ACCT 1010 Syllabus
ACCT 1010 - Principles of Accounting I
3 Credit Hours
This course is an introduction to basic principles of accounting theory and practice. The topics covered include accrual basis accounting, the accounting cycle, preparation of financial statements for both service and merchandising business enterprises and internal controls. Other topics include accounting for cash, receivables, payroll, inventories, fixed assets, and current liabilities.
Upon successful completion of this course, students will:
- Analyze, journalize, and post business transactions and use appropriate accounting terminology.
- Prepare a multiple-step income statement, an owners’ equity statement, and a classified balance sheet.
- Analyze existing account balances, prepare end-of-period adjusting entries with or without a worksheet; prepare closing entries and a post-closing trial balance.
- Account for cash and petty cash including internal controls over cash.
- Account for merchandising companies including costing and internal control over inventory.
- Account for receivables; plant assets, natural resources and intangibles; current liabilities and payroll accounting.
Reading and writing skills appropriate and expected of college-level students. Basic math skills including the ability to solve simple algebraic equations.
- Purpose and importance of accounting, users and uses of accounting, opportunities in accounting and related fields, why ethics are crucial to accounting, generally accepted accounting principles, the accounting equation, analyzing business transactions using the accounting equation, computing and interpreting return on assets, identifying and preparing financial statements.
- Steps in the accounting process, source documents and their purposes, accounts and their use, course Syllabus 2 | Page 9/27/2011 ledger and chart of accounts, use of debits and credits and their role in double-entry accounting, impact of transactions on accounts and financial statements, computing debt ratio and its use in analyzing company performance, recording transactions in the journal and posting to the ledger, preparing and using a trial balance, preparing financial statements.
- Steps in the accounting process, source documents and their purposes, accounts and their use, ledger and chart of accounts, use of debits and credits and their role in double-entry accounting, impact of transactions on accounts and financial statements, computing debt ratio and its use in analyzing company performance, recording transactions in the journal and posting to the ledger, preparing and using a trial balance, preparing financial statements.
- Temporary and permanent accounts, steps in the accounting process, classified balance sheet, computing and using current ratio to assess a company's financial position, preparing a worksheet, preparing closing entries, preparing a post-closing trial balance.
- Merchandising activities, perpetual and periodic inventory systems, computing and using acid exam ratio to assess liquidity, computing and using gross margin ratio to assess profitability, analyzing and recording transactions for merchandise purchases and sales using a perpetual system, preparing adjustments and closing accounts for a merchandising company, preparing a multiple-step and single-step income statement.
- Identifying costs of merchandise inventory, analyzing the effects of inventory methods for both financial and tax reporting, analyzing the effects of inventory errors, assessing inventory management using both inventory turnover and days' sales in inventory, computing inventory using specific identification, FIFO, LIFO, and weighted average methods.
- Journalizing and posting transactions using special journals, preparing and proving the accuracy of subsidiary ledgers.
- Defining internal control and its purpose and principles, cash and cash equivalents, control features of banking activities, computing and using days' sales uncollected to assess liquidity, applying internal controls to cash receipts and disbursements, recording petty cash fund transactions, preparing a bank reconciliation.
- Accounts receivable and notes receivable, calculating maturity date and interest, computing and using accounts receivable turnover to assess financial condition, applying direct write-off and allowance methods to receivables, estimating uncollectible accounts based on sales and accounts receivable, recording the receipt of a note, recording the honoring or dishonoring of a note and adjustments for interest.
- Depreciating plant assets, analyzing alternative depreciation methods, computing asset turnover, distinguishing between revenue and capital expenditures, accounting for asset disposal, accounting for natural resources and intangible assets.
- Current and long-term liabilities, contingent liabilities, computing times interest earned, preparing entries to account for short-term notes payable, preparing entries to record employee and employer payroll deductions or expenses and liabilities, preparing entries for estimated liabilities.
While this course will not require mastery over any specific software, the student will need to be able to navigate on the web.
Textbooks, Supplementary Materials, Hardware and Software Requirements
Please visit the Virtual Bookstore to obtain textbook information for this course. Move your cursor over the "Books" link in the navigation bar and select "Textbooks & Course Materials." Select your Program, Term, Department, and Course; then select "Submit."
