ACC2401 FINANCIAL ACCOUNTING
Name: Jerry W. Rogers
Phone Number: 903-675-6339
Faculty Fax# 903-675-6316
Email Address: See Course Communications Section
COURSE INFORMATION:
Course# and Title: Acc2401
Financial Accounting
Beginning Date of Session:
Monday, August 27, 2007
Ending
Date of Session: Tuesday, December 4, 2007
Student access to the
Accounting classes require
a lot of work and discipline to stay on task and meet the due dates with
assignments and tests whether taken in a regular classroom environment or via
distance education. If you do not have
the personal discipline, or feel that you cannot learn that discipline in short
order, then you should not register for this course. More people either drop or fail this course
because they don’t have the personal discipline to prepare the assignments in a
timely manner than those who drop or fail because they cannot do the
assignments.
This syllabus contains
links that will be active from this document as of Monday, August 27, 2007.
TEXTBOOK(S) AND REQUIRED
MATERIALS
Title: Accounting
Author: Warren, C. S.,
Reeve, J. M., & Duchac, J. E.
Publisher: Thomson South-Western
Year Published: 2007
Edition: 22E
ISBN: Bundle: Text + ThomsonNOW™ 2-Semester Printed Access Card
ISBN-10: 0324625162 | ISBN-13: 9780324625165
(This is a package which includes the textbook and ThomsonNow™,
a program utilized in preparing homework and taking tests. This package is available through the TVCC
bookstore utilizing the ISBN numbers given above. It is also available directly from the
publisher but no ISBN number is used. It
is simply referred to as “BUNDLE”.
Should the textbook and/or ThomsonNow™ be acquired from sources other than the TVCC bookstore or
the publisher, the following ISBN numbers should be used: For the textbook 0-324-40184-1. For ThomsonNow™ 0-324-64189-3.
The student should have
either a 2003 version of Microsoft Office® which contains Microsoft Word and Microsoft
Excel or the new 2007 version of Microsoft Office which contains Microsoft Word
and Microsoft Excel. In addition, if the
student is using the 2007 version of Microsoft Office®, the student must know
how to utilize the features of the 2007 version to save documents so that they
may be accessed with the 2003 version of Microsoft Office®.
The Textbook + ThomsonNow™ package for the course may be purchased by
mail, fax, phone, or in person through the bookstore located on the
The
Attention: Bookstore
The
903-675-6316
The
903-675-6223
If contact is made with
the bookstore by email, fax, or phone, the student must have a credit card
number that may be used to purchase the course required materials. If a credit card is not available, the
student may still contact the bookstore to determine the price of the course
required materials and then payment may be made by mail.
While students are not
prohibited from purchasing textbooks or course materials from other sources,
care should be taken to secure the exact resources required. The textbook may be acquired from sources
such as EBay or Half-Price Books or Amazon.com, but it is unlikely that the ThomsonNow™ package can be acquired any place other than
directly from the publisher. The TVCC
bookstore does not carry the stand-alone ThomsonNow™
program.
Failure to acquire the textbook in time for the
submission of the first assignments due is not an excuse for the assignments
being late. If course enrollment causes the bookstores to
run out of textbook packages, special arrangements will be made. These “special
arrangements” will be made for only those students attempting to acquire the
Textbook + ThomsonNow™ through Make arrangements early for the
Textbook + ThomsonNow™ package. No other items from the textbook publisher
such as working papers or study guides are required. However, a student may
want to visit the publisher’s web site and view some of the supplemental
materials that are available directly from the publisher. None are recommended or required. Everything except the Textbook + ThomsonNow™ package needed for the class is either
available for free on the publisher’s web site or from the instructor.
The Textbook + ThomsonNow™ package, Microsoft Office® 2003 or 2007, and a
storage device for your work are the only required items for this course. It is highly recommended that a removable
storage device, such as a flash drive, be utilized for storing all items for
the course. It is also highly
recommended that none of the items for this course be stored on your computer’s
hard drive. One crash and you are sunk!
Another strong
recommendation is that students make stand-by arrangements for acquiring access
to another computer in the event the student’s computer should crash. The possibility of a crash is the reason that
everything should be saved to some type external storage device which can be
utilized with different computers.
The publisher’s web site has
a wealth of information available to the student for free. You will be utilizing much of this
information.
To access the publisher’s
web site, you may follow this URL:
http://websites.swlearning.com/cgi-wadsworth/course_products_
When the web site opens, at
the top left under Business and Economics, click the “Select A
Discipline” down arrow.
Click “Accounting” and then
“Go”.
