Dear Accounting Student:

 

Welcome to the Principles of Accounting Television course.  This course is designed to present clear, concise lectures on topics in accounting.  The television presentations, coupled with your text, working papers plus, and web site, provide you with the tools needed to master the course.

 

My purpose as the instructor for the course is to help you better grasp the concepts presented and to clarify areas of concern.

 

To assure success in this course please read and follow the steps outlined in the attached syllabus.  The syllabus is step one in identifying future steps to becoming successful in the course.

 

Remember, if you have questions regarding my materials or the authors, don’t hesitate to call or e-mail.  On your first assignment, please send me your e-mail address.

 

 

 

Patricia H. Holmes, CPA

Accounting Instructor

(515) 964-6349

phholmes@dmacc.cc.ia.us

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

COURSE SYLLABUS

 

For

 

PRINCIPLES OF ACCOUNTING I

 

Telecourse

 

As offered by the

 

Des Moines Area Community College

 

Summer 2001

 

Channel 46

 

Tuesday and Thursday

 

11:00AM - 12:00 noon

 

June 5 – July 31 NO REPEATS

Please check the schedule of assignments for actual airing times

 

 

 

 

 

 

 

 

Instructor:  Patricia H. Holmes, CPA

Accounting Instructor

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PRINCIPLES OF ACCOUNTING

 

SYLLABUS FOR SUMMER 2001

 

COURSE OBJECTIVES:

 

This course consists of three overall objectives:

 

1.      To apply financial accounting within the context of organizational decision making.

 

2.      To demonstrate accounting literacy after completing the course by (a) conveying an understanding of accounting as the language of business, and (b) developing an appreciation for the role that business plays in society.

 

3.      To develop ability to successfully produce, read, understand, and use financial statements.

 

Specific learning objectives relating to each chapter are presented in the study guide.

 

Course Materials:

 

Text:  Accounting; Warren Reeve, Fees, Southwestern, 19th edition

 

Study Guide:  Working Papers Plus

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Page 2

 

 

Text.   This is the main source of the course content on which you will be tested.  Each week you will read two chapters and complete the assignments and mail the assignment to me.

 

Televised lessons.   Channel 46, AT&T Cable Services, Des Moines viewing area, will broadcast the programs.  The 24 telelessons have been designed to illustrate and to enrich the statements of the text.  The text presents the same ideas in a different format.  The combination of the two provided you with two ways of reinforcing the same concept.

 

The telelessions are broadcast on Channel 46, AT&T, on Tuesday and Thursday  from 11:00 AM – 12:00 Noon.  There will be two lessons presented on each day.  The programs will not be repeated.  A calendar listing of broadcast dates and times is enclosed. If you do miss a telelesson, it is possible to view the videotape of the telelesson at the campus libraries on the Ankeny, Urban, Boone, Newton, and Carroll Campuses.  If you have a VCR, you may find it helpful to record it and listen/watch it at a later date for review or reinforcement.

 

Assignments.   The schedule of assignments appears following the syllabus.  Each week, you will mail back the assignments completed to me.  Deadlines for completion appear on the assignment schedule sheet.  You will receive credit for the assignments completed.  The assignments are from the exercises and problems found at the end of each chapter.  The assignments are comparable to those expected from students enrolled in the on campus Acct 101 class. Please feel free to contact me if you are having problems.  You should use the forms in the Working Paper Plus when submitting the answers.  After evaluating the assignments, we will mail them back to you in a timely manner.

 

Mail the completed assignments to:

 

Patricia Holmes

                                        Accounting Dept. Bldg. 8

Des Moines Area Community College

2006 S. Ankeny Blvd.

Ankeny, IA 50023

 

 

 

 

 

 

 

 

 

Page 3

 

Help is Available.  To help you succeed here are additional procedures you can follow:

 

1.      Call  or write if you need help or need to visit.  My phone is number is 1-515-964-6349 or 1-800-362-2127 extension 6349.  My email address is phholmes@dmacc.cc.ia.us.   If you leave a message, make sure you leave a daytime number so I can call you back as soon as possible.

