MONTGOMERY COLLEGE
A North Harris Montgomery Community College

COURSE SYLLABUS
FOR
Principles of Accounting I
ACCT 2401.4W001
PROFESSOR BETH ENGEL


OFFICE NO.:                         BLDG. F, RM F354
TELEPHONE:                       (936) 273-7253
OFFICE FAX:                        (936) 273-7342
E-MAIL:                                Beth.Engel@nhmccd.edu

CATALOGUE DESCRIPTION
An introduction to financial accounting including a study of financial statements of business entities and the measurement and reporting of assets, liabilities, equity, revenues, expenses, and cash flows with emphasis on how business and economic information is generated in the accounting process.

CREDIT:      4 CREDIT HOURS

PREREQUISITE:    NONE

COURSE LEARNING OUTCOMES
In completing this course, the student will be able to:

  • Use financial accounting to make business decisions.
  • Use financial accounting to evaluate liquidity and profitability.
  • Use accounting cycle to analyze, record, and summarize data in financial statements.

 

INSTRUCTIONAL METHODOLOGY
The objectives of this course will be met by incorporating a variety of instructional methods.  These include exercises and problems, written assignments, computerized problems, quizzes and tests.
REQUIRED MATERIALS
Text:     Financial Accounting,, Needles and Powers, 8th Edition, Houghton Mifflin
Scientific Calculator or Business Calculator; Ruler.

TOPICS

  • The accounting cycle
  • Generally Accepted Accounting Principles
  • Financial Statement Preparation
  • Internal Control and Managing Cash
  • Inventory Valuation
  • Depreciation
  • Liabilities
  • Stockholders’ Equity
  • Financial Statement Analysis
  • Bonds

ADA STATEMENT
NHMCCD  is dedicated to providing the least restrictive learning environment for all students. The college district promotes equity in academic access through the implementation of reasonable accommodations as required by The Vocational Rehabilitation Act of 1973, Title V, Section 540 and the Americans with Disabilities Act of 1990 (ADA) which will enable students with disabilities to participate in and benefit from all post-secondary educational programs and activities.

PURPOSE
A basic understanding of financial accounting is necessary for anyone entering the business world. Every individual and group in society may need to make economic decisions based on financial data and reports. The major reason for studying financial accounting is to acquire the knowledge and skills necessary to make informed economic decisions. This course is required for most business related transfer and occupational programs.

Skills and Competencies

In order to realize the outcomes addressed above, it will be necessary for the student to meet the following skills and competencies:

  • Define accounting and describe its role in making informed decisions.
  • Define financial position, state the accounting equation, and show how each are affected by transactions.
  • Identify the four basic financial statements.
  • Explain the terms account, general ledger, book of original entry, and double entry system.
  • Explain the rules for debits and credits and use them to analyze and record transactions in the journal and in the ledger.
  • Prepare a trial balance and explain its purpose.
  • Explain the concept of accrual accounting and how the matching concept and adjusting entries are related to accrual accounting.
  • Recognize accounts that may require adjustment, calculate the amounts, record the necessary journal entries, and prepare financial statements from an adjusted trial balance.
  • Explain the steps in the accounting cycle.
  • Explain the closing process and journalize the entries required to close accounts.
  • Distinguish between the periodic and the perpetual inventory systems.
  • Calculate the components of the income statement for a merchandising company.
  • Prepare adjusting entries, closing entries, and an income statement for a merchandising company.
  • Define accounts receivable and explain two methods to estimate losses from bad debts, addressing the contra-account allowance for uncollectible accounts.
  • Define and describe a promissory note, make calculations involving notes, and journalize transactions involving notes receivable and notes payable.
  • Define merchandise inventory, and show how inventory measurement affects income determination.
  • Calculate the cost of inventory, cost of goods sold, and gross profit by applying the following methods: (1) Specific-Identification, (2) first-in, first-out, (3) last-in, first-out, and (4) weighted average. Address how each method affects the determination of net income.
  • Identify expenditures related to the cost of property, plant, and equipment.
  • Define depreciation, state the factors that affect its computation, and make the proper journal entry.
  • Compute depreciation under several different methods of application.
  • Compute depreciation when considering the following: (a) partial years, (b) using revised rates, (c) for items of low cost, (d) for groups of similar items.
  • Account for the disposal (all types) of depreciable assets.
  • Identify intangible asset accounting issues, including research and development costs and goodwill. Compute amortization of intangible assets.
  • Prepare journal entries for bond issuance, bond redemption, bond conversion, and interest payments.
  • List and describe the various kinds of stock.
  • Present in proper form the stockholders’ equity section of a balance sheet.
  • Record the issuance of stock for cash and other assets.
  • Determine book values of preferred and common stock.
  • Identify the different sources of paid-in capital and describe how to present them on a balance sheet.
  • Record a cash dividend, stock dividend, and account for appropriation of retained earnings.
  • Record the acquisition and re-issuance of treasury stock.
  • Prepare an income statement for a corporation, including required disclosures.
  • Describe the features of bonds and distinguish from stocks.
  • List the advantages and disadvantages of financing with long-term debt and discuss examples illustrating the use of leverage.
  • Explain how interest rates affect bond prices and what causes a bond to sell at a premium or a discount.
  • List the values commonly associated with common stock.
  • Prepare a statement of cash flows and understand the statement purposes and uses.
  • Prepare and use ratios, horizontal, and vertical analysis for decision making.
  • Prepare the statement of cash flows

Statement of Workplace and Foundation Competencies (SCANS Skills)