Under “Find Your Book” at
“Search”, type
When new page opens, make
sure the bubble at Higher Education is filled.
Click on
“Students”.
Click on “Accounting, 22nd
Edition”.
Click on blue “Companion
Site”.
This gets you to the Student
Resource Page. The starting point after
reaching this page is to select a chapter on which you wish to work.
COURSE PREREQUISITES:
There are no prerequisites
for this course.
COURSE POLICIES:
Specific assignments with
due dates will be provided electronically when the class begins. The assignments will be due on or before the
identified due date, and will not be accepted late for credit. The instructor will acknowledge receiving the
assignments within 24 hours, generally sooner.
Any submission not acknowledged within 24 hours of sending should be
followed up on by emailing the instructor.
Feedback and grades on all assignments submitted on or before the due
date will be supplied to students within two or three days after the due
date. Those assignments received after
the due date will not receive credit, but feedback will be provided if
requested.
The most important thing in
any accounting class is EFFECTIVE TIME MANAGEMENT. A student should not expect to wait until a
few hours, or even a day or two, before an assignment is due and then expect to
be able to satisfactorily complete the assignment. Many years of experience indicates that it
can’t be done! All assignments utilizing
ThomsonNow™ will be available for a week. The assignments may be worked up to five
times and the practice tests may be worked up to three times. The homework assignments (at least one) must
be completed before the practice tests may be taken, and the practice tests (at
least one) must be completed before the Chapter Test may be taken. The homework and practice tests are not
timed. The Chapter Tests will be timed.
With this syllabus, each
student is granted a waiver on one late assignment, provided the instructor is
notified before the assignment is due and the reason for the assignment being
late is explained, and an estimated time of submission of the assignment is
given. The waiver is granted regardless
of the reason. When the student is ready
to complete the assignment, the instructor must be notified so that the ThomsonNow™ program may be set by the instructor to allow
access by the student.
Incomplete Grades
An “I” (incomplete grade)
is given at the discretion of the professor and may be given only when an
emergency or illness prevents the student from completing course
requirements. It will not be given
because a student fails to complete the requirement for the course during the
semester. Replacement of an “I” by a
grade shall be determined by the rules and policies of the host institution in
the case of Virtual College of Texas students.
Some colleges do not allow an “I”, or its equivalent, to be given, but
instead require that a letter grade be awarded.
For students enrolled
through
STUDENT’S RESPONSIBILITIES:
This syllabus contains
information, policies and procedures for a specific course. By enrolling, the student agrees to read,
understand and abide by the policies, rules, regulations, and ethical standards
of
COURSE COMPETENCIES:
Upon completion of the course,
the student will have demonstrated a mastery of the objectives given in the
textbook for each chapter covered. These
objectives are given at the beginning of each chapter of study, discussed
within the body of the chapter, and then summarized at the end of the
chapter. Mastery of these objectives
shall be demonstrated by successfully completing various assignments and tests
covering the materials.
HOW TO DROP THIS COURSE:
To drop this course, the
drop process must be begun in the proper department of the host institution and
follow the instructions supplied by the personnel there.
HOW
TO ACCESS YOUR COURSE:
This course shall be
available on-line on Monday, August 27, 2007.
It may be accessed by going to: http://courses.tvcc.edu. A screen will open which asks the student to
log in and asks for the student’s
Please note this: Access to the course will be on
Monday, August 27, 2007. This course
will not officially begin until Tuesday, September 4, 2007, even though
During this first week,
each student should definitely do the following three things:
1. Get the ThomsonNow™ program activated. Follow directions that came with the
textbook.
2. Get familiar with
communicating with your instructor.
3. Get familiar with the
publisher’s web site and all of the materials that are available on it.
COURSE DELIVERY
METHODOLOGY
This course is offered as a
distance-learning course.
1. Access to the Internet
2. An e-mail address
3. General knowledge in:
Internet browser settings and
configuration
e-mail and file
attachments
Uploading and downloading files
Using a word processing package
Students who have not
mastered these skills should not enroll for this course.
Historically, the first
course in accounting has been taught as if all students taking the course were
taking it to become accountants, thus the emphasis was on producing financial
data. More recently, the emphasis has
shifted from teaching students to be producers of financial data to being users
of financial data. To be an effective
user, one must know the sources of the data on the financial statements. It is
in line with this more recent emphasis that this course is taught. The course will cover the basics of financial
report preparation. The course will also
place emphasis on using financial information in decision making.
