GENESEE COMMUNITY COLLEGE

GENESEE COMMUNITY COLLEGEBusiness DivisionACC 101-02INTRODUCTION TO FINANCIAL ACCOUNTING (MW)

TERM:Spring 2015

INSTRUCTOR:Amy V. Conley, Assistant Professor

OFFICE:D275 in the Business Division (second floor on GCC Batavia Campus)

PHONE343-0055 Ext.6321OFFICE HOURS: Mon/Wed: 9:45 11:15 am; Tuesday/Thursday: 10:00 11:00 am*** Available other times by appointment***

E-MAIL:avconley@genesee.edu

COURSE DESCRIPTION:

The concepts, principles and standards of financial accounting as they apply to financial statements including the statement of cash flows are developed from a user perspective. Generally Accepted Accounting Principles are applied to cash, receivables, payables, inventory, long-term operational assets, long-term debt and equity.

PREREQUISITE: Math skills equivalent to or concurrent registration in MAT092

REQUIRED MATERIALS:

Textbook: Fundamental Financial Accounting Concepts 8th Edition, by Edmonds, McNair and Olds (McGraw-Hill); Working Papers optionalAccess to the companion website for this text: http://highered.mcgraw-hill.com/sites/0078025362/student_view0/index.html (link included on Blackboard) Multiple choice sample quizzes by chapter are included on this site.Calculator The Texas Instruments BAII is recommended for students who are planning on taking ACC 211 or ACC 215. Basic calculators are required for the course. Programmable calculators are/or cell phone calculators are not permitted for quizzes or exams. Use of such devices during quizzes and tests will be considered cheating.

COURSE REQUIREMENTS:

Test 1 (Chapters 1-2)20% of final gradeTest 2 (Chapters 3, 4, 5)20% of final gradeTest 3 (Chapters 6, 7, 8, 9)20% of final gradeTest 4 (Chapters 10, 11, 12)20% of final gradeHomework, Class work & Participation*20% of final grade

*Includes homework assignments, in-class assignments, class participation, quizzes and other assignments throughout the semester.

Letter Grades will be assigned as follows:90-100%=A80-89%=B70-79%=C60-69%=D0-59%=F

COURSE POLICIES:

Attendance at each class is expected. You should always attempt to arrive on time and stay for the full class period. If you must arrive late/leave early, please inform the instructor in advance. Instructor reserves the right to treat any and all late arrivals or early departures as unexcused absences. If a class is missed, students are responsible for any announcements, schedule changes, and notes. More than three unexcused absences may result in an automatic grade of F based on the discretion of the instructor. Tests must be taken in class on the day scheduled. Any test missed will be assigned a grade of F. Any collected homework or class work will NOT be accepted late. Cell phones and other electronic devices are to be turned off during class periods. Texting is not permitted in class. Cell phone calculators are not allowed to be used in class. If a situation requires a student to monitor a phone, the instructor must be informed at the beginning of the class period. A comprehensive final will be available to improve your final course average up to one letter grade.

Plagiarism and Cheating: Cheating is obtaining or intentionally giving unauthorized information to create an unfair advantage in an examination, assignment, or classroom situation. Plagiarism is the act of presenting and claiming words, ideas, data, programming code or creations of others as ones own. Plagiarism may be intentional as in a false claim of authorship or unintentional as in a failure to document information sources using MLA (Modern Language Association), APA (American Psychological Association) or other style sheets or manuals adopted by instructors at the College. Presenting ideas in the exact or near exact wording as found in source material constitutes plagiarism, as does patching together paraphrased statements without in-text citation. Disciplinary action may include a failing grade on an assignment or test, a failing grade for the course, suspension or expulsion from the college, as described in the Code of Conduct.

STUDENT LEARNING OUTCOMES:

Upon successful completion of this course as documented by four semester exams with objective questions and written problems, and class participation, homework and quizzes, students will be able to:

Identify, describe and prepare the four basic financial statements.

Identify, describe and record business events involving cash as well as accruals and deferrals of revenues and expenses and explain how they affect the financial statements of a business.

Analyze financial statements and make meaningful comparisons between companies using ratios to measure liquidity, solvency and profitability.

Analyze and record business events involving a merchandising business and explain how they affect the financial statements of the business, including inventory methods, transportation costs, returns and allowances.

Identify and explain the elements of internal controls including the preparation of bank reconciliation and accounting for petty cash.

Analyze and record business events involving bad debts, credit card sales, warranty obligations and discount notes and explain how they affect the financial statements of a business.

Demonstrate the computational procedures involved in inventories including LIFO, FIFO, Weighted Average, Lower of Cost of Market, inventory estimates and the effect of inventory errors.

Identify different types of long-term operational assets, calculate their costs and cost allocation using three common methods and explain the effect of this and other related business events on the financial statements of a business.

Analyze and record business events involving long-term debt financing, explain the features of bonds and how the time value of money relates, calculate the amortization of long-term debt and explain the effect of these on the financial statements of a business.

