College of
Micronesia - FSM
Division of
Business Administration
AC 131 –
ACCOUNTING 1
Syllabus – Spring
2010
Instructor: Rafael A. Pulmano, CPA, MBA
Office: Faculty Building - Room F103
Phone: 320-2481 ext. 110
Email: pulmano@comfsm.fm
Web Page: http://comfsm.fm/~pulmano
Class Schedules: TTH • 12:30-1:55 PM / 2:00-3:25 PM • January 7 - April 30, 2010
Office hours: MWF, 2:00-3:00 PM; TTH, 11:00-12:00 NN; and by appointment
General Course Objective:
Establish a foundation for the understanding of the accounting environment, basic accounting concepts, and the accounting model. Each step of the accounting cycle is covered in detail. Also covered are the sales, purchases, cash receipts and cash payments journals and their accompanying accounts receivable and accounts payable subsidiary ledgers; cash; and preparation of financial statements.
Specific Course Objectives: The student will be able to:
1.
Identify the users, preparers, and purposes of accounting
information. The student will also
be able to identify the forms of business organizations and types of business
transactions and prepare a balance sheet.
2.
Identify and discuss the broad classes of accounts. Explain the basic purpose of the
principal financial statements and the type of information contained in
each. Additionally, the student
will be able to prepare a simple trial balance, balance sheet, income
statement, and owner's equity statement with at least 70% accuracy.
3.
Describe what constitutes a business transaction. Analyze and record transactions in the
general journal and post in the general ledger using the double-entry
accounting system.
4.
Explain the matching concept. Calculate adjustments for supplies used, rent or insurance
prepaid, depreciation, wages unpaid, and income unearned at the end of the
accounting period and complete the worksheet.
5.
Prepare financial statements from the worksheet and journalize
and post adjustments.
6.
Journalize and post closing entries and prepare a post-closing
trial balance.
7.
Use the sales journal and post to accounts receivable and its
subsidiary ledger. Be able to
record sales returns and allowances and sales of assets other than merchandise
on account.
8.
Use the purchases journal and post to accounts payable and its
subsidiary ledger. Be able to
record purchases returns and allowances and purchase of assets other than
merchandise on account.
9.
Use the Cash Receipts and Cash Payment Journals and post to
accounts receivable and account payable general and subsidiary ledgers.
10.
Record cash receipts.
Reconcile a bank statement and record the bank charges. Maintain a petty cash system and change
fund.
11.
Calculate the adjustments for merchandise inventory,
deferrals, and accruals for a merchandising business and journalize and post
adjusting entries.
12.
Prepare and analyze financial statements; prepare and
journalize closing (and reversing) entries for a merchandising business. Prepare a post-closing trial balance.
Textbook:
Paradigm
College Accounting, Revised 4th Edition, by Dansby, Kaliski &
Lawrence. Only Chapters 1-10
shall be covered.
Required Course Materials:
"Working Papers/Study Guide" manual (Ch.1-18) – Only Chapters 1-10 shall be used. Calculator, pens (blue or black plus red ink), pencil, and ruler.
Composition of Final Grade:
Homework / Assignments - 20%
Quizzes / Class works - 20%
Midterm Exam - 20%
Final Exam - 20%
Comprehensive Problem Solving - 20%
Grading:
|
A |
B |
C |
D |
F |
|
90 – 100% |
80 – 89% |
70 – 79% |
60 – 69% |
59% & under |
Academic Honesty:
Cheating of any form on any assignment, quiz, or exam will result in a zero for that assignment, quiz, or exam AND possibly further disciplinary action. Please read the catalog to familiarize yourself with the entire academic honesty policy.
Attendance:
• The
college attendance policy shall be adhered to. Mandatory attendance is at the discretion of the instructor,
and it is this instructor's discretion that your fifth (5th) absence will
result in automatic withdrawal from the class or an "F", depending on when it
occurs.
• You
are expected to come to class having read the material and ready to learn how
to apply your newly found knowledge in your environment, regardless of whether
you were present or absent during the previous meeting.
• You
are also expected to make every effort to take exams when scheduled. There will be no make up
quizzes/exams. Graded class works
are treated as quizzes. If
you miss a class work, exam or quiz for whatever reason, you will automatically
get a grade of zero percent (0%) for that particular activity.
• All
homework assignments must be turned in on time regardless of attendance. Late assignments will not be accepted.
• If
you miss any lesson from lectures, class discussions, handouts or class
activities, it is your responsibility to inquire either from me or from your
classmates and exert efforts to keep yourself up-to-date.
