGNMENTS

Module 1 Course Overview

CH 1 Accounting and the Business Environment: Homework CH1 1 Define accounting vocabulary MyAccountingLab 2 Define the users of financial information 3 Describe the accounting profession and the Chapter Exam CH1: organizations that govern it MyAccountingLab 4 Identify the different types of business organizations 5 Delineate the distinguishing characteristics and organization of a corporation 6 Apply accounting concepts and principles 7 Describe the accounting equation, and define assets, liabilities, and equity 8 Use the accounting equation to analyze transactions 9 Prepare financial statements

ACG-2021 MODULE TOPIC ASSIGNMENTS

Module 2 CH 2 Recording Business Transactions: Homework CH2 1 Explain accounts, journals, and ledgers as they relate MyAccountingLab to recording transactions and describe 2 Define debits, credits, and normal account balances, Chapter Exam CH2: and use double-entry accounting and T accounts MyAccountingLab 3 List the steps of the transaction recording process 4 Journalize and post sample transactions to the ledger 5 Prepare the trial balance from the T accounts

Module 3 CH 3 The Adjusting Process: Homework CH3 1 Differentiate between accrual and cash basis MyAccountingLab accounting 2 Define and apply the accounting period concept, Chapter Exam CH3: revenue recognition and matching principles, MyAccountingLab 3 Explain why adjusting entries are needed 4 Journalize and post adjusting entries 5 Explain the purpose of and prepare an adjusted trial balance 6 Prepare the financial statements from the adjusted trial balance

Module 4 CH 4 Completing the Accounting Cycle: Homework CH4 1 Prepare an accounting worksheet MyAccountingLab 2 Use the worksheet to prepare financial statements 3 Close the revenue, expense, and dividend accounts Chapter Exam CH4: 4 Prepare the post -closing trial balance MyAccountingLab 5 Classify assets and liabilities as current or long term

CH 5 Merchandising Operations: Homework CH5 1 Describe and illustrate merchandising operations and MyAccountingLab the two types of inventory systems 2 Account for the purchase of inventory using a perpetual Chapter Exam CH5: system MyAccountingLab 3 Account for the sale of inventory using a perpetual system 4 Adjust and close the accounts of a merchandising business 5 Prepare a merchandiser's financial statements 7 Account for the sale of inventory using a periodic system (Appendix 5A)

ACG-2021 Module 5 CH 6 Merchandise Inventory: Homework CH6 & 1 Define accounting principles related to inventory MyAccountingLab 2 Define inventory costing methods 3 Account for perpetual inventory using the three most Chapter Exam CH6: common costing methods MyAccountingLab 4 Compare the effects of the three most common inventory costing methods 5 Apply the lower-of-cost-or-market rule to inventory 7 Estimate ending inventory by the gross profit method 8 Account for periodic inventory using the three most common costing methods

CH 7 Internal Control and Cash Homework CH7 1 Define internal control MyAccountingLab 2 Explain the Sarbanes-Oxley Act 3 List and describe the components of internal control Chapter Exam CH7: and control procedures MyAccountingLab 4 Explain control procedures unique to e-commerce 5 Demonstrate the use of a bank account as a control device 6 Prepare a bank reconciliation and journalize the related entries 7 Apply internal controls to cash receipts 8 Apply internal controls to cash payments 9 Explain and journalize petty cash transactions

Module 6 CH 8 Receivables: Homework CH8 1 Define and explain common types of receivables and MyAccountingLab review internal controls for receivables 2 Use the allowance method to account for uncollectibles Chapter Exam CH8: 3 Understand the direct write-off method for MyAccountingLab uncollectibles 4 Journalize credit card and debit card sales 5 Account for notes receivables 6 Report receivables on the balance sheet (only)

CH 9 Homework CH9 Plant Assets and Intangibles MyAccountingLab 1 Measure the cost of a plant assets 2 Account for depreciation Chapter Exam CH9: 3 Record the disposal of an asset by sale or trade MyAccountingLab 4 Account for natural resources 5 Account for intangible assets Comprehensive Problem is due MyAccountingLab (Details are provided

ACG-2021 by the instructor)

