Course Description:

This series of courses prepares the accounting student in the theory and techniques of accounting necessary for the advanced courses and provides a basic introduction to accounting for those students pursuing an accounting degree. Topics include revenue and expense recognition, exploration of balance sheet accounts, and preparation of financial statements.

Prerequisites:

MTH 103 or MTH 160 or concurrent registration.

Textbooks: Accounting Principles, Weygandt, Kieso, Kimmel, Fifth edition, Wiley 1999.

Working Papers

Pocket Calculator

Open Door Policy

Since your learning is my primary concern, it is imperative that anything preventing you from learning be discussed. Please feel free to make an appointment with me or call me so that I can help you keep on track.

Statement of Plagiarism:

If an instructor or other Calumet College of St. Joseph personnel find that a student has plagiarized or been involved in another form of academic dishonesty, the instructor or other personnel may elect to bring the matter up for judicial review. The maximum penalty for any form of academic dishonesty is dismissal from the College. The procedures for judicial review are listed under the section of this handbook that addresses student grievances.

Calumet College of St. Joseph adheres to citation guidelines as written in the Publication Manual of the American Psychological Association, Fourth Edition. A copy is available from the Calumet College of St. Joseph bookstore. This text outlines how to cite references from a variety of sources, including electronic media.

Withdrawal from Classes Policy:

After the last day for class changes has passed (see College calendar), students may withdraw from a course in which they are registered with permission from the faculty member conducting the course. A written request detailing the reason(s) for the withdrawal must be filed with the Registrar. Written request for withdrawal must be received by the Registrar by the last day of classes prior to the final examination dates specified in the catalogue. Written requests may be mailed to the Registrar or faxed to the College fax number 219-473-4259. Students are to make note of the refund schedule when withdrawing from courses. The request is forwarded to the faculty member, who makes the final determination to accept or deny the request. If the request is honored, the student will receive notification of official withdrawal; if denied, the notification will indicate why the withdrawal is disallowed. Note: Degree Completion Division (DCD) students should consult the DCD Student Handbook for information on DCD withdrawals.

An official withdrawal is recorded as a "W" grade on the student's transcript. Dropping a

course without written permission automatically incurs an "F" grade for the course (see

Refund Schedule).

Class Policy on Attendance:

Attendance in class is an important priority. Accounting is a course that continues to build on the knowledge gained. It is not possible to understand and grasp the fundamentals being taught in later chapters unless the earlier chapters have been mastered. Missing classes will impede your progress.

Your class participation grade will be affected by attendance. If you are not here, you are not participating.

Class Policy For Assignments:

Students are expected to have read the chapter prior to the lecture. Each chapter will be explained and discussed. Concepts will be illustrated by working selected demonstration problems in class. Selected problems will be assigned as homework.

Homework problems will be check in class. Prior to checking the homework, I will check your working papers for completion. Late homework will be assessed a 50% late penalty.

Student Responsibilities:

It is expected that all students will be present on test days. If unavoidable circumstances prevent attendance, the test can be made up at the instructor’s discretion. It is the students responsibility to contact the instructor to make arrangements to make up the exam. Unexcused absences on test days will result in a 10% penalty.

All students no matter what their educational background, life/work experiences, have something to offer that will enrich our class. As instructors, we not only encourage participation, but rely on it. As students, you should demand it, not only of yourselves, but of your classmates. Our class is only as good as we make it.

Course Objectives:

Upon completion of this course students will be able to:

1. Discuss the purpose and usefulness of a double entry accrual accounting system and explain its role in making business decisions

2. Identify and explain the meaning of standard accounting terms.

3. Explain how accounting transactions affect the accounting equation, income statement, statement of owner’s equity, and balance sheet.

4. Apply the rules of debits and credits to prepare general and special journal entries for common business transactions of a service enterprise and a merchandising business.

5. Post transactions from journal to general ledger accounts and subsidiary ledger accounts.

6. Prepare a trial balance and subsidiary ledger reports and explain their interrelationships and role in the accounting system.

7. Explain the purpose of accruals and deferrals; identify accrual and deferral accounts; record accrual and deferral entries.

8. Analyze data and prepare a worksheet for a service enterprise and a merchandising business.

9. Prepare an income statement, statement of owner’s equity and a balance sheet for a service enterprise and a merchandising business and explain their purpose in an accounting system.

10. Prepare adjusting, closing and reversing entries for a service enterprise and a merchandising business and explain their purpose in the accounting system.

11. Demonstrate proficiency in accounting by completing a set of comprehensive problems.

Assessment:

Exams (3 exams) 60% of grade

Class participation/collaboration/attendance 10% of grade

Homework problems 15% of grade

Comprehensive problems 15% of grade

100%

Grading Scale:

A: 93-100 A-: 90-92 B+: 88-89 B: 82-87 B-: 80-81 C+: 78-79

C: 72-77 C-: 70-71 D+: 68-69 D: 62-67 D-: 60-61 F: 59 & below

Class Assignments

Class Date Topic-Assignment

8/30 Introduction – Chapter1

9/6 No class – Labor day

9/13 Chapter 2

9/20 Chapter 3

9/27 Review Chapter 3 homework

Exam 1: Chapters 1 – 3

10/4 Chapter 4

10/11 Chapter 5

10/18 Chapter 6

10/25 Chapter 7

11/1 Review Chapter 7 homework

Exam 2: Chapters 4 – 7

11/8 Chapter 8

11/15 Chapter 9

11/22 Chapter 10

11/29 Wrap up and review

12/6 Exam 3: Chapters 8 - 10