FINANCIAL ACCOUNTING I
ACC 201-80 (three credit hours)
Spring 1998
COURSE DESCRIPTION: This course is designed to provide an introduction to financial accounting from the users’ perspectives. Its primary purposes are to promote understanding of financial accounting information for decision-making purposes and to focus on financial accounting’s role in communicating business results.
ACC 201 meets the Business Technology core requirement.
PREREQUISITE: Sophomore standing.
TEXTBOOK AND OTHER MATERIALS: Accounting: Concepts and Applications. Skousen, Albrecht & Stice. Fifth Edition. South-Western College Publishing Co. 1996.
Working Papers (first volume) to accompany the textbook
DAYS, TIME AND MEETING PLACE: Monday, Wednesday & Friday 9:00 - 9:50 p.m., Room S219 SECC/Kentucky Tech Bell County Campus
ASSOCIATE PROFESSOR: Mr. Jamie H. Vaught Classroom Building, Room 306 E-Mail Address: JHVAUG1@POP.UKY.EDU Phone: 1-800-648-6057 (relay service), then 606-242-2145 ext. 2055
B.S. Accounting, University of Kentucky MBA, University of Kentucky
Additional graduate work at UK, Eastern Kentucky University and Lincoln Memorial University.
Southeast Community College (seventh year as accounting/business/computer instructor); Sue Bennett College, London (two years); and St. Catharine College, Springfield (three years). Four years as internal auditor at First & Farmers Bank of Somerset. Author/ newspaper columnist.
OFFICE HOURS: Monday 10:00 - 10:45 a.m. Tuesday 9:00 - 11:45 a.m. and 2:15 - 3:45 p.m. Wednesday 10:00 - 10:45 a.m. Thursday 9:00 - 11:45 a.m. and 2:15 - 3:45 p.m. Also by appointment
SECC BELL COUNTY CAMPUS DIRECTOR: Mr. Walt Green 606-242-2145 ext. 2002
SOCIAL SCIENCES AND RELATED TECHNOLOGIES DIVISION CHAIR (SECC): Mr. Elijah Buell, Jr. 606-589-2145 ( Cumberland Campus )
COURSE OBJECTIVES: After completion of this course, 1) the student should be able to understand accounting terminology related to an accounting system for a business organized as a proprietorship, partnership or corporation. 2) the student should be able to understand accounting principles and practices related to an accounting system for a business organized as a proprietorship, partnership or corporation. 3) the student should be able to plan, summarize, analyze and interpret accounting data. 4) the student should be able to understand and use accounting information as the basis for making decisions. 5) the student should be able to communicate business (accounting) results.
COURSE FORMAT: This course will consist of a combination of lecture, illustration and discussion sessions.
TOPICS: 1) Financial Reporting and the Accounting Cycle Chapter 1: Accounting Information: Users and Uses Chapter 2: Financial Statements: An overview Chapter 3: Transactions and the Accounting Cycle Chapter 4: Completing the Accounting Cycle Chapter 5: The Integrity of Financial Information
2) Operating Activities Chapter 6: Selling a Product or Service Chapter 7: Purchasing Inventory for Resale Chapter 8: Completing the Operating Cycle
3) Investing and Financing Activities Chapter 9: Investments in Property, Plant, and Equipment; Intangible Assets; and Natural Resources Chapter 10: Long-Term Debt Financing Chapter 11: Equity Financing Chapter 12: Investments in Debt and Equity Securities
GENERAL EDUCATION ACROSS CURRICULUM COMPETENCIES:
1) Writing -- to communicate effectively using standard written English. 2) Reading -- to analyze, summarize and interpret a variety of reading materials. 3) Integrated Learning -- to think critically and make connections in learning across the discipline. 4) Creative Thinking -- to elaborate upon knowledge to create new thoughts, processes and/or products. 5) Ethics/Values -- to demonstrate an awareness of ethical considerations in making value choices.
