Principles of Accounting IACC 231-01WN 2019

Number of Credits: 4 credits

Days Class Meets: Online

Instructor: Randi Watts

Contact Phone: 517-812-7465

Contact Email: wattsrandir @jccm.edu

Remote Office Hours: by appointment-call or

email to arrange time

Course DescriptionThis course is an introductory course in financial accounting. Learn the theory and practice of recording

financial accounting data and preparation of financial statements in accordance with Generally Accepted

Accounting Principles (GAAP) with an emphasis on corporations. Current software and online

applications will be utilized.

Prerequisite(s)Prerequisites: ENG 085*, ENG 090*, MTH 033* or higher and CIS 101* or CIS 121.

Transfer informationIt is in your best interest to continue your studies and complete a bachelor’s degree. ACC 231 is intended

for accounting majors and those transferring into four-year accounting and business related programs.

There are a variety of ways to do this. When considering your options, make sure to use HYPERLINK

"http://michigantransfernetwork.org/"http://michigantransfernetwork.org/ .

Course Objectives & Goals

1. Complete double-entry accounting procedures including journalizing transactions, posting journal entries and preparation of the trial balance

2. Analyze and prepare month-end adjusting and closing procedures3. Prepare financial statements including Income Statement, Equity Statement, Balance Sheet and

Statement of Cash Flows4. Understand and complete all aspects of the accounting cycle5. Prepare bank reconciliations and record related adjusting entries to Cash6. Estimate bad debts using acceptable GAAP methods for doubtful accounts and record related

entries

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7. Compute ending inventory using various acceptable GAAP inventory methods under a perpetual or periodic system

8. Compute depreciation using acceptable GAAP depreciation methods and record entries for the acquisition and disposal of plant assets

9. Analyze and record equity transactions10. Analyze and record transactions for short term liabilities and long-term liabilities including interest

calculations

TextbookFinancial Accounting for Undergraduates 3e, Wallace, Nelson, Christensen and Ferris, 3rd edition and

online access to MyBusinessCourse (MBC). ISBN: 978-1-61853-161-2. Text and MBC are sold as one

package at the JC bookstore for $65. Purchase online for as low as $50 at HYPERLINK

"https://cambridgepub.com/book/financial-accounting-for-undergraduates-3rd"https://cambridgepub.com/

book/financial-accounting-for-undergraduates-3rd .

MBC website: https://mybusinesscourse.com/ MBC course ID: 9729-1300-8400MBC course name: ACC231:l1-WN2019-Principles of Accounting 1 MBC enrollment link:  hhttps://mybusinesscourse.com/?code=9729-1300-8400

MBC access code: scratch-off code in text OR check email with eBook MBC tech support: create a ticket at https://mybusinesscourse.com/ or call 1-630-504-0505

Textbook on reserve. There is one copy of the textbook materials for this class on reserve at the JC central campus library in the WA building. Library location, hours and information are available here: https://www.jccmi.edu/library/.

Text Book Zero! This text is available in a digital format. Please see the links posted on our class Jet Net site. This text is available to rent or purchase in digital format through the JC Bookstore.

ExtrasStudents are required to have reliable Internet access, a technology back-up plan, Microsoft Word and

Excel or compatible programs, and a file storage system (such as a flash drive or cloud file storage).

Academic Honesty PolicyAcademic Honesty is defined as ethical behavior that includes student production of their own work and

not representing others' work as their own, by cheating or by helping others to do so.

Plagiarism is defined as the failure to give credit for the use of material from outside sources. Plagiarism includes but is not limited to:

Submitting other's work as your own

Using data, illustrations, pictures, quotations, or paraphrases from other sources without

adequate documentation

Reusing significant, identical or nearly identical portions of one’s own prior work without

acknowledging that one is doing so or without citing this original work (self-plagiarism)

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Cheating is defined as obtaining answers/material from an outside source without authorization. Cheating includes, but is not limited to:

Plagiarizing in any form

Using notes/books/electronic material without authorization

Copying

Submitting others' work as your own or submitting your work for others

Altering graded work

Falsifying data

Exhibiting other behaviors generally considered unethical

Allowing your work to be submitted by others

Grading Scale

GPA GRADE RANGE COURSE REQUIREMENT POINTS

4.0 94-100% MBC Homework 100

3.5 89-93% Excel Homework (12 @ 10) 120

3.0 84-88% Tests (3 @ 100) 300

2.5 78-83% Project (1 @ 100) 100

2.0 72-77% Papers (2 @ 10) 20

1.5 66-71% Jeopardy/Class Participation 60

1.0 60-65%

0.5 55-59%

0.0 0-54% Total points 700

Course ManagementContact JC Student Services for more information on these college policies. Students can withdraw from

the course and receive a refund during the first week of the course. Students can withdraw from the

course but not receive a refund from the 2nd through the 13th week of a 15-week semester. Students

can audit a course, which means the student participates in the course but will not receive a grade.

Students can contact the instructor regarding an incomplete grade in the course if 75% or more of the

course requirements have been completed with a grade of a 2.0 or better.

