Course Design Guide ACC/290 Version 1

Course Syllabus
School of Business ACC/290 Version 1 Principles of Account I
Copyright 2011by University of Phoenix. All rights reserved.

Course Description This course covers the fundamentals of financial accounting as well as the identification, measurement, and reporting of the financial effects of economic events on an enterprise. Students will learn to examine financial information from the perspective of management. Other topics include decision-making, planning, and controlling from the perspective of a practicing manager. Policies Faculty and students/learners will be held responsible for understanding and adhering to all policies contained within the following two documents: University policies: You must be logged into the student website to view this document. Instructor policies: This document is posted in the Course Materials forum.

University policies are subject to change. Be sure to read the policies at the beginning of each class. Policies may be slightly different depending on the modality in which you attend class. If you have recently changed modalities, read the policies governing your current class modality. Course Materials Kimmel, P. D., Weygandt, J. J., & Kieso, D. E. (2011). Financial accounting: Tools for business decision making (6th ed.). Hoboken, NJ: John Wiley & Sons. All electronic materials are available on the student website.

Week One: Basic Accounting Principles and Concepts

Details
Objectives 1.1 1.2 1.3 1.4 Identify the four basic financial statements. Classify transactions using the rules of debit and credit. Journalize basic transactions. Post transactions from journals to ledgers.

Due

Points

Readings Participation Discussion Questions Nongraded Activities and Preparation

Read Ch. 13 of Financial Accounting. Read this weeks Electronic Reserve Readings. Participate in class discussion. Respond to weekly discussion questions. Complete the Online Practice tutorial. Click the Online Practice for Students link on the student 2 2

Course Design Guide ACC/290 Version 1

Online Practice Tutorial

website. Log into the Online Practice system. Your facilitator may provide you with a course code to register for your specific course section. The code is not required to use the Online Practice system. Complete the tutorial in Online Practice. Note. Online Practice access for the ACC/290 and ACC/291 courses is for a total of 15 weeks. If you have taken an extended break, or withdrawn from ACC/290 or ACC/291 and are retaking the course, you may find your access has expired. You are notified when you log in and may be prompted to purchase additional access to Online Practice. Please do not purchase Online Practice access for your 5week course, as the access is provided by the University of Phoenix as part of your course. To have your access reinstated, contact Online Practice support directly at support@aleks.com or call 714245-7191

Individual Financial Statements Paper

Write a 700- to 1,050-word paper in which you do the following: Identify the four basic financial statements. Describe the purpose of each of the four financial statements. Discuss how the financial statements would be useful to internal users, such as to managers and employees. Discuss how the financial statements would be useful to external users, such as investors and creditors. Format the paper consistent with APA guidelines.

Week Two: Starting the Accounting Cycle

Details
Objectives 2.1 Differentiate between accrual basis and cash basis accounting. 2.2 Create adjusting entries. 2.3 Prepare an adjusted trial balance. Read Ch. 4 (Timing Issues & The Basics of Adjusting Entries sections) of Financial Accounting. Read this weeks Electronic Reserve Readings. Participate in class discussion. Respond to weekly discussion questions. Resources: Online Practice Continue working on the T & FS and Journal Ent. sections of Online Practice. 2 2

Due

Points

Readings

Participation Discussion Questions Nongraded Activities and Preparation

Course Design Guide ACC/290 Version 1

Online Practice Individual Week Two Problems and Exercises Learning Team Learning Team Reflection Resource: Ch. 3 of Financial Accounting Complete Exercises E3-4 and E3-9. Complete Problems 3-5A and 3-6A. Submit as either a Microsoft Excel or Word document. Discuss the objectives for Week One. How do they relate to the practice of accounting and its uses in business? Identify the four basic financial statements. Classify transactions using the rules of debit and credit. Journalize basic transactions. Discuss how financial statements would be useful to external users such as investors and creditors. Write a 350- to 500-word summary of your Learning Teams discussion. 10

Week Three: Completing the Accounting Cycle

Details
Objectives 3.1 Prepare closing entries, reversing entries, and a post-closing trial balance. 3.2 Prepare a classified income statement, retained earnings statement, and balance sheet. Read Ch. 4 (The Adjusted Trial Balance and Financial Statements to Appendix 4A sections) of Financial Accounting. Read Appendices AC of Financial Accounting. Read this weeks Electronic Reserve Readings. Participate in class discussion. Respond to weekly discussion questions. Complete the T & FS and the Journal Ent. sections of Online Practice. Consider printing a copy of your progress report for your own records. Resource: Ch. 4 of Financial Accounting Complete Exercise BE4-1. Complete Problems 4-2A and 4-3A. 10 2 2

Due

Points

Readings

Participation Discussion Questions Nongraded Activities and Preparation Online Practice Individual Week Three Problems and Exercises

Course Design Guide ACC/290 Version 1

Answer the following summary question: Commercial accounting and generally accepted accounting principles, generally prescribe the accrual basis of accounting over the cash basis. Describe both bases of accounting and explain the differences. Submit as either a Microsoft Excel or Word document Learning Team Learning Team Reflection Discuss the objectives for Week Two. What do you think will be the most important of the skills learned when you are in an accounting position? Differentiate between accrual basis and cash basis accounting. Create adjusting entries. Prepare an adjusted trial balance. Write a 350- to 500-word summary of your Learning Teams discussion. 2