Anyone has access to online content at www.mhhe.com/wildFAP20e. To access these resources, click on Student Edition, beside Choose a Chapter, click the down arrow for the chapter that you want, then click on the appropriate resource, then either click on the item to open or follow instructions for either opening or downloading the content. You must choose a chapter before the resource list will display and then choose from Interactive Quizzes, PowerPoint Presentations, iPod Content, Excel Templates, Demo Problems, Flashcards, and other resources provided by the publisher.
With Connect Plus, you also have access to premium online content. Follow the instructions in the Connect Plus Registration handout given to you by your instructor to register for the premium content.
To register for Connect Plus please follow the instructions provided to you by your instructor. Please be sure to register for the appropriate course. The website address for your particular course will be located inside your RODP course under the Content area.
A student registration code is provided with the product that you will be asked to input. Be sure to record your login and password for use during the current semester. Write these down and save them. Your instructor will not have access to your login and password information so be sure to record them. The Tech support number for Connect Plus is 1-800-331-5094. You only need to register one time for the textbook and one time for Connect Plus. Step by step instructions for registering for both will be provided by your instructor.
Minimum hardware requirements can be found here.
Minimum software requirements can be found here.
Common applications you might need:
Purdue OWL Online Writing Lab (for APA, MLA, or Chicago style)
The Writing Center Online Writer's Handbook
- Technical support information can be found on the TN eCampus Help Desk page.
- Smarthinking virtual tutoring is available FREE of charge. to access Smarthinking, visit the course homepage and select Smarthinking under Course Resources. You also view sample sessions to see what Smarthinking offers and how it works.
- Information on other student issues or concerns can be located on the TN eCampus Student Resources page.
Please see "Instructor Information" in the Getting Started Module for instructor contact information, virtual office hours, and other communication information. You can expect to receive a response from the instructor within 24-48 hours unless notified of extenuating circumstances.
Participation, Assessments, & Grading
There are five tests, all located in your class shell under the Assessments or Quizzes area. Tests are timed for two consecutive hours. Allow two hours of uninterrupted time prior to the test deadline time.
Tests can be taken anytime and anywhere but must be taken no later than the deadline dates and times shown in your course Calendar or Schedule. No late tests will be allowed except at the discretion of the instructor. There are similar practice tests located in the same place which students can use to help them prepare for the graded tests.
Students must earn a minimum grade of C in this course in order to receive credit and to enroll in ACCT1020-Principles of Accounting II. No D grades are given in this course.
Each chapter's homework is worth a total possible of 100 points with the exception of chapter 11, which is worth 120 points. The Chapter Reviews available in Connect Plus are each worth 100 points, with the exception of the Chapter Review for chapters 9-11 which is worth 120 points as well. The Chapter Reviews are used to calculate extra credit. Each test is worth a total possible of 100 points.
90 - 100 A
80 - 89 B
70 - 79 C
60 - 69 D
under 60 F
Once you log into the Connect Plus homework product you will see a list of all Chapter Homework Assignments as well as the same listing below.
ASSIGNED CHAPTERS AND HOMEWORK (in Connect)
See D2L Calendar or Schedule for specific Semester Dates
Students are expected to communicate with the class at a minimum twice weekly, using the Discussion Standards. Also the student is expected to meet Calendar deadlines for the homework assignments and tests.
Assignments and/or tests may only be submitted late in the event of an emergency. Students are to contact the instructor prior to the due date of the assignment regarding any delays or a request for an extension (due to an emergency). If you do not contact the instructor prior to the due date you may not be eligible to submit an assignment late.
You will only be granted a five-day extension with a possible penalty (deduction). Late assignments and/or tests may receive a 5% deduction from the awarded grade. Please understand that late assignments will not be accepted after five days past the due date in most instances. For Example: If a module is due February 4, it will not be accepted after February 9.
Under no circumstances will the final test (test five - last test) be accepted late. The tests are available from day one of the class and it is your responsibility to respect and meet these deadlines, particularly the final test. The final test is not cumulative, but based on the last two chapters we cover. This is nonnegotiable.
