Massasoit Community College

Business Division

Business Administration

Course Syllabus

Instructor: Prof. Ed LeMay

Course Title: Principles of Financial Accounting I

Course Number: 55105 (4 Credits)

Co- or prerequisite: Computer Course (excel or lotus)

or Excel 1 credit course

or Excel workshop

Semester: Fall 2003, Spring 2004 & Summer 04

Office: B332

Phone: 508.588-9100, Ext. 1679 or 617.727-1740, Ext. 1679

Office Hours: Posted on Office Door (B332) and by appointment

Email: elemay@massasoit.mass.edu

PURPOSE:

This course is an introduction to accounting concepts and principles. Topics cover the accounting cycle, including recording transactions, adjustments, the worksheet, financial statement preparation, and closing the accounts. Accounting systems, current assets and liabilities; including cash, receivable, inventories, payables, and payroll are also covered. The emphasis is on the sole proprietorship form of business organisation for both service and merchandising firms. Computer applications are integrated.

OBJECTIVES:

The student will learn the role accounting plays in business; will gain experience and training in the process of recording and summarising financial data; and will develop skills of analysis with financial data.

SPECIFIC OBJECTIVES ARE:

· to develop an appreciation and understanding of the role of accounting in an economic entity

· to master the concept of the accounting equation

· to provide an introduction to the system of accrual-basis accounting for both the service business and the merchandising firm

· to learn the preparation and purpose of financial statements (income statement, balance sheet, and Statement of Owner's Equity) for service and merchandising businesses

· to examine specific alternative treatments of cash, receivables, merchandise inventory, and

payroll accounting

· to accomplish specific objectives outlined at the beginning of each chapter

· to provide an introduction to computerised accounting (general ledger and spreadsheet)

· to complete assigned accounting problems in Excel

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MATERIALS:

· Accounting Principles, Warren, Reeve, Fess, 20e, Southwestern.

· Working Papers, included in bookstore bundle and/or Alecs and e-pack

· Two IBM high density floppy disks

· Four Function Calculator (no sound and no phones used as calculators and callculators cannot share during a test or quiz)

· No. 2 pencil, small stapler (share if you want) – assignments w/o staples are not accepted

TEACHING PROCEDURES:

Teaching methods will include lecture, classroom discussion, Excel, Power Point, Alecs and e-pack demonstrations, group and individual problem solving, and the various audio-visual presentations. The Computer Lab will be available for computerised exercises and Excel assignments, Web CT will be used, and the Accounting Lab will be available. At your request, I’ll prepare a list of class phone numbers and e-mails to be used for group problem solving. (HAT) Southwestern’s Homework Assistant & Tutor may be available.

EVALUATION:

· Keep track of your own grades. File your dated tests , quizzes and homework (if returned).

· Three or four one-hour tests (equivalent) and one final test each = 100 points

· Positive classroom participation – your contribution to class discussion, positive classroom culture, classroom learning environment, classroom management, new ideas, excel contributions, web site or newspaper contributions for bulletin board. 100 points

· HW = All homework and quizzes, excel and pencil work must have a STAPLE in the upper left hand corner, and Last name, First name, Date & Time at top left (HW, quizes and tests w/o staple or name will not be accepted) 100 points

HW Grade = Add all scores from homework, excel assignments, and quizzes together and divide by total possible points.

· HW plus all test grades and final, divide by number of test grades, if there are 4 tests, the following

example applies:

· 1 HW GRADE ____ no make up & extra credit assigned near end of class

· 2 TEST I ____

· 3 TEST II ____

· 4 TEST III ____

· 5 TEST IV ____

· 6 FINAL ____

· 7 Participation ____

· Total ______/ 7

*Replace lowest test grade with 90% FINAL.

ATTENDANCE POLICY:

Financial Accounting I is considered a high-risk course. Missing class and essential concepts and/or principles, can easily result in not understanding the material that follows. FOUR hours of absences (excused or unexcused) will be allowed. You can review or study any missed course work in the ARC. You may be asked to withdraw from a class if you miss more than FOUR hours. If you are absent or late, you will not get credit for that day’s assignment.

THE NO MAKE-UP POLICY:

Tests can be taken before but NOT AFTER the announced test date. At the instructor’s option, 90% of the final test may be substituted for one missed test. You need to write to the instructor if you miss more than one test to request make-up assignments and due dates. Contents of tests announced at least one day before the test date.

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THE NO MAKE-UP POLICY: (Continued)

Homework will be collected and audited on a random basis. Pop quizzes and reading quizzes may be given (often at the beginning of class.) If you are absent or late, you will not get credit for the day’s assignment or quiz. Only ONE MAKEUP opportunity for four (4) ten-point classes will be available the last month of the course. Homework assignments will be written on the blackboard ONCE by the end of each class. If you miss the assignment, you need to contact a classmate to get the assignment for the following class.

ACCOUNTING RESOURCE CENTER (ARC)

All students are encouraged to use the ARC in the Student Union, next to the bookstore, and under the library. Some students will be given additional assignments to be completed in the ARC.

POSITIVE CLASSROOM PARTICIPATION, QUESTIONS, RIGHTS & RESPONSIBILITIES:

Raise your hand for questions and discussion. I encourage you to ask questions that advance the class. Surf the Web, bring in new ideas for the class. Organise a study group or a homework group. Obtain Massasoit’s Student Handbook and read student rights and responsibilities.

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Fall, Spring, Summer 2003.04

PRINCIPLES OF FINANCIAL ACCOUNTING I

COURSE OUTLINE

Chapter Topic

1 Introduction to Course & Financial Statements

1 & 2 Financial Statements, Recording & Analysing Transactions

2 General Ledger & Trial Balance

3 Adjusting the Accounts, Deferrals & Accruals

3 Adjusting the Accounts, Classified Balance Sheet &

Income Statement

4 Completing the Accounting Cycle, Preparing Worksheets

4 Closing and Reversing Entries

6 Accounting for Merchandise

6 Accounting for Merchandise

9 Merchandising Inventories

7 Infernal Control and Cash

8 Accounting for Receivables

10 Straight Line Depreciation

11 Payroll Accounting

5 Optional (Accounting Information System --Special Journals)

Computer assignments will be assigned on a weekly basis. These assignments will utilise the General Ledger Software, Excel, and data provided by your instructor.

The use of accounting software will teach and reinforce accounting concepts and processes.

It is imperative that students come to the computer lab with their high-density floppy disks; otherwise, they will be unable to complete the assignments.

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