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Cerro Coso Community College
BSAD C101 Financial Accounting
CRN: 50735
Summer, 2016
Dates: June 13 to August 5, 2016
Course Syllabus
(NOTE: This syllabus is TENTATIVE and subject to change)
Instructor: Frank Timpone
E-Mail:
[email protected]
Office:
IWV LRC Building # 734
Office Hours: 9:00 to 12:30 Tuesdays and Thursdays
Phone:
(760-384-6149)
Catalogue Course Description:
This is the study of accounting as an information system, examining why it is important and how
it is used by investors, creditors, and others to make decisions. The course covers the accounting
information system, including recording and reporting of business transactions with a focus on
the accounting cycle, the application of generally accepted accounting principles, the financial
statements, and statement analysis. It includes issues relating to asset, liability, and equity
valuation, revenue and expense recognition, cash flow, internal controls, and ethics.
STUDENT LEARNING OUTCOMES:
Upon successful completion of the course, the student will be able to:
1. Explain the nature and purpose of generally accepted accounting principles (GAAP) and
International Financial Reporting Standards (IFRS). Explain and apply the components of
the conceptual framework for financial accounting and reporting, including the
qualitative characteristics of accounting information, the assumptions underlying
accounting, the basic principles of financial accounting, and the constraints and
limitations on accounting information
2. Define and use accounting and business terminology
3. Explain what a system is and how an accounting system is designed to satisfy the needs
of specific businesses and users; summarize the purpose of journals and ledgers
4. Apply transaction analysis, input transactions into the accounting system, process this
input, and prepare and interpret the four basic financial statements
5. Distinguish between cash basis and accrual basis accounting and their impact on the
financial statements, including the revenue recognition and matching principles.
6. Identify and illustrate how the principles of internal control are used to manage and
control the firm’s resources and minimize risk
7. Explain the content, form, and purpose of the basic financial statements (including
footnotes) and the annual report, and how they satisfy the information needs of
investors, creditors, and other users
8. Explain the nature of current assets and related issues, including the measurement and
reporting of cash and cash equivalents, receivables and bad debts, and inventory and
cost of goods sold
9. Explain the valuation and reporting of current liabilities, estimated liabilities, and other
Contingencies
10. Identify and illustrate issues relating to long-term asset acquisition, use, cost allocation,
and disposal
11. Distinguish between capital and revenue expenditures
12. Identify and illustrate issues relating to long-term liabilities, including issuance,
valuation, and retirement of debt;(including the time value of money)
13. Identify and illustrate issues relating to stockholders’ equity, including issuance,
repurchase of capital stock, and dividends
14. Explain the importance of operating, investing and financing activities reported in the
Statement of Cash Flows
15. Interpret company activity, profitability, liquidity and solvency through selection and
application of appropriate financial analysis tools
16. Identify the ethical implications inherent in financial reporting and be able to apply
strategies for addressing them
Prerequisite:
Advisory:
BSAD C072
Content Review
Students are expected to be familiar with basic accounting concepts. Understanding of basic
accounting terminology and operations such as debits, credits, journal entries, classification of
Assets, Liabilities, Stockholders Equity, Income Statement preparation and Balance Sheet
preparation is necessary.
BSAD C070
Content Review
Students are expected to be proficient in basic math skills which include addition, subtraction,
percentage calculation, multiplication and division. Also included are variance analysis, vertical
analysis and present value.
MATH C040
Content Review
Students are expected to become familiar with introductory concepts in algebra, and problem
solving techniques. Specific topics include addition, subtraction, multiplication and division,
percentages, and applications of these skills.
Required Text & Materials:
Warren, Reeve & Duchac, Financial & Managerial Accounting, 13th Edition
Access to Cengage Now using course key: E-Y84E64DW33ZZU
Cengage Now Link: http://cengage.com/tlconnect/client/product/findProduct.do?productId=5
Cengage Now Phone number: 800-354-9706
It is recommended that you use a direct internet connection when
completing the assignments and tests. WiFi is not as reliable and you may
lose your connection and not be able to complete your assignment or test.
Regular active participation is expected of all students enrolled in the college. Students not
actively participating may be dropped from the course. A student shall be dropped by the
instructor for lack of active participation prior to the census (20%) date and any time up to the
60% date. A student also shall be dropped by the instructor anytime up to the 60% date when he
or she has been absent from or not actively participating in class for a total of two consecutive
weeks, or the equivalent amount of time for a short-term class. Students MAY be dropped when
non-consecutive absences number the equivalent of two weeks of the course, or the equivalent
amount of time for a short term class. While it is the responsibility of instructors to communicate
attendance and participation practices and to apply them to all students, it is the responsibility of
the student to be aware of his or her current attendance/participation status. Students who have
been absent or not actively participating in a course should notify the instructor of the reason.
