Accounting 101 Financial Accounting

Accounting 1B Principles of Accounting Long Beach City College Course Syllabus--Spring Semester 2013 Instructor: Jim Noggle, CPA Office Hours: M-W 7:00am—7:30am M-W 3:30pm—5:30pm Telephone: (562) 938-4737 Office: T-2352 Email: [email protected] Prerequisites: Accounting 1A “C” or Better [email protected] Class Website: http://ezone.lbcc.edu/ezlrnpWebEdit/main/login/ Course Description: A course in managerial accounting that meets the transfer requirements to four-year colleges and universities. Managerial Accounting considers both historical and forecasted (budgeted) data in providing information that management uses in conducting daily operations, in planning future operations, and in developing overall business strategies. The course describes and illustrates the accounting theory and practice for departmental, manufacturing and cost accounting techniques; performance evaluation; profit reporting and analysis; interpretation of financial statements; budgets; general tax decisions; capital investment analysis; and business ethics. The course also covers the accounting for corporate bonds and provides techniques for analyzing the financial statements of a company.

Course Materials: Required—No Exceptions: 1. Textbook: Warren / Reeve / Duchac 3. Scantron Forms (12 Quizzstrips Form No. 815-E Financial & Managerial Accounting 10th Edition and 4 Scantron Form No. 882-E). South-Western 4. A #2 pencil along with a red pen or red pencil and 2. Cengage Learning Access Code for Working notepaper Papers and Learning tools 5. Hand held calculator (battery or solar)—all classes Student Learning Outcomes: Upon the completion of this course in Managerial Accounting the student will be able to: 1. Organize and prepare accounting entries required by a manufacturing company using both a job cost system and a process cost system. 2. Analyze various business decision making concepts and techniques used in pricing, capital investment and Just-in-time manufacturing decisions. 3. Prepare a short-term operating budget and related cost variance analysis using standard costs. 4. Calculate various financial ratios used to evaluate financial performance of a company.

Course Objectives: Upon the completion of this course in Managerial Accounting the student will be able to: 1. Define and apply managerial accounting concepts from both a theoretical and practical (real world) perspective. 2. Demonstrate the applications of basic cost concepts for a manufacturing company using a job cost system or a process cost accounting system. 3. Analyze and interpret the cost impact of activity changes on business planning and performance for a specific department and the entire manufacturing operation. 4. Describe the difference between operating budgets and capital budgets. 5. Analyze cost information to support strategic decisions regarding products, customers, and technological changes to a company’s operations. 6. Calculate and apply data using variable costing income statements and cost-profit-volume analysis to the planning process. 7. Calculate and apply standard costs and cost variances to the planning process. 8. Prepare and understand the use of differential and capital investment analyses. 9. Describe the concepts of cost allocation and activity-based costing manufacturing environments. 10. Analyze and understand the financial ratios and other techniques used to evaluate financial data, make comparisons, determine efficiencies and make general assumptions about a company’s financial direction. 11. Record entries for corporate bonds and describe their use as a financing alternative. 12. Appreciate and understand the ethical and moral considerations for a management accountant in the business environment. Grading Policies: You are responsible for all the material in Chapters 15 through 22, 23, 25, 26 and 12 whether or not they are specifically covered in class. Your grade for this course is based on the following points that will be available during the semester:

1. Chapter Examinations (3) 225 2. Quizzes 90 Percentage of total cumulative points/Grades 3. Chapter Pre-Quizzes 36 4. Completion of Homework Assignments 44 A: 90% - 100% B: 80% - 89% C: 70% - 79% 5. Internet Assignment 25 D: 60% - 69% F: 0% - 59% 6. Analysis Project 30 7. Classroom Attendance and Participation (**) 450 (**) Required and no additional points or credit will be given. Your Final grade will be based upon all of the above 7 items and the corresponding points as the base. Any extra credit points are considered a bonus and will not impact the base points.

