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Fall 2023 Course Syllabus
Course: ACCT-2301 (Section: 71, CRN: 90828) Principles of Financial Accounting |
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| Instructor Information | |||||||||
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| Instructor | Leanna Odom | ||||||||
| odomlb@lamarpa.edu | |||||||||
| Phone | (409) 984-6129 | ||||||||
| Office | Business Office - Room: 129 | ||||||||
| Office Hours | Office Hours: Monday - Friday 8:00 a.m. - 5:00 p.m. (virtual appointments available) | ||||||||
| Additional Contact Information | |||||||||
| Course Information | |||||||||
| Description | This course is an introduction to the fundamental concepts of financial accounting as prescribed by U.S. generally accepted accounting principles (GAAP) as applied to transactions and events that affect business organizations. Students will examine the procedures and systems to accumulate, analyze, measure, and record financial transactions. Students will use recorded financial information to prepare a balance sheet, income statement, statement of cash flows, and statement of shareholders' equity to communicate the business entity's results of operations and financial position to users of financial information who are external to the company. Students will study the nature of assets, liabilities, and owners' equity while learning to use reported financial information for purposes of making decisions about the company. Students will be exposed to International Financial Reporting Standards (IFRS). | ||||||||
| Required Textbooks |
Textbook Purchasing Statement: A student attending Lamar State College Port Arthur is not under any obligation to purchase a textbook from the college-affiliated bookstore. The same textbook may also be available from an independent retailer, including an online retailer.
College Accounting, A Practical Approach plus MyAccounting Lab with Pearson e-text - access card package, 15/E, by Jeffrey Slater and Michael Descamps, 15th edition, Pearson, ISBN: 9780137504244.
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| Additional Materials/Resources | None. | ||||||||
| Corequisites/Prerequisites | None | ||||||||
| Learning Outcomes |
1. Use basic accounting terminology and the assumptions, principles, and constraints of the accounting environment. Measured by embedded questions in tests or quizzes and the assessment project.
2. Identify the difference between accrual and cash basis accounting. Measured by embedded questions in tests or quizzes and the assessment project.
3. Analyze and record business events in accordance with U.S. generally accepted accounting principles(GAAP). Measured by embedded questions in tests or quizzes and the assessment project.
4. Prepare adjusting entries and close the general ledger. Measured by embedded questions in tests or quizzes and the assessment project.
5. Prepare financial statements in an appropriate U.S. GAAP format, including the following: income statement, balance sheet, statement of cash flows, and statement of shareholders' equity. Measured by embedded questions in tests or quizzes and the assessment project.
6. Analyze and interpret financial statements using financial analysis techniques. Measured by embedded questions in tests or quizzes and the assessment project.
7. Describe the conceptual differences between International Financial Reporting Standards and U.S. generally accepted accounting principles. Measured by embedded questions in tests or quizzes.
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| Core Objectives |
Critical Thinking Skills - Uses creative thinking, innovation, inquiry and analysis, evaluation and synthesis of information. Creatively identifies problem, argument, or issue (to determine extent of information needed); differentiates the facts from opinions as it relates to situation; constructs possible solutions or prediction or consequences; uses logical, sound reasoning to justify conclusions.
Communication Skills - Demonstrates effective development, interpretation, and expression of ideas through written, oral, and/or visual communication. Expresses a strong thesis; organizes information with effective transitions and sequencing of ideas; uses substantial, logical and specific development of ideas; details are relevant, original, credible, and correctly documented when appropriate to show an effective development and interpretation of ideas; and presents ideas in appropriate mode of expression for the task.
Empirical and Quantitative Skills - Applies the manipulation and/or analysis of numerical data or observable facts resulting in informed conclusions. Identifies mathematical or scientific principles needed to complete task; uses mathematical or scientific principles needed to complete task; analyzes how to use the principles; and applies problem-solving skills in mathematical or scientific principles needed to complete the tasks with correct informed conclusions.
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| Lecture Topics Outline |
Week 1 - Course Introduction Week 2 - Chapter 1: Accounting Concepts and Procedures Week 3 - Chapter 2: Debits and Credits: Analyzing and Recording Business Transactions Week 4 - Chapter 3: Beginning the Accounting Cycle Week 5 - Chapter 4: The Accounting Cycle Continued Week 6 - Chapter 5: The Accounting Cycle Completed Week 7 - Chapter 6: Banking Procedure and Control of Cash Week 8 - Review Week 9 - Chapter 7: Calculating Pay and Payroll Taxes: The Beginning of the Payroll Process Week 10 - Chapter 8: Paying, Recording, and Reporting Payroll and Payroll Taxes: The Conclusion of the Payroll Process Week 11 - Chapter 9: Sales and Cash Receipts Week 12 - Chapter 10: Purchases and Cash Payments Week 13 - Chapter 11: Preparing a Worksheet for a Merchandise Company Week 14 - Chapter 12: Completion of the Accounting Cycle for Merchandise Company Week 15 - Review Week 16 - Final Exam Due |
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| Major Assignments Schedule |
Schedule (subject to change):
Week 1 – August 28, 2023 - Course Introduction.