 

2.      Three formal review sessions will be held.  They are scheduled one week before each exam (see exam schedule).

 

                        3.  There are tutors available at the DMACC campuses.  Check with the

     Academic Achievement Center in Bldg. 6, or the campus nearest you, for  

     specific times and names if help is needed.

 

4.      Write your questions on the assignments and I will contact you by phone or 

       write.

 

5.    A web site.  This site includes practice quizzes, credit card game, demonstration problem and other aids. See attached sheet for more information.

 

 

 

Evaluation.  You will be evaluated on completed assignments valued at 10 points per chapter and exams.  Throughout the course there will be twelve assignments (12) and three (3) exams.   The exams will be over the materials presented in the text, study guide, and telelessons.  The questions will be in the form of multiple-choice and problems.

 

All exams will be given on the Ankeny Campus.  For each exam you will need to bring your calculator and at least two (2) No. 2 pencils.

 

If for some reason, you cannot come to the Ankeny Campus to take the exam, please contact me to make other acceptable arrangements.  However, if at all possible, it would be best to take the exams on the Ankeny Campus.

 

 

 

 

 

 

 

 

 

 

 

 

 

Page 4

 

Schedule of Exams:  See Attached

 

GRADING

 

Your grade in the course will be determined by the following method:

 

3 Exams x 100 =      300

 

10 of the 12

assignments x 10 =  100

TOTAL                    400

 

 

93%-100%       A                    70%-74%        C

90%-92%         A-                   65%-69%        C-

87%-89%         B+                  61%-64%        D+

83%-86%         B                     58%-60%        D

80%-82%         B-                   55%-57%        D-

75%-79%         C+                  54% or less      F

 

 

ADDITIONAL COMMENTS

 

I hope your experience with televised accounting will be a rewarding and meaningful one.  This course is designed to help insure your success in reaching your goals.  It you will follow the schedule, do the assignments, and attend the review seminar, you should have every chance of successful completion.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                                                        Instructor – Patricia H. Holmes

                                                                        Office – Ankeny, Bldg. 8, Room 6

                                                                        Telephone – 964-6349

                                                                        Email - phholmes@dmacc.cc.ia.us

 

Required Materials:

            Text – Accounting, Warren, Reeve, Fess, Southwester, 19th Edition.

            Working Papers Plus - Published with the text

 

Schedule of Assignments

 

The schedule of assignments represents a minimum level of preparation for this course.  Please make every effort to complete the assigned work and submit to me by the due dates.  The assigned work is found at the end of each chapter in the text.  The “E” stands for exercises, and the “P” stands for problems.  The assigned problems are the “A” series, not the “B” series. See schedule for due dates.

 

Chapter Topic                                                            Assigned Work

          1            Introduction to Accounting & Business             

E1-2, 4, 8, 12, 13, 15, 16, 18

P1-4A

          2            Analyzing Transactions              E2-1, 3, 4, 5, 7, 9, 12, 15, P2-3A

          3            The Matching Concept & the                E3-1, 3, 6, 8, 10, 18, 21

                        Adjusting Process                                 P3-2A,

          4            Completing the Accounting Cycle          E 4-1, 2, 4, 5, 6, 7, 8, 11, 16, 21, 22, P4-1A

 

                        Examination #1 over Chapters 1 - 4

 

          5            Accounting Systems and Internal Controls         E5-1, 5, 6, 9, 10, P 5-4A

6            Accounting for Merchandising Businesses          E 6-1, 3, 4, 8, 10, 13, 14, 18,

20, 25  P 6-4A

          7            Cash                                                    E 7-1, 4, 7, 8, 9, 10, 11, 16, P7-1A

          8            Receivables                                          E 8-1, 2, 3, 4, 5, 6, 9, 11,12, 16

                                                                                    P 8-1A, 2A

Examination #2 over Chapters 5 - 8

 

