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Connianne Pugh, Chair | NTC 214 | 210-486-0531 | cpugh@mail.accd.edu
                                                                        

ACNT 1471 - APPLIED ACCOUNTING TOPICS

Effective Date: Spring 2007 Credit Hrs.: 4 Lec: 4 Lab: 0
             
      

   Description | Prerequisites | Textbook/Materials | Methods | Grade | Content | Competencies | Scans Competencies | Attendance | Academic Dishonesty | ADA | College Policies | Departmental Policies/Procedures | ACT Home | ACT Syllabi

I. CATALOG DESCRIPTION

This course gives the student in-depth coverage of topics such as accounting for fixed assets, depreciation, inventory methods and controls, partnership and corporation structure, cash flow statements, and in-depth financial statement analysis.

II. REQUIRED BACKGROUND

ACNT 1303 with a grade of “C” or better or equivalent

III. TEXTS AND OTHER REFERENCE MATERIALS

COLLEGE ACCOUNTING A PRACTICAL APPROACH CHAPTERS 1-25 packaged with STUDY GUIDE AND WORKING PAPERS CHAPTERS 13-25, Tenth Edition, by Jeffrey Slater, Prentice Hall, 2005 (ISBN 0-1315-9490-7).

Supplies: six-inch ruler and pocket display calculator.

IV. METHODS OF INSTRUCTION

A. Lecture and classroom discussion
B. Homework assignments
C. Group problem solving
D. Computer assignments
E. Marker board and overhead transparency presentations

V.  COURSE CONTENT

Accounting for Bad Debts; Notes Receivable and Notes Payable; Accounting for Merchandise Inventory; Accounting for Property, Plant, Equipment, and Intangible Assets; Partnership; Corporations: Organization and Stock; Corporations: Stock Values, Dividends, Treasury Stocks, and Retained Earnings; Corporations and Bonds Payable; Statement of Cash Flows; Analyzing Financial Statements; The Voucher System; Departmental Accounting, and Manufacturing Accounting.

VI. LEARNING OUTCOMES AND PERFORMANCE OBJECTIVES

Learning Outcomes and Performance Objectives with their methods of measurement as used to determine the students’ mastery of those outcomes.

Learning Outcome #1: Students will be able to complete procedures for recording transactions for bad debts, notes receivable, notes payable, inventory, fixed assets, and intangible assets.

Performance Objectives: Students will:

  1. Describe the way to use the Bad Debts Expense account and the Allowance for Doubtful Accounts account to record bad debts.
  2. Use the income statement approach and the balance sheet approach to estimate the amount of Bad Debts Expense.
  3. Prepare an aging of Accounts Receivable.
  4. Write off an account using the Allowance for Doubtful Accounts and the direct write-off methods and record the recovery of uncollectible accounts recorded using each method.
  5. Calculate interest and maturity dates on notes and journalize entries to record renewal of a note, dishonoring of a note, eventual receipt of payment, and a note given in exchange for equipment purchased.
  6. Calculate discounts and proceeds on interest bearing notes and journalize entries to record a discounted note, dishonoring of a discounted note, and eventual receipt of payment of a discounted/dishonored note.
  7. Calculate discounts and proceeds on notes payable and journalize entries to record a discounted note and the repayment of the note.
  8. Calculate and record adjustments for interest expense and interest income.
  9. Explain the difference between a perpetual and a periodic inventory system and describe how the ending inventory amount affects financial reports.
  10. Journalize transactions using the perpetual inventory system and maintain a subsidiary ledger for inventory.
  11. Explain periodic methods of determining the value of the ending inventory and calculate the value of ending inventory using each method.
  12. Estimate ending inventory using the retail method and the gross profit method.
  13. Calculate the cost of an asset and the depreciation using: straight-line, declining-balance, units-of-production, sum-of-the-years’-digits, and modified accelerated cost recovery system.
  14. Explain the difference between capital expenditures and revenue expenditures and journalize entries for discarding, selling, or exchanging plant assets.
  15. Explain amortization and how it applies to intangible assets.