The NHMCCD is committed to prepare you with the knowledge and skills you need to succeed in today’s dynamic work environment.  Towards this end, the following workplace competencies and foundation skills have been designed into the curriculum for this course:

Common Workplace Competencies:

Manage Resources:

Allocates time (C1), Allocates money (C2), Allocates material resources (C3), and Allocates human resources (C4)

Exhibits Interpersonal Skills:

Participates as a team member (C5), Teaches others (C6), and Negotiates to get decisions (C9)

Manage Information:

Acquires and evaluates information (C11), Organizes and maintains information (C12), and Interprets and communicates information (C13)

   

Foundation Skills:

  

Demonstrates Basic Skills:

Reading (F1), Writing (F2), Arithmetic (F3), Mathematics (F4), Listening (F5), and Speaking (F6)

Demonstrates Thinking Skills:

Decision making (F8), Problem solving (F9), Seeing things in the mind’s eye (F10),  Knowing how to learn (F11), and Reasoning (F12)

Exhibits Personal Qualities: 

Responsibility (F13), Self-esteem (F14),  and Integrity/Honesty (F17)

COURSE REQUIREMENTS

  1. ATTENDANCE: This distance learning course is designed for the disciplined, self-motivated, and well-organized student who is unable to attend class on a regular basis.  Distance Learning students participate in this course on the internet using WebCT.  You can usually expect a reply within 72 hours.

  2. ASSIGNMENTS AND DUE DATES: To receive credit (grade) - all assignments/exercises are to be turned in on the due date—as outlined/setup in the SCHEDULE OF ASSIGNMENTS AND EXAMS. LATE WORK WILL NOT BE ACCEPTED.  ALWAYS PRINT AND SAVE “E-MAIL CONFIRMATIONS’ TO ASSURE THAT YOU RECEIVE CREDIT FOR ASSIGNMENTS TURNED IN.  If there are technical problems and you have no confirmation to provide the professor, you will receive a zero (0) grade for the assignment.

  3. INDIVIDUAL STUDY: Since this distance learning class is designed for the well disciplined and motivated student, preparation and achievement is dependent entirely on individual efforts.  Students are expected to assume the responsibility for learning.  Your instructor will assist you, but the actual responsibility rest with you.  Students are also expected to devote their energy to attaining the skills and knowledge for their particular career goals.   It is highly recommended that text reading, and assignments be done on a regular and planned basis - as outlined/setup in SCHEDULE OF ASSIGNMENTS AND EXAMS.

  4. EXAMS/EXAM DAY: Exams will be primarily multiple choices, with some problems, and brief essays. RETAKE/TAKE HOME/MAKE-UP EXAMS WILL NOT BE GIVEN. If you miss one of the four exams, the final exam will fill in for the exam you missed (final counts double). If you do not miss one of the four exams, the final exam will replace your lowest exam score - provided that the final exam score is higher than your lowest exam score.

  5. FINAL EXAM: The final exam must be taken by all students; failure to do so will result in a semester grade of “F”.  The final exam must be completed by the due date and designated time.  If there are technical problems and you have no confirmation to provide the professor, you will receive a zero (0) grade for the exam.

  6. CHEATING: Cheating is prohibited. In the event there is evidence the student had cheated or has committed plagiarism, the student will receive an “F” for this course. For further discussion of Academic integrity, refer to the college catalog. The minimum sanction will be a ZERO on the assignments/exercises/exam during which the dishonest action occurred.

  7. STUDENT ACCOMMODATIONS: Montgomery College provides accommodations for students with disabilities. If you have a disability and need a special accommodation, such as exam taking or note taking, please see the Professor.

  8. SOLUTIONS MANUALS: Solutions manuals are on reserve in the library, Building F, 1st floor.
                                                                                                                                                                  

INSTRUCTIONS FOR EMAIL, COMMUNICATION,  ASSIGNMENTS AND EXAMS

  • Web CT Email will be the best method of communication with your instructor.  You can usually expect a reply within 72 hours.  In order to email the instructor, access WebCT and click on Communication & Utilities then Private Mail OR choose Private Mail from the left side of your screen under the Control Panel.  Compose Mail Message, BROWSE TO BETH ENGEL, Select, write your message and send.

    A note about WebCT email:  When sending email through WebCT you do not have to worry that a spam blocker or email settings on my computer will reject your email.  Therefore any communications you have with me should go through WebCT email; I will know what class you are in.

    Students are responsible for checking their WebCT email on a frequent basis for any announcements or pertinent information regarding the course.

  • Discussion Forum:  If you have questions that fall under HELP category, please post the questions in the Discussion Forum under I NEED HELP rather than sending and email to the instructor for an individual answer.  Anyone in the class can help or offer to help.  I will monitor the Discussion Forum and direct you to it if you ask something that has already been answered.  Derogatory remarks will not be tolerated.  You may post anonymously if you like.
  • It is strongly recommended that you begin/complete all assignments, quizzes, exam, etc. several hours prior to the designated due time.  All assignments, quizzes, exams, etc. will be given a due day and time.  Follow message boards/email closely for due dates/times and for other changes in the syllabus. The instructor reserves the right to make changes to or alter the content in this course/course syllabus.

Help Desk Hours
Monday – Thursday 8:00 AM to 5:00 PM
Friday – Saturday 8:00 AM to 5:00 PM
Sundays via live/email only from 1:00 PM to 5:00 PM
Phone:  (936) 273-7600, (281) 765-7765, or (832) 813-6700
E-mail:  this is alternative to My Help Desk (distance.learning@nhmccd.edu)
Instance Message

Live Help:   is good for those students needing assistance with access to online via a phone modem.  This live help can be used instead of logging off the internet to use the phone.