• At
the beginning of each class an Attendance Sheet will be passed around for you
to sign. If you come in late, it
is your responsibility to approach and let me know you were there to make sure
you were not marked absent.
• Extra
points will be given based on your participation in seat work, board work and
class discussions, asking relevant questions about the lecture material,
attendance, and being on time.
Note: In the
interest of achieving course objectives, this syllabus may be changed by the
instructor at any time during the course of the semester. However, any such
changes shall be communicated to the class promptly.
COURSE OUTLINE
|
Day |
TOPIC / ACTIVITY |
|
Jan 7 Thursday |
Topic: Introduction
to the course Activity: Pretest;
Distribution & Explanation of Syllabi; Introduction to Accounting 1 For Next Meeting: Read Chapter 1 – The Nature of Accounting, pages 1-12;
Homework #1 – Answer Chapter 1 Concepts Review questions 1-10, page 24 |
|
Jan 12 Tuesday |
Topics:
Accounting and related terms; users of accounting information; forms
of business organizations; types of business operations; elements of
accounting; the accounting equation; business transactions; recording
business transactions in equation form. Activities: Review/submission
of HW #1; Lecture/discussion on current topics; Illustrative problem solving For Next Meeting: Homework #2 – Solve Problem 1-3A, page 28; Continue Reading
Chapter 1, pages 13-24; Homework #3 – Answer Chapter 1 Concepts Review
questions 11-15, page 24 |
|
Jan 14 Thursday |
Topics:
Four types of transactions that affect owner's equity; three basic
financial statements Activities: Review/submission
of HW # 2 & 3; Lecture/discussion on current topics; Illustrative problem
solving For Next Meeting: Homework #4 – Solve Problem 1-5A, page 29; QUIZ in Chapter 1. |
|
Jan 19 Tuesday |
Topics:
All topics in Chapter 1 Activities: QUIZ in Chapter 1; Review/submission of HW #4 For Next Meeting: Read Chapter 2 – Recording Business Transactions, pages
37-42; Homework #5 – Answer Chapter 2 Concepts Review questions 1-6, page 56 |
|
Jan 21 Thursday |
Topics:
Double-entry accounting; the standard form of account; the T-account;
rules of debit and credit for asset, liability, and owner's equity accounts;
recording transactions in assets, liability, and owner's equity accounts Activities: Review
of solution to Quiz in Chapter 1; Review/submission of HW #5;
Lecture/discussion on current topics; Illustrative problem solving For Next Meeting: Continue reading Chapter 2, pages 42-56;
Homework #6 – Answer Chapter 2 Concepts Review questions 7-14, page 56 |
|
Jan 26 Tuesday |
Topics:
The need for temporary owner's equity accounts; rules of debit and
credit for temporary owner's equity accounts; recording business transactions
in T accounts; preparing a trial balance Activities: Review/submission
of HW #6; Lecture/discussion on current topics; Illustrative problem solving For Next Meeting: Homework #7 – Solve Problem 2-4A, page 60; QUIZ in Chapter 2 |
|
Jan 28 Thursday |
Topics:
All topics in Chapter 2 Activities: QUIZ in Chapter 2; Review/submission of HW #7 For Next Meeting: Read Chapter 3 – Starting the Accounting Cycle for a Service
Business, pages 67-75; Homework #8 – Answer Chapter 3 Concepts Review
questions 1-4, page 94 |
|
Feb 2 Tuesday |
Topics:
The standard form of a two-column journal; recording business
transactions in a two-column journal Activities: Review of solution to Quiz in Chapter 2; Review/submission
of HW #8; Lecture/discussion on current topics; Illustrative problem solving For Next Meeting: Homework #9 – Solve Problem 3-1A, page 97; Continue reading
Chapter 3, pages 75-81; Homework #10 – Answer Chapter 3 Concepts Review
questions 5-10, page 94 |
|
Feb 4 Thursday |
Topics:
Chart of accounts; posting from a two-column journal to ledger
accounts; preparing a trial balance from a ledger after posting; the
four-column ledger account form Activities: Review/submission of HW #9 & #10; Lecture/discussion on
current topics; Illustrative problem solving For Next Meeting: Homework #11 – Solve Problem 3-3A, page 97; Continue reading
Chapter 3, pages 82-94; Class work in Chapter 3; Homework #12 – Answer
Chapter 3 Concepts Review questions 11-14, page 94 |
|
Feb 9 Tuesday |
Topics:
Locating and correcting errors in the accounting process; correcting
