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Essential Objectives

Course Syllabus


Revision Date: 15-Jul-24
 

Fall 2024 | ACC-2121-VU01 - Financial Accounting


In Person Class

Standard courses meet in person at CCV centers, typically once each week for the duration of the semester.

Location: Winooski
Credits: 3 (45 hours)
Day/Times: Monday, 06:00P - 08:45P
Semester Dates: 09-09-2024 to 12-16-2024
Last day to drop without a grade: 09-16-2024 - Refund Policy
Last day to withdraw (W grade): 11-04-2024 - Refund Policy
Open Seats: 7 (as of 07-24-24 8:05 PM)
To check live space availability, Search for Courses.

Faculty

Michael Flemmi
View Faculty Credentials

Hiring Coordinator for this course: Nick Molander

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. Students have the opportunity to take the Bookkeeping Certification from the National Association of Certified Public Bookkeepers (NACPB) in this course.


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; stockholders’ equity; dividends; and bond pricing.
11. Prepare an income statement, statement of owners’ equity, and balance sheet, and be familiar with and understand the cash flow statement.
12. Explore the scope and diversity of career opportunities in the field of accounting and finance through assignments such as informational interviews, job shadows, or other career exploration activities.


Required Technology

More information on general computer and internet recommendations is available on the CCV IT Support page. https://support.ccv.edu/general/computer-recommendations/

Please see CCV's Digital Equity Statement (pg. 45) to learn more about CCV's commitment to supporting all students access the technology they need to successfully finish their courses.


Required Textbooks and Resources

This course uses one or more textbooks/books/simulations.

Fall 2024 textbook details will be available on 2024-05-20. On that date a link will be available below that will take you to eCampus, CCV's bookstore. The information provided there will be specific to this class. Please see this page for more information regarding the purchase of textbooks/books.

ACC-2121-VU01 Link to Textbooks for this course in eCampus.

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


Methods

Lectures and textbook readings will be supplemented with assigned chapter problems. The instructor will provide an overview of each chapter and students will have the opportunity to discuss and interreact with other students in the classroom. In-class textbook problem exercises will be utilized to reinforce the financial accounting concepts and prepare the students for the weekly homework assignments.


Evaluation Criteria

1. Midterm Examination 25%

2. Final Examination 25%

3. Three In-class Quizzes (5% each) 15%

4. 10 Homework Assignments (2% each) 20%

5. Group Project 10%

6. Attendance 5%

7. 2 extra credit assignmnets (1% each) 2%

Total 102%


Grading Criteria

CCV Letter Grades as outlined in the Evaluation System Policy are assigned according to the following chart:

 HighLow
A+10098
A Less than 9893
A-Less than 9390
B+Less than 9088
B Less than 8883
B-Less than 8380
C+Less than 8078
C Less than 7873
C-Less than 7370
D+Less than 7068
D Less than 6863
D-Less than 6360
FLess than 60 
P10060
NPLess than 600


Weekly Schedule


Week/ModuleTopic  Readings  Assignments
 

1

Class discussions: Introductions, administrative details, course goals and objectives, assignments, business structures (e.g., LLC, Partnerships, S-Corporations, C-Corporations, etc.), financial accounting vs. managerial accounting

  

Chapter 1 - Business Decisions and Financial Accounting.

  • Read Fundamentals of Financial Accounting (FFA) Chapter 1
    • Review Demonstration Case (p. 26)
    • Review Homework Helper (p. 29)
    • Review all Multiple Choice (MC) Questions, except #6 (p. 30)
      • The MC answers are provided at the end of the textbook
    • Read FFA Apendix A - Excerpts from Fiscal 2021 10-K Annual Report of the Home Depot, Inc. (after page 662)
  • Self-Study: Review Chapter 1 PowerPoint Slides and chapter problems (CANVAS)
    • Answers and solutions are provided at the end of the powerpoint slides.
  
