FINANCIAL ACCOUNTING
ACC 201 - C781
Class # 46447
(three credit hours)
FALL 2008
COURSE DESCRIPTION: This course presents generally accepted accounting principles used for the measurement and reporting of financial information in the financial statements.
ACC 201 meets the Business Administration core requirement.
PREREQUISITE: Sophomore standing or consent of the instructor.
TEXTBOOK AND OTHER MATERIALS: Accounting. Carl Warren, James Reeve and Jonathan Duchac. 22nd Edition. South-Western College Publishing Co. 2007.
Study Guide (Chapters 1-16) to accompany the textbook
DAYS, TIME AND
SKCTC Middlesboro Campus
PROFESSOR: Mr. Jamie H. Vaught
Office Location:
E-Mail Address: jamie.vaught@kctcs.edu
Phone: Contact division
assistant Georgeina
Background:
B.S. Accounting,
MBA,
Additional graduate work at UK, Eastern Kentucky University and Lincoln Memorial University.
Southeast Kentucky Community and
Technical College (since 1991);
OFFICE HOURS:
Monday
Tuesday
Wednesday
Thursday
Friday
Also by appointment
SKCTC MIDDLESBORO CAMPUS DIRECTOR:
Ms. Susan Croushorn
606-248-2014
SOCIAL SCIENCES AND RELATED TECHNOLOGIES DIVISION CHAIR (SKCTC):
Mr. Kevin Lambert
606-633-0279, extension 13305 (Whitesburg Campus)
COURSE OBJECTIVES: After completion of this course,
1) the student should be able to understand accounting terminology related to an accounting system for a business organized as a proprietorship or partnership.
2) the student should be able to understand accounting principles and practices related to an accounting system for a business organized as a proprietorship or partnership.
3) the student should be able to plan, summarize, analyze and interpret accounting data.
4) the student should be able to understand and use accounting information as the basis for making decisions.
5) the student should be able to communicate business (accounting) results.
COURSE FORMAT: This course will consist of a combination of lecture, illustration and discussion sessions.
TOPICS: Chapter 1: Introduction to Accounting and Business
Chapter 2: Analyzing Transactions
Chapter 3: The Adjusting Process
Chapter 4: Completing the Accounting Cycle
Chapter 5: Accounting Systems
Chapter 6: Accounting for Merchandising Businesses
Chapter 7: Inventories
Chapter 8: Sarbanes-Oxley, Internal Control, and Cash
Chapter 9: Receivables Chapter 10: Fixed Assets and Intangible Assets Chapter 11: Current Liabilities and Payroll
Chapter 12: Accounting for Partnerships and Limited Liability Companies.
EVALUATION OF COMPETENCIES: In addition to basic course content, the student will acquire certain General Education competencies and will demonstrate their acquisition of these skills and knowledge by successful achievement on class assessment measures. These General Education competencies will include the following:
COMMUNICATE EFFECTIVELY – 1) The student will prepare to read and listen with comprehension by reading the textbook (and periodicals), by taking notes in class and by taking examinations and quizzes. 2) The student will speak and write clearly using standard English by asking in-class questions and by doing an article summary (a two-page document).
THINK CRITICALLY – 1) The student will make connections in learning across the disciplines and draw logical conclusions by using information and concepts from the course and related disciplines such as management for learning.
LEARN INDEPENDENTLY – 1) The student will make choices based upon awareness of ethics and differing perspectives/ideas by participating in class discussions (case problems, etc.). 2) The student apply learning in academic, personal and public situations by understanding the issues facing the accounting profession or the business world today.
EXAMINE RELATIONSHIPS IN DIVERSE AND COMPLEX ENVIRONMENTS – 1) The student will develop an awareness of self as an individual member of a multicultural and global community by understanding different cultures and business practices in various countries.
GRADING: Four (out of five) exams (100 points each) 400 points
Homework 160 points
Four (out of five) quizzes (30 points each) 120 points
Article Summary 120 points
Total 800 points TOTAL
800 - 720 A
719 – 640 B
639 - 560 C
559 - 480 D
Below 480 E
You are allowed to drop your lowest grade among the five exams. If you missed one exam for any reason, it will be dropped as the lowest grade. Generally, no make-up exams will be given. However, under extreme circumstances, a make-up exam for the second exam missed could be given and it is worth a maximum of 90 points (you already lose at least 10 points).