Written Chapter Examinations: There will be three (3) Chapter Examinations that will be given on the dates indicated on the Class, Chapter and Homework Schedule. The Exams could be true/false, multiple choice, matching, fill in the blank, short essay, and problem-solving type questions. If a student misses an Exam, the student is required to notify the instructor no later than the day of the Examination. Make-up of the Chapter Examination is required to occur within 4 days of the initial Examination Date, as listed in the Class, Chapter and Homework Schedule. The make-up examination date and time will be at the convenience of the Instructor. Students will not be allowed to make up more than one (1) Chapter Examination. Also, there will be NO Make-Up Exams on Exam #3. Missing Exam #3 will result in a “0” score and an incomplete grade in the Class.

Quizzes: A total of 12 Quizzes worth 10 points each will take place during the course of the Semester. There will be a Quiz on every Chapter as noted on the attached Class, Chapter and Homework Schedule. NO QUIZ CAN BE MADE UP. The highest scores for 9 completed Quizzes will be considered in the grading process. If less than 9 Quizzes are completed zeros will be recorded for all missed Quizzes necessary to equal 9 completed Quizzes. This process will allow the student to either drop 3 of the lowest Quizzes (if all 12 are taken) or miss a maximum of three quizzes during the semester.

Chapter Pre-Quizzes: A total of 12 Pre-Quizzes worth 3 points each will take place during the Course of the Semester. The Pre-Quizzes are part of the CengageNow learning totals and can only be obtained using the Cengage Learning Access Code, which is a requirement for this Class. The CengageNow Learning Access Code can be purchased at the LBCC Bookstore as part of the textbook package. The Class requirement is that EACH STUDENT IS REQUIRED to read the Chapter BEFORE the initial Class Lecture. The intended purpose of the Pre- Quiz is to test your comprehension and understanding of the Chapter materials after the initial reading and prior to the first Chapter lecture. The Pre-Quiz is also designed to aid and assist students in their preparation for the in-class Chapter Quiz (given at the completion of the Chapter) along with the Chapter Exam Segments. Sufficient time has been allotted for each Chapter to go back and review the Chapter material and learning concepts (refer to Chapter Notes at the class website) while taking the Pre-Quiz. The Pre-Quiz must be completed within the deadlines as stated at CengageNow (the textbook website) using the textbook Access Code, which as stated above is a MANDATORY REQUIREMENT for this class. Passing the Pre-Quiz AFTER the Class Lecture and before the Pre-Quiz Chapter deadline with a passing rate of 80% or above (PASS—100%) will earn the student 3 points. Achieving a resulting score of less than 80% will result in a FAIL or 0%. Students will also have an opportunity to earn ONE 1 POINT OF EXTRA CREDIT on each Chapter Pre-Quiz by PASSING the Pre-Quiz on the Chapter BEFORE the actual Chapter lecture date/class time as scheduled in the Syllabus—Class, Chapter and Homework schedule. To earn the Extra Credit the student must complete and pass the Pre-Quiz with a passing rate of 80% or above (PASS—100%) BEFORE THE CLASS LECTURE. NO MORE THAN 4 ATTEMPTS WILL BE ALLOWED WHEN TAKING THE CENGAGENOW PRE-QUIZ--- pre and post lecture—4 attempts in total—students will be able to take the Pre-Quiz four (4) times to accomplish the passing rate of at least 80%. If you are successful at achieving an 80% passing rate on the first attempt a lower score (less than 80%) on the second, third or fourth attempt will NOT nullify the initial attempt because the program has been designed to capture the highest score for determining your final PASS or FAIL for each Chapter Pre-Quiz. So, it will be important for you to use your attempts and time responsibility and appropriately. Students that fail to pass the Pre-Quiz or do not even make an effort to take the Chapter Pre-Quiz will earn 0 (zero) points for that particular Chapter Pre-Quiz. A copy of each Chapter Pre-Quiz can be printed after the Chapter Pre- Quiz deadline for the students that participated in the Chapter Pre-Quiz or on the Class Website using the Quiz link by Chapter for those students who did not take the Chapter Pre-Quiz. The will be no exceptions to the above guidelines unless announced by the Instructor.

