↑

CLICK HERE FOR PRINTABLE WORD VERSION

Principles of Accounting I - Syllabus
BAN 213
Fall, 2007

Students for whom this course is intended:  Principles of Accounting I is required for students seeking an Associate of Applied Science degree in Business Management, Computer Technology (Information Systems Technology,) or Office Technology.  It is also required for students seeking an Associate of Arts degree in Business Administration.  This course provides the student with a background of the basic accounting functions for service and merchandising enterprises. 

Catalog Description:  BAN 213 Principles of Accounting I
3 hrs. 3 credits

Prerequisite:  Ban 103 or departmental approval

Elementary accounting principles and problems as they apply to the sole proprietorship. The accounting cycle from the viewpoint of a service organization and a merchandising concern will be emphasized. This course will be offered during the fall, spring, and summer. 

Phillips Community College Core Competencies:

 General Information:

 Steps in dropping a class:

1) Student visits with their assigned advisor.
2) The assigned advisor will provide & fill out the drop form.
3) Student gets Instructor’s signature for EACH course dropped.
4) Student takes form to the Admissions Office. 

Please Note: The student MUST continue to attend class until the drop slip is completed and delivered to the Admissions Office. Student financial aid, scholarships, & billing will be affected by dropping classes!

 CAMPUS SUPPORT SERVICES
Phillips Community College of the University of Arkansas provides student support services that assist students in achieving their educational objective.  Those services include advising, financial aid, counseling and guidance, and safety and security.

ADA POLICY:
Lynn Boone, the Vice Chancellor for Student Services serves as the ADA Compliance Officer. If you reside in Arkansas County you may contact Vice Chancellor Carolyn Turner (DeWitt) or Dr. Susan Luebke (Stuttgart). The process of student referral under the Americans with Disabilities Act can be found in the Student Handbook. 

FERPA POLICY:
Phillips Community College of the University of Arkansas complies with the Family Educational Rights and Privacy Act (FERPA) of 1974. A student has the right to inspect and review all of his/her records that meet the definition of educational records. No third party has the right to review student records. Directory information can be provided unless the student request that it be withheld.

INSURANCE:
Phillips Community College of the University of Arkansas does not provide insurance for its students.  The college does encourage each student to secure his/her own insurance, and for that reason, the college has contacted United Healthcare Student Resources.  Forms for this insurance are available in the Registrar's office.

Arkansas Course Transfer System: (ACTS)
The Arkansas Course Transfer System (ACTS) contains information about the transferability of course within Arkansas Public Colleges and Universities.  Students are guaranteed the transfer of applicable credits and the equitable treatment in the application of credits for the admission and degree requirements.  Course transferability is not guaranteed for courses listed in ACTS as "No Comparable Course."  Additionally, courses with a "D" frequently do not transfer and institutional policies may vary.  ACTS may be accessed on the Internet by going to the ADHE website and selecting Course Transfer.  www.adhe.edu

Course Objectives:  Upon completion of Principles of Accounting I, the student should be competent in the following subjects:

Learning Objectives:

 After students have completed activities and exercises assigned for each chapter, they should be able to:

Chapter 1 - Objectives

Introduction to Accounting and Business 

1.      Describe the nature of a business and the role of ethics and accounting in business.
2.      Summarize the development of accounting principles and relate them to practice.
3.      State the accounting equation and define each element of the equation.
4.      Describe and illustrate how business transactions can be recorded in terms of resulting change in the basic elements of the accounting equation.
5.      Describe the financial statements of a proprietorship and explain how they interrelate.

 Chapter 2 – Objectives

Analyzing Transactions 

1.      Describe the characteristics of an account and record transactions using a chart of accounts and journal..
2.      Describe and illustrate the posting of journal entries to accounts.
3.      Prepare an unadjusted trial balance and explain how it can be used to discover errors..
4.      Discover and correct errors in recording transactions.

The Adjusting Process

1.      Describe the nature of the adjusting process.
2.      Journalize entries for accounts requiring adjustment.
3.      Summarize the adjustment process.
4.      Prepare an adjusted trial balance.

Chapter 4 – Objectives

Completing the Accounting Cycle

1.      Describe the flow of accounting information from the unadjusted trial balance into the adjusted trial balance and financial statements.
2.      Prepare financial statements from adjusted account balances.
3.      Prepare closing entries.
4.      Describe the accounting cycle.
5.      Illustrate the accounting cycle for one period.
6.      Explain what is meant by the fiscal year and the natural business year.

 Chapter 5 – Objectives

Accounting Systems

1.      Define an accounting system and describe its implementation.
2.      Journalize and post transactions in a manual accounting system that uses subsidiary ledgers and special journals.
3.      Describe and give examples of additional subsidiary ledgers and modified special journals.
4.     Apply computerized accounting to the revenue and collection cycle..
5.      Describe the basic features of e-commerce.