entries Activities: Review/submission of HW #11 & #12; Lecture/discussion
on current topics; Illustrative problem solving; Class work – Problem 3-5A,
pages 99-100 For Next Meeting: Homework #13 – Solve 3-4A, page 99; QUIZ in Chapter 3 |
|
Feb 11 Thursday |
Topics:
All topics in Chapter 3 Activities: QUIZ in Chapter 3; Completion and submission of class work – Problem 3-5A; Review/submission of HW #13 For Next Meeting: Read Chapter 4 – The Accounting Cycle Continued: Work Sheet,
Financial Statements, and Adjusting Entries, pages 110-120; Homework #14 –
Answer Chapter 4 Concepts Review questions 1-11, page 131 |
|
Feb 16 Tuesday |
Topics:
The need for adjusting entries; making adjusting entries for supplies
used, expired insurance, depreciation, and unpaid wages; completing a work
sheet for a service business Activities: Review of solution to Quiz in Chapter 3; Review/submission
of HW #14; Lecture/discussion on current topics; Illustrative problem solving For Next Meeting: Homework #15 – Solve Problem 4-2A, page 135; Continue reading
Chapter 4, pages 120-131; Homework #16 – Answer Chapter 4 Concepts Review
questions 12-14, pages 131-132 |
|
Feb 18 Thursday |
Topics:
Preparing financial statements from a work sheet; journalizing
adjusting entries Activities: Review/submission of HW #15 & #16; Lecture/discussion
on current topics; Illustrative problem solving; Review pointers for the
Midterm Examination For Next Meeting: Homework #17 – Solve Problem 4-5A, pages 139-140; MIDTERM
EXAMINATION |
|
Feb 23 Tuesday |
Topics: All
topics covered in Chapters 1-4 Activity: MIDTERM EXAMINATION; Review/submission of HW #17 For Next Meeting: Read Chapter 5 – Completing the Accounting Cycle for a
Service Business: Closing Entries and the Post-Closing Trial Balance, pages
145-163; Homework #18 – Answer Chapter 5 Concepts Review questions 1-8, page
164 |
|
Feb 25 Thursday |
Topics:
The purpose of the closing process; journalizing and posting closing
entries; preparing the post-closing trial balance Activities: Review of solution to Midterm Examination;
Review/submission of HW #18; Lecture/discussion on current topics;
Illustrative problem solving For Next Meeting: Homework #19 – Solve Problem 5-2A, pages 167-168; Homework
#20 – Answer Chapter 5 Concepts Review questions 9-14, page 164 Class work in
Chapter 5 |
|
Mar 2 Tuesday |
Topics:
The work sheet, adjusting and closing process (review) Activities: Review/submission of HW #19 & #20; Class work – Problem
5-3A, pp. 168-169 For Next Meeting: Read Chapter 6 – Cash and the Combined Journal, pages
179-189; Homework #21 – Answer Chapter 6 Concepts Review questions 1-7, page
210 |
|
Mar 4 Thursday |
Topics:
Definition of cash in accounting; internal control procedures related
to cash; recording transactions in a combined journal, posting the combined
journal to the ledger, and cross-referencing the two records Activities: Review of solution to last meeting's class work; Review solution and submission of HW
#21; Lecture/discussion on current topics; Illustrative problem solving For Next Meeting: Homework #22 – Solve Problem 6-2A, pages 213-214; Continue
reading Chapter 6, pages 190-195; Homework #23 – Answer Chapter 6 Concepts
Review questions 9-16, page 210 |
|
Mar 9 Tuesday |
Topics:
Accounting for the petty cash fund, change fund and cash
shortages/overages; Activities: Review/submission of HW #22 & #23; Lecture/discussion on current topics;
Illustrative problem solving; Class work – Problem 6-3A, page 215 For Next Meeting: Continue reading Chapter 6, pages 196-209; Homework #24 –
Answer Chapter 6 Concepts Review questions 17-20, page 210 |
|
Mar 11 Thursday |
Topic:
Bank reconciliation Activities: Review of solution to last meeting's class work; Review/submission of HW #24; Lecture/discussion
on current topic; Illustrative problem solving; Class work – Problem in bank reconciliation (TBA) For Next Meeting: QUIZ in Chapter 6; Read Chapter 7 – Accounting for
Merchandising Business: Purchases and Cash Payments, pages 221-233; Homework
#25 – Answer Chapter 7 Concepts Review questions 1-12, pages 251-252 |
|
Mar 16 Tuesday |
Topic:
Procedures and forms used in purchasing merchandise; recording credit
purchases in a general journal and a purchases journal, and posting to the
accounts payable ledger and the general ledger Activities: Review of solution to Quiz in Chapter 6; Review/submission of HW #25;