Identify the different types of business organizations, explain the characteristics of stock issued by corporations, analyze and record business events involving stock, treasury stock and dividends and explain the effect of these on the financial statements of a business.

Prepare a Statement of Cash Flows from accrual account balances using the direct method.

Prepare a classified balance sheet distinguishing between current and noncurrent items.*

* This course objective has been identified as a student learning outcome that must be formally assessed as part of the Comprehensive Assessment Plan of the college. All faculty teaching this course must collect the required data and submit the required analysis and documentation at the conclusion of the semester to the Office of Institutional Research and Assessment.

CLASS CANCELLATION:

College closings will be announced on area radio stations and on the colleges website. Class cancellations will be posted on the classroom door prior to class time. Follow the segment schedule and complete all assignments shown for the cancelled class. Have the cancelled class assignments ready for the next class meeting along with the assignments that were due the day of the class cancellation.

BLACKBOARD:

Blackboard will be utilized in this course and contains the syllabus; homework solutions; power points utilized in class; and links to the text website. I encourage you to bring the chapter power points with you to class.

SUPPORT SERVICES:

Free tutoring is available through the CAP office (Center for Academic Progress located on the 2nd floor, D-section), schedule is determined by tutors. Tutoring is conducted in the math lab located in D360.

INFORMATION FOR ALL STUDENTS:

The Information for all Students college publication is an integral part of the syllabus.

SCHEDULE CHANGE:

This syllabus and attached schedule are subject to change at the discretion of the instructor.

GENESEE COMMUNITY COLLEGEBusiness DivisionAcc 101Segment I

---Class--- M/WTOPICLOPAGESASSIGNMENT DUE DATE(**) (*****)

1 1/12WELCOME TO ACCOUNTING 101CH 1 AN INTRODUCTION TO ACCOUNTNG2-28Role of Accounting in Society12-10Q2, Q101/14Elements of Financial Statements210-14Q12, 1-6AThe Accounting Equation3,414-19Q19, 1-8A------------------------------------------------------------------------------------------------------------------------------------------------------------------2 1/14Preparing financial statements520-251-9A, 1-15A,1-19A1/21Horizontal Statement Model625-281-31A, 1-32A------------------------------------------------------------------------------------------------------------------------------------------------------------------1/19NO CLASS Martin Luther King Day------------------------------------------------------------------------------------------------------------------------------------------------------------------3 1/21CH 2 THE ACCOUNTING CYCLE 62-89Accrual Accounting Events1,262-702-1A(a), 2-2A, 2-5A1/26Closing Process and Key Concepts70-722-25A Accounting for Deferrals3,4,572-762-8A, 2-9A(a), 2-12A------------------------------------------------------------------------------------------------------------------------------------------------------------------Adjusting the Accounting Records676-804 1/26Financial Statements780-842-1A(b,c), 2-9A(b,c)1/28------------------------------------------------------------------------------------------------------------------------------------------------------------------5 1/28Comprehensive Problem2-23A, 2-41A------------------------------------------------------------------------------------------------------------------------------------------------------------------6 2/2Problems and Review------------------------------------------------------------------------------------------------------------------------------------------------------------------7 2/4TEST I CHAPTERS 1-2

** LO is the learning objective as discussed in the text.

*****Assignments are due the next class following the introduction of the topic (for example - Q2, Q10, Q12, Q19, 1-6A and 1-8A are due 1/14). The chapter readings are due on the day scheduled for the topic.

GENESEE COMMUNITY COLLEGEBusiness DivisionAcc 101Segment II

---Class--- MWTOPIC LOPAGESASSIGNMENTDATE DUE

1 2/9CH 3 THE DOUBLE-ENTRY ACCOUNTING SYSTEM 138-161Debit/Credit Terminology1138-1403-6A2/11Recording in T-accounts2140-1493-9A part aAdjusting Entries2147-1493-10A(a-d),3-11A------------------------------------------------------------------------------------------------------------------------------------------------------------------2 2/11General Journal & General Ledger3149-1533-18A2/18Trial Balance4153-1553-19AClosing Entries4155-1573-17AFinancial Reporting & Analysis5157-161ATC 3-5------------------------------------------------------------------------------------------------------------------------------------------------------------------2/16NO CLASS Presidents Day------------------------------------------------------------------------------------------------------------------------------------------------------------------3 2/18CH 4 ACCOUNTING FOR MERCHANDISING BUSINESS 206-234Accounting for Inventory Transactions1206-2144-1A, 4-2A2/23Transportation, Discounts, Returns (purch)2214-2204-8A, 4-24AGains and Losses3220-222Multistep Income Statement4222-2244-15A------------------------------------------------------------------------------------------------------------------------------------------------------------------4 2/23Sales Disc, Returns, Shrinkage5,6224-228Common-Size Statements & Ratio Analysis7228-232ATC-4-52/25Periodic Inventory Method8232-2344-20A, 4-28A a and b