Note: It is at the discretion of the instructor as to whether a student is allowed to submit an assignment or test late. The late policy is for emergencies only. The student must request the extension from the instructor.
Course Ground Rules
The following two statements (1., 2.) were derived from the TBR System-wide Student Rules document, released January 2012:
RULES OF THE TENNESSEE BOARD OF REGENTS STATE UNIVERSITY AND COMMUNITY COLLEGE SYSTEM OF TENNESSEE SYSTEMWIDE STUDENT RULES CHAPTER 0240-02-03 STUDENT CONDUCT AND DISCIPLINARY SANCTIONS
1. Standards of Conduct:
- Students are required to adhere to the same professional, legal and ethical standards of conduct online as on campus. In addition, students should conform to generally accepted standards of "netiquette" while sending e-mail, posting comments to the discussion board, and while participating in other means of communicating online. Specifically, students should refrain from inappropriate and/or offensive language, comments and actions.
- In their academic activities, students are expected to maintain high standards of honesty and integrity. Academic dishonesty is prohibited.
Such conduct includes, but is not limited to:
- an attempt by one or more students to use unauthorized information in the taking of an exam
- to submit as one's own work, themes, reports, drawings, laboratory notes, computer programs, or other products prepared by another person,
- or to knowingly assist another student in obtaining or using unauthorized materials.
Plagiarism, cheating, and other forms of academic dishonesty are prohibited.
Students guilty of academic misconduct, either directly or indirectly through participation or assistance, are subject to disciplinary action through the regular procedures of the student’s home institution. Refer to the student handbook provided by your home institution to review the student conduct policy.
In addition to other possible disciplinary sanctions that may be imposed, the instructor has the authority to assign an "F" or zero for an activity or to assign an "F" for the course.
Other Course Rules:
Students are expected to:
- Participate in all aspects of the course
- Communicate with other students
- Learn how to navigate in Brightspace
- Keep abreast of course announcements
- Use the assigned course management (Brightspace) email address rather than a personal email address
- Address technical problems immediately:
- Observe course netiquette at all times.
Guidelines for Communications
- Always include a subject line.
- Remember without facial expressions some comments may be taken the wrong way. Be careful in wording your emails. Use of emoticons might be helpful in some cases.
- Use standard fonts.
- Do not send large attachments without permission.
- Special formatting such as centering, audio messages, tables, html, etc. should be avoided unless necessary to complete an assignment or other communication.
- Respect the privacy of other class members
- Review the discussion threads thoroughly before entering the discussion. Be a lurker then a discussant.
- Try to maintain threads by using the "Reply" button rather starting a new topic.
- Do not make insulting or inflammatory statements to other members of the discussion group. Be respectful of other’s ideas.
- Be patient and read the comments of other group members thoroughly before entering your remarks.
- Be cooperative with group leaders in completing assigned tasks.
- Be positive and constructive in group discussions.
- Respond in a thoughtful and timely manner.
The Tennessee Virtual Library is available to all students enrolled in TN eCampus programs and courses. Links to library materials (such as electronic journals, databases, interlibrary loans, digital reserves, dictionaries, encyclopedias, maps, and librarian support) and Internet resources needed by learners to complete online assignments and as background reading will be included within the course modules. To access the Virtual Library, go to the course homepage and select the Virtual Library link under Course Resources.
Students with Disabilities
Qualified students with disabilities will be provided reasonable and necessary academic accommodations if determined eligible by the appropriate disability services staff at their home institution. Prior to granting disability accommodations in this course, the instructor must receive written verification of a student's eligibility for specific accommodations from the disability services staff at the home institution. It is the student's responsibility to initiate contact with their home institution's disability services staff and to follow the established procedures for having the accommodation notice sent to the instructor.
The instructor reserves the right to make changes as necessary to this syllabus. If changes are necessitated during the term of the course, the instructor will immediately notify students of such changes both by individual email communication and posting both notification and nature of change(s) on the course bulletin board.
The information contained in this syllabus is for general information purposes only. While we endeavor to keep this information up-to-date and accurate, there may be some discrepancies between this syllabus and the one found in your online course. The syllabus of record is the one found in your online course. Please make sure you read the syllabus in your course at the beginning of the semester. Questions regarding course content should be directed to your instructor.