  • Group Project: Select a Public Corporation 2023 10-K and Anual Report (Goto the Company's Investor Relations website and download both the 2023 10-K and Annual Report - details to be provided in class.
  • Homework Assignments (HWA) #1:
    • Chapter 1 Questions 1, 2, 3, 4 & 7
    • Problem M1-4 statement (p. 32), and Group A Problem (PA-1, p. 42). To be turned in before the start of next week's class (Due Week 2).
 

2

Class discussions: The financial statements - Balance Sheet (B/S), and Income Statement (I/S), assets, liabilities, and equity, accounting equation (Assets = Liabilities + Equity), debits and credits, and both the Home Depot and Lowes Financial Statements (F/S).

HWA #1 Due

  

Chapter 2 - The Balance Sheet

  • Read Fundamentals of Financial Accounting (FFA) Chapter 2
    • Review Demonstration Case (p. 75)
    • Review & Memorize Homework Helper (p. 78)
    • Review all Multiple Choice Questions, except #7(p. 79)
  • Self-Study: Review Chapter 2 PowerPoint Slides and chapter problems (CANVAS)
  
  • Homework Assignments (HWA) #2:
    • Chapter 2 Questions 1, 3, 4, 5 & 8
    • Problems M2-1, M2-2, and M2-4 (p. 80-81)
    • Group A Problem (PA-2, p. 94). Prepare the Journal Entries (JEs) and T-Accounts only for problems a thru g (Do not perform questions 1 thru 6).
 

3

Class discussions: The Income statement (I/S), revenues, expenses, net income, accounting cycle, debits and credits, journal entries (JEs), and the Home Depot and Lowes Financial Statements.

HWA #2 Due

  

Chapter 3 - The Income Statement

  • Read FFA Chapter 3
    • Review Demonstration Case A (p. 124)
    • Review & Memorize Homework Helper (p. 129)
    • Review all Multiple Choice Questions (p. 131)
  • Self-Study: Review Chapter 3 PowerPoint Slides and chapter problems (CANVAS)
  • Review Chapters 1 & 2 for Quiz #1
  
  • Homework Assignments (HWA) #3:
    • Chapter 3 Questions 6, 7, 10, 11 & 13
    • Problems M3-21, E3-10, and Group A Problem (PA3-2, p. 147, prepare the Journal Entries (JEs) only).
 

4

Class discussions: Financial Statements (F/S) continuation, F/S analysis, cash and accrual basis, unadjusted trial balance, and Home Depot and Lowes Financial Statements.

Quiz #1 (Chapters 1 & 2)

HWA #3 Due

  

Chapter 4 - Adjustments, Financial Statements (F/S), and Results

  • Read FFA Chapter 4
    • Review Demonstration Case
    • Review Multiple Choice Questions 1, 2, 3, 5, 6 & 10
  • Self-Study: Review Chapter 4 PowerPoint Slides and chapter problems (CANVAS)
  
  • Homework Assignments (HWA) #4:
    • Chapter 4 Questions 5, 6, 7, 10, 13 & 14
    • Group A Problem (PA4-1, p. 205).
 

5

Class discussions: Financial performance and accounting ratios, and Home Depot and Lowes Financial Statements.

HWA #4 Due

  

Chapter 5 - Fraud, Internal Control and Cash; and Chapter 13 - Measuring and Evaluating Financial Performance

  • Read FFA Chapter 5 (no problems)
  • Read FFA Chapter 13
    • Review Chapter 13 Demonstration Case
    • Review Chatper 13 Multiple Choice Questions 1, 3, 4, 5 & 8
  • Self-Study: Review Chapter 13 PowerPoint Slides and chapter problems (CANVAS)
  • Review Chapters 3 & 4 for Quiz #2
  
  • Homework Assignments (HWA) #5:
    • Chapter 13 Questions 1, 2, 3, 4 & 6
    • Part A: Home Depot Appendix Income Statement (I/S) and Balance Sheet (B/S) Analyses (See Exhibit 13.2 and 13.3).
      • Calculate the six Profitability Ratios (See Exhibit 13.5) for Home Depot (from Appendix A).
 