Students are responsible for officially withdrawing from any course or courses in which they no
longer wish to be enrolled.
Specific college policies regarding enrollment and drop requirements:
1. It is the student’s responsibility to withdraw from courses prior to the 10% date
(June 17, 2016) of their enrolled classes to qualify for a refund. It is further their
responsibility to apply to receive their refund, otherwise the credit will stay on their
account.
2. It is the student’s responsibility to withdraw from courses prior to the 20% date
(June 21, 2016) of the enrolled course in order to not have a ‘W’ on their permanent
record.
3.
It is the student’s responsibility to withdraw from courses prior to the 60% date
(July 15, 2016) to receive a ‘W’ and not receive a substandard grade on their
permanent record.
While it is the final responsibility of the student to drop a class that she/he is no longer
attending, instructors may, at their discretion, drop students without consultation with the student
when unexcused absences number the equivalent of two weeks or exceed 10% of the total hours
of class sessions, up to the 10th week of the semester or the 60% date of the enrolled course. No
student may be dropped from any class after the 10th week. Students will be assigned the
appropriate letter grade.
Anticipated Workload
This class is a four-unit class meaning it has 72 hours of the equivalent in-class time and, per
administrative guidelines, can require in excess of 14+ hours per week of homework. Success
in BSAD 101, Financial Accounting, is heavily dependent on time spent studying the material
and completing all assignments completely and accurately.
Contacting Me:
You can contact me in a variety of ways including the Telephone, your College Email
Account, and the Canvas Messaging System. I have many, many students so please
make sure that you include your name, the name of the course and the CRN when you
contact me. Please use only your College Email account when contacting me via email.
If you send me an email or message from Canvas, you should expect to receive a
response within 24 hours. If you have not received a response within that timeframe,
please do not hesitate to resend it as something probably happened to it. Please make
sure that you check your College Email account first.
This course uses the Canvas course management system classroom for all links to all
course material including graded discussions, assignments, quizzes, and exams. You
can expect your Assignments, Quizzes and Exams to be grades within 7 days. Students
are required to login into the class site on a regular basis to complete the weekly course
requirements. Ideally you should login each of the 7 days of the week -- I do. But, you
may be able to get by logging in 4-5 times a week. You are not required to login at any
particular times during the week but course tasks will have specific due dates and
times. I will not accept any late assignments.
Grading and Assignments:
Below are the grading criteria and assignments for the course.
Description
Cengage Now Assign - Completed by 7-31
Cengage Now Chap Tests – Completed by 7- 31
Mandatory Discussion Posts
Final - Completed by August 5
Total
Letter Grade
90% and above – A
80% - 89.99% -- B
70% - 79.99% -- C
60% - 69.99% -- D
below 60% -F
Points
% of
Grade
930
280
70
100
30%
35%
5%
30%
1,380
100%
Late Work:
Late work will not be accepted. Each Cengage Now assignment must be
completed by the due date specified in Moodle. Please carefully read the
instructions in Moodle each week.
