PRINCIPALS OF FINANCIAL ACCOUNTING I

ACG 2001  --  Fall, 2008

 

 

 

Kevin Fitzgerald, Ph.D., CPA                                                            Office Hours:               

Office:  LLC 2265                                                       MWF   7:30A -- 9:00A          

            Phone:  669-2830                                                        MW     12:00P -- 12:30P

            Fax:      297-1034                                                        T            3:00P -- 6:30P          

E-mail:  kfitzgerald@polk.edu                                       R            5:30P -- 6:30P @ Lakeland Airside   

                                                                                                                      and/or by appointment  

 

 

Sections:

            13682 MWF   9:00 A  LAC 1256                

13683 MWF 11:00 A  LAC 1256                  

           

 

COURSE DESCRIPTION

 

The study of basic accounting principles relating to the accounting cycle.  The course will focus on journals, ledgers, and basic financial statements.  Topics include cash, receivables, inventories, plant and intangible assets.

 

 

COURSE GOALS & LEARNING OBJECTIVES

 

A study of accounting which emphasizes recording and reporting of financial activity, particularly the preparation and interpretation of financial statements.

 

The above course goal should be achieved by satisfying the following learning objectives:

 

 

Overview

S  Explain concepts of assets, liabilities, equity, revenue and expenses, double entry accounting, debits and credits, and the accounting equation.

S  List characteristics of business transactions.

S  Explain general conventions, concepts & principles of accounting including periodicity, continuity, matching and accrual accounting.

S Explain roles of various organizations in influencing GAAP.

S  Explain accounting opportunities as a career and as an essential skill.

Accounting Cycle

S  Describe steps in the accounting cycle.

S Prepare adjusting journal entries, adjusted trial balance, and financial statements.

S  Explain, prepare, and post closing entries and post-closing trial balance.

S  List the special journals and explain when they are used.

S  Prepare postings for the journals to the general ledger.

 

Accounting Systems

S  Describe the basic principles of an accounting system.

S  List the objectives & elements of internal control.

Cash

S  Explain the types of cash accounts including balance sheet presentation.

S  Prepare a bank reconciliation & journalize any necessary entries.

Receivables

S  List & explain the types of receivables.

S  Apply percentage of sales and aging methods to establish uncollectible accounts.

S  Journalize entries for both direct & indirect write-off methods.

Inventories

S Prepare and record transactions related to sales and purchases of inventory.

S  Explain differences between perpetual and periodic inventory systems.

S List & explain inventory cost flow methodologies (LIFO, FIFO, average cost, specific identification) and effects on income.

S  Apply lower-of-cost or market rule to inventory valuation.

S  Estimate ending inventory cost by retail method and gross profit method.

 

TEXT

 

Financial Accounting: An Integrated Systems Approach, 2e   c 2007, Duchac, Reeve & Warren

 

 

COURSE REQUIREMENTS & GRADES:

 

Attendance:  PCC Catalog 2008 - 2009 pg. 41

“Class attendance is a critical part of the teaching-learning process.  Students are expected to arrange their schedules in a manner enabling regular and prompt class attendance.”  

 

It is the students responsibility to ensure that:

-- examinations are taken at the assigned time, (i.e. – no make-up exams) 

-- if necessary, (which we hope it won’t be) complete appropriate paperwork with Student Services to drop course no later than October 30.  

 

Cheating and Plagiarism:  PCC Catalog 2008 – 2009  pg. 42

 

Grading Summary  --  (Examination dates are shown in the

                                                DATES &  ASSIGNMENTS section following.)

                                   

                                                                                                       Grade Summary         

            Examination # 1            (3 highest                                           > 90 = A                                     

            Examination # 2            @                                                   > 80 < 90 = B                                     

            Examination # 3              33.4 %                                          > 70 < 80 = C

Final Examination              each)         ____                          > 60 < 70 = D

                                                                                                           < 60 = F 

                        Total                          100 %          The examinations will be problem oriented. 

 

 

DATES &  ASSIGNMENTS:

 

We will work through the Review Problem at the end of each chapter in detail.

 

 

 

Computing Skills:  The PCC Purpose Statement (Pg. 8 - 2008 – 2009 Catalog) indicates that the acquisition of computing skills, along with other skills inherent in the learning process, are integral to all degree and certificate programs.  In partial fulfillment of the computer skills portion of the mission the homework problems (P) must be completed using Excel. 

            E = Exercise    P = Problem    C = Case    A = Activity

 

 

Week Beginning:

 

Aug	18	Introduction & Chap. 1
	25	Chap. 1 (E 8, 23, 24, 28)     (P 1A, 3A, 3B)
Sept.	1	Chap. 2                    (2 Problems DO NOT DO the cash flow statement parts)
	8	Chap. 2 (E 13, 17, 18,19)     (P 1A)
	15	Chap. 3  ( E 25, 29, 31)     (P 1A, 2A, 3A)     (C-3)
	22	Review       EXAM I
	29	Chap. 4  (E 16)     (P 3A, 4A (parts 1 – 4))
Oct.	6	Chap. 5  (E 14 also do single step, 21, 22)     (P  6A)     (A – 4)
	13	Chap. 6
	20	Chap. 6  (P 1A, 2A, also do average cost)
	27	Review     EXAM II
Nov.	3	Chap. 7      (P  4A)
	10	Chap. 8
	17	Chap. 8  (E 13, 14, 16, 19)        (P 1A)
	24	Monday, Review    Thanksgiving: No class Wed., Fri.
Dec.	1	Review   EXAM III

 

FINAL EXAMINATION (Comprehensive)

# 13682 MWF 9:00 A (Wed. 12/10  8:00 – 10:00)   # 13683 MWF 11:00 (Wed. 12/10 10:15 – 12:15)    

 

 

 

 

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