In regard to quizzes, you are allowed to drop your lowest grade. If you missed one quiz for any reason, it will be dropped as the lowest grade. If you missed more than one quiz, a make-up quiz(zes) will be given. The make-up quizzes are generally more difficult.
The homework problems should be completed and reasonably correct for full credit. The problems are good preparation for exams. If you did not do your own homework honestly, you will have difficulty in passing the exams.
A batch of homework problems is due when you take the exam. Each batch of homework problems is worth 40 points (five batches x 40 points = 200 points). If the homework is turned in late, you will only receive one-half credit (20 points, instead of 40 points) No exceptions will be made! But if you happened to miss an exam, the homework problems are due when you return to the next class session and you will receive full credit.
The Article Summary is a two-page summary about an article on accounting or its related topic in a business-oriented magazine or periodical. The summary is due on Tuesday, Nov. 11 or earlier. Additional information about the article summary will be announced at a later date. The Article Summary may be graded on a “satisfactory” scale. A satisfactory grade (S) will give you a numerical score of 114 points – or an equivalent of 95 percent -- (out of 120 possible points), while satisfactory with a minus (S-) grade will give a score of 102. You must repeat an unsatisfactory summary to receive credit (maximum of “S-” grade or 102 points). If the summary is turned in late OR not typed for any reason, it will result in a reduction of one letter grade. If the summary is turned in late AND not typed, it will result in a reduction of two letter grades.
Please do not request extra credit assignments to compensate for an earlier unwillingness to work. This would be considered unfair to other members of the class.
Cheating of any sort, including plagiarism, will NOT be tolerated.
COURSE OUTLINE:
Tentative ACC 201-C781 Course Outline
Chapter 1 and 2
Chapter 3 and 4
Chapter 5, 6 and 7
Chapter 8 and 9
Chapter 10, 11 & 12
Exam # 5 (Final)
Note: Chapters may be added or deleted depending on class performance.
ATTENDANCE POLICY: VERY IMPORTANT! Students are expected to attend all classes. Good attendance and excellent attitude will influence the instructor when faced with a borderline grading situation.
It is the responsibility of the student to keep informed on classwork or homework assignments. Not knowing about an assignment or exam does not excuse one from submitting or taking it on time.
Chronic tardiness or early departure from a class is unacceptable and will be handled by the instructor on an individual basis. If you must leave during the class, please try to notify the instructor before the class begins.
MANDATORY PLACEMENT POLICY: If the degree-seeking student, who is enrolled in a KCTCS college for the first time in Fall 2008, has been identified by the college as having deficiencies in reading, writing or math, he or she must remedy the identified skill deficiencies prior to enrolling in entry-level courses for which those skills are essential. Therefore, students enrolled in this ACC 201-C781 course are expected to have minimum COMPASS scores in reading and mathematics.
WITHDRAWAL POLICY: Aug. 22 -- Last day to drop a course without a grade.
Oct. 11 -- Last day for students, at their discretion, to officially withdraw from a class and receive a grade of W.
Dec. 5 -- Last day for students, at the discretion of the instructor, to officially withdraw from a class and receive a grade of W. (It is the last day before the Final Exams Week! If you need to drop a course, you should see your instructor before that date.)
If the need arises for you to drop any course, make sure you complete the "drop and add" procedure required by the college. Failure to do so will result in the recording of an "E" as your final grade. The instructor has no control over this process.
SMOKING & OTHER POLICIES: In accordance with state regulations and policies, smoking in SKCTC buildings is not allowed. No drinks, food or other tobacco products are to be consumed in the classroom.
CONSUMER (STUDENT) INFORMATION:
The
following information is available on the Web site of Southeast Kentucky
Community and
AIDS Guidelines
Code of Student Conduct
Crime Awareness
Drug Free Policy
Financial Aid Information
Graduation Rate and Transfer Out Rate
Hepatitis B
Sexual Harassment Policy
Student Grievance Procedures
Student Handbook
Student Rights Under FERPA
STUDENTS WITH DISABILITIES:
Each college has a coordinator to assist students with their disabilities. Students with disabilities who desire academic accommodations must provide the coordinator with current documentation of their disability including evidence of the need for academic accommodations. Contact the local college’s Student Services Office for more details including the name and location of the Disability Coordinator.