The most important element
in the successful completion of any accounting course is EFFECTIVE TIME MANAGEMENT. Learning accounting is much
like building a house: a good foundation must first be laid, and then the rest
of the house is built on this foundation.
In building the house, certain things must be done before other things. After the good foundation is laid, the studs
must be raised before the ceiling joists can be put in place. The ceiling joists must be in place before
the rafters can be put in place. The
rafters must be in place before the roof decking can be put in place. And so it goes. The order of completion is important; one
thing builds on another. And so it is
with accounting. A good foundation in
the basic concepts of accounting is important.
After that good foundation, the course builds on it. Concepts are presented in a predetermined order. It is learning the concepts at each step, and
then building on them at the next step, that gets the job done in
accounting. The work in accounting can
not be postponed until shortly before an assignment is due and then expect to
be completed satisfactorily.
The following paragraph
should be referred to regularly as the student studies each of the chapters of
the course. This paragraph contains an
approach that the instructor has found to be effective to other accounting
students in the 20 plus years that the instructor has taught accounting at the
college level.
In doing accounting, one
should first read the chapter objectives.
These objectives, located at the beginning of each chapter, identify to
the student what the student should learn from the chapter. The objectives will
be developed in the chapter. At the end
of each chapter, these objectives are summarized. You might look at these summaries first to
get an idea of what the objectives are about, and what you are expected to
learn from the chapter.
After looking at the
objectives, and the summaries of the objectives, the student should next look
to the Study Guide posted by the instructor.
Within the Study Guide, the instructor has summarized the materials from
each of the chapters, explaining some of the materials that often cause trouble
for students, and pointing out important materials.
With the objectives in mind
and knowing what the instructor has to say about the chapter, the student
should then read the chapter to get an idea as to the total content and see how
all the various materials presented tie together. This first reading should be
to get an overview of the materials from the chapter. Attention should not be paid to minute
details. At this point, the student just
wants to get an over-view of the materials of the chapter.
After having read the
chapter the first time, the student should go back and read the chapter a
second time. This time, read more
slowly, taking time to reflect on the materials presented. When example problems are presented, the
student should work these problems to see how they apply to what has been read.
As the chapter is being read this second time, the chapter objectives should be
kept in mind. Also while reading the
chapter this second time, the student should be completing the Practice
Achievement Test provided by the instructor. (Note: The instructor will also provide the answer
key to the Practice Achievement Test so that immediate feedback may be had.) After reading the chapter two times, and
preparing the Practice Achievement Test, the student should be ready to prepare
the various assignments for the chapter.
The following outline is
given as an overview of the materials that will be covered in the course. Some of these materials will be emphasized
more than others.
I.
Introduction to
Accounting and Business
....Nature of Business and Accounting
…Generally Accepted Accounting Principles
…The Accounting Equation
…Business Transactions and the Accounting Equation
…Financial Statements
II.
Analyzing
Transactions
…Using Accounts to Record Transactions
…Double-Entry Accounting Systems
…Posting Journal Entries to Accounts
…Trial Balance
…Discovery and Corrections of Errors
III.
The Adjusting
Process
…Nature of the Adjusting Process
…Recording Adjusting Entries
…Adjusted Trial Balance
IV.
Completing the
Accounting Cycle
…Flow of Accounting Information
…Financial Statements
…Closing Entries
…Accounting Cycle
…End-of-Period Spreadsheet (worksheet)
V.
Accounting
Systems
…Basic Accounting
Systems
…Manual Accounting
Systems
VI.
Accounting for
Merchandising Businesses
…Nature of
Merchandising Businesses
…Financial
Statements for a Merchandising Business
VII.
Inventories
…Inventory Cost Flow Assumptions
…Inventory Costing Methods Under
a Perpetual Inventory System
…Inventory Costing Methods Under
a Periodic Inventory System
…Comparing Inventory Costing Methods
…Reporting Merchandise Inventory in the Financial
Statements
VIII.
Sarbanes-Oxley,
Internal Control of Cash, and Cash
…Sarbanes-Oxley Act of 2002
…Internal Control
…Cash Controls Over Receipts
and Payments
…Bank Accounts
…Bank Reconciliations
IX.
Receivables
…Classification of Receivables
…Direct Write-Off Method for Uncollectible Accounts
…Allowance Method for Uncollectible Accounts
…Notes Receivable
…Reporting Receivables on the Balance Sheet
…Discounting Notes Receivable
X.
Fixed Assets and
Intangible Assets
…Nature of Fixed Assets
…Accounting for Depreciation
…Disposal of Fixed Assets
…Natural Resources
…Intangible Assets
…Financial Reporting for Fixed Assets and Intangible
Assets
XI.
