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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): 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: 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