PRINCIPLES OF ACCOUNTING LEVEL 2 Course Syllabus Course Code: ACC 102 Course Type: 135 hours/4 Months (120 Days) A. COURSE DESCRIPTION Our Principles of Accounting Level 2 course provides students with a solid understanding of a variety of accounting subjects that are uniquely applicable to managing business operations. Students will take a closer look at cash flow management and accounting for business financing provided through borrowing and equity-based capital. Organized budgeting processes are essential to successful business operations, and our curriculum will examine a comprehensive budgeting model as well as techniques for evaluating long-term capital budgeting decisions. B. METHOD OF INSTRUCTION This course is self-paced, independent study, in an online environment. It takes a lot more discipline than an in person class. You are responsible for scheduling your study time and sticking to it regularly. This course will take approximately 135 hours to complete. This includes your reading, module activities, and module exams. The text for this course is an embedded PDF textbook. Each of your modules consists of reading materials, learning activities, videos, websites, and a module exam. Your module exams determine your grade in the course. The final module of the course involves a cumulative, timed, proctored exam. Your exams include questions from the reading only, however we encourage you to view all the videos and read the associated articles. These materials are an extension of your reading materials and will be great resources for you in the future. C. LEARNING OUTCOMES 1. Differentiate between operating, investing, and financing activities 2. Describe how managerial accounting supports planning, directing, and controlling activities within an organization 3. Recall the critical assumptions of cost-volume-profit analysis and how stocks and bonds are used 4. Identify how to calculate factory overhead volume and controllable variances and their implications in assessing overhead spending and efficiency 5. Recognize how to make proper long-term investment decisions Principles of Accounting Level 2 1
D. COURSE TOPICS/UNITS Module # and Topics Module 1: The Statement of Cash Flows Module Subtopics Module Objectives Assignments Outcomes How is Cash Flow to Be Monitored Operating Investing Cash Received From Customers Cash Paid for Inventory Alternative View of Operating Investing Using a Worksheet to Prepare the Statement Balance Sheet Account Comprehensive Example Recall the steps in cash flow management Identify operating activities included as routine transactions Differentiate between noncash investing and financing activities Identify the common models you can use to calculate cash collected from customers Identify the common models you can use to calculate cash paid for inventory Differentiate between the direct and indirect approaches in operating activities for business Identify what the net cash generated or consumed should equal for the period Define noncash investing and financing activities Identify the activities of a business which should enter into the determination of ongoing income Recall a common problem for successful growing businesses 1 PDF 1 Principles of Accounting Level 2 2
Module 2: Issues in Accounting for Corporate Debt and Equity Alternative Types of Capital Stock Accounting for Preferred Stock Long-Term Notes Payable Level Payment Notes Calculating the Amount of a Level Payment Bonds Payable Bond Pricing Accounting for Bonds Payable Issued at Par Accounting for Bonds Payable Issued at a Discount Bonds Issued Between Interest Dates The Professional Managerial Accountant Role of Management Accounting Planning Duties Directing/ Controlling Duties Cost Components Manufacturing Overhead Distinguishing Between Variable and Fixed Variable Costs Types of Fixed Costs Relevant Range A Closer Look at Cost Accumulation Combining Schedules Identify types of capital stock Recall the process of accounting for preferred stock Identify the effects of loans that span over 3, 5, and 10 years Identify the concept of present value Recall the calculation of level payment notes Define annuity Define bonds payable Define the types of bonds: secured, debenture, and sinking fund, convertible, and callable Identify the pieces of an amortization table Recall the characteristics between year-end and frequency of interest accruals 2 PDF 1, 3 Module 3: Introduction to Managerial Accounting Define the types of designations for accountants Identify the varying roles of management accounting Define various planning topics: operating, capital, and financial budges and cost-volume-profit analysis Identify the duties of the management accountant necessary to information systems Identify the duties of the controller Identify the duties of the chief financial officer Recall the key topics related to directing and controlling in managerial accounting Differentiate between direct and indirect materials Identify the SG&A of manufacturing costs Identify the aspects to consider in thinking about the unique attributes for the financial statements of a manufacturer 3 PDF 2 Principles of Accounting Level 2 3