9            Inventories                                            E 9-1, 3, 5, 7, 8, 11, 13, 15, 16, 17,

20, 21, P 9-3A, 5A

10          Fixed Assets and Intangible Assets        E 10-1, 3, 5, 7, 10, 11, 12, 14, 15, 17,

18, 19, 23, 25, 26, P10-2A, 4A 

11          Current Liabilities                                  E 11-1, 2, 4, 6, 7, 8, 12, P 11-1A, 3A

12          Corporations:  Organization, Capital Stock Transactions, and Dividends                                                                                                         E 12-1, 3, 5, 6, 8, 9, 12, 13

P 12-1A, 3A

                                                                                   

Examination  #3 over Chapters 9 - 12

 

 

 

 

 

Summer, 2001

Assignments for Principles of Accounting Telecourse

 

Attached is a list of assignments to be submitted to your instructor on the dates indicated.  If you are having any difficulty with any of the assignment materials please let us know so that we may make suggestions to assist you.  Due to the varying nature of the topics covered, some assignments will require more completion time.  We suggest that you carefully read your text chapter and review  the assignment material prior to viewing the telecourse presentation.  To receive full credit, the assignment needs to be postmarked by the due date.

Please note:  All assignments must be postmarked by due date to receive credit.

Telecourse

Lesson

Telecourse

Date

Assignment

Assignment

Due Date

1 & 2

6/5

Chapter 1

6/8

3 & 4

6/7

Chapter 2

6/12

No broadcast

6/12

 

 

5 & 6

6/14

Chapter 3

6/21

7 & 8

6/19

Chapter 4

6/22

No broadcast

6/21

 

 

9 & 10

6/26

Chapter 5

6/29

11 & 12

6/28

Chapter 6

7/3

No broadcast

7/3

 

 

13 & 14

7/5

Chapter 7

7/10

15 & 16

7/10

Chapter 8

7/13

No broadcast

7/12

 

 

17 & 18

7/17

Chapter 9

7/20

19 & 20

7/19

Chapter 10

7/24

No broadcast

7/24

 

 

21 & 22

7/26

Chapter 11

7/31

23 & 24

7/31

Chapter 12

8/3

 

 

 

 

 

Examination Schedule:

EXAM  #

Telecourse Lessons

Text Chapters

Review        Reviews and Exams     Sch of Exams    6-8PM            are in Bldg 8 R 04          6-8PM

Exam I

1- 8

1-2-3-4

6/21                                                         6/28

Exam II

9-16

5-6-7-8

7/5                                                           7/12

Exam III

17-24

9-10-11-12

7/26                                                          8/2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Web Link

For Accounting by Warren

 

 

This is an outstanding web link designed for your text.  It will provide you with additional learning tools to succeed in this course.

 

Please take a few minutes to review the benefits of this internet link.

Address:  http://www.swcollege.com/vircomm/warren/warren.html

 

Instructions:

Click on cover, Accounting 19th Ed.

Click on Resource Source

Click on Chapter 1. 

This gives you links to the Power Point Slide Presentation seen on your video.

It also provides answers for the chapters Frequently Asked Question.

Additionally it provides you with material in the form of articles not contained in the text.

Try one or all and return to Chapter 1 home page.

 

For every chapter the End-of-Chapter Activities provides you with many reinforcement tools.

Demo Problem – This problem is the same as in the text.

Internet Activity - This is not required, but is a great source for more information. 

Online Tutorial -  This is a sample quiz on the chapter.  You do not need to e-mail the quiz.  If you just click on "Submit Your Answers," it provides you the correct answers and the reasons.

Credit Game -  This is similar to Jeopardy.  Once you have formed your question, just click on the item and it will give you the answer in the upper left hand corner.

 

We are pleased that this new text comes with so many new working tools.  We hope you will enjoy it.

 

 

 

Des Moines Area

Community College

 

 

                                       COURSE INFORMATION

Note:  Turn on typeover (INS) to fill in lines.