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HelpContact your instructor right away if you need help with this class. Don’t wait. Email or call to talk with

your instructor. Your instructor is your best source of help with this class. The JC CSS also has tutors

available for this class but hours and locations may be limited. Our textbook is on reserve at the WA

library.

It is important to contact a Center for Student Success professional prior to the start of the semester

in order to receive accommodations in a timely manner. While we will make every effort to

coordinate accommodations in a timely manner, failure to self-identify prior to the start of the

semester may delay notification to instructors and timeliness of acquiring accommodations.

Accommodations do not automatically carry over to the next semester.

https://www.jccmi.edu/center-for-student-success/accommodations-for-students-with-disabilities/

Attendance PolicyIn compliance with Federal Title IV funding requirements, as well as college initiatives, reporting of

student participation in classes will occur at three designated times each semester. Instructors will

assign one of three non-transcripted letter symbols to each student during each reporting period (see

below). Students identified as no longer participating will be dropped or administratively withdrawn

from the class, and students identified as needing academic assistance will be contacted.

Participation/Progress Symbols

H – The student is not doing acceptable work and needs Help to be successful.

Q – The student has not participated and the instructor believes they have unofficially withdrawn

(Quit). These students will be dropped/withdrawn from the class.

V – The instructor Verifies that the student is participating and doing acceptable work.

Your regular attendance and active involvement in our class will directly correlate to how well you do with this class. Participation in this class is measured by activity in the discussion forums and the submission of assignments. Your involvement in class discussions determines the participation portion of your grade. Discussion-Your active involvement in our class discussion board will directly correlate to how well you do with this online class. Use the discussion board regularly and frequently. I would recommend that you check in every day to see what’s happening, what people are saying and to gauge where you are at with your assignments. You are required to post a minimum of 5 times per forum at 1 point per post-all posts must be during the assigned week, and should be posted by Thursday for credit since posting after the due date does not leave any time for communication. You are to post at least 5 times

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each week on at least three different days, and at least two of those responses must be in reply to, or expanding on, another classmates answers.  In other words, just answering 5 questions on one day will not earn you full participation points. PLEASE NOTE-YOU MUST POST IN OUR FIRST INTRODUCTION AND DISCUSSION BOARD AS SOON AS CLASS STARTS. THIS WILL LET ME KNOW YOU HAVE REVIEWED THE SYLLABUS, IS A PLACE TO ASK GENERAL QUESTIONS SO EVERYONE CAN SEE THE ANSWERS, AND LETS ME KNOW YOU ARE “ON BOARD” SO YOU ARE NOT DROPPED FROM THE CLASS!!

I will be posting comments and feedback in the discussion board area. This is where our class happens. A substantive post is one that does more than simply state “I agree” or “I disagree”. A substantive post should be a well thought out response that adds value to the conversation. A substantive post can include a link to another source with a discussion of the material linked to. Throughout the semester I must report participation to the college. There are three levels which I report. A “V” means that the student is successfully attending and participating in the course. An “H” means that the student is attending and participating but could use additional assistance with the course. If a student is given an “H”, the student is contacted by the Center for Student Success and offered assistance services. A “Q” is given if the student is not participating in discussions or submitting homework. A “Q” means the student has been dropped from the course. PLEASE NOTE-FAILURE TO PARTICIPATE ON THE DISCUSSION BOARD OR TURN IN WEEKLY ASSIGNMENTS WILL RESULT IN A Q AND YOU WILL BE DROPPED FROM THE COURSE. YOU MUST CONTACT ME PRIOR TO THE DUE DATE TO MAKE ARRANGEMENTS FOR ANY LATE WORK OR YOU WILL BE DROPPED IF YOU ARE MISSING ASSIGNMENTS WHEN THE HQV GRADES ARE DUE!

Due Dates, Late Policy, Grading PolicyAll MBC are due by Thursday midnight, and all Excel homework is due Thursday at midnight. Note that

midnight in MBC is 11:55 PM. All assignments and projects must be completed and submitted before

their scheduled deadlines. If you turn in your work past the due date, you will not receive points. If you

are experiencing a genuine emergency such as a death in the family, find yourself admitted to the

hospital, find yourself in jail, etc.; please contact me as soon as possible. Feeling busy and overwhelmed

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with college, family and life is not an emergency (although it certainly does feel overwhelming). Grading

is completed with points posted to JetNet within 24-48 hours.

MBC Homework

We will use MyBusinessCourse to practice and learn throughout this class. MyBusinessCourse is an online homework management system for learning accounting similar to Aplia, MyMathLab, MyITLab, etc. All MyBusinessCourse work is due by Thursday midnight each week. MBC will remain open for additional attempts during each test cycle. MBC will close at the end of each test cycle for those chapters included on each test. For example, chapters 1, 2, 3 and 4 will close in MBC after Test 1.

Excel Homework

We will also prepare traditional, formal accounting work in Excel, similar to what you would see in the workplace. Refer to the ACC 231 Syllabus Schedule below for specific homework problems assigned. Excel work must be completed on Excel and uploaded by midnight on Thursdays. You will be graded in part for your Excel presentation and for being on time.