EVALUATION OF COMPETENCIES:
1) Writing -- the student will prepare a written summary of an article appearing in accounting/business periodicals (written project) in addition to completing an occasional essay question on the exam and the homework case problems. He or she will be expected to communicate effectively using standard written English. 2) Reading -- the student will read the assigned chapters in the textbook. He or she will be evaluated throughout exams, pop quizzes and homework problems on the assigned chapters. The student will also read articles in accounting/business periodicals for the project. 3) Integrated Learning -- the student will learn to process, interpret and communicate accounting data throughout the course by performing case problems, in-class exercises and homework problems. 4) Creative Thinking -- the student will interpret and respond to today’s real- world business situations to elaborate upon knowledge to create new thoughts, processes and/or solutions (case problems, in-class exercises/discussion and homework problems). 5) Ethics/Values -- the student will be exposed to professional ethics in accounting through readings and discussion of today’s ethical dilemmas in business environment. An essay question dealing with ethics will appear on the exam occasionally.
GRADING:
Five exams, including Final 60%
Homework 20%
Pop Quizzes (Unannounced or announced) 10%
Project (One written summary) 10%
Total 100%
100 - 90 A
89 - 80 B
79 - 70 C
69 - 60 D
Below 60 E
You are allowed to drop your lowest grade among the five exams. If you missed one exam for any reason, a grade of zero will be given and it will be dropped as the lowest grade. Generally, no make-up exams will be given. However, under extreme circumstances, a make-up exam for the second exam missed could be given and it is worth a maximum of 85 points (you already lose at least 15 points). In regard to pop quizzes, you are allowed to drop your lowest grade (which would be a zero if you missed one). However, if you missed more than one quiz, a make up quiz(zes) will be given.
Your solutions to homework problems need not to be perfect but the problems should be completed for full credit. The check figures at the end of the textbook (beginning on page 1187) will assist you in checking homework problems. Agreement with the check figures indicates that a significant portion of the solution is basically correct. You are also encouraged to check your problems with the solutions manual at instructor’s office. The problems are good preparation for exams. If you did not do your own homework honestly, you will have difficulty in passing the exams.
A batch of homework problems is due when you take the exam. Each batch of homework problems is worth four percentage points (five batches x 4 percent = 20 percent of the course grade). If the homework is turned in late, you will only receive one-half credit (2.0 percentage points, instead of four percentage points of the course grade). No exceptions will be made! But if you happened to miss an exam, the homework problems are due when you return to the next class session and you will receive full credit. It is the responsibility of the student to keep informed on classwork or assignments which are missed. Not knowing about an assignment or exam does not excuse one from submitting or taking it on time.
The project consists of one written summary. You are to select an article on the subject of accounting found in business/accounting periodicals and prepare a summary (two full pages or more) of the article. Additional information will be provided in a handout at a later date. The project is due on Monday, April 13. If the project is turned in late OR not typed for any reason, it will result in a reduction of one letter grade. If the project is turned in late AND not typed, it will result in a reduction of two letter grades.
Please do not request extra credit assignments to compensate for an earlier unwillingness to work. This would be considered unfair to other members of the class.
Cheating of any sort will NOT be tolerated.
ATTENDANCE POLICY:
VERY IMPORTANT! Students are expected to attend all classes. Good attendance and excellent attitude will influence the instructor when faced with a borderline grading situation.
Chronic tardiness or early departure from a class is unacceptable and will be handled by the instructor on an individual basis. If you must leave during the class, please try to notify the instructor before the class begins.
WITHDRAWAL POLICY:
Jan. 20 -- Last day to drop a course without a grade.
March 2 -- Last day for students, at their discretion, to officially withdraw from a class and receive a grade of W.
April 24 -- Last day for students, at the discretion of the instructor, to officially withdraw from a class and receive a grade of W. (It is the last day before the Final Exams Week! If you need to drop a course, you should see your instructor before that date.)
SMOKING & OTHER POLICIES:
In accordance with state regulations and UK policies, smoking in SECC/Kentucky Tech buildings is not allowed.
No drinks, food or other tobacco products are to be consumed in the classroom.
Tentative ACC 201-80 Course Outline
Chapter 1 and 2
Exam # 1
Chapter 3 and 4
Exam # 2
Chapter 5, 6 and 7
Exam # 3
Chapter 8 and 9
Exam # 4
Chapter 10, 11 and 12
Exam # 5 (Final)