Fall 2020 Course Syllabus
Course: ACCT-2301- Section: 72
Principles of Financial Accounting I
|COVID 19 Information||The Lamar State College Port Arthur (LSCPA) Student Code of Conduct COVID 19 Policy requires students who have been exposed to COVID 19 or diagnosed with COVID 19 to report their condition on the COVID 19 Notification Form (available via a link on the Student Code of Conduct COVID19 webpage). This information will be provided to the Dean of Student Services. In addition, this policy requires all students to wear face coverings in compliance with the criteria included in the policy. For more information please refer to the COVID 19 link on the LSCPA website.|
|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).|
Upon successful completion of this course, students will:
1. Use basic accounting terminology and the assumptions, principles, and constraints of the accounting environment.
2. Identify the difference between accrual and cash basis accounting.
3. Analyze the record business events in accordance with U.S. generally accepted accounting principles (GAAP).
4. Prepare adjusting entries and close the general ledger.
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 shareholder's equity.
6. Analyze and interpret financial statements using financial analysis techniques.
7. Describe the concept differences between International Financial Reporting Standards and U.S. generally accepted accounting principles.
Communication skills: Students will demonstrate effective written, oral and visual communication. Critical Thinking Skills: Students will engage in creative and/or innovative thinking, and/or inquiry, analysis, evaluation, synthesis of information, organizing concepts and constructing solutions. Empirical and Quantitative Skills: Students will demonstrate applications of scientific and mathematical concepts.
Teamwork: Students will demonstrate the ability to work effectively with others to support a shared purpose or goal and consider different points of view. Social Responsibility: Students will demonstrate intercultural competency and civic knowledge by engaging effectively in local, regional, national and/or global communities. Personal Responsibility: Students will demonstrate the ability to connect choices, actions and consequences to ethical decision-making.
|Program Student Learning Outcomes||
PSLO ALPHA: Reading skills - Demonstrates comprehension of content-area reading material. Identifies all main ideas, supporting details, and vocabulary in reading material; demonstrates a full understanding of the reading.
Academic PSLO 1: 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 relates to situation; constructs possible solutions or prediction or consequences; uses logical, sound reasoning to justify conclusion.
PSLO 2: 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 & sequencing of ideas; uses substantial, logical & 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.
PSLO3: 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 task with correct informed conclusions.
Technical PSLO 1: Demonstrates legal and ethical behavior; interpersonal and teamwork skills; and appropriate written and verbal skills; define accounting terminology; list the functions of accounting; and record transactions in the basic accounting equation.
PSLO 2: Utilize application software to perform accounting tasks; maintain records and prepare and analyze reports for a business entity; explain the components of general ledger software.
PSLO 3: Compute income tax liability; prepare forms; research and report on various tax issues; identify signs of occupational fraud; and explain anti-fraud prevention methods.
PSLO 4: Apply accounting concepts and budgeting techniques to analyze and interpret information; intrepret costs and managerial accounting systems; recognize, solve, and apply accounting transactions using GAAP (Generally Accepted Accounting Principles)
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, 14/E, by Jeffrey Slater, PEARSON, ISBN: 9780134833187
Week 1 Course Introduction, and Chapter 1: Accounting Concepts and Procedures
Week 2 Chapter 1: Accounting Concepts and Procedures
Week 3 Chapter 2: Debits and Credits
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 Chapter 7: Calculating Pay and Payroll Taxes:
Week 9 Chapter 7: Calculating Pay and Payroll Taxes:
Week 10 Chapter 8: Paying, Recording, and Reporting Payroll
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 Merchandise Company
Week 15 Review and Final
Week 1 Course Introduction, and Chapter 1: Exercises Set A; Problems Set A
Week 2 Chapter 1: Exercises Set A; Problems Set A
Week 3 Chapter 2: Exercises Set A; Problems Set A
Week 4 Chapter 3: Exercises Set A; Problems Set A
Week 5 Chapter 4: Exercises Set A; Problems Set A
Week 6 Chapter 5: Exercises Set A; Problems Set A Midterm 1
Week 7 Chapter 6: Exercises Set A; Problems Set A
Week 8 Chapter 7: Exercises Set A; Problems Set A
Week 9 Chapter 7: Exercises Set A; Problems Set A
Week 10 Chapter 8: Exercises Set A; Problems Set A Midterm 2
Week 11 Chapter 9: Exercises Set A; Problems Set A
Week 12 Chapter 10: Exercises Set A; Problems Set A
Week 13 Chapter 11: Exercises Set A; Problems Set A
Week 14 Chapter 12: Exercises Set A; Problems Set A
Week 15 Reviews and Comprehensive Final
|Final Exam Date||December 4, 2020 - 10:30 AM|
|Grading Scale||90 - 100=A 80 - 89=B 70 - 79=C 60 - 69=D Below 59 = F|
Midterm Tests 40% (2 tests*20%)
Final Exam 30%
Homework assignments will be given each week.
LATE WORK is highly discouraged and will incur a 25 point penalty for every day it is late. Due dates are given and enough time is given to complete all work. NO EXCEPTIONS.
Students are encouraged to sign in to the course website 2-3 times a week.
Failure to log in to the course website at least once a weekwill result in a 5-point penalty on the student's overall course grade for every week it happens.
Students are responsible for completing all assigned homework, including reading assignments, by the required due dates.
|Academic Honesty||Academic honesty is expected from all students, and dishonesty in any form will not be tolerated. Please consult the LSC-PA policies (Section IX, subsection A, in the Faculty 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.|
|MyLSCPA||Be sure to check your campus E-mail and Course Homepage using MyLSCPA campus web portal (My.LamarPA.edu). When you've logged in, click the email icon in the upper right-hand corner to check email, or click on the "My Courses" tab to get to your Course Homepage. Click the link to your course and review the information presented. It is important that you check your email and Course Homepage regularly. You can also access your grades, transcripts, and determine who your academic advisor is by using MyLSCPA.|
|Other||I will not discuss your grades over the phone or by email. If you want to discuss your grades, you must come to the department in person.|
|HB 2504||This syllabus is part of LSC-PA's efforts to comply with Texas House Bill 2504.|