Method of Measurement: Students will demonstrate the achievement of the learning outcome and performance objectives by answering discussion questions and by completing exercises, problems, and examinations within a minimum of 70 percent accuracy.

Learning Outcome #2: Students will be able to complete procedures for recording transactions for partnerships and corporations.

Performance Objectives: Students will:

  1. Journalize the entry for formation of a partnership and calculate and record each partner’s share of net income based on a fractional ratio, beginning capital investment, and salary and interest allowance.
  2. Prepare a statement of partners’ equity.
  3. Journalize entries to record admitting a new partner, withdrawal of a partner, and bonuses to partners.
  4. Calculate and journalize entries involved in the liquidation process and prepare a statement of liquidation.
  5. Define and describe how to establish a corporation and list the advantages and disadvantages of a corporation.
  6. Journalize entries for issuing par-value stock, no-par stock, and no-par with stated value stock.
  7. Calculate and journalize dividends on preferred and common stock and record capital stock transactions under a stock subscription plan.
  8. Calculate the book value of preferred and common stock and journalize entries to record issuance of a cash dividend and issuance of a stock dividend.
  9. Journalize the purchase and sale of treasury stock and prepare a statement of retained earnings.
  10. Journalize the recording of bonds as well as interest payments.
  11. Amortize bond discounts and bond premiums by the straight-line and by the interest methods.
  12. Journalize the year-end adjusting entries for bonds and the entries related to retirement of bonds and to sinking funds.

Method of Measurement: Students will demonstrate the achievement of the learning outcome and performance objectives by answering discussion questions and by completing exercises, problems, and examinations within a minimum of 70 percent accuracy.

Learning Outcome #3: Students will be able to prepare a statement of cash flows, balance sheet, and income statement and analyze the financial data to determine the strengths and weaknesses of a corporation.

Performance Objectives: Students will:

  1. A. Discuss the purpose of a statement of cash flows and describe the elements that are included on the statement.
  2. Prepare the operating activities section of the statement of cash flows using the indirect method.
  3. Prepare the operating activities section of the statement of cash flows using the direct method.
  4. Prepare the statement of cash flows.
  5. Prepare comparative balance sheets and income statements.
  6. Prepare horizontal and vertical comparisons of balance sheets and income statements and prepare a trend analysis.
  7. Explain and calculate the four different types of ratios: liquidity, asset management, debt management, and profitability.

Method of Measurement: Students will demonstrate the achievement of the learning outcome and performance objectives by answering discussion questions and by completing exercises, problems, and examinations within a minimum of 70 percent accuracy.
Learning Outcome #4: Students will be able to complete procedures for recording transactions for the voucher system and prepare statements for departmental accounting and manufacturing accounting.

Performance Objectives: Students will:

  1. A. Prepare vouchers, record vouchers into a voucher register, and record payment of vouchers in a check register.
  2. Record revised vouchers to handle non-routine transactions in a voucher system.
  3. Record invoices and payment using the net amount method.
  4. Prepare income statements based on gross profit by department, departmental net income, and departmental contribution margin.
  5. Prepare cost of goods manufactured schedules and journalize transactions recording the manufacturing process.

Method of Measurement: Students will demonstrate the achievement of the learning outcome and performance objectives by answering discussion questions and by completing exercises, problems, and examinations within a minimum of 70 percent accuracy.

SCANS Competencies

The following SCANS Competencies are included in this course:

Basic Skills
(C1) Allocation of time
(C2) Allocation of money
(C5) Acquires and evaluates information
(C6) Organizes and maintains information
(C7) Interprets and communicates information

Technology:
(C18) Uses computers to process information

The following SCANS Foundations are included in this course:

Thinking Skills:
(F1) Reading
(F3) Arithmetic
(F4) Mathematics
(F5) Listening
(F8) Decision making
(F9) Problem solving
(F12) Reasoning

Personal Qualities:
(F13) Responsibility
(F15) Sociability
(F16) Self-management
(F17) Integrity/Honesty

VII.  COURSE GRADE

A. College Requirements:

 

A written, comprehensive final examination, not to exceed two and one-half hours in length, shall be given at the end of each semester for each course at the regularly scheduled time. Any exceptions to these requirements must be approved by the appropriate dean. Other examinations are given at the discretion of the instructor.