Classroom Participation and Attendance: Advance preparation, Active participation and attendance are all important factors required in both the classroom and the business world. An equally important factor is a positive and attentive attitude. All of these factors are very important for success in business, in life, and will be important to your overall success or failure in the class.

Classroom Preparation and Participation—Students will be evaluated based upon their advance preparation, active participation and positive contributions made during the entire semester. All students are required to come to class prepared, which would include an initial reading of the assigned chapter prior to the commencement of class. Throughout the semester student participation will consist of either volunteering or being called upon to share your understanding, thoughts, opinions, or solutions to the course materials and problems. Your participation will also be evaluated based upon the asking of intelligent, well thought out questions to help strengthen or broaden your understanding of the Chapter Lecture or class/homework exercise/problem. Like in workforce, the class participation evaluation criteria will be based upon the student’s ability to clearly and orally present accurate information in an organized and understandable manner. Evidence of the student’s use of accounting theory in the problem solving process will also be considered in the evaluation.

Class Attendance and Timeliness—ON TIME attendance to all classes is expected of each student. Be on time as the class begins “on time” at 6:45pm. Students will be allowed a maximum of two (2) excused absences and more than two may have an impact on your grade along with your understanding of the material and success in the class.

Completion of Homework Assignments: All of the Chapters and homework are assigned as of the first day of class as noted on the attached Class, Chapter and Homework Schedule. However, the Class, Chapter and Homework Schedule is subject to change at the discretion of the instructor. All homework is Due on the Homework Due Date as referenced for each Chapter on the Class, Chapter and Homework Schedule. All assignments are required to be completed and turned in on their respective due dates. At the Instructors discretion, all and/or selected homework assignments may be selected for review and grading except for the homework scheduled for Chapter 23, which will be subjected to CengageNow submission and grading.. A maximum of 4 (four) points will be awarded for each Chapter’s assigned and selected homework for grading. The grading process for all other homework will be based upon completeness, effort, neatness, properly correcting all work, legibility, following instructions, and done in a professional manner on the work paper formats (examples) provided within the text or when applicable, using those formats provided by the student resource center at the text website. Homework will generally be reviewed and corrected in class. All corrections, errors, and additions are required to be made using either a RED pencil or RED pen. This is 2 all part of the learning process. Questions, Exercises, or Problems that are partially completed will only receive point’s equivalent to the effort. A point reduction will be accessed on any homework assignment completed in class or turned in on time that is not properly corrected as previously stated.

All submitted homework must be stapled together as one package with a cover sheet indicating the students name and Chapter number. Failure to staple the homework together or failure to provide a cover sheet will also result in a point reduction in the homework points earned. Any questions to be answered should be answered using complete sentences and to the point. All Exercises and Problems should be complete using either an Excel worksheet format, using a format similar to the exercises or problems reviewed in class (refer to class work solutions listed on the website) or a particular chapter reading, or when applicable, by the formats provided by the student resource center at the text website.

During the semester students will be allowed to turn-in a maximum of two (2) late homework assignments within the “acceptance period” as discussed below for the possibility of full credit EXCEPT FOR CHAPTER 23, WHICH MUST BE SUBMITTED WITHIN THE ANNOUNCED CENGAGENOW DEADLINE. No late submissions will be accepted for the Chapter 23 homework assignment. For all other Chapters, once the two (2) late assignment options have been used, the maximum amount of points earned for late submittals of homework will be two (2) points per Chapter of assigned homework. Late submittal of homework will be accepted up to the date of the corresponding Chapter Test Date per the Class, Chapter and Homework Schedule (“acceptance period”). The maximum amount of points earned for late submittals will be two (2) points per Chapter of assigned collected homework.

