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HOLY CROSS COLLEGE |
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Notre Dame, Indiana |
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BUSINESS 201 (3 sem cr hr) |
(574) 239-8414 Office |
Brother James Leik, csc |
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Financial Accounting |
E-mail: jleik@hcc-nd.edu |
FALL 2005-06 |
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(Principles of Accounting I) |
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COURSE DESCRIPTION |
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The first semester acquaints the student with the basic accounting cycle and business concepts; principles of recording business transactions; cash records and control; periodic adjustment of transaction data; financial statement presentation and analysis with emphasis on the corporation, contributed capital, owners equity and retained earnings. Little or no partnership accounting is presented. |
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COURSE OBJECTIVES |
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Enable a student to maintain a double entry accounting system from opening through closing cycle; preparation of financial statements, payroll, maintenance of inventories, accounts receivable and payable, plant/equipment with related depreciation. Emphasis is on the corporation. Partnership accounting is not presented. A goal of the course is that the student become an informed user of corporate financial statement information. A project is used to present the user goal involving a corp. financial statement analysis utilizing a specific corp. applicable comprehensive ratios obtained from annual reports and supplemented by other data obtained via the internet sites of the SEC-EDGAR and the Wall Street Journal. Enable a student to satisfy the prerequisite for BUS 202 (Accounting II - Managerial Accounting). A student=s proficiency of the course objectives is examined by utilizing hands-on type of testing with 4-5 hourly exams during the semester. The final exam is cumulative. |
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In addition to the above content objectives there are also transferrable skill objectives. They are as follows: |
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1. To generate accounting ideas and synthesize results. |
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2. The student should be able to ask relevant accounting questions. |
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3. The student should be able to distinguish among accounting fact, opinion and judgment. |
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4. Collect and evaluate available accounting information from original firm statements, library and internet sources |
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Utilizing current software programs. |
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5. Develop skills of accounting ratio analysis resulting in an oral and written analysis report presentation using |
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accounting data. |
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6. To interact and cooperatively work with others. |
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TEXTS: Financial Accounting, Needles,8ed, Houghton-Mifflin, 2004 |
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Workbook for the above (Exercises and Problems) , H-Mifflin, 2004 (paper) |
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Study Guide for the above, H-Mifflin, 2004 (paper) - advised, but OPTIONAL |
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TESTS: 4 major examinations plus occasional 5-minute quizes unannounced. |
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1 cumulative final examination. |
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A student will be excused from the cumulative final examination if an "A" |
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average (91 - 100) is maintained on all work prior to the final examination. |
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OTHER: See attached Notes For Accounting Students for specifics involving: Grading scale, Semester grading mark composition, Cut policy, Office hours, and Homework/credit. |
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COURSE SYLLABUS - Major Areas to be Covered (See attached daily calendar) |
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Ledgers, journals, trial balances, financial statements, financial statement analysis, closing of general ledger accounts, adjusting entries, worksheets, purchase and sale of merchandise, internal control of cash and checking accounts, accounts receivable, accounts payable, notes receivable, notes payable, bonds, time value of money, inventory systems, plant/equipment, depreciation, natural resources, intangible assets, payroll, corporate accounting, contributed capital, owners equity, and retained earnings. |
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Corporate Financial Statement Analysis skills are developed via a project AWould you Buy the Stock of this Corp.? Why or Why Not.@ Corporate data from an annual report must be supplemented by other data obtained via the internet sites of the SEC-EDGAR data base as well as the Wall Street Journal. |
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HOLY CROSS COLLEGE |
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Notre Dame, Indiana |
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NOTES FOR ACCOUNTING STUDENTS |
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Brother James Leik, csc FALL, 2005-06 |
GRADING SCALE
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A = |
95 - 100 |
C+ = |
76 - 79 |
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A- = |
