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, the student will be able to:
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.
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.
PSLO4: Apply accounting concepts and budgeting techniques to analyze and interpret information; interpret costs and managerial accounting systems; recognize, solve and apply accounting transactions using GAAP (Generally Accepted Accounting Principles).
1. Define accounting terminology, list the functions of accounting, and record transactions in the basic accounting equation. (PSLO 1, ALPHA, PSLO4) Measured by embedded questions in tests or quizzes as well as pretest and post-test.
2. Develop and communicate the application of problem solving skills in routine and non- routine accounting transaction such as preparing income statements, balance sheets, T-accounts, trial balance, journalizing, worksheets, adjusting entries, closing entries, reconciling a bank statement, calculating gross pay, payroll taxes, and preparing Forms W-2, W-3, 941 and 940. (PSLO 1, 2, 3 and 4) Measured by embedded questions in test, quizzes, and homework).
3. Gain a working knowledge of how revenue, expenses, and withdrawals expand the basic accounting equation. (PSLO 1, 3, 4) Measured by embedded questions in tests, homework, and quizzes.
4. Recognize, solve, and apply accounting transactions using (GAAP) Generally Accepted Accounting Principles. (PSLO 3, 4) Measured by embedded questions in test, quizzes, and homework.
|Program Student Learning Outcomes|
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, 14/E, by Jeffrey Slater, 14th edition, Prentice Hall, ISBN: 9780134833187. Pocket Calculator, Pencil, loose-leaf paper.
Assignment/Exam Schedule (subject to change):
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
(Monday Sept. 28, 2020 at 12:00 am Exam 1 Chapters 1-3 Available to Students)
Week 5 Chapter 4: The Accounting Cycle Continued
(Monday Oct. 5, 2020 at 11:59 pm Chapters 1-3 Homework Due)
(Monday Oct. 5, 2020 at 11:59 pm Exam 1 Chapters 1-3 Due)
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: The Beginning of the Payroll Process
(Monday Oct. 19, 2020 at 12:00 am Exam 2 Chapters 4-6 Available to Students)
Week 9 Chapter 8: Paying, Recording, and Reporting Payroll and Payroll Taxes:
The Conclusion of the Payroll Process
(Monday Oct. 26, 2020 at 11:59 pm Chapters 4-6 Homework Due)
(Monday Oct. 26, 2020 at 11:59 pm Exam 2 Chapters 4-6 Due)
Week 10 Chapter 9: Sales and Cash Receipts
Week 11 Chapter 10: Purchases and Cash Payments
Week 12 Chapter 11: Preparing a Worksheet for a Merchandise Company
(Monday Nov. 16, 2020 at 12:00 am Exam 3 Chapters 7-9 Available to Students)
Week 13 Chapter 12: Completion of the Accounting Cycle for Merchandise Company
(Monday Nov. 23, 2020 at 11:59 pm Chapters 7-9 Homework Due)
(Monday Nov. 23, 2020 at 11:59 pm Exam 3 Chapters 7-9 Due)
Week 14 Review
Week 15 Review
(Monday Nov. 29, 2020 at 12:00 am Final Exam Chapters 10-12 Available to Students)
Week 16 Final Exam
(Monday Dec. 07, 2020 at 11:59 pm Final Exam Chapters 10-12 Due)
(Monday Dec. 07, 2020 at 11:59 pm Chapters 10-12 Homework Due)
|Final Exam Date||November 29, 2020 - 12:00 AM Through December 7, 2020 - 11:00 PM|
|Grading Scale||90 - 100=A 80 - 89=B 70 - 79=C 60 - 69=D Below 59 = F|
Tests - 65%
Assignments - 35%
Assignments: Assignments will be administered through Myaccountinglab. There is a link to the website provided in Blackboard. The homework will be graded, and it is a requirement for this course. These assignments represent 35% of your total grade.
Make-Up Work and 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.
Academic integrity and honesty is expected; as a result, the inappropriate use of mobile or wireless devices for online exams is prohibited.
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.
All students must take the exam on the scheduled date and time, and failure to do so will result in a “0” on the final exam.
Every student MUST have a copy of 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. Instructor(s) will not average grades for students. Instructors do not “drop” grades.
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.
|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.|
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.
|HB 2504||This syllabus is part of LSC-PA's efforts to comply with Texas House Bill 2504.|