Internet Project: There will be an Internet project requiring each student to look-up a specific company, shareholder and financial information on the Internet using a financial resource finder, which will be provided. At a date yet to be determined, each student will be provided with a list of companies to select from along with a list of questions to be answered and information to be obtained. The answers to the questions should be typed using 12–point font in either Arial or Times New Roman print using 1” margins and single or double spacing for each answer response. Any printed information that is required to be submitted should be stapled to the completed answers and properly referenced. A title page should accompany your work and include the name of the researched Company along with the student’s name. Covers and bindings will not be accepted. The Internet project DUE DATE will be on or before Wednesday, April 17, 2013. No late Internet projects will be accepted after the aforementioned due date. Grading will be based on your ability to follow instructions, communicate the correct information and overall organization. No binders or covers will be accepted.

Analysis Ratio Project: There will be an individual Analysis Ratio Project Assignment when we are studying Chapter 15. The specifics and overall requirement of the Ratio Project Assignment will be discussed and posted on the class website at a later date during the semester.

Rules and Miscellaneous:

Ethics and Academic Honesty: All work must be completed by the individual student, unless otherwise assigned. Unethical behavior includes but is not limited to the following: (1) plagiarism; (2) receiving or knowingly supplying unauthorized information; (3) using unauthorized material or sources; and (4) changing an answer after work has been graded and presenting it as improperly graded. Long Beach City College has adopted a number of a policies dealing with academic honesty and social conduct. Consult the latest Long Beach City College Catalogue for a full explanation of these policies (i.e., “Academic Honesty, Creating a Collegiate Environment, Standards of Student Conduct, Campus Rules, Summary Suspension, Disciplinary Action and Student Attendance, etc.”). Also, proper language must be used in the classroom at all times and there will be NO profanity used---period!

Time Requirements: Each student is expected to spend a minimum of two (2) hours of outside preparation for every classroom hour. This means you should expect to spend a minimum of 10 hours per week outside of class in preparation. This includes preparing for class, reading the text, doing homework, and reviewing for exams or quizzes. Anything less, you will be cheating yourself from obtaining your best grade.

Food and Drink: No food or drink will be allowed in the classroom.

Communication/Electronic Devices: No electronic devices (i.e., iPods, Blackberry’s, iPhones, cell phone, PDA’s, etc.) will be allowed to be used in the class room at any time, which includes texting. If a student is caught using an electronic device during a quiz or an exam the student may receive a zero (0) on the quiz or the exam. There will be no texting during class. Further, cell phones cannot be used as a calculator during an exam or a quiz. Finally, cell phones and other communication devices must be turned off while in the classroom. A communication device going off in the classroom is disturbing and may result in your being suspended from that day’s class. Repeated offenses can result in being dropped from the class with cause.

Emergency Procedures: If required to evacuate a classroom or building, students are to proceed to a clear and safe area away from the evacuated site. Take all personal belongings with you. If the emergency procedure occurs during an exam, the exam may be suspended and a new exam may be given at a later date.

General: The course outline and various homework schedules are subject to change. In the event of a change an announcement will be made on the class website announcement page, in class or through a handout detailing the revised policy/assignment, which will be distributed in class. It is the responsibility of the student to keep current and develop a clear understanding of all course policies. Classes missed or cancelled for any reason do not relieve the student of the responsibility for the material and/or assignments due that day or on any future class meeting.

Keep a personal record of scores for all quizzes, tests and assignments. Periodically and following an exam, the instructor will post a summary of student point totals and grade earned to date on the class website. If any error has been made, it is the student’s responsibility to present written proof of the correct point total as soon as possible after the posting. That means you should SAVE ALL of your returned work, scantrons and assignments until the end of the semester. If your grade falls below what is acceptable to you, take immediate action. DO NOT WAIT UNTIL THE LAST FEW WEEKS OF THE SEMESTER TO SEEK HELP. Consider the following, not necessarily in this order: 3 (1) Are you working more hours and studying less? Only you can correct this situation? (2) Form a study group---highly recommended. (3) Work extra problems and see the instructor for solutions. (4) Take advantage of the test interactive learning website. (5) Obtain assistance from the Center for Learning Assistance Services (Refer to the Long Beach City College Catalog for specific information). (6) And finally the most important, see the Instructor on a regular basis!! I sincerely hope you have an enjoyable learning experience and good luck! 