CH 5 ACCOUNTING FOR INVENTORIES268-286Inventory Valuation Methods1268-2785-2A, 5-3A,5-8A------------------------------------------------------------------------------------------------------------------------------------------------------------------5 2/25Lower of Cost or Market (LCM) Rules2278-2805-11A3/2Avoiding Fraud in Merchandising3280-281Estimating Ending Inventory4282-2865-13A, 5-14A------------------------------------------------------------------------------------------------------------------------------------------------------------------6 3/2Problems & Review------------------------------------------------------------------------------------------------------------------------------------------------------------------7 3/4TEST II CHAPTERS 3, 4, 5

GENESEE COMMUNITY COLLEGEBusiness DivisionAcc 101Segment III

---Class--- MWTOPIC LOPAGESASSIGNMENTDATE DUE

1 3/16CH 6 INTERNAL CONTROL & CASH312-334Internal Control1312-3176-2A3/18Features of Accounting for Cash2317-3216-17ABank Reconciliation3321-3276-10A, 6-21APetty Cash4327-3296-14ARole of Independent Auditors5330-334ATC 6-1------------------------------------------------------------------------------------------------------------------------------------------------------------------2 3/18CH 7 ACCOUNTING FOR RECEIVABLES 360-3843/23Bad Debts Allowance Method1360-3677-2A% Revenue2368-3707-10A (part a),7-6A% Receivables3370-372Bad Debts Direct Write-Off4372-3737-10A (part b)------------------------------------------------------------------------------------------------------------------------------------------------------------------3 3/23Notes Receivable5373-3797-11A3/25Credit Card Sales6379-3847-13A------------------------------------------------------------------------------------------------------------------------------------------------------------------4 3/25CH 8 LONG-TERM OPERATIONAL ASSETS416-442Types of Long-term Operational Assets1416-4188-2A3/30Determining Cost2419-4208-24ADepreciation Methods3420-4298-10ADisposal of Assets44238-11AComparison of Methods38-27A (parts a, b, c)------------------------------------------------------------------------------------------------------------------------------------------------------------------5 3/30Revision of Estimates64318-15A4/1Continuing Expenditures7432-4348-17ANatural Resources8434-4358-19AIntangibles9435-4428-20A------------------------------------------------------------------------------------------------------------------------------------------------------------------6 4/1CH 9 ACCOUNTING FOR CURRENT LIABILITIES476-497Notes Payable1476-4809-1A4/6Warranty Obligations4482-4859-6AClassified Balance Sheet6492-4959-14ACurrent Ratio7495-4979-15A------------------------------------------------------------------------------------------------------------------------------------------------------------------7 4/6Problems and Review------------------------------------------------------------------------------------------------------------------------------------------------------------------8 4/8TEST III CHAPTERS 6, 7, 8, 9

GENESEE COMMUNITY COLLEGEBusiness DivisionAcc 101Segment IV

---Class---- MWTOPICLOPAGESASSIGNMENT DATE DUE

1 4/13CH 10 LONG-TERM DEBT534-560Long-Term Notes Payable1534-53810-2A4/15Line of Credit253910-5ABonds Liabilities3539-543Bonds Issued at Face Value3543-54610-7A, 10-9A------------------------------------------------------------------------------------------------------------------------------------------------------------------2 4/15Bonds Issued at Discount or Premium4545-55210-10A, 10-14A,10-18A4/20Bond Redemption4552-55310-8AFinancial Analyst6556-560APPENDIX F TIME VALUE OF MONEY773-779Future Value773-774F1, F2, F3Present Value774Annuities774-776Business Applications776-777------------------------------------------------------------------------------------------------------------------------------------------------------------------3 4/20Bonds Review

CH 11 PROPRIETORSHIP, PARTNERSHIP, CORPORATIONS 592-613Forms of Business Organization1592-59811-1A, 11-2A4/22Accounting for Capital Stock2599-60311-4A------------------------------------------------------------------------------------------------------------------------------------------------------------------4 4/22Treasury Stock3603-60511-9A4/27Cash Dividends4605-60611-10A, 11-11AStock Dividends4606-60711-14AStock Splits4607-61011-15AFinancial Analyst5610-613Review Statement of Cash Flows------------------------------------------------------------------------------------------------------------------------------------------------------------------5 4/27CH 12 - STATEMENT OF CASH FLOWS (DIRECT)640-645Cash Flow Activities640-64512-8A, 12-11A 4/29Statement of Cash Flows - exhibit 12.152661-6622-21A, 2-21B, 2-24A**------------------------------------------------------------------------------------------------------------------------------------------------------------------6 4/29Problems and Review------------------------------------------------------------------------------------------------------------------------------------------------------------------7 5/4TEST IV CHAPTERS 10, 11, 12

** This is an assignment from Chapter 2