 Chapter 6 – Objectives

Accounting for Merchandising Businesses

1.  Distinguish between the activities and financial statements of service and merchandising businesses.
2.  Describe and illustrate the financial statements of a merchandising business.
3.  Describe and illustrate the accounting for merchandise transactions including:
     a.  sale of merchandise
     b.  purchase of merchandise
     c.  transportation costs, sales taxes, and trade discounts
     d.  dual nature of merchandising transactions
4.  Describe the adjusting and closing process for a merchandising business.

 Chapter 7 – Objectives

Inventories

1.   Describe the importance of control over inventory.
2.   Describe three inventory cost flow assumptions and how they impact the income statement and balance sheet.
3.   Determine the cost of inventory under the perpetual inventory system, using the FIFO, LIFO, and average cost methods.
4.   Determine the cost of inventory under the periodic inventory system, using the FIFO, LIFO, and average cost methods..
5.   Compare and contrast the use of the three inventory costing methods..
6.   Describe and illustrate the reporting of merchandise inventory in the financial statements.
7.   Estimate the cost of inventory, using the retail method and the gross profit method.

  Course Policies
 

Attendance:

 The classroom attendance policy is designed to foster student success.  PROMPT and REGULAR attendance is the responsibility, and expected of, each student.  You are responsible for all work missed and completing your assignments at the earliest possible dates.

Class Attendance Policy

The instructor will warn a student in danger of becoming excessively absent by sending a warning notice to the student’s advisor so that the student can be contacted by either phone or in writing.

 If a student is unable to attend a class regularly, regardless of the reason or circumstances, he/she should withdraw from that class before an EW or F is assigned.

 Exceptions to this attendance rule may be based on individual circumstances and the instructor’s assessment of the student’s ability to finish course requirements.  The final decision concerning absences is left to the instructor’s discretion.  A student’s attendance will affect their grade in this course.

Punctuality:     

There are no tardies—students are expected to arrive at their classrooms prior to the beginning of classroom activities. Since late arrivals and early departures do disrupt the class, you are hereby put on notice that you can and most likely will be dropped from this course if you are consistently late or leave early or have more than the allowed absences.  Any student entering the classroom after the class roll has been taken will be considered absent.  There is one exception to this rule:  Students who have been held over by their instructor.

Quizzes and Tests:

Academic Integrity:

Cheating Policy

Students are expected to uphold the school’s standard of conduct relating to academic honesty.  Students assume full responsibility for the content and integrity of the academic work they submit.  The guiding principle of academic integrity shall be that a student’s submitted work, examinations, reports, and projects must be that of the student’s own work.  Students shall be guilty of violating the honor code if they:

1.      Represent the work of others as their own.

2.      Use or obtain unauthorized assistance in any academic work.

3.      Give unauthorized assistance to other students.

4.      Modify, without instructor approval, an examination, paper, record, or report for the purpose of obtaining additional credit.

5.      Misrepresent the content of submitted work.

Administrative Procedure Number: 404.05

Cheating in any form (including using unauthorized materials, information, or study aids in any academic exercise; plagiarism; falsification of records; unauthorized possession of examinations; any and all other actions that may improperly affect the evaluation of a student's academic performance or achievement; and assisting others in any such act) is forbidden. An instructor who has proof that a student is guilty of cheating may take appropriate action up to and including assigning the student a grade of "F" for the course and suspending the student from class. A description of the incident and the action taken will be reported through the dean to the Vice Chancellor for Instruction and placed in the student's file in the Office of Admissions and Records. The student may appeal either the finding of cheating or the penalty, or both, as described in Administrative Procedure No.

404.06, Academic Appeal Procedure.

Cheating in this class:

 Cheating will not be tolerated.  If you are cheating on one occasion, you will receive an “F” for the whole project’s work (not limited to that one assignment).  If found cheating on a second occasion, you will be asked to drop the class.  If the cheating occurs after the drop date, or if you choose not to drop, you will receive an “F” for this class.  All work must be on your disk or in your notebook unless the instructor directs you to destroy them.

Classroom  Policies

Standards of Behavior:

It is this instructor’s desire that every student succeed in this class.  Students are hindered in this success if there are classroom distractions.  Students are to adhere to the standards of behavior described in the Student Handbook.  Students who do not adhere to this policy will be dropped from the class.

1. No food or drinks are allowed in the computer lab.
2. Computer settings are not to be changed.  Personal wallpaper, screen savers, shortcuts, etc. are not to be added to the desktop.
3. Access to objectionable websites is prohibited.
4. According to the student handbook:  A student may not have unauthorized persons (children or adults) on campus.
5. Cell phones and pagers must be turned off when entering the classroom.

Assignments and Grading

This course emphasizes learning through doing.  It is imperative that you read the text carefully, do the assigned homework and prepare assigned cases/topics.

Assignments often build on previous assignments.  If you do half‑hearted work in Chapter 1, you may have difficulty in Chapter 2, and be lost in Chapter 3.  Tutoring may be available for students who desire additional help.

Grading

Grading will be based on the following assessments: 

*The instructor reserves the right to change this syllabus in order to meet the needs of the students.