Week 3 – September 11, 2023 - Chapter 2: Debits and Credits: Analyzing and Recording Business Transactions – homework and quiz due by September 17, 2023.
Week 4 – September 18, 2023 - Chapter 3: Beginning the Accounting Cycle – homework and quiz due by September 24, 2023.
Week 5 – September 25, 2023 - Chapter 4: The Accounting Cycle Continued – homework and quiz due by October 1, 2023.
(Monday, September 25, 2023 at 12:00 am Exam 1 Chapters 1-3 is Available to Students and closes on Monday, October 2, 2023 at 11:59 pm).
Week 6 – October 2, 2023 - Chapter 5: The Accounting Cycle Completed – homework and quiz due by October 8, 2023.
Week 7 – October 9, 2023 - Chapter 6: Banking Procedure and Control of Cash – homework and quiz due by October 15, 2023.
Week 8 – October 16, 2023 - Review, Exam 2, and Mid-term assessment project due October 22, 2023.
(Monday, October 16, 2023 at 12:00 am Exam 2 Chapters 4-6 is Available to Students and closes on Monday, October 23, 2023 at 11:59 pm).
Week 9 – October 23, 2023 - Chapter 7: Calculating Pay and Payroll Taxes: The Beginning of the Payroll Process - homework and quiz due by October 29, 2023.
Week 10 – October 30, 2023 - Chapter 8: Paying, Recording, and Reporting Payroll and Payroll Taxes: The Conclusion of the Payroll Process - homework and quiz due by November 5, 2023.
Week 11 – November 6, 2023 - Chapter 9: Sales and Cash Receipts - homework and quiz due by November 12, 2023.
Week 12 – November 13, 2023 - Chapter 10: Purchases and Cash Payments - homework and quiz due by November 19, 2023.
(Monday, November 13, 2023 at 12:00 am Exam 3 Chapters 7-9 is Available to Students and closes on Monday, November 20, 2023 at 11:59 pm Exam 3).
Week 13 – November 20, 2023 - Chapter 11: Preparing a Worksheet for a Merchandise Company - homework and quiz due by November 26, 2023.
Week 14 – November 27, 2023 - Chapter 12: Completion of the Accounting Cycle for Merchandise Company - homework and quiz due by December 3, 2023.
Week 15 – December 4, 2023 – December 10, 2023 – Review.
(Thursday, December 7, 2023 at 12:00 am Exam 4 Chapters 10-12 is Available to Students and closes on Tuesday, December 12, 2023 at 11:59 pm Exam 4).
Week 16 – December 12, 2023 - Final Exam Due.
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| Final Exam Date | December 7, 2023 - 12:0 AM Through December 12, 2023 - 11:59 PM | ||||||||
| Grading Scale |
88 - 100 = A 78-87 = B 68-77 = C 58-67 = D Below 57 = F |
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| Determination of Final Grade |
Weekly Discussion Posts - 10% Assignments (homework and quizzes) - 20% Assessment Project - 20% Exams - 50% |
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| Course Policies | |||||||||
| Instructor Policies |
Discussion posts: Discussion Posts are mandatory. Weekly posts are expected. The posts represent 10% of your total grade. Assignments: Assignments (homework and quizzes) will be administered through Myaccountinglab. They are due weekly. No late submissions are accepted. There is a link to the Pearson website provided in Blackboard. These assignments will be graded, and it is a requirement for this course. These assignments represent 20% of your total grade. Assessment Projects: Assessment projects are designed to evaluate your practical application of the accounting principles that you have learned. No late projects will be accepted. The assessment projects represent 20% of your grade. Exams: All exams will be administered on the regularly scheduled test dates. All exams will be administered thru Blackboard by clicking on the Exam Link. Under no circumstances will an absence for any reason excuse the students from completing all exams assigned in the course. Exams usually include multiple choice, problems, and true/false questions. Some exams may consist of completing a problem at the end of the chapter. Exams are scheduled as noted on your Course Calendar. There will be no makeup exams. You will be given approximately one week to take the exam. You will have only one attempt at the exam. If you miss any exams, those exams will be given a grade of zero. Communication is a key to success. Contact me as soon as possible if you know in advance that you will be missing any exams. Exams represent 50% of your total grade. All students must take the exam on the scheduled date and time, and failure to do so will result in a "O" on the exam. Academic integrity and honesty is expected; as a result, the inappropriate use of mobile or wireless devices for online exams is prohibited. Every student MUST have access to the required textbooks by the second week of class. The student will still be responsible for any assignments given. Failure to have a text may result in being dropped from the class. A failure to follow instructions (written or oral) will result in penalties. Students should keep a record of their grades/average. lnstructor(s) will not average grades for students. Instructors do not "drop" grades. |
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| Attendance Policy |
Research has shown a cause and effect relationship between attendance and college success. Poor attendance is also a major contributing factor for termination from a job in all areas of employment. With this factor in mind, the instructor monitors student attendance. In addition, attendance on a regular basis is necessary for proper skill development. Attendance and engagement are critical to establish the foundational skills necessary to be successful in college as well as on the job.
