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					Shawnee State University BUAC1010—Accounting Principles I
Four credit hours will be earned upon successful completion of this course

PREREQUISITE OF COURSE: REQUIRED MATERIALS:

None

Textbook—Accounting Principles by Warren, Reeve & Duchac (22nd Edition); Accounting Working Papers; and Hand Calculator

OPTIONAL MATERIALS: Red or contrasting color of pen for self-correction of assignments; Folder to keep handouts, etc organized; Many assignments can be performed using Excel COURSE OBJECTIVES: This course introduces the student to the entire accounting cycle from the occurrence of the economic event to the final control/check procedures performed at year end. This course is where the student develops his/her basic analytical skills critical in the field of accounting which will become the foundation for other business and accounting courses. It will provide the basics of accounting systems used by business entities to accumulate and communicate its financial data to the various stakeholders for decision-making purposes. This course will help the student understand business’ needs for viable internal controls to safeguard company assets and apply the various valuation methods of accounting for assets. Throughout the course, the student should be developing an understanding of (and proper application of) the accounting terminology used in business and is known as the “language of business” as well as the importance of professional ethics in the field of accounting and business. STUDENT GOALS & EXPECTATIONS: While taking this course, the student will be expected to achieve certain goals. Obtaining these goals will help assure the student’s success in this course and establish a solid foundation for future accounting and business courses the student will be required to take. Student goals expected to be achieved from each chapter are: Chapter 1—Introduction to Accounting and Business  Understand the history of accounting and how it has evolved  Describe the nature of business and the role accounting plays in it  Understand the role of accounting within society  Explain the importance of ethics in accounting and business  Explain GAAP and properly apply basic accounting principles  State the importance of the accounting equation  Develop the proper analytical skills to accurately analyze transactions to identify their effects upon the financial elements of the entity’s accounting equation  Identify the various business organization formations and understand the differences among them  Properly prepare a basic income statement, equity statement, balance sheet, and cash flows statement and understand how they interrelate Chapter 2—Analyzing Transactions

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Understand the function of accounts, journals, ledgers, etc. and be able to use them to summarize financial data which will be reported on the appropriate financial statements Describe and be able to properly use the rules of DEBITS and CREDITS when journalizing and posting transactions Describe the function of an unadjusted trail balance and be able to properly prepare one Apply various error-discovery techniques to detect and correct accounting errors

Chapter 3—The Adjusting Process  Explain the matching concept and the purpose behind it  Apply the matching concept to the recording and reporting of revenues and expenses under an accrual accounting system as compared to a cash-basis accounting system  Describe the necessity of the adjustment process and be able to accurately analyze data to compute and record adjustments  Describe the function of an adjusted trail balance and be able to properly prepare one Chapter 4—Completing the Accounting Cycle  Explain the purpose of a worksheet-approach in the adjustment process  Perform the adjustment process using the worksheet-approach  Accurately prepare the income statement, equity statement, and classified balance sheet using the worksheet-approach  Accurately perform the end of year closing process and explain its function  Understand and identify the sequential steps of a business’ accounting cycle  Understand and explain the difference between a fiscal accounting year and a natural business year Chapter 5—Accounting Systems and Internal Controls  Explain the goals and objectives of an accounting system  Understand the cost-benefit functions of various accounting systems (example: manual vs computerized)  Understand the differences between general ledger controlling accounts and subsidiary accounts  Apply the concepts of an accounting system for a business using a mix of special journals and controlling/subsidiary accounts when recording and reporting its financial data  Understand basic features of e-commerce

Chapter 6—Accounting for Merchandising Businesses  Understand the differences in the operations of a service business as compared to a merchandising business  Accurately compute due dates, discounts and other merchandising-related data  Distinguish a perpetual inventory system from a periodic inventory system  Understand the purpose behind the unique accounts used by merchandising businesses  Accurately analyze and record various merchandising transactions from the buyer and seller’s viewpoint  Explain the differences of a single-step and multiple-step income statements and the benefits of each  Properly prepare the financial statements of merchandising entity  Understand and properly include the merchandising-related accounts in the entity’s accounting cycle for end of year procedures Chapter 7—Inventories  Provide examples of various internal control procedures that apply to inventories  Understand the ramification of undetected inventory errors on financial statements  Describe the various inventory cost flow assumptions and how they impact the financial statements  Distinguish between periodic and perpetual inventory accounting systems  Accurately compute inventory costs by applying the inventory costing methods of FIFO, LIFO and AVERAGE as they relate to periodic and perpetual systems  Understand the purpose behind alternative inventory valuation methods (lower of cost or market concept; retail method; and gross profit method) and be able to accurately compute each  Accurately present inventories on a balance sheet according to the Full Disclosure Concept of GAAP Chapter 8—Sarbanes-Oxley, Internal Control, and Cash  Describe the Sarbanes-Oxley Act of 2002 and its impact on internal controls and financial reporting  Understand the purposes of an accounting system’s internal controls and be able to give examples  Describe the nature of cash and the importance of internal controls over it  Identify and explain basic internal control procedures over cash  Properly record transactions of special-purpose cash funds  Explain the benefits of bank reconciliations as to how they protect a company’s cash  Accurately prepare a bank reconciliation and its related adjusting entries  Accurately present how cash is reported on a balance sheet according to the Full Disclosure Concept of GAAP Chapter 9—Receivables  Identify common characteristics and classifications of receivables  Give examples of various internal control procedures that apply to receivables  Identify and describe the characteristics of promissory notes  Accurately calculate note-related data and values such as due dates, discount periods, simple interest, maturity values, etc.