6

Class discussions: Deferred Revenue, Cost of Goods Sold (COGS), Inventory systems (Perpetual and Peridic), and Home Depot and Lowes Financial Statements (F/S).

Quiz #2 (Chapters 3 & 4)

HWA #5 Due

  

Chapter 6 - Merchandising Operations, and the Multistep Income Statement (I/S)

  • Read FFA Chapter 6
    • Review Demonstration Case A
    • Review Multiple Choice Questions 1, 3, 4, 5 & 6
  • Self-Study: Review Chapter 6 PowerPoint Slides and chapter problems (CANVAS)
  
  • Homework Assignments (HWA) #6:
    • Chapter 6 Questions 1, 3, 4, 5, 6, 8, 10, 11, 13 & 15
    • Part B: Home Depot Income Statement (I/S) and Balance Sheet (B/S) Analyses
      • Calculate the three Liquidity and two Solvency Ratios (See Exhibit 13.5) for Home Depot.
    • Group A Problem (PA6-1, p. 303, prepare JEs only).
 

7

Class discussions: LIFO, FIFO, begininng and ending inventory, COGS, and Midterm Review.

HWA #6 Due

  

Midterm Examination Review

  • Review Chapters 1-4, 6, and 13 for Midterm Exam
    • Review Demonstration CasesA
    • Review Multiple Choice Questions
    • Review Chapter Questions
    • Review Homework Assignments (HWAs) 1 to 6
    • Review the above chapter(1-4, 6 & 13) PowerPoint Slides and problems (CANVAS)
  

Study for Midterm Exam

 

8

Midterm Exam (Chapters 1-4, 6 &13) - Open Book and Notes.

  

Chapter 7 - Inventory and Cost of Goods Sold (COGS)

  • Read FFA Chapter 7
    • Review Demonstration Case
    • Review Multiple Choice Questions 1, 2, 4, 5 & 8
  • Self-Study: Review Chapter 7 PowerPoint Slides and chapter problems (CANVAS)
  
  • Homework Assignments (HWA) #7:
    • Group A Problem (PA7-1, p. 350, questions #1a to c, and #2
 

9

Class discussions: Accounts receivable, bad debt, and write-off methods.

HWA #7 Due

  

Chapter 8 - Receivables, Bad Debts, and Interest Revenue

  • Read FFA Chapter 8
    • Review Demonstration A Case
  • Self-Study: Review Chapter 8 PowerPoint Slides and chapter problems (CANVAS)
  
  • Homework Assignments (HWA) #8:
    • Mini-Exercise M8-13 (p. 385)
 

10

Class discussions: Fixed, tangible, and intangible assets; net assets, book value, and depreciation.

HWA #8 Due

  

Chapter 9 - Long-lived Tangible and Intangible Assets.

  • Read FFA Chapter 9
    • Review Demonstration A Case
    • Review multiple choice questions 1, 2, 3, 4, 5, 6 & 8
  • Self-Study: Review Chapter 9 PowerPoint Slides and chapter problems (CANVAS)
  
  • Homework Assignments (HWA) #9:
    • Chapter 9 Questions 1, 2, 3, 5 & 7
    • Mini-Exercie M9-1
    • Group A Problem (PA9-1, p. 445).
 

11

Class discussions: Current and non-current liabilities.

Group Project Due

HWA #9 Due

  

Chapter 10 - Long-lived Tangible and Intangible Assets.

  • Read FFA Chapter 10
    • Review Demonstration A Case
    • Review multiple choice questions 1 & 2
  • Self-Study: Review Chapter 10 PowerPoint Slides and chapter problems (CANVAS)
  • Review Chapters 8 & 9 for Quiz #3
  
  • Homework Assignments (HWA) #10:
    • Chapter 10 Questions 1, 2, 3, 4 & 5
    • Group A Problem (PA10-1, p. 505). Journal entries and T-accounts only - do not perform questions 1 and 2.
 

12

Class discussions: Financing, long-term debt (LTD), and equity.

