DESCRIPTION

This course is designed to provide an introduction to financial accounting from the users' perspective. Its primary purposes are to promote understanding of financial accounting information for decision-making purposes and to focus on financial accounting's role in communication business results.

PREREQUISITES

Sophomore standing (24 semester hours) or, second semester for declared Business Technology Accounting Option majors, or permission from instructor.

COURSE COMPETENCIES

Upon successful completion of this course:

• COURSE COMPETENCIES:

  Upon completion of this course, the student can:

  • Explain the aims, functions, uses and influence of accounting in society and in ethical financial decision-making.
  • Describe and apply the steps of the accounting cycle, using mathematics to organize, analyze and synthesize financial data.
  • Define the elements of internal control and apply internal control procedures to business organizations.
  • Develop four basic financial statements: Income Statement, Statement of Owner’s/Stockholders’ Equity, Balance Sheet and Statement of Cash Flows.
  • Explain fundamental generally accepted accounting principles (GAAP), especially as they apply to accrual accounting and ethical decision-making.
    Determine costs and inventory valuations of merchandising operations.
    
  • Describe and apply accounting procedures for Cash, Receivables, Plant Assets, Liabilities, Paid-In Capital and Retained Earnings.

General Education Competencies To Be Evaluated:

1. Communicate Effectively
   1. Read and listen with comprehension. Evaluated via tests.
   2. Write clearly using standard English. Evaluated via tests.
   3. Interact cooperatively with others using both verbal and non-verbal means. Students will work in groups in class.
2. Think Critically .
   1. Demonstrate problem solving through interpreting, analyzing, summarizing, and/or integrating a variety of materials. Evaluated via tests.
   2. Use mathematics to organize, analyze, and synthesize data to solve a problem. Evaluated via tests.
3. Learn Independently
   1. Make choices based upon awareness of ethics and differing perspectives/ideas. Evaluated via tests.

USP STATEMENT

This course is a part of the technical core for the Associate in Applied Science Information Technology Degree.

MATERIALS AND TEXTS

Fundamental Financial Accounting Concepts, Edition 6, Edmonds, McGraw-Hill, 2006. ISBN 0-07-352678-9. You might want the working papers for this course. Students tell me this helps them find a place to begin their homework.

METHODS

Few lectures. Many active learning assignments, collaborative learning, and critical thinking (critical thinking used to be called just "thinking") assignments. In class, you will participate in demonstrations, solve problems and do group related projects. Please bring a calculator to class to assist me when i am demonstrating.

EXAMS

There will be three exams worth 100 points each. Exams may consist of definitions, problems, and short answers.

ON-LINE QUIZZES

There will be 11 quizzes online worth 10 points each. You will turn in 9 quizzes for a total of 90 points towards your grade. The link to the author's site is listed inside the front cover of your text. I need a printed copy of the RESULTS ONLY. Some students have had trouble sending them via e-mail (AFTER investing the time taking them), therefore, i need a paper copy of your results only. Not the ENTIRE exam! Results ONLY. Turn these in with your homework on exam day. You get the ten points even if your score less than perfect.... however, I would try for at least a 70% to insure i have enough understanding to take the real exam.

MISSED EXAMS

You MUST take all exams at their regularly scheduled times. Exam dates will NOT change, thus you should know about, and be able to arrange in advance for the exams. If you miss an exam FOR ANY REASON, THE GRADE ON YOUR FINAL WILL COUNT AS YOUR MISSING EXAM. If you take ALL THREE exams, and, earn a higher grade on the final, I will substitute your final exam grade for your lowest test score.

TO CLARIFY: I do not drop one exam, and replace it with a higher test grade. If you miss an exam, the grade of the final will be substituted.... therefore, the final is mandatory. If you score higher on the final, and you took both midterms, I will drop your lowest grade and replace it with the final grade. You may not miss or skip the final. You would have zero points entered for the final if you skip it.

HOMEWORK

All homework MUST BE TURNED IN, but homework is not graded. We will do some of the homework in class. A deduction of ONE FULL GRADE POINT will be deducted for each assignment missing. If you have the points for an "A", and one assignment missing, you will earn a "B". If you have earned a "C", and two assignments missing, you will earn an "E". Do the homework, get the points.

CLASS DECORUM: CELL PHONES: Turn them off in class, or do the vibrator thingy. Any cell phones going off in class will result in an immediate pop-quiz.

WITHDRAWAL

I will discourage you from dropping if, in my opinion, you are doing o.k. in the course. You may withdraw up to May 1.

ATTENDANCE

Is required to learn accounting. I want you in class. However, you will be treated as adults. No formal drsconian structure penalizes absences. The penalty is generally reflected on your test scores.

INCOMPLETES

I will offer you one when I visit you in intensive care.

TUTORS

There is a tutor available for appointments at the LRC on the main campus. I encourage you to use this resource. If you wish a referral, please ask me for one.

WRITING ACROSS THE CURRICULUM

"All faculty are expected to call attention to and penalize for errors in English usage and require the rewriting of papers which do not meet acceptable standards." (CCS Rules, Section V, 2.32)

DISABILITY STATEMENT

"Students with documented disabilities that require individualized accommodations should schedule a conference with the Disability Resources Coordinator, Valerie Wolfe, room 112LRC at their earliest convenience. phone 270-824-1708, or email valerie.wolfe@kctcs.edu.

GRADING

For some reason (unknown to me), some students decide to skip either the on-line quizzes, homework, or both. If you skipped the homework, and were otherwise perfect, the most points you could earn would be 390, which is a "C". If you just skipped the on-line quizzes, and otherwise perfect, the best you could do is a "B". Please do your homework. You can check your answers in the library. You may not use the copier to copy answers.