Week Four: Inventory

Details
Objectives 4.1 Analyze the elements in the cost of goods sold calculation. 4.2 Record the transactions that involve the purchase and sale of merchandise. 4.3 Calculate ending inventory value using the LIFO, FIFO, LCM, and average cost methods. 4.4 Analyze the impact of inventory methods on net income or loss. Read Ch. 5 & 6 of Financial Accounting. Read this weeks Electronic Reserve Readings. Participate in class discussion. Respond to weekly discussion questions. Continue working on the Closing, Cash, and Merchand. sections of Online Practice. 2 2

Due

Points

Readings Participation Discussion Questions Nongraded Activities and Preparation Online Practice Individual Week Four Problem Learning Team Learning Team Reflection

Resource: Ch. 4 of Financial Accounting Complete Problem 4-8A. Submit as either a Microsoft Excel or Word document. Discuss the objectives for Week Three. How do they relate to the practice of accounting and its uses in business?

Course Design Guide ACC/290 Version 1

Prepare closing entries, reversing entries, and a postclosing trial balance. Prepare a financial statement worksheet. Prepare a classified income statement, retained earnings statement, and balance sheet. Write a 350- to 500-word summary of your Learning Teams discussion. Learning Team Financial Reporting Problem, Part 1 Browse the Internet to acquire a copy of the most recent annual report for a publicly traded company. Analyze the information contained in the companys balance sheet and income statement to answer the following questions: What are the companys total assets at the end of its most recent annual reporting period? Why is this important? What are the total assets at the end of the previous annual reporting period? How much cash and cash equivalents did the company have at the end of its most recent annual reporting period? What amount of accounts payable did the company have at the end of its most recent annual reporting period? What amount of accounts payable did the company have at the end of the previous annual reporting period? What are the companys net revenues for the last three annual reporting periods? What is the change in dollars in the companys net income from its most recent annual reporting period to the previous annual reporting period? What are the companys total current assets at the end of its most recent annual reporting period? What are the total current assets at the end of the previous annual reporting period? What in the information above would be important to a potential investor, employee, and so on? Summarize the analysis in a 1,050-1,400 word paper in a Microsoft Word document. Include a copy of the companys balance sheet and income statement. Format your paper consistent with APA guidelines. 10

Course Design Guide ACC/290 Version 1

Week Five: Internal Controls

Details
Objectives 5.1 Summarize strengths and weaknesses of an internal control system. 5.2 Recommend improvements to internal control systems. 5.3 Explain the effects of the Sarbanes-Oxley Act of 2002 on internal controls. Read Ch. 7 of Financial Accounting. Read this weeks Electronic Reserve Readings. Participate in class discussion. Respond to weekly discussion questions. Complete the Closing, Cash, and Merchand. sections of Online Practice. Keep a copy of your progress report for your own records. Resources: Financial Accounting: Tools for Business Decision Making. Click the link to the Final Examination on your student website available from the end of Week Four through the end of Week Five. Complete the Final Examination. You are allowed one attempt to complete the exam, which is timed and must be completed in 3 hours. Results are auto graded and sent to your instructor. Note. Final Examination questions are adapted from Financial Accounting: Tools for Business Decision Making. Individual Week Five Exercises Resource: Ch. 57 of Financial Accounting Complete Exercises BE51, BE52, BE6-5, BE6-7, and BE7-4, 7-5, and 7-6. Answer the following summary question: What is the role of the Sarbanes-Oxley Act of 2002 in relation to the types of internal controls used by corporations such as those illustrated in Exercises 7-4, 7-5, and 7-6? Submit as either a Microsoft Excel or Word document. Learning Team Learning Team Reflection Discuss the following: In the wake of all the accounting scandals over the past several years, how has the Sarbanes-Oxley Act (SOX) of 2002 affected the practice of accounting? What is the role of internal 2 9 15 2 2

Due

Points

Readings Participation Discussion Questions Nongraded Activities and Preparation Online Practice Individual Final Examination

Course Design Guide ACC/290 Version 1

controls in complying with SOX (2002)? Write a 350- to 500-word summary of your Learning Teams discussion. Learning Team Financial Reporting Problem, Part 2 Access the Internet to acquire a copy of the most recent annual report for the publicly traded company used to complete the Financial Reporting Problem, Part 1 assignment due in Week Four. Analyze the information contained in the companys balance sheet and income statement to answer the following questions: Are the assets included under the companys current assets listed in the proper order? Explain your answer. How are the companys assets classified? What are cash equivalents? What are the companys total current liabilities at the end of its most recent annual reporting period? What are the companys total current liabilities at the end of the previous annual reporting period? Considering all the information you have gathered, why might this information be important to potential creditors, investors, and employees? Summarize the analysis in a 1,050-1,400 word paper in a Microsoft Word document. Include a copy of the companys balance sheet and income statement. Format your paper and presentation consistent with APA guidelines. 10

Copyright
University of Phoenix is a registered trademark of Apollo Group, Inc. in the United States and/or other countries. Microsoft, Windows, and Windows NT are registered trademarks of Microsoft Corporation in the United States and/or other countries. All other company and product names are trademarks or registered trademarks of their respective companies. Use of these marks is not intended to imply endorsement, sponsorship, or affiliation. Final exams contain third-party copyrighted materials. Portions are: John Wiley & Sons 2011 All rights reserved. Edited in accordance with University of Phoenix editorial standards and practices.