Lecture/discussion on current topic; Illustrative problem solving; For Next Meeting: Homework #26 – Solve Exercises 7-3 and 7-4, pages 252-253 ;
Continue reading Chapter 7, pages 234-251; Homework #27 – Answer Chapter 7
Concepts Review questions 13-21, page 252 |
|
Mar 18 Thursday |
Topic:
Recording purchases returns and allowances; recording purchases
discounts; recording cash payments in a cash payments journal and posting to
the accounts payable ledger and the general ledger; preparing a schedule of
accounts payable; recording freight charges on incoming merchandise Activities: Review/submission of HW #26 & #27; Lecture/discussion
on current topic; Illustrative problem solving; For Next Meeting: Homework #28 – Solve Problem 7-2A, pages 254-255; Read
Chapter 8 – Accounting for a Merchandising Business: Sales and Cash Receipts,
pages 267-278; Homework #29 – Answer Chapter 8 Concepts Review questions
1-10, page 297 |
|
Mar 23 Tuesday |
Topic:
Procedures and forms used in selling merchandise; recording of sales
of merchandise in a sales journal and posting to the general ledger and the
accounts receivable ledger; recording sales returns and allowances; recording
sales discounts; preparing a schedule of accounts receivable Activities: Review/submission of HW #28 & #29; Lecture/discussion
on current topic; Illustrative problem solving; Class work – Exercise 8-10,
page 300 For Next Meeting: Homework #30 – Solve Problem 8-1A, pages 300-301; Continue
reading Chapter 8, pages 278-297; Homework #31 – Answer Chapter 8 Concepts
Review questions 11-14, page 297 |
|
Mar 25 Thursday |
Topics:
Recording cash receipts in a cash receipts journal and posting to the
general ledger and the accounts receivable ledger; recording credit card
sales Activities: Review/submission of HW #30 & #31; Lecture/discussion
on current topics; Illustrative problem solving For Next Meeting: Homework #32 – Solve Problem 8-4A, pages 302-303; QUIZ and
Class Work in Chapters 7 & 8 |
|
Mar 30 Tuesday |
No class – COM-FSM Founding Day |
|
Apr 1 Thursday |
No class – Easter Recess for Students |
|
Apr 6 Tuesday |
Topics:
All topics covered in Chapters 7 & 8 Activities: QUIZ in Chapters 7 & 8; Review/submission of HW #32 For Next Meeting: Read Chapter 9 – Work Sheet and Adjustments for a
Merchandising Business, pages 317-337; Homework #33 – Answer Chapter 9
Concepts Review questions 1-9, page 337 |
|
Apr 8 Thursday |
Topics:
Making adjustments to the Merchandise Inventory Account; Making other
needed adjustments and completing a work sheet for a merchandising business Activities: Review of solution to Quiz in Chapters 7 & 8;
Review/submission of HW #34; Lecture/discussion on current topics;
Illustrative problem solving For Next Meeting: Homework #35 – Solve Problem 9-3A, pages 340-341; Read
Chapter 10 – Financial Statements and Closing Entries for a Merchandising
Business, pages 349-379 |
|
Apr 13 Tuesday |
Topic:
Preparing financial statements for a merchandising business Activities: Review/submission of HW #35; Lecture/discussion on current
topics; Illustrative problem solving For Next Meeting: Homework – Solve Problem (handout); Homework #36 – Answer
Chapter 10 Concepts Review questions 1-10, page 380 |
|
Apr 15 Thursday |
Topic:
Preparing a post-closing trial balance; making reversing entries for
accrued (unpaid) salaries Activities: Review/submission of HW #36; Lecture/discussion on current
topics; Illustrative problem solving; Class work – adjusting and closing
entries(handout problem - continued) For Next Meeting: Homework #37 – Answer Chapter 10 Concepts Review questions
11-14, page 380 Bring textbook, answer sheets to Comprehensive Review Problem
2 (Mills Sporting Goods Store), pen (blue or black), pencil, calculator,
ruler, and short file folder |
|
Apr 20 Tuesday |
Topic: The
complete accounting cycle Activity: Review
solution and submission of HW #37; Comprehensive Problem Solving - Start |
|
Apr 22 Thursday |
Topic: The
complete accounting cycle Activity: Comprehensive Problem Solving - Continue |
|
Apr 27 Tuesday |
Topic: The
complete accounting cycle Activity: Comprehensive Problem Solving - Complete & Submit |
|
Apr 29 Thursday |
Topic: Coverage
of Final Exam Activity: Review
pointers for the Final Exam |
|
May 5 |
FINAL EXAMINATION Wednesday, 12:10 - 2:10 PM |