Module 4: Costing Methods Job Costing Materials Requisition Job Costing and the Ledger Differences Between Actual and Applied Overhead Mandatory Reporting for Overhead Process Costing Environments Cost of Production Report Case Study in Process Costing ABC Modeling ABC Example Identify the logical point for determining the amount of direct labor that is attributable to a specific job Define materials requisition Recall the steps in creating a robust general ledger system Differentiate between the characteristics of actual and applied overhead Define GAAP Identify the items assigned to the work in process section that are eventually transferred in process costing Define equivalent units Identify the steps in activitybased costing Identify the activities which link to cost objects at many levels Define the purpose of the ABC model Define mixed costs Identify how CVP is helpful in assessing relationships Define contribution margin Recall the steps in the algebra break-even and targeted income analysis Identify the most significant costs of doing business Recall the models of cost behavior Define absorption costing Identify the helpfulness of comparing income measures under absorption and variable costing Define residual income Recall the most general approach used for business assessments 4 PDF 4 Module 5: Cost-Volume- Profit Analysis Mixed Costs Cost-Volume-Profit Analysis Contribution Margin The Algebra of Break-Even and Targeted Income Analysis Influence of Taxes Changing Revenues Multiple Products CVP Assumptions Comprehensive Income Statements Under Variable and Absorption Costing Evaluating Residual Income 5 PDF 3 Principles of Accounting Level 2 4
Module 6: Budgeting Purpose of Budgeting Benefits of Budgeting Responsibility Accounting Budgets Drive Efficiency Budgeting Drawbacks Quality Estimates Production Budget Purchases and Payments for Materials Flexible Budgets Benefits of Technology in Budgeting What are Standards Controlling Via Standards Establishing Standards General Variance Model Variances Relating to Direct Material Materials Price Variance Materials Quantity Variance Variances Relating to Direct Labor Variances Related to Factory Overhead Impact on the Ledger Identify the expectations of setting a budget Recall the benefits in setting a budget Define responsibility accounting Identify the role a budget plays in avoiding business constraints Identify the individuals included in a budget committee Define a comprehensive budget Differentiate between incremental and zero-based budgeting Recall the basis of the purchase of materials Define flexible budgeting Recall the benefits of technology in budgeting 6 PDF 2, 5 Module 7: Standard Costs and Variances Define standards Identify what is required to achieve results to planned or predetermined standards in a business Recall the steps in establishing standards Define materials price variance Identify the equation which reveals the difference between standard costs of the standard quantity of materials that should be used Differentiate between labor rate and labor time variance Identify the items which consist in variable overhead Recall the equation for labor time variance Differentiate between the characteristics of factory overhead volume variance and factory overhead controllable variance Identify the action which would not help avoid an unfavorable sales volume variance 7 PDF 4 Principles of Accounting Level 2 5
Module 8: Responsibility Concepts and Sound Decision- Making Analytics Module 9: Steps to Course Completion Responsibility Accounting Concepts Accumulation of Information to Match Centers Management by Exception Sunk Costs A General Framework for Making Sound Business Decisions Applying the General Framework Capital Expenditures Making Decisions About Long-Term Investments Net Present Value Internal Rate of Return Final Exam Course Survey Certificate of Completion Identify types of business feedback Identify the responsibility concepts surrounding the role of the manager Recall the process of accumulation of information to match centers Define management by exception Define sunk costs Define relevant items Recall the pieces of the general framework for making sound business decisions Define capital expenditures Identify the important concepts in making decisions about long term investments Define net present value N/A 8 PDF 1. Take the Optional Cumulative Practice Final Exam 2. Review the Proctored Exam Information 3. Create an Account with Proctor U 4. Schedule an Exam Time 5. Take the Cumulative Proctored Final Exam 6. Submit the Course Survey 7. Print Your Certificate of Completion 5 1, 2, 3, 4, 5 Principles of Accounting Level 2 6
E. TEXTBOOK(S) AND REQUIRED MATERIALS Textbook (required): Principles of Accounting Volume 2 by Larry Walther (All required materials are included in your tuition, there are no additional fees.) F. GRADING RUBRIC We use a percentage system for grading quizzes. A = 90-100% B = 80-89% C = 70-79% D = 60-69% F = 0-59% G: PROCTORED FINAL EXAM Total Points Percentage Average Letter Grade 810-900 90 100 % A 720-809 80 89 % B 630-719 70 79 % C 540-629 60 69 % D 0-539 0 59 % F The final module of this course consists of a one hour, 50 question, cumulative proctored exam proctored by ProctorU. You will need to have access to a webcam, microphone and a computer in order to take the proctored final exam. You will need to create an account at https://go.proctoru.com prior to scheduling your final exam. From there, you can select your exam and create an appointment. Possible dates for the exam will appear in a calendar. All exams need to be scheduled 72 hours in advance in order to not incur any additional cost. The normal fee for proctoring is covered in your tuition. If you need to take an exam sooner than 72 hours there will be an additional fee. Once you are logged in to take the exam, you will be introduced to your proctor who will walk you through the proctoring process. You will need to hold up your government issued photo ID to help the proctor authenticate your identity. Then, the proctor will have you pan the webcam 360 degrees around the room so they can see the surroundings. This step is followed to ensure there are no unauthorized materials in the workspace. During the exam, the proctor is using screen-sharing and audible programs to monitor your surroundings to ensure academic integrity. To learn more about the proctoring process, go to: http://proctoru.com/portal/ed4online. Principles of Accounting Level 2 7