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Understand the nature of uncollectible receivables and how to properly account for events ranging from accepting the receivable; partial collections; uncollectible write-offs Understand the differences in recording uncollectible receivables using the allowance method and the direct write-off method Accurately present the receivables on a balance sheet according to the Full Disclosure Concept of GAAP

Chapter 10—Fixed Assets and Intangible Assets  Define the characteristics of a fixed asset and the composition of its cost basis  Provide examples of internal control procedures that apply to fixed assets  Distinguish between capital and revenue expenditures  Properly record the events which reflect the life cycle of a fixed asset from its initial acquisition, its utility decline, to its disposal  Accurately compute depreciation for financial reporting purposes under various GAAP acceptable methods of straight line, declining balance, and units of production  Accurate compute depreciation for income tax purposes using MACRS  Understand the differences between a capital and operating lease and how to record each  Give examples of intangible assets and properly compute and record the related entries for acquisition, amortization, and disposal  Understand mineral rights and properly compute and record depletion  Properly present fixed assets, intangible assets, and mineral rights on the balance sheet according to the Full Disclosure Concept of GAAP

Attendance Policy: I will deduct 4 points from your total earned on the tests and quizzes for each class not attended.  Make-up exams and problem quizzes will be given for excused absences as defined in the SSU Excused Absence Policy only. SSU Excused Absence Policy:  The importance of class attendance in determining a course grade is an academic matter. While the University does expect regular attendance, each faculty member evaluates the importance of student class attendance based upon the specific nature of the course in question. The course syllabus should provide a clear statement of the instructor’s expectations concerning absences, active student participation in class discussions, make-up examinations and make-up assignments, and related matters. Excused Absences:  The University considers certain absences as officially excused. An excused absence does not excuse the student from learning course material or from submitting required assignments or for fulfilling other course requirements. Except in the case of emergencies, students are required to discuss with faculty at least one day in advance any planned excused absence from class. Normally, students will not be automatically penalized for an excused absence. In some cases, however, the specific nature of the course may make active student

participation a requirement. One example is a class for which a state agency or accrediting agency requires a minimum number of hours of supervise interaction. Another example might be of a course designated as a seminar where frequent student discussion is state as a requirement. In this case, the student with too many absences may need to withdraw and retake the course.  Excused absences include: (1) university-sponsored activities, for which the student has obtained and official excused absence form: (2) documented illness or accident: or (3) documented family emergency.

GRADING POLICY: Homework 20% = 20 points Tests 80% = 80 points If a student is unable to take the test on the scheduled day, they must contact the instructor to make arrangements for an alternative date. It is the student’s responsibility to contact instructor and make arrangements for his/her make-up. The student will be allowed to disregard one Test score in the determination of his/her final grade. The student’s final grade is based on a point system. Obviously, the more the student puts into the course, the more he/she will get from the course.
If a student knows he/she will be absent on the exam day, they must contact the instructor to make arrangements. If the student takes the exam early, no late penalties will be imposed. You must speak directly to me. Bottom line is that it is the student’s responsibility to contact instructor and make arrangements for his/her make-up.

ADA STATEMENT: Section 504 of the Rehabilitation Act of 1973 and the Americans with Disabilities Act of 1990 require Shawnee State University to provide reasonable academic adjustments or accommodations for students with documented disabilities which would not compromise the integrity of the academic program. Example of documented disabilities includes physical, psychiatric, and /or learning impairments that substantially limit one or more major life activities of the student. Students seeking academic adjustments or accommodations must selfidentify with the Coordinator of Disability Services, Student Success Center, Massie Hall, 740-3513276. After meeting with the Coordinator, students are encouraged to meet with their instructors to discuss their needs, and if applicable, any lab safety concerns related to their disabilities.

GRADING SCALE 92.0% 89.0% 87.0% 78.0% 75.0% 73.0% + 91.9% 88.9% 86.9% 77.9% 74.9% = = = = = = A AB+ B BC+ 65.0% 62.0% 60.0% 55.0% 52.0% 51.9% & 72.9% 64.9% 61.9% 59.9% 54.9% below =C = C= D+ =D = D=F

CHAPTER ASSIGNMENTS (Tentative Schedule—Subject to Revision) Chapter 1: Chapter 2: Required: 1-2A, 1-3A, 1-4A, 1-5A Required: 2-2A, 2-3A, 2-4A Exam I (Chapters 1 & 2) ……………..…………………_______/100 Required: 3-1A, 3-3A, 3-5A Required: 4-1A, 4-3A, 4-4A, 4-5A Exam II (Chapters 3 & 4)...……..………………………_______/100 Required: 5-2A, 5-4A, 5-5A Required: 6-1A, 6-3A, 6-4A, 6-5A, 6-6A Exam III (Chapters 5 & 6) ..……………………………_______/100 Required: 7-1A, 7-2A, 7-3A, 7-4A, 7-5A Exam IV (Chapter 7)……………………………………_______/100 Required: 8-1A, 8-2A, 8-4A, 8-5A Exam V (Chapter 8)……………………………………._______/100 Required: 9-1A, 9-2A, 9-4A, 9-6A Exam VI (Chapter 9)…………………………………..._______/100 Required: 10-2A, 10-3A, 10-4A, 10-5A Exam VII (Chapter 10)……………………………….._______/100

Chapter 3: Chapter 4:

Chapter 5: Chapter 6:

Chapter 7:

Chapter 8:

Chapter 9:

Chapter 10:


				
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