1 MISSISSIPPI GULF COAST COMMUNITY COLLEGE COURSE OF STUDY Date Revised Fall 2017 Course Number and Name: ACC 2213 Principles of Accounting I Department/Program: Instructor: Business Tracy Morgan Tracy.morgan@mgccc.edu (601)401-1604 Semester Credit Hours: 3 Contact Hours Per Week: Lecture: 3 Laboratory: 0 Prerequisite Courses: None Course Description: This course is designed to give an understanding of recording, classifying, and summarizing of business transactions and events with insight into interpreting and reporting the resulting effects upon the business. Special emphasis is placed on the accounting cycle and transactions involving asset accounts.
2 The student will: COURSE LEARNING OUTCOMES Estimated In Class hours Estimated Out of Class hours Recognize the types of businesses and business organizations 2 4 Know the accounting equation and be able to recognize how individual transactions affect the equation 3 6 Understand the laws of debit and credit 5 10 Record transactions in the general journal, post the journal to the ledger, and produce a trial balance 6 12 Complete worksheets, prepare financial statements and understand the closing process 3 6 Analyze and record transactions peculiar to merchandising businesses 6 12 Be familiar with events relating to cash and cash management 5 10 Understand the process of writing off uncollectible accounts, calculate due dates and interest for notes and make journal entries as needed to record transactions affecting receivables 5 10 Value inventories under both periodic and perpetual systems using FIFO, LIFO, and average costing systems 5 10 Calculate depreciation of fixed assets by various formulas and record the acquisition and disposition of non-current assets 5 10 Totals 45 90 CONTENT OUTLINE 1) Introduction to Accounting and Business Nature of a Business The role of accounting in business Generally Accepted Accounting Principles The accounting equation Introduction to financial statements 2) Analyzing Transactions Account characteristics Analyzing and summarizing transactions in accounts Preparation of a trial balance 3) The Adjusting Process The matching concept
3 Recording adjusting entries 4) Completing the Accounting Cycle Preparing a worksheet Preparing financial statements The closing process 5) Accounting Systems Subsidiary ledgers Special Journals 6) Accounting for Merchandising Businesses Recording sales and purchase transactions Calculating discounts Transportation costs Multiple-step income statement 7) Sarbanes-Oxley, Internal Controls, and Cash Internal controls Bank reconciliations Petty Cash 8) Receivables Writing off uncollectible accounts Accounting for notes receivable 9) Inventories Perpetual inventory costing methods o FIFO o LIFO Periodic inventory costing methods o FIFO o LIFO o Average Other inventory costing methods 10) Fixed Assets and Intangible Assets Recording the acquisition and disposal of fixed assets Calculating depreciation o Straight-line o Declining-balance o Units of production Intangible assets
4 REFERENCES/TEXTBOOK: Accounting, 25th Edition; Reeves, Fess, Duhac; Cengage Publishing ISBN: 978-1-133-60760-1 Textbook free resources website: http://www.cengagebrain.com/cgiwadsworth/course_products_wp.pl?fid=m20b&product_isbn _issn=9781133607601&token= EVALUATION AND ASSESSMENT METHODS: Final averages are based on a combination of homework and test grades. A standard 10-point grading scale is used: 100-90 = A 89-80 = B 79-70 = C 69-60 = D Below 60 = F GRADE Breakdown: 45% 3 Non-Proctored Tests, 15% each 30% Proctored Test (counts Twice) 15% 1 Comprehensive Project (Test Grade) 10% Homework, Lecture Quizzes, and OOM Module Assignments
5 Reasonable Accommodation Mississippi Gulf Coast Community College is in compliance with Section 504 of the Rehabilitation Act of 1973 as amended and the Americans with Disabilities Act of 1990. Prospective students who require special and reasonable accommodation(s) because of physical or mental impairment must make their needs known prior to enrollment at Mississippi Gulf Coast Community College. Prospective students must follow the guidelines in the college catalogue. If you have a disability of any kind and will need reasonable accommodations or assistance in the classroom or with this course, please see the instructor the first day of attendance. Equal Opportunity Mississippi Gulf Coast Community College is an Equal Opportunity Employer and welcomes students and employees without regard to race, color, religion, national origin, sex, age or qualified disability. For further information, contact the Equal Opportunity Officer at a Mississippi Gulf Coast Community College Center, Campus, or the District Office. Compliance is coordinated by the Vice President for Administration and Finance, Perkinston Campus, P. O. Box 609, Perkinston, Mississippi 39573, telephone number 601-928-5211.