Module 7 CH 10 Current Liabilities and Payroll: Homework CH10 1 Account for current liabilities of known amount MyAccountingLab 2 Account for current liabilities that must be estimated 3 Calculate payroll and payroll tax amounts Chapter Exam CH10: 4 Journalize basic payroll transactions MyAccountingLab

CH 11 Long-Term Liabilities, Bonds Payable, and Homework CH11 Classification of Liabilities of the Balance Sheet: MyAccountingLab 1 Journalize transaction for long-term notes payable and mortgages payable Chapter Exam CH11: 2 Describe bonds payable MyAccountingLab 3 Measure interest expense on bonds using the straight- line amortization method 4 Report liabilities on the balance sheet

Module 8 CH12 Corporations: Paid-in Capital and the Balance Sheet Homework CH12 1 Review the characteristics of a corporation MyAccountingLab 2 Describe the two sources of stockholders' equity and the classes of stock Chapter Exam CH12: 3 Journalize the issuance of stock and prepare the MyAccountingLab stockholder's equity section of a corporation balance sheet 4 Illustrate Retained earnings transactions 5 Account for cash dividends

Review of all the Chapters and Preparation for Final Cumulative Final Exam. Exam: MyAccountingLab

IMPORTANT DATES:

Course dates: 08/20/2012 – 10/10/2012 Last day to drop and receive a refund: 08/24/2012 Last day to withdraw and receive a grade of “W”: 09/20/2012 Academic calendar: http://www.spcollege.edu/calendar/ Financial Aid: http://www.spcollege.edu/getfunds/

ACG-2021 DISCIPLINE SPECIFIC INFORMATION:

Accounting, in general is a challenging subject that requires a lot of patience, perseverance, practice and study to learn. This is an intensive course. It is recommended to dedicate a minimum of 12-15 hours per week (in an 8-week session) and 6-7.5 hours per week (in a 16-week session) to its study. Online and blended classes give the student a lot of flexibility in regards to study time but it is imperative to get organized and set a consistent time per week to master the learning objectives and complete the assessments of this course.

The learning process can be very demanding, but at the same time it will be very rewarding. The world of accounting is fascinating and will help you develop a new set of skills that will open the doors to a whole new world of opportunities.

ATTENDANCE:

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

Students classified as “No Show” for both of the first two weeks will be administratively withdrawn from the class.

For face to face classes “No Show” means not physically present in the classroom at the moment attendance is taken. For blended classes “No Show” means not physically present in the classroom and/or never logged into Angel. For online classes “No Show” means never logged into Angel.

Students who have not completed more than 40% of their assignments due (homework & chapter exams) at the 60% point will be considered as “not actively participating” in the class and may be administratively withdrawn with a grade of “WF”.

GRADING: Grades will be earned in four parts, as follows:

Homework (5 attempts, unlimited time) ------20% Chapter Exams (1 attempt, time limit) ------50% Comprehensive Problem (5 attempts, unlimited time) - 10% Cumulative Final Exam (1 attempt, time limit) ------20%

Total percentage ------100.00%

A 90 - 100% B 80 - 89% C 70 - 79% D 60 - 69% F Less than 60%

ACG-2021 ASSIGNMENTS:

It will be the students’ responsibility to complete their assignments on time and in an acceptable manner. Thus, late assignments will not be accepted unless substantiated with documentation due to extreme extenuating circumstances.

Assignments that are not completed by the due date will receive a zero (0). In consideration of personal contingencies, the instructor will drop the student’s lowest score on homework and chapter exams. With this rule, the student will not be penalized for a low score on a homework and chapter exam.

Please pay attention to the instructions for every assignment such as due date, time allowed (if that is the case), maximum attempts, etc. The instructions will be displayed in MyAccountingLab.

The due date for assignments will be posted by the instructor in MyAccountingLab and Angel.

STUDENTS’ AND INSTRUCTOR’S EXPECTATIONS:

Online /Student Conduct http://www.spcollege.edu/ecampus/help/conduct.htm

Online Student, Faculty and Staff Expectations and Performance Targets http://www.spcollege.edu/ecampus/help/expectations.htm

Academic Honesty Policy http://www.spcollege.edu/AcademicHonesty/

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:

Will be posted in ANGEL and announced to all students.

SYLLABUS ADDENDUM:

ACG-2021 Please make sure you read the information in the addendum. http://www.spcollege.edu/webcentral/policies.htm

ACG-2021