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1 Semester: Spring MSVCC Term II Course Title: ACC2213 Principles of Accounting I Instructor: Gretta Biggs Prerequisite: None Instructor Contact Information: Co-requisite: None Phone: (228) Credit: 3 gbiggs@eccc.edu Classroom: Online Office: Online I. Required Course Materials: Textbook: Accounting 27e (ISBN: ) (with CengageNOW TM v2, 2 terms Printed Access Card & Working Papers) Authors: Warren, Reeve, and Duchac Publisher: Cengage Learning II. III. IV. Course Description: A study of the financial accounting principles that relate to business. The topics to be covered include the accounting cycle, accounting systems and controls for service and merchandising businesses, assets, liabilities, and equity. (Three semester credit hours) Teaching Methodology: 1. Weekly Reading Assignments 2. Weekly Homework Assignments 3. Quizzes 4. Comprehensive Problem 5. Non-Proctored Midterm Exam 6. Proctored Final Exam (Required to Pass Course and Weighted Heavily) Student Learning Outcomes: Students that complete this course will: 1. Students will analyze and record transactions according to GAAP 2. Students will prepare financial statements; balance sheet, income statement, and statement of owner s equity. (Information Technology) 3. Students will state the nine steps in the accounting cycle.

2 4. Students will analyze and record transactions for service and merchandising business accounting systems. 5. Students will identify proper internal control procedures. (Reading Comprehension) 6. Students will demonstrate proper accounting procedures for asset accounting. V. General Education Learning Outcomes: These are skills that a graduate of any program at E.C. should be able to perform. 1. Use standard American English 2. Read and follow complex written directions. 3. Choose appropriate and effective organizational pattern. 4. Apply mathematical concepts of measurement to solve a variety of real world problems. 5. Perform basic word processing operations including document creation, formatting, printing, and saving documents. 6. Analyze information and arguments in order to draw conclusion. 7. Interpret and apply information using visual materials. VI. Grading Evaluation: A: B: C: D: F: 59 or below Criteria for Determining Student Grades Assignments 20% Quizzes 15% Comprehensive Problem I 15% Midterm Exam 15% Final Exam 35% Total 100% VII. Policies: Confidentiality Refer to the student handbook. Academic Misconduct -- Scholastic dishonesty will not be tolerated. You are expected to complete all work for the course on your own. You may assist your classmates or receive assistance with regard to understanding the material, questions, or any other class assignments but you must answer all questions, quizzes, etc., on your own.

3 Plagiarism and cheating are serious academic offenses. Webster defines plagiarism as the act of taking and using as one s own the ideas or writings of another. Depending on the frequency or severity of a student s academic dishonesty, the instructor may lower the student s grade, deny credit for an exam or paper when there is evidence of plagiarizing or cheating, or recommend the student to the Vice Chancellor for Academic and Student Affairs for disciplinary action. Americans with Disabilities Act East Central Community College provides reasonable accommodations for students with disabilities through Disability Support Services (DSS). DSS verifies eligibility for accommodations and works with eligible students who have self-identified and provided current documentation. Students should contact Dr. Teresa Houston, ADA Coordinator at or Dr. Randall Lee, Vice President for Student Services at to establish a plan for reasonable accommodations and services. Attendance Policy Students are expected to log onto their class each week. You are responsible for weekly assignments and projects. Your attendance is noted each time you access the online course and participate in the weekly assignments. Proctored Exams-A proctored examination is an exam in which you must come to a testing center where a person checks your identity and then allows you to take the exam under supervision. IMPORTANT: All East Central Full-Term provided MSVCC courses require two proctored examinations, typically the mid-term and final exam. All East Central TERM I/TERM II MSVCC provided courses requires one proctored exam, typically the final exam. Your proctored examinations will account for 35% of your weighted total for MSVCC courses. Proctored exams may be in the form of computerized Canvas tests or paper tests. It is the student's responsibility to make an appointment with an official testing center. Make-Up Policy: Make-Up Policy for proctored exams will be handled on a case by case basis. Students who miss an announced test or class assignment due to an unofficial absence, must have instructor approval for a make-up test or to submit a late assignment. Approval will not be given unless the student presents a valid reason for having been absent.

4 Principles of Accounting I Course Outline: I. Introduction to Accounting and Business A. Nature of Business and Accounting 1. Types of Business 2. Types of Business Ownership 3. Ethics in Accounting and Business B. Generally Accepted Accounting Principles C. The Accounting Equation D. Business Transactions E. Financial Statements 1. Income Statement 2. Statement of Owner s Equity 3. Balance Sheet 4. Interrelationships among Financial Statements II. Analyze Transactions A. Using accounts to record transactions B. Creating a chart of accounts C. Double-entry accounting system D. Posting journal entries to accounts E. Trial balance III. The Adjusting Process A. The nature of adjusting B. Adjusting entries 1. Prepaid expenses 2. Unearned revenues 3. Accrued revenues 4. Depreciation expense C. Summary of adjustment process D. Adjusted trial balance IV. Completing the Accounting Cycle A. Flow of Accounting Information B. Financial Statements C. Closing Entries D. Worksheet V. Comprehensive Problem I VI. Accounting Systems A. Manual Systems B. Special journals C. Computerized Accounting Systems VII. Accounting for Merchandising Businesses A. Nature of merchandising businesses B. Merchandising transactions C. Financial Statements for a merchandising business

5 VIII. IX. D. The adjusting and Closing Process E. Inventories 1. Control of inventory 2. Inventory of cost flow assumptions 3. Inventory costing methods under a perpetual inventory system 4. Inventory costing methods under a periodic inventory system 5. Comparing inventory costing methods 6. Reporting merchandising inventory in the financial statements Sarbanes-Oxley, Internal Control, and Cash A. Sarbanes-Oxley Act of 2002 B. Internal Control C. Cash Controls D. Bank Accounts E. Bank Reconciliation F. Special-purpose Cash Funds G. Financial Statement Reporting of Cash Receivables A. Classification of Receivables B. Uncollectible Receivables C. Direct Write-off Method D. Allowance Method E. Notes Receivable F. Reporting Receivables X. Fixed Assets and Intangible Assets A. Nature for Depreciation B. Accounting for Depreciation C. Disposal of Fixed Assets D. Natural Resources E. Intangible Assets F. Financial reporting for fixed assets and intangible assets