CCBC: CATONSVILLE

Business Studies Department COURSE SYLLABUS ACCT 101 Principles of Accounting I TEXT: Fundamental Accounting Principles with Homework Manager, 17th edition Larson, Wild and Chiappetta, published by McGraw-Hill Irwin Interactive Financial Accounting Lab with CD. Smith and Birney, published by McGrawHill Irwin Homework Manager with CD, published by McGraw-Hill Irwin INSTRUCTOR: OFFICE: OFFICE HOURS: TELEPHONE: E-MAIL:

COURSE DESCRIPTION: ACCT 101 - Principles of Accounting I An intensive study of the development of the accounting cycle for sole proprietorships. Basic record-keeping methods, introduction to theory of accounts and preparation of financial statements are introduced. Practical problems supplement classroom work. Concepts are reinforced through the use of technology.

ACCT 101 OBJECTIVES: Upon completion of this course, the student will: 1. Explain basic generally accepted accounting principles; 2. Analyze business transactions and apply the mechanics of double entry bookkeeping; 3. Analyze and journalize adjusting entries; 4. Prepare a set of simple financial statements; income statement, statement of owners equity, and balance sheet; 5. Compute cost of goods sold and gross profit. Explain their relevance to the financial statements; 6. Explain the fundamentals of internal control; 7. Prepare a simple bank reconciliation; 8. Apply accounting procedures to estimate uncollectible accounts receivable; 9. Compute cost of goods sold and ending inventory by applying perpetual FIFO, LIFO, and weighted average methods; 10. Differentiate between the periodic and perpetual inventory systems; 11. Compute depreciation of plant and equipment by applying Straight-line, Double Declining Balance, and Units of Production methods; 12. Journalize the disposal of plant assets and equipment; and, 13. Journalize basic payroll accounting entries.

ACCT 101

GRADES: Through a variety of learning experiences including lecture, class discussions, audio-visual materials and the use of computers, students will learn and apply financial accounting concepts and procedures. Seventy percent of the course grade will be earned by tests, written assignments, graded homework and quizzes as will be outlined in more detail by the instructor. A comprehensive departmental final exam will account for the remaining thirty percent of the grade. Letter grades will be awarded for the following numerical averages: 90-100 80-89 70-79 60-69 Below 60 A B C D F

ATTENDANCE POLICY: Students are expected to attend all class sessions except in cases of emergency, the advent of religious holidays, or when participating in official College functions. In the case of absence for special personal reasons other than those mentioned above, it is the students responsibility to confer with the instructor about whether the absence is to be considered as excused. Subject to the approval of the instructor, a student will be allowed as many unexcused absences per course equal to the number of days a week the course meets. For example, if the course meets two days a week, a student will be allowed two unexcused absences. Implementation of the attendance policy is subject to the discretion of each instructor. MAKE-UP POLICY: Make-up exams will not be given unless the instructor is notified prior to the exam date that the student will be absent. Implementation of the make-up policy is based on each instructors requirements. CLASSROOM MANAGEMENT/STUDENT BEHAVIOR: The goal of classroom activities is to provide the greatest educational benefit to all students. Class participants should expect and provide mutual respect and consideration in words and actions. Student behavior in class should not interfere with the rights of others or with the educational process...an instructor has the right to dismiss a student from class for behavior that he/she judges to be disruptive to the teaching and learning process (College Regulations, College Catalog).

ACCT 101

ACCT 101 ASSIGNMENTS

Chapter 1 2 3

Exercises 1,2,7,8 2,3,4,6,7 1,2,3,4,8,9

Problems 1A,3A,4A,6A 1A,2A,4A,6A 1A,2A,3A Success Systems - Serial Problem* 1A,2A,3A Success Systems Serial Problem* 1A,2A3A,5A Success Systems Serial Problem* 1A,2A,3A,4A 1A,3A,4A 1A,3A,4A 1A,3A,4A,5A 1A,2A,3A,5A 1A,2A,3A,4A,5A,

1,2,6,7

1,2,3,5,7

6 7 8 9 10 11

1,2,3,5,6,9 1,2,5,7,9,12 1,3,5,7,10 1,2,3,5,6,9 1,2,3,6,9,10,11,12 1,2,4,5,6,8,9,10,11

*The serial problem can be used as a midterm examination or as a long-term project at the discretion of each professor.

Instructors will incorporate the use of the Interactive Financial Accounting Lab with CD and Homework Manager at their discretion.

ACCT 101