Tests

There will be 3 chapter tests throughout the semester covering about 4 chapters each. Tests will be limited to a 3 hour time limit during the testing week. If you have a conflict with a test date, you may arrange to take an exam early. Plan ahead to attend all test dates.

Project

We will complete an accounting practice set for Grand River Equipment Rentals. This is a local small business, and we will put together all of the accounting needed for this company for one month. This project is a lot of fun and pulls together everything we are learning class.

Papers

We will work on 2 short research papers. First, we will check out IFRS (International Financial Reporting Standards) to get a feel for what is happening around the world with accounting. Then, we will have some fun exploring the AICPA StartHereGoPlaces website. This will give you an idea of the different kinds of thing you can do working in the accounting profession and allow some time to consider some goals.

Technology issuesIf you have trouble with your JC login or other computer issues, please contact the JC Solution Center at

517-796-8539. When e-mailing your instructor, please include your first and last name and put “ACC

216” in the subject line. Always save and back-up your files. Have a back-up technology plan in case

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your regular computer has problems. Please ask questions and get help early with any concerns you

may have including technology problems.

CaveatThis syllabus is not a contract: it is a plan for the course. Each course and each student group is unique.

We may do more or less than is outlined above. Total points in the course may be altered to reflect the

dynamics of our class.

Important Dates: Winter 2019

DATE EVENT

MON, JAN 14, 2019 CLASSES BEGIN

FRI, JAN 25, 2019 HQV 1 REPORTING DATE

FRI, FEB 1, 2019 IN-SERVICE DAY. NO CLASSES ON CAMPUS

FRI, FEB 15, 2019 HQV 2 REPORTING DATE

MAR 11-17, 2019 MID-SEMESTER BREAK

FRI, MAR 8, 2019 PATHWAY SHOWCASES DAY. NO CLASSES ON CAMPUS

FRI, MAR 22, 2019 HQV 3 REPORTING DATE

SAT, MAY 4, 2019 COMMENCEMENT

SUN, MAY 5, 2019 END OF WINTER SEMESTER

tues, may 7, 2019 Grades Due

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Semester Schedule for 19WN ACC 231-01

WEEK

START

DATE

TOPIC ASSIGNMENTS DUE on

THURSDAY

Week 1

1/14

CH 1 Accounting Basics: accounts,

transactions, basic financials MBC Tutorial: Introducing Financial Accounting, Module 1, all parts

CH 1 MBC Homework

Thur 1/17

Week 2

1/18

CH 2 Transactions: General Journal,

journal entries and Trial Balance

CH 2 MBC Homework

CH 1 Excel Homework: P1-1A, P1-2A,

P1-10A

CH 2 Excel Homework: P2-15A, P2-16A

1/24

Week 3

1/25

CH 3 Month-End: accrual basis,

adjusting entries, closing entries

CH 3 MBC Homework

CH 3 Excel Homework: P3-3A, P3-4A,

P3-7A, P3-9A

1/31

Week 4

2/1

CH 4 Financial Statements: Income

Statement, Statement of Equity,

Balance Sheet

CH 4 MBC Homework

CH 4 Excel Homework: P4-1A, P4-3A,

P4-5A, P4-7A, P4-8A

2/7

Week 5

2/8

Test Week Test 1

Paper 1 due

2/14

Week 6

2/15

CH 5 & CH 6 Inventory: transactions,

journal entries and FIFO/LIFO

CH 5 & 6 MBC Homework

CH 6 Excel Homework: P6-4A, P6-5A,

P6-7A

2/21

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Week 7

2/22

CH 7 Cash: bank reconciliations &

internal controls

CH 7 MBC Homework

CH 7 Excel Homework: P7-1A,

P7-7A, P7-10A

2/28

Week 8

3/1

CH 8 Receivables: journal entries,

bad debts, allowance for

doubtful accounts

CH 8 MBC Homework

CH 8 Excel Homework: P8-2A, P8-7A,

P8-5A, P8-10A

3/7

Week 9

3/8

Test Week-after Spring Break!!

Enjoy your Break

Test 2

Paper 2 due

3/21

Week 10

3/22

CH 9 PPE/Property Plant and

Equipment: depreciation

calculations and journal entries

CH 9 MBC Homework

CH 9 Excel Homework: P9-1A, P9-5A,

P9-8A

3/28

Week 11

3/29

Project Week Grand River Equipment Rental Project 4/4

Week 12

4/5

CH 10 Liabilities: accounts, interest

calculations, transactions and

journal entries and contingencies

CH 10 MBC Homework

CH 10 Excel Homework: P10-1A, P10-

2A,

P10-3A, P10-6A

4/11

Week 13

4/12

CH 11 Stockholders’ Equity: stock

issuance, common, preferred,

dividends, treasury stock

CH 11 MBC Homework

CH 11 Excel Homework: P11-1A, P11-

2A, P11-3A

4/18

Week 14 CH 12 The Statement of Cash Flows CH 12 MBC Homework CH 12 Excel Homework: P12-2A,

4/25

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4/19 P12-3A

Week 15

4/26

Test Week

Test 3

5/2

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