Acronym/Number                             ACCT 101                                                          

 

Title                      PRINCIPLES OF ACCOUNTING I                                                      

Note:  Use "Tab" to place numbers in.  This will center the numbers over the words.                                                                                                            

Credit breakout 4                 4                 0                  0               0                             

                                           (credit                   lecture                      lab                      practicum           work experience)

 

 

PREREQUISITE(S):

 

COURSE DESCRIPTION:

Introduces the student to the principles of accounting with emphasis placed on the users and uses of accounting information.  The double-entry bookkeeping system is presented with a focus on the end result of the accounting cycle, financial statements.

 

COURSE COMPETENCIES:

During this course, the student will be expected to:

 

1.         Explain accounting as an information system.

            1.1         Define accounting information system.

            1.2         Identify the users of accounting information.

            1.3         Summarize generally accepted accounting principles (GAAP).

            1.4         Categorize the groups that help develop generally accepted accounting principles.

            1.5         Identify the fields of modern accounting.

            1.6         Define accounting entity.

            1.7         Construct the accounting equation.

            1.8         Define assets, liabilities, and owner's equity.

            1.9         Analyze business transactions using the accounting equation.

            1.10       Prepare simple versions of the four basic financial statements.

 

2.         Organize transaction data in accounts.

            2.1         Define the term account.

            2.2         Organize a chart of accounts.

            2.3         Summarize the rules for debits and credits.

            2.4         Explain the function of a general ledger.

            2.5         Describe how transactions are entered in a general journal.

            2.6         Identify the steps used to post transactions from the general journal to the general ledger.

            2.7         Prepare a trial balance.

            2.8         Develop financial statements from a trial balance.

 

3.         Appraise the use of adjusting entries.

            3.1         Explain the accounting period assumption.

            3.2         Contrast cash and accrual accounting.

            3.3         Justify the matching principle.

            3.4         Describe adjusting entries for:

                          3.4.1         deferred expenses.

                          3.4.2         deferred revenues.

                          3.4.3         accrued revenues.

                          3.4.4         accrued expenses.

            3.5         Explain the materiality concept.

 

4.         Summarize the steps at the completion of the accounting cycle.

            4.1         Explain the purpose of a worksheet.

            4.2         Prepare a worksheet.

            4.3         Compile financial statements from the worksheet.

            4.4         Record adjusting entries from the worksheet.

            4.5         Explain the purpose of closing entries.

            4.6         Record closing entries from the worksheet.

            4.7         Assess the purpose of a postclosing trial balance.

 

5.         Distinguish the accounts used to record transactions for a merchandising company.

            5.1         Differentiate calculating net income for a service business and for a merchandising business.

            5.2         Identify sales revenue accounts.

            5.3         Distinguish between periodic and perpetual inventory systems.

            5.4         Compile data for a multiple-step income statement.

            5.5         Explain the difference between a multiple-step income statement and a single-step income statement.

            5.6         Describe the procedures for updating merchandise inventories at the end of the period.

           

6.         Illustrate the use of special-purpose journals for a merchandising business.

            6.1         Describe how source documents help achieve internal control over purchase and sales transactions.

            6.2         Explain how subsidiary ledgers are used to record the details of transactions with customers and suppliers.

            6.3         Demonstrate making journal entries in a manual system using special journals.

            6.4         Outline the differences in posting from special journals into the general and subsidiary ledgers with posting from a general journal into the general and subsidiary ledgers.

            6.5         State the advantages of using special journals for sales, purchases, cash receipts, and cash payments.

 

7.         Assess the importance of internal control.

            7.1         Describe the three elements of internal control.

            7.2         Summarize the procedures involved in internal control of cash.

            7.3         Illustrate the operation of an imprest petty cash fund.

            7.4         Interpret a monthly bank statement.

            7.5         Prepare a bank reconciliation.

            7.6         Record journal entries required to adjust the cash account after the bank reconciliation.

            7.7         Explain how a voucher system establishes internal control over cash transactions.

 

8.         Demonstrate accounting for accounts receivable and bad debts expense.

            8.1         Identify and classify receivables on the balance sheet.

            8.2         Explain why accountants must provide for uncollectible accounts to match revenues and expenses on the income statement.