A student who must be absent from a final examination should petition that instructor for permission to postpone the examination. A student absent without permission from a final examination is graded “F.” Postponed examinations result in a grade of “I.” The final exam must be taken within 120 calendar days from the end of the semester or the grade automatically becomes an “F.” (San Antonio College Bulletin, Faculty Handbook - January 1995)

B. Departmental Requirements:

1. Grading standards:

Assignments .............................. 20%
Chapter tests ............................ 65%
Final exam ................................ 15%

2. Basis for assignment of grade:

  1. Assignments constitute 20% of the final grade. All assignments are due at the beginning of the class period and are graded for accuracy and completeness. Assignments may be returned with a notation to redo and resubmit. All late work and resubmitted work will be awarded half credit. All late work and resubmitted work is due no later than the date of the test on that work.
  2. Chapter tests constitute 65% of the final grade. Each test is administered under controlled test conditions and consists of written questions over the concepts and principles covered by the chapters and problem solving that demonstrate the achievement of the learning outcomes and performance objectives. The textbook, notes, or other help cannot be used during the test. Late tests will be penalized 15 points per class day.
  3. The final examination is comprehensive and represents 15% of the final grade in the course. The final exam is administered under controlled test conditions and consists of written questions over the concepts and principles covered and problem solving that demonstrates the achievement of the learning outcomes and performance objectives. The textbook, notes, or other help cannot be used during the examination. Students must take the final examination in order to pass the course.

VIII. Policies and Procedures

A. College Policies

    1. San Antonio College does not discriminate on the basis of race, religion, color, national origin, sex, age, or disability with respect to access, employment programs or services.
    2. Students are urged not to bring children to either a class or a lab. Minors under the age of twelve (12) must not be left unattended on campus. College Academic Council - April, 1998
    3. ADA Statement: “As per Section 504 of the Vocational Rehabilitation Act of 1973 and the Americans with Disabilities Act of 1990, if accommodation is needed contact the Office of DisABILITY Support Services, CAC 124C, Phone: (210)486-0020.
    4. A Rapid Response Team exists for the purpose of responding to emergencies. If you have a disability that will require assistance in the event of a building evacuation, notify Disability Support Services, Chance Academic Center 124C, Phone: (210)486-0020.
    5. Academic Dishonesty: Students may be subject to disciplinary proceedings resulting in an academic penalty or disciplinary penalty for academic dishonesty. Academic Dishonesty includes, but is not limited to, cheating on a test, plagiarism and collusion. For additional information refer to the “Student Code of Conduct” in the San Antonio College Bulletin.
    6. Students are required to silence all electronic devices (e.g., pagers, cellular phones, etc.) when in classrooms, laboratories and the library. College Academic Council, 01/ 2000.
    7. San Antonio College Attendance Policy: Regular and punctual attendance at all classes and laboratories, day and/or evening, is required. A student absent for any reason is responsible for all work missed. Both tardiness and early departure from class are forms of absenteeism. The instructor establishes the policy with regard to each.
      Absences of each student are recorded without exception. The counting of absences begins on the first day of class. A student absent the equivalent of two weeks of instruction in a 16-week semester may be dropped by the instructor. If a student is dropped from a class for excessive absences, the instructor will record a grade of “W' (withdraw). It is the student's responsibility to ensure that the withdrawals have been submitted.
    8. San Antonio College is a smoke free campus.
    9. ACCD DPS Emergency Phone Numbers:
      ACCD DPS Emergency Phone (210) 222-0911
      ACCD DPS General Phone (210) 485-0099
      ACCD DPS Weather Phone (210) 485-0189(For information on college closures)
    10. Students must also abide by the policies, procedures, and rules set forth in the “Student Code of Conduct” and all other policies set forth in the San Antonio College Bulletin. http://www.alamo.edu/sac/sacmain/schedule/2006%20SAC%20Bulletin%20Online/2006-07_SAC_Bulletin.pdf

B. Departmental Policies (same as college)