Current
Liabilities and Payroll
…Current Liabilities
…Payroll and Payroll Taxes
…Employees’ Fringe Benefits
…Contingent Liabilities
XII.
Accounting for
Partnerships and Limited Liability Companies
…Proprietorships, Partnerships, and Limited
Liabilities Companies
XIII.
Corporations:
Organization, Stock Transactions, and Dividends
…Nature of a Corporation
…Stockholders’ Equity
…Paid-In Capital From
Issuing Stock
…Accounting for Dividends
…Treasury Stock Transactions
…Reporting Stockholders’ Equity
…Treasury Stock Transactions
…Stock Splits
XIV.
Income Taxes,
Unusual Income Items, and Investments in Stocks
…Corporate Income Tax
…Reporting Unusual Items on the Income Statement
…Earnings per Common Share
…Comprehensive Income
…Accounting for Investments in Stocks
Assignments from the above identified areas of study
will be available the first day of class. The assignments will consist of
exercises and problems to be worked, practice tests to be completed, and
chapter tests to be completed. These
assignments will be done utilizing ThomsonNow™ and
each assignment will be algorithmic in nature.
The class will cover the first 14 chapters from the textbook. Greater emphasis will be placed on some
chapters than others. Most weeks only
one chapter will be covered. However,
two chapters will be covered some weeks.
FORMAT AND SUBMISSION OF
ASSIGNMENTS
The ThomsonNow™ program
will report results immediately to the student as completed, and will compile
the results for the instructor.
The semester grade awarded
in this class will be determined based on the results obtained on the assigned
homework problems and the tests. The
total points available and the points necessary to achieve a given grade will
be available the first day of class. It
is anticipated that test grades for the 14 chapters will count for 70% of the
semester grade, homework problems will count for 20% of the semester grade, and
practice test grades will count for the remaining 10% of the semester
grade. In the case where multiple
homework assignments are done and multiple practice tests are taken, only the
highest grade will be recorded for credit.
GRADE NOTIFICATION AND
INSTRUCTOR FEEDBACK:
A successful distance learning
experience requires a flow of communication between instructor and student
throughout the session. Instructor comments are considered essential to the
learning process. As each assignment is
completed using ThomsonNow™, immediate feedback of
the results will be provided to the student.
On items missed, the student should try to determine why the item was
marked wrong. If the student it unable
to do so, then a copy of the entire problem with the marked answer should be
sent to the instructor, along with an explanation of the approach used by the
student in attempting to solve the problem.
The instructor will reply with an explanation of the correct approach to
the problem.
Upon completion of the
course and before grades are sent to host colleges or the Registrar of TVCC,
each student will be notified of his/her semester grade and will be given an
opportunity to challenge the grade determination. After the expiration of the challenge period,
grades will be provided host colleges for VCT students. Each host college will then distribute grades
utilizing their system.
For TVCC internet
students, final grades are mailed a day or two after the last day of the
session to the student’s address of record.
No one associated with
Progress reports will be
issued to the administration of the host institutions of VCT students upon
proper requests by such institutions.
Progress reports for TVCC Internet students will be provided to TVCC
administration personnel upon proper requests.
ACADEMIC
HONESTY/PLAGIARISM:
Plagiarism is the
presentation of someone else’s information as though it were your own. If you use another person’s words, ideas or
information or if you use material from a source – whether a book, magazine,
newspaper, business publication, broadcast, speech, or electronic media – you
must acknowledge the source. Failure to
do so violates
RESEARCH
RESOURCES:
Many accounting textbooks
exist, along with hundreds of other books that may be used as references for
accounting. Each of these will cover the
same basic materials. However, they
generally will do so in a manner that is different from the way the class
textbook does it. It is for this reason that the instructor strongly advises
against seeking help outside the class textbook. As the student progresses in more advanced
accounting courses, the student will be well advised to seek multiple
approaches; not so in this class. In the event the student wishes to view
additional materials, follow this link to the Library Services module.
COURSE EVALUATION
Each
session, all TVCC students are requested to evaluate their courses. The
evaluation process is an important one and provides students with an anonymous
and confidential way to give meaningful feedback to the College. Summary information and comments are provided
to faculty after the close of the session.
Students’ identities are not disclosed.
Students will be notified
through the Blackboard system of the Course Evaluation procedures. Usually, the evaluations take place during
the last two weeks of the session.
Please take advantage of this opportunity and participate in the
evaluation process. This provides
valuable information to both the college and the instructor and is utilized to
improve distance education courses.