            8.3         Show how accounts receivable are presented on the balance sheet.

            8.4         Prepare accounting entries under the allowance method to record the bad debts adjustment.

            8.5         Prepare accounting entries under the allowance method to write off uncollectible accounts.

            8.6         Prepare accounting entries under the allowance method to recover bad debts.

            8.7         Explain the allowance and direct write-off methods as they affect the income statement and the balance sheet.

            8.8         Record credit card sales.

            8.9         Identify the internal control issues involved with accounts receivable.

 

9.         Summarize the accounting procedures for notes payable and notes receivable.

            9.1         Explain the characteristics of a promissory note.

            9.2         Make calculations for a promissory note.

            9.3         Compute the annual effective interest rate on a note.

            9.4         Record the issuance of notes payable.

            9.5         Record the receipt of notes receivable.

            9.6         Calculate the interest payable and interest receivable for the end-of-period adjustments.

            9.7         Compute the cash proceeds from discounting notes receivable.

 

10.       Appraise how inventory valuation methods affect income.

            10.1       Identify costs that should be included in inventory.

            10.2       Contrast inventory transactions under the periodic and perpetual inventory systems.

            10.3       Compute the cost of ending inventory and cost of goods sold under the periodic system using:

            10.3.1       Specific identification method.

            10.3.2       Average cost method.

            10.3.3       First-in, first-out (FIFO) method.

10.3.4       Last-in, first-out (LIFO) method.

            10.4       Compute the cost of ending inventory and cost of goods sold under the perpetual system using:

                          10.4.1       Moving average method.

                          10.4.2       First-in, first-out (FIFO) method.

                          10.4.3       Last-in, first-out (LIFO) method.

            10.5       Assess the impact on the income statement and the balance sheet of using alternative inventory cost flow assumptions.

            10.6       Summarize the lower-of-cost-or-market (LCM) rule, for inventory valuation.

            10.7       Estimate the cost of ending inventory by using the gross margin method.

            10.8       Estimate the cost of ending inventory by using the retail method.

            10.9       Determine the effects of an inventory error on the income statement and the balance sheet.

 

11.       Perform accounting procedures for long-term assets.

            11.1       Determine the cost of tangible plant assets.

            11.2       Define "depreciation".

            11.3       Explain factors that affect the computation of depreciation.

            11.4       Compute depreciation using the following:

                          11.4.1       Straight-line method.

                          11.4.2       Production unit method.                                                     

                          11.4.3       Double declining-balance method.

            11.5       Differentiate revenue expenditures and capital expenditures.

            11.6       State the procedures for revising depreciation expense.

            11.7       Describe the accounting procedures for recording the sale, retirement, or exchange of tangible plant assets.

            11.8       Discuss accounting issues for natural resources.

            11.9       Compute depletion.

            11.10     Explain the accounting issues associated with intangible assets.

            11.11     Compute amortization.

 

12.       Discuss the development and conceptual framework of generally accepted accounting principles.

            12.1       Identify the standard-setting bodies in accounting.

            12.2       List the groups for the basic generally accepted accounting principles (GAAP).

            12.3       Describe the conceptual framework of accounting.

 

13.       Perform accounting procedures for a corporation's stockholders' equity.

            13.1       Define "corporation".

            13.2       State the advantages and disadvantages of using the corporate form of organization.

            13.3       Identify the sources of stockholders' equity.

            13.4       Explain the key terms used to define and measure the elements of paid-in capital.

            13.5       Distinguish between the two main classes of capital stock for a corporation.

            13.6       Perform accounting procedures for the issuance of capital stock for cash and for noncash assets.

            13.7       Perform accounting procedures for other paid-in capital transactions, including:

                          13.7.1       Capital stock subscriptions.

                          13.7.2       Donation of capital.

13.8             Prepare the stockholders' equity section of the balance sheet.