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2018-19

Web Schedule Fall 2018


Revision Date: 19-Jul-18

ACC-2121-VG70X - Financial Accounting


Synonym: 174153
Location: Bennington
Credits: 4
Day/Times: Monday & Thursday, 05:00P - 09:00P
Semester Dates: 09-06-2018 to 10-22-2018
Last day to drop without a grade: 09-15-2018 - Refund Policy
Last day to withdraw (W grade): 10-03-2018 - Refund Policy
Faculty: Neal Hogan | View Faculty Credentials
Materials/Lab Fees: $200.00
This course has started, please contact the offering academic center about registration

Comments: CPB certification students ONLY Co-enrollment in ACC-1010 & ACC-1030 required

Browse the Moodle Site for this class.

Course Description:

This course introduces students to problems of external reporting as they relate to service providers, merchandisers, and corporations. Students examine the various accounts found in financial statements and learn how to put these accounts together to render meaningful statements that communicate pertinent information to those who read them. Basic math skills are required.

Essential Objectives:

1. Recognize, classify, and record accounting transactions and describe the effect of each accounting transaction on the resultant financial statements.
2. Prepare, adjust, and close journal entries and post them to the ledger.
3. Construct an adjusted trial balance so that a proper set of financial statements can be prepared.
4. Describe and compare cash and accrual methods of accounting.
5. Analyze information and prepare buyer and seller journal entries for a merchandising business, including terms of sale.
6. Calculate inventory and cost of merchandise sold using FIFO, LIFO, average cost, retail, and LCM methods.
7. Understand the basic requirements of good internal control including reconciliation of bank accounts, and discuss ethical considerations inherent in accounting practice and decisions.
8. Estimate the net realizable value of receivables using the allowance method.
9. Calculate depreciation using straight line, units of output, and double declining balance methods.
10. Properly account for current assets, property plant and equipment, current and long term liabilities, and stockholders’ equity and dividends.
11. Prepare an income statement, statement of owners’ equity, and balance sheet, and be familiar with and understand the cash flow statement.

Methods:

 Lecture, Class Discussions and Problem Solving.

Evaluation Criteria:

Test 1: 20%

Test 2: 20%

Mini Practice Sets: 10%

Homework: 15%

Class Participation: 10%

Final Exam: 25%

Textbooks:

Fall 2018 textbook data will be available on June 4. On that date a link will be available below that will take you to eCampus, CCV's bookstore. The information provided there will be for this course only. Please see this page for more information regarding the purchase of textbooks.

ACC-2121-VG70X Textbooks.

The last day to use a Financial Aid advance to purchase textbooks is the 3rd Tuesday of the semester. See your financial aid counselor at your academic center if you have any questions.

Contact Faculty:

Email: Neal Hogan
Hiring Coordinator for this course: Nicole Otte Stetson

Attendance Policy:

 A percentage of the students grade is determined by student participation.  Attendance is considered part of your participation grade.  After three absences the student will receive a failing grade.  Please contact the instructor if you need to be absent for class.  It is your responsibility to make up missing work and be prepared for the next class.

Syllabus:

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Sept. 6 2018: Chapters 1, 2 and 3: Accounting the Language of Business, Analyzing Business Transactions and Business Transactions Using T Accounts.  Chapter Problems A Set in class.  Homework to be assigned in class.
 
Sept. 10, 2018: Chapters 4 and 5: The General Journal and General Ledger and Adjustments and the Worksheet. Chapter Problems A Set in class.  Homework to be assigned in class.
 
Sept. 13, 2018: Chapters 6 and 7: Closing Entries and the Post Closing Trial Balance and Accounting for Sales and Accounts Receivable.  Chapter Problems A Set in class.  Homework to be assigned in class. Test 1.
 
Sept. 17, 2018: Chapters 8 and 9: Accounting for Purchases and Accounts Payable and Cash Receipts, Cash Payments and Banking Procedures.  Chapter Problems A Set in Class.  Homework to be assigned in class.  
 
Sept. 20, 2018: Chapters 10 and 11: Payroll Computations, Records, and Reports and Payroll Taxes, Deposits and Payments.  Chapter Problems A Set in class.  Homework to be assigned in class.
 
Sept. 24, 2018: Chapters 12 and 13: Accruals, Deferrals, and the Worksheet and Financial Statements and Closing Procedures.  Chapter Problems A Set in class.  Homework to be assigned in class.  
 
Sept. 27, 2018: Chapters 14 and 15: Accounting Principles and Recording Standards and Accounts Receivable and Uncollectible Accounts.  Chapter Problems A Set in class.  Homework to be assigned in class.  
 
Oct. 1, 2018: Chapters 16 and 17: Notes Payable and Notes Receivable and Merchandise Inventory.  Chapter Problems A Set in class.  Homework to be assigned in class.
 
Oct. 4, 2018: Chapters 18: Property, Plant and Equipment.  Chapter Problems A Set in class.  Homework to be assigned in class.  Test 2.
 
Oct. 8, 2018: Chapters 19 and 20: Accounting for Partnerships and Corporations: Formation and Capital Stock Transactions.  Chapter Problems A Set in class.  Homework to be assigned in class.
 
Oct. 11, 2018: Chapters 20 and 21: Corporations: Formation and Capital Stock Transactions and Corporate Earnings and Capital Transactions.  Chapter Problems A Set in class.  Homework to be assigned in class.
 
Oct. 15, 2018: Chapters 22 and 23: Long-Term Bonds and Financial Statement Analysis.  Chapter Problems A Set in class.  Homework to be assigned in class.  Mini Practice (The Texas Company).
 
Oct. 18, 2018: Mini Practice (The Orange Company).
 
Oct. 22, 2018: Chapters 24: The Statement of Cash Flows.  Chapter Problems A Set in class.  Homework to be assigned in class.
 
Oct. 25, 2018:   Final

Please note: In order to receive accommodations for disabilities in this course, students must make an appointment to see the Americans with Disabilities Coordinator in their site and bring documentation with them.

Academic Honesty: CCV has a commitment to honesty and excellence in academic work and expects the same from all students. Academic dishonesty, or cheating, can occur whenever you present -as your own work- something that you did not do. You can also be guilty of cheating if you help someone else cheat. Being unaware of what constitutes academic dishonesty (such as knowing what plagiarism is) does not absolve a student of the responsibility to be honest in his/her academic work. Academic dishonesty is taken very seriously and may lead to dismissal from the College.

Course description details subject to change. Please refer to this document frequently.

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