Cengage Now Assignments and Possible Points
Description
Points
SLO
Week 1- June 13 to June 19
EX 1-5 Accounting Equation
EX 1-6 Accounting Equation
EX 1-8 Asset, Liability, and Stockholders’ Equity Items
EX 1-9 Effect of Transactions on Accounting Equation
EX 1-11 Effect of Transactions on Stockholders’ Equity
EX 1-12 Transactions
Ex 1-13 Nature of Transactions
EX 1-16 Balance Sheet Items
EX 1-19 Income Statement
PR 1-1A Transactions
10
10
10
10
10
10
10
10
10
10
EX 2-2 Chart of Accounts
EX 2-4 Rules of Debit and Credit
EX 2-6 Normal Balances of Accounts
EX 2-13 Identifying Transactions
PR 2-2A Journal Entries and Trial Balance
10
10
10
10
10
Week 2 – June 20 to June 26
1,2,5,7
3
EX 3-1 Classifying Types of Adjustments
EX 3-6 Adjusting Entries for Prepaid Insurance
EX 3-8 Adjusting Entries for Unearned Fees
EX 3-11 Adjusting Entries for Unearned and Accrued Fees
EX 3-26 Adjusting Entries from Trial Balance
PR 3-1A Adjusting Entries
10
10
10
10
10
10
EX 4-2 Classifying Accounts
EX 4-3 Financial Stmts from the End-of-Period Spreadsheet
EX 4-6 Income Statement ; Net Loss
EX 4-12 Balance Sheet
EX 4-20 Steps in the Accounting Cycle
PR 4-1A Financial Statements and Closing Entries
10
10
10
10
10
10
4
4
Week 3 – June 27 to July 3
EX 5-1 Determining Gross Profit
EX 5-8 Sales-Related Transactions
EX 5-9 Customer Returns and Allowances
EX 5-16 Chart of Accounts
EX 5-20 Income Statement & Accts for Merchandiser
EX 5-21 Income Statement for Merchandiser
EX 5-24 Multiple-Step Income Statement
EX 5-29 Closing Entries
PR 5-2A Sales-related Transactions
10
10
10
10
10
10
10
10
10
PE 6-5A Periodic Inventory using 3 methods
PE 6-6B Lower of Cost or Market Method
EX 6-12 Periodic Inventory by Three Methods
EX 6-22 Retail Method
EX 6-27 Gross Profit Method
10
10
10
10
10
Week 4 – July 4 to July 10
8
8
EX 7-2 Internal Controls
EX 7-16 Bank Reconciliation
EX 7-18 Bank Reconciliation
EX 7-24 Petty Cash Fund Entries
PR 7-1A Evaluating Internal Control of Cash
10
10
10
10
10
6,16
EX 8-2 Nature of Uncollectable Accounts
EX 8-3 Entries for Uncollectable Accounts
EX 8-4 Entries for Uncollectable Accounts
EX 8-5 Entries to Write-Off Accounts Receivable
EX 8-6 Providing for Doubtful Accounts
PR 8-1A Entries related to Uncollectable Accounts
10
10
10
10
10
10
8
EX 9-1 Costs of Acquiring Fixed Assets
EX 9-5 Capital and Revenue Expenditures
Ex 9-9 Straight-line Depreciation
EX 9-10 Depreciation by Unit-of-Output Method
EX 9-14 Partial-Year Depreciation
EX 9-18 Disposal of Fixed Asset
EX 9-19 Depletion Entry
PR 9-2A Comparing Three Depreciation Methods
10
10
10
10
10
10
10
10
10,11
EX 10-2 Entries for Discounting Notes Payable
EX 10-6 Fixed Asset Purchase with Note
EX 10-7 Current Portion of long-Term Debt
EX 10-21 Contingent Liabilities
EX 10-22 Quick Ratio
PR 10-1A Liability Transactions
10
10
10
10
10
10
9
Week 5 –July 11 to July 17
Week 6 – July 18 to July 24
Ex 11-2 Dividends per Share
Ex 11-3 Entries for Issuing Par Stock
EX 11-4 Entries for Issuing No-Par Stock
EX 11-8 Issuing Stock
EX 11-9 Entries for Cash Dividends
EX 11-14 Reporting Paid-In-Capital
EX 11-15 Stockholders’ Equity Section of Balance Sheet
PR 11-1A Dividends on Preferred and Common Stock
EX 12-4 Bond Price
EX 12-5 Entries for Issuing Bonds
EX 12-6 Entries for Issuing Bonds & Amort Dis by S/L
EX 12-10 Entries for Installment Note Transactions
EX 12-17 Present Value of Amount Due
EX 12-18 Present Value of an Annuity
10
10
10
10
10
10
10
10
13
10
10
10
10
10
10
12
10
10
10
10
14
Week 7 July 25 to July 31
EX 14-2 Effect of Transactions on Cash Flows
EX 14-3 Classifying Cash Flows
EX 14-4 Cash Flows from Operating Act – Indirect Method
EX 14-13 Reporting Land Acq for Cash and Mort Note
EX 15-1 Vertical Analysis of Income Statement
EX 15-2 Vertical Analysis of Income Statement
EX 15-3 Common-size Income Statement
EX 15-4 Vertical Analysis of Balance Sheet
EX 15-5 Horizontal Analysis of Income Statement
EX 15-12 Inventory Analysis
EX 15-16 Ratio of Net Sales to Assets
EX 15-17 Profitability Ratios
PR 15-4A Nineteen Measures of Solvency and Profitability
10
10
10
10
10
10
10
10
10
Week 8 August 1 to August 5
Complete Final Exam
Total Points
930
The Cengage Now assignments will account for 30 percent of your
total grade.
15
These assignments will assess your knowledge and application
of all of the learning outcomes listed in the Student Learning
Outcomes section of this syllabus.