H: SYSTEM REQUIREMENTS Internet Connection Broadband or High-Speed - DSL, Cable, and Wireless Connections *Dial-Up internet connections will result in a diminished online experience. Classroom pages may load slowly and viewing large audio and video files may not be possible. Hardware Requirements Processor - 2GHz Processor or Higher Memory - 1 GB RAM Minimum Recommended *While our courses are accessible through multiple mobile learning platforms, some courses may include a CD or DVD with the Textbook, so you may need access to a computer with CD-ROM or DVD Drive. PC Software Requirements Operating Systems - Windows 7 or higher Microsoft Office 2007 or higher. Also, you could use a general Word Processing application to save and open Microsoft Office formats (.doc,.docx,.xls,.xlsx,.ppt,.pptx) Internet Browsers - Google Chrome is highly recommended o Cookies MUST be enabled o Pop-ups MUST be allowed (Pop-up Blocker disabled) Kindle Reader App is needed for many of our courses (No special equipment needed. This can be downloaded for FREE onto your computer.) PowerPoint Viewer (if you do not have PowerPoint) Adobe PDF Reader QuickTime, Windows Media Player &/or Real Player MAC Software Requirements Operating Systems - Mac OS x 10 or higher with Windows Mac office programs or a Word Processing application to save and open Microsoft Office formats (.doc,.docx,.xls,.xlsx,.ppt,.pptx) Internet Browsers- Google Chrome is highly recommended o Cookies MUST be enabled o Pop-ups MUST be allowed (Pop-up Blocker disabled) Kindle Reader App is needed for many of our courses (No special equipment needed. This can be downloaded for FREE onto your computer.) PowerPoint Viewer (if you do not have PowerPoint) Adobe PDF Reader Apple QuickTime Media Player Courses that include a CD-ROM or DVD may require an external drive and Parallels software to view. Principles of Accounting Level 2 8
I: College Credit Recommendation Courses offered by Ed4Online that are included in the Alternative Credit Project have undergone ACE s credit recommendation process and have been granted an ACE CREDIT recommendation. This class has been recommended for three (3) college credits. ACE CREDIT has been recommending college credit for non-classroom learning for over 30 years and ACE s credit recommendations are considered by over 2,000 colleges and universities across the United States. Accommodations of Disability Policy It is the policy of Ed4Online, LLC, (Ed4Online.com) to provide an appropriate environment to optimize learning of educational materials. Anyone that needs additional assistance for a disability can contact Ed4Online to make additional accommodations, when available. Ed4Online can be contacted by emailing info@ed4online.com or by calling 800-939- 0734. Online Etiquette & Courtesy Online communications need to be composed with fairness, honesty and tact. Spelling and grammar are very important in an online course. What you put into an online course reflects on your level of professionalism. It is important not to take disagreement personally. Responses to different ideas and observations need to be objective. Being objective means maintaining boundaries and not making personal attacks on the ability of others or making statements that have the potential to be taken personally. An important part of online learning is discussion. Differences in thinking are good because our knowledge is broadened. Because we have differences, we will have conflict. The important thing is to handle conflict in a way that does not create defensiveness which blocks learning. Here are online references that discuss online netiquette http://www.albion.com/netiquette/corerules.html Academic Integrity Ed4Online expects students to exhibit academic integrity through their educational experiences and to avoid all forms of academic dishonesty. Academic dishonestly, which includes but is not limited to plagiarism, collusion, abuse of resource materials, cheating on an examination, or other academic work to be submitted, is subject to disciplinary action. Students are allowed to reference course materials while taking quizzes and tests due to their emphasis on application; however, exams must be taken independently. Students found responsible for an act or acts of academic dishonestly will be subject to academic and disciplinary sanctions. Academic sanctions may include withdrawal from the course with a grade of F and/or a reduction of a grade Principles of Accounting Level 2 9
in the course. Disciplinary sanctions may include suspension for a specified period of time, permanent separation from the program, and/or filing of criminal charges. No certificate of completion will be given if the course is completed by anyone other than you. When you enroll in the course you are stating under penalty of perjury that you, and not another person, studied the material in its entirety and completed all requirements. By registering for this course, you understand that it may be a crime to make false statements or to falsify documents submitted. Best Practices for Online Ed4Online provides instruction in an online learning environment. An online learning environment needs structure for effective communication to occur. Below is a list of guidelines for effective online communication: Stay engaged and on-task in your course. Utilize good time management skills. Read your messages in the message system. Communicate with a respectful, professional tone in discussion threads (collaborative learning). Uphold the standards of Academic Integrity set forth by this company. Avoid typing in all caps. Typing in all caps in the online environment is viewed as SHOUTING and should not be used. If you wish to place emphasis on an important passage, use bold. Recognize that you are participating in an online dialogue. Use correct spelling and grammar in all forms of your writing. Utilize Netiquette standards in all forms of communication. Principles of Accounting Level 2 10