Quiz #3 (Chapters 8 & 9)

HWA #10 Due

  

Chapter 11 - Stockholder's Equity.

  • Read FFA Chapter 11
    • Review Demonstration A Case
    • Review multiple choice questions 1, 2, 3, 4, 5 & 6
  • Self-Study: Review Chapter 11 PowerPoint Slides and chapter problems (CANVAS)
  
  • Homework Assignments (HWA) #11:
    • Chapter 11 Questions 1, 2, 4, 5 & 6
    • Group A Problem (PA11-1, p. 552) - Questions 2 and 3 only.
 

13

Class discussions: Final examination review.

HWA #11 Due

  

Final Examination Review

  • Review all Chapters (except Chapters 5 and 12) for Final Exam
    • Emphasis on Chapters 7, 8, 9,10 & 11
      • Review MC questions
      • Review HWA assignments
    • Review Chapter 4 Demonstration Case
    • Review the above chapter (7-11) PowerPoint Slides and problems (CANVAS)
  
  • No homework assignment (study for final exam).
 

14

Final Exam - multiple choice, journal entries, T-accounts, etc. - Open book and notes.

  

Chapter 12 - Statement of Cash Flow

  • Read FFA Chapter 12
    • Review Demonstration A Case
  • Self-Study: Review Chapter 12 PowerPoint Slides and chapter problems (CANVAS)
  
  • Homework Assignments (HWA) #12:
    • Cash flow handout
 

15

Wrap-Up: Class Review, makeup quizzes, and Final Exam Review.

HWA #12 Due

    
 

Attendance Policy

Regular attendance and participation in classes are essential for success in and are completion requirements for courses at CCV. A student's failure to meet attendance requirements as specified in course descriptions will normally result in a non-satisfactory grade.

  • In general, missing more than 20% of a course due to absences, lateness or early departures may jeopardize a student's ability to earn a satisfactory final grade.
  • Attending an on-ground or synchronous course means a student appeared in the live classroom for at least a meaningful portion of a given class meeting. Attending an online course means a student posted a discussion forum response, completed a quiz or attempted some other academically required activity. Simply viewing a course item or module does not count as attendance.
  • Meeting the minimum attendance requirement for a course does not mean a student has satisfied the academic requirements for participation, which require students to go above and beyond simply attending a portion of the class. Faculty members will individually determine what constitutes participation in each course they teach and explain in their course descriptions how participation factors into a student's final grade.


Participation Expectations

This course also requires Self-Study, which includes the Chapter Powrpoints in CANVAS, completing the PowerPoint exercises/practice problems, and comparing your results to the correct solutions. In addition to completing the Chapter multiple choice questions (answers are provided at the back of the textbook). These exercise/practice and multiple choice questions reinforce the financial accounting concepts, and prepares the students for the quizzes, midterm and final examinations, and other assigned homework assignments/problems. All students are required to participate in the class exercises, chapter problems, and class discussions.



Missing & Late Work Policy

Throughout the semester, READINGS will be from the required Textbook. All assignments (such as in-class exercises, readings, textbook questions, work problems, etc.), the midterm and final examinations, and quizzes must be completed and submitted in order to successfully complete the course. Any late assignments will be penalized a 1/2 grade per day on the assignmnet except in the case of an emergency that could not be anticiapted or avoided. However, please make arrangements with me if you know you will not be able to attend a class. If you know you will be missing a class, you can email me your homework assignment to receive credit (on or before the due date).


Accessibility Services for Students with Disabilities:


CCV strives to mitigate barriers to course access for students with documented disabilities. To request accommodations, please
  1. Provide disability documentation to the Accessibility Coordinator at your academic center. https://ccv.edu/discover-resources/students-with-disabilities/
  2. Request an appointment to meet with accessibility coordinator to discuss your request and create an accommodation plan.
  3. Once created, students will share the accommodation plan with faculty. Please note, faculty cannot make disability accommodations outside of this process.


Academic Integrity


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.