Cengage Now Weekly Tests
Week 1 June 13 – June 19
Chapter 1 Test
Chapter 2 Test
20
20
Week 2 June 20 – June 26
Chapter 3 Test
Chapter 4 Test
20
20
Week 3 June 27 – July 3
Chapter 5 Test
Chapter 6 Test
20
20
Week 4 July 4 – July 10
Chapter 7 Test
Chapter 8 Test
20
20
Week 5 July 11 – July 17
Chapter 9 Test
Chapter 10 Test
20
20
Week 6 July 18 – July 24
Chapter 11 Test
Chapter 12 Test
20
20
Week 7 July 25 – July 31
Chapter 14 Test
Chapter 15 Test
20
20
Week 8 August 1 – August 5
Final Exam
Total Points
280
These Tests will assess your knowledge and application of all of
the learning outcomes listed in the Student Learning Outcomes
section of this syllabus. The Tests will account for 35 percent of
your total grade. Even though the tests are open book, each test
is timed.
Final Exam (Must be completed by August 5)
The Final Exam will be 100 questions (True/False, Multiple Choice,
Matching etc.) and will account for 30 percent of your total grade. Each
question will be worth 1 point.
This Exam will be cumulative and assess your knowledge and
application of all of the learning outcomes listed in the Student
Learning Outcomes section of this syllabus. This test is open
book and timed.
Discussion Posts
You will be required to respond to the weekly discussion post by
Thursday of each week. Then you will be required to post a
response to at least 2 student posts by Saturday. The discussion
posts will total 10 points each week for a total of 70 points which
will constitute 5 percent of your total grade.
You will receive 6 points for posting on Thursday, and 4 points for
responding to 2 posts from classmates by Saturday. To receive the
6 points for your original post, you must answer the question
thoroughly.
Disability Accommodations Statement
The college will make reasonable accommodations and/or
academic adjustments to ensure that students with disabilities have
an equal opportunity to participate in the college's courses.
Students with disabilities, who are requesting academic
accommodations, auxiliary aides or services, should contact Access
Services at 760-384-6250 or go to the following web site for
further information and forms:
http://www.cerrocoso.edu/specialservices/programs/dsps.htm.
Academic Integrity
As per the Kern Community College District Board Policy Manual,
cheating is defined as follows:
Definition of Cheating--Cheating is defined as the act of obtaining, or
attempting to obtain, or aiding another to obtain academic credit for work
by the use of any dishonest, deceptive, or fraudulent means.
Examples of cheating during an exam include, but are not limited to, the
following: copying, either in part or in whole, from another's exam;
discussion of answers or ideas relating to the answers on an exam unless
such discussion is specifically authorized by the instructor; giving or
receiving copies of an exam without the permission of the instructor; using
or displaying notes, "cheat sheets," or other information or devices
inappropriate to the prescribed exam conditions, as when a test of
competence includes a test of unassisted recall of information, skill, or
procedure; allowing someone other than the officially enrolled student to
represent the same.
Also included is plagiarism as defined and altering or interfering with the
grading procedures. It is often appropriate for students to study together or
to work in teams on projects. However, such students should be careful to
avoid the use of unauthorized assistance, and to avoid any implication of
cheating, by such means as sitting apart from one another in examinations,
presenting the work in a manner which clearly indicates the effort of each
individual, or such other method as is appropriate to the particular course.
If it is discovered that a student is cheating on the exams, homework
assignments, or tutorials, then action will be taken against that student, as
outlined in the Kern Community College District Board Policy Manual.
Changes to this Syllabus
The instructor holds the right to change the syllabus when necessary
and appropriate, and, if there is a revision it will be clearly
communicated to the students in writing.
Weekly Assignments
All weekly assignments are detailed in this syllabus. You are expected to
complete each assignment in Cengage Now by the due dates. You will not
be allowed to submit your assignments after the due date. Failure to obtain
the course material (Books, Cengage Now access key, etc.) is no excuse.
Communication Guidelines
An expected outcome of your college education is that you know how to
communicate effectively. Among other things, this pertains to
communication with your instructor and fellow students electronically. As
such, please refer to the following for all forms of academic electronic
communications (such as, discussion posts, emails, and instant messaging):
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Use complete sentences
Use sentence case structure and proper punctuation
Use fonts and formatting that are appropriate and legible
Use appropriate and professional tone
Proofread and use spell check
Do not use texting language
Avoid the use of acronyms
In addition to the above, email communication should:
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Include a proper salutation/greeting
Include a clear, informative subject
Include your name
Include your course name and CRN
Be sent via your college email account