Students are responsible for completing all assignments by the required due dates. Planning and preparation are keys to success. Withdrawal Policy: It is the responsibility of each student to ensure that his or her name is removed from the roll should he or she decides to withdraw from the class. If a student decides to withdraw, he or she should also verify that the withdrawal is submitted before the final withdrawal date. The student is also strongly encouraged to retain their copy of the withdrawal form for their records. |
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| Additional Information |
E-Mail/Voice Mail Etiquette: Students must use appropriate e-mail etiquette when corresponding with instructor; for example, complete sentences and a full subject line with your name/course name. Please allow the instructor twenty-four hours to respond to your emails. Voice mail messages should be clearly spoken identifying student's name, course, and any return phone number. |
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| Institutional Policies | |||||||||
| MyLSCPA | Be sure to check your campus email and Course Homepage using MyLSCPA campus web portal. You can also access your grades, transcripts, academic advisors, degree progress, and other services through MyLSCPA. | ||||||||
| Academic Honesty | Academic honesty is expected from all students, and dishonesty in any form will not be tolerated. Please consult the LSCPA policies (Academic Dishonesty section in the Student Handbook) for consequences of academic dishonesty. | ||||||||
| ADA Considerations | The Americans with Disabilities Act (ADA) is a federal anti-discrimination statute that provides comprehensive civil rights for persons with disabilities. Among other things, this legislation requires that all students with disabilities be guaranteed a learning environment that provides for reasonable accommodation of their disabilities. If you believe you have a disability requiring an accommodation, please contact the the Office for Disability Services Coordinator, Room 231, in the Madison Monroe Building. The phone number is (409) 984-6241. | ||||||||
| COVID 19 Information | The Lamar State College Port Arthur (LSCPA) Student Code of Conduct COVID 19 Policy requires students who have been diagnosed with COVID 19 to report their condition directly to their local health department. Students should also contact their course faculty to report their quarantine status. In addition, this policy requires all students to wear face coverings when directly exposed to COVID 19 in compliance with the criteria included in the policy. For more information please refer to the COVID 19 link on the LSCPA website. | ||||||||
| Facility Policies | No food or tobacco products are allowed in the classroom. Only students enrolled in the course are allowed in the classroom, except by special instructor permission. Use of electronic devices is prohibited. | ||||||||
| HB 2504 | This syllabus is part of LSCPA's efforts to comply with Texas House Bill 2504. | ||||||||
| Mandatory Reporting of Child Abuse and Neglect | As per Texas law and LSCPA policy, all LSCPA employees, including faculty, are required to report allegations or disclosures of child abuse or neglect to the designated authorities, which may include a local or state law enforcement agency or the Texas Department of Family Protective Services. For more information about mandatory reporting requirements, see LSCPA's Policy and Procedure Manual. | ||||||||
| Title IX and Sexual Misconduct | LSCPA is committed to establishing and maintaining an environment that is free from all forms of sex discrimination, including sexual harassment, sexual violence, and other forms of sexual misconduct. All LSCPA employees, including faculty, have the responsibility to report disclosures of sexual misconduct, including sexual harassment, sexual assault (including rape and acquaintance rape), domestic violence, dating violence, relationship violence, or stalking, to LSCPA's Title IX Coordinator, whose role is to coordinate the college's response to sexual misconduct. For more information about Title IX protections, faculty reporting responsibilities, options for confidential reporting, and the resources available for support visit LSCPA's Title IX website. | ||||||||
| Clery Act Crime Reporting |
For more information about the Clery Act and crime reporting, see the Annual Security & Fire Safety Report and the Campus Security website. |
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| Grievance / Complaint / Concern | If you have a grievance, complaint, or concern about this course that has not been resolved through discussion with the Instructor, please consult the Department Chair. | ||||||||
| Department Information |
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