91 - 94 |
C = |
72 - 75 |
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B+ = |
87 - 90 |
C- = |
69 - 71 |
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B = |
83 - 86 |
D = |
65 - 68 |
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B- = |
80 - 82 |
F = |
64 |
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SEMESTER GRADE |
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COMPOSITION |
Exams (4-5) |
500 points |
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Homework (approx) |
100 points |
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(2 pts per “E” & “P” work) |
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TOTAL |
600 POINTS (approx) |
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Quizes, Simul, Fin Anal Proj.= ?--announced later |
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(Class participation may be used for borderline grades) |
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Final Exam is cumulative |
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FINAL EXAM WEIGHT |
*(34%) If final exam grade is GREATER than the average to date |
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**(25%) If final exam grade is LESS than the average to date |
MAKE UP |
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QUIZ |
-No make up. Grade result of next quiz will be used for missed quiz |
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EXAM |
-Major exams are to be taken on the dates scheduled. A 5% gross grade reduction per each class day missed may be applied to the exam result when made up. Students are to contact the instructor immediately for make up arrangements. |
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CUT POLICY |
There is a direct correlation between attendance and learning/mastery of accounting subject matter. Accounting is a 3 credit hour course and meets 3 times per week. Students are permitted 1 week of cuts which equals 3 cuts in Accounting Lates: 3 lates = 1 cut. (Late = 15 minutes) Mid- Semester and Final Course grade will be reduced after calculation by 2% per excess cuts over the 3 cuts permitted. Example: 1 week (3) cuts = 6% grade reduction (A- to B+) 2 week (6) cuts =12%grade reduction (B+ to B-) 3 week (9) cuts =18%grade reduction (B- to C+) |
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OFFICE HOURS |
Room #V184, Regular Hours; 10:30 - 11:30am, M-W-F and other times by appointment. I am generally available daily (M-Fri) from 8 am – 4pm except during classes. |
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PROBLEMS |
Problems are to be attempted and tried even though the answer may be incorrect. NOTE: FOR CREDIT, problems must be available on date due as scheduled. |
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ACADEMIC HONESTY |
Please refer to the College policy on academic honesty contained in the Student Planner/handbook. Generally a student involved in dishonest work/assignment/test etc. shall receive a grade of zero for the product involved. |
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HOLY CROSS COLLEGE |
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Notre Dame, Indiana |
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BUSINESS 201 |
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Brother James Leik, csc |
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Financial Acct (Prin of Acct I) |
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FALL, 2005-06 |
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TEXT: Financial Accounting, Needles, 8 ed. Houghton-Mifflin, 2004 |
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Text Web Site: http://college.hmco.com/accounting/needles/financial/8e/students/index.html |
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Check Figures: pp xxxi – xxxii |
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DATE |
CHAP |
SUBJECT |
QUESTIONS |
EXER/PROB |
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M. Aug 22 |
Chap 1 |
Uses of Accounting Info & Basic Fin Stmts Supplement: How to Read Annual Rpt pp49-105 |
1,3,4,7,11-15,17,18 20 – 22 |
SE-8 |
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W. Aug 24 |
Chap 1 |
Continued |
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E-13,P-3,P-4 try |
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F. Aug 26 |
Chap 1 |
Continued |
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Fra5 |
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M. Aug 29 |
Chap 2 |
Measuring Business Transactions |
1, 6 – 24 |
SE-3,SE-4, SE-6 |
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W. Aug 31 |
Chap 2 |
Continued |
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E-5, E-9, P-5, Fra3 |
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F. Sep 2 |
Chap 3 |
Measuring Business Income |
1 – 22 |
SE-1,SE-7,SE-8, E-8 |
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M. Sep 5 |
Chap 3 |
Continued |
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E-11,E-12,P-2,P-3”T”act |
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W. Sep 7 |
Chap 3 |
Continued |
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Fra5 |
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F. Sep 9 |
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EXAMINATION – Chapters 1 – 3 |
SOME |
MOST |
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M. Sep.12 |
Chap 5 Chap 4 |
Financial Reporting and Analysis pp 240-256 Completing the Accounting Cycle |
??? 3, 8 – 25 |
SE5-3, E5-4, Fra5 SE4-2,E4-1 |
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W. Sep 14 |
Chap 4 |
Continued |
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E4-5, StartP4-3(2Month) |
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F. Sep 16 |
Chap 4 |
Continued |
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FinishP4-3(May), Fra5 |
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M. Sep 19 |
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EXAMINATION – Chapter 4 |
SOME |
MOST |
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W. Sep 21 |
Chap 6 |
Accounting Systems for Merchandising Inv Ops AppendA,Wksheet:Periodic/Perpetualp729-736 AppendB, Special Journals p737-747 |
1 – 17 |
SE-3, SE-4, SE-5 E-2Period(handout/class) |
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F. Sep 23 |
Chap 6 |
Continued |
More? |
?E-2cont,E-8,E5&E9 |
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M. Sep 26 |
Chap 6 |
Continued |
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Fra6 |
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W. Sep 28 |
Chap 8 |
Inventories (Start early) |
1–19(E-7 handout) |
SE-1,E-5long,E-6Perp |
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F. Sep 30 |
Chap 8 |
Continued |
(Do in class) |
E-9,E-10, E-11 |
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M. Oct 3 |
Chap 8 |
Continued |
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Fra5 |
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W. Oct 5 |
Chap 6 Chap 7 |
Internal Control p 301 – 310 STerm CurAssets(Petty cashhandout)N/RecDisc |
18 – 24 3,5-7,10,11,13,14 17-19 |
SE6-8,SE7-1,E7-8 SE7-8,E7-11 |
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F. Oct 7 |
Chap 7 |
Continued |
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P7-5, P7-1, Fra4 |
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M. Oct 10 |
Chap 7 |
Continued |
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W. Oct 12 |
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EXAMINATION – Chapters 6 - 7 – 8 |
SOME |
MOST |
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F. Oct 14 |
Chap 10 |
Long Term Assets and Depreciation |
1-10,12,14-23, 25-32 |
SE-1,E-6,E-8 |
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15 - 23 |
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BREAK |
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M. Oct 24 |
Chap 10 |
Continued |
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E-10,E-14,E-15, P-2 |
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W. Oct 26 |
Chap 10 |
Continued |
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Finish P-2, Fra3 |
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F. Oct 28 |
Chap 9 |
Current Liab p413-426 (+Payroll handout?) |
1 – 18 |
SE-3,E-3,E-4 |
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M. Oct 31 |
Chap 9 |
Continued |
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E-6, E-7, Fra4 |
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W. Nov 2 |
Chap 15 Chap 5 |
Fin Stmt Anal(For Fin Stmt Proj)PayrollQuiz? Fin Rpt & Anal p258-263 |
1 – 15 |
E-1, E-3, Beg P-1 |
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F. Nov 4 |
Chap 15 |
Continued ?Proj |
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Finish P-1, Beg P-4 |
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M. Nov 7 |
Chap 15 |
Continued & (Chapter 10 Exam) |
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Finish P-4, Fra3(long) |
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W. Nov 9 |
Chap 9 |
Time Val of Money p426-433(AppendD tables) |
19 – 23 |
SE-8, E-10,E-12 |
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DATE |
CHAP |
SUBJECT |
QUESTIONS |
EXER/PROB |
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F. Nov 11 F. Nov 11 |
Chap 9 |
Continued Appendix D tables p 760-769(Chapter 15 Exam – Ratios) |
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P-4, try P-5 (Diffucult) |
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M. Nov 14 |
Chap 11 |
Long Term Liabilities (Effective Rate) |
1 - 15 |
SE-1, , E-12 |
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W. Nov 16 |
Chap 11 |
Continued |
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E-16, P-1, P-2?,SE-4? |
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F. Nov 18 |
Chap 11 |
Continued (Start Chap 12 - Corporations?) |
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Table P-4, Fra4 |
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M. Nov 21
M. Nov 21 |
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EXAMINATION – Chapters 10-15-11 (Proj?) (Exams by individual chaps)- Chapter 11- Exam on Bonds |
SOME |
MOST |
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23 - 27 |
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THANKSGIVING |
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M. Nov 28 |
Chap 12 |
Corporations/Contributed Cap, Owners Equity |
1 – 16 |
E-2, E-11, P-3 P-2,P-4, Fra4 |
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W. Nov 30 |
Chap 13 |
Corp. Income Stmt & Stmt of Stockholder Equity |
2,3,5, 8 – 19 |
SE-8, SE-6, Fra5 |
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F. Dec 2 F. Dec 2 |
Chap 14 |
Project/simulation/class presentation/discussion Cash Flows – Continued into 2nd sem-1st classes |
1 - 3, 5, 7 - 11 |
E-1,E-2,E-3,E-7,P-1,P-5 Start P-4,+Wksh Handout Fra3 |
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M. Dec 5 |
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Review |
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W. Dec 7 |
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Review |
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F. Dec 9 |
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Review (Last Class Day) |
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Dec 12 - 15 |
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FINAL EXAMS |
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CLASS |
MEETS |
SCHEDULED FINAL EXAM |
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BUS 201 – 1 |
M-W-F 11:30am |
Dec. 13, 2005 8:00 - 10:00am (Tue) |
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