ACC 100 – Accounting I - Section 019016

Prerequisite: None

Quarter Summer 2008

Meeting Days/Time Asynchronous - Online

Instructor Professor Rebecca Shaffer

Instructor Phone 412-585-5769

Instructor E-mail rebecca.shaffer@strayer.edu

Instructor Office Best time to contact: Tuesdays

Hours/Location from 6:00-8:00PM (EST) and by
appointment

Academic Office Penn Center West

Phone Number
412-747-7800

INSTRUCTIONAL MATERIAL

( including all mandatory software)

1. Horngren, C.T., & Harrison, W.T. (2007). Accounting

Volume 1 (Chapters 1-13): Second Custom Edition (7th
ed.). Upper Saddle River, NJ: Pearson.

STUDENTS PLEASE NOTE:

This package above includes the 6 month access card for
MyAccountingLab, custom Accounting text (chapters 1-
13), Learning Peachtree 2007, Peachtree 2007 CD, and A-
1 Photography P.S. with CD.

2. Insinga, J. (2007). A-1 Photography: An accounting

practice, CD-ROM included. (5th ed.). Prentice-Hall.

3. MyAccountingLab

4. Peachtree 2007 CD
5. Student CD with working papers

I. COURSE DESCRIPTION

Covers analysis and recording of business transactions; accounting

for sales, purchases, cash disbursements, and receivables;
includes end-of-fiscal period work, adjustments, financial
statements, and closing procedures.

II. EXPECTED LEARNING OUTCOMES

Upon the successful completion of this course, the student will

be able to:

A. Identify and explain the fundamental concepts and

principles in accounting, the components of the accounting
equation, and the primary financial accounting equation;

B. Perform the recording of common business transactions for

both service and merchandising proprietorships using
journals and ledgers through a complete accounting cycle;

C. Describe the fundamentals of an effective accounting

system, including the necessary internal control features for
cash and accounts/notes receivable transactions;

D. Demonstrate the ability to prepare the basic journal entries

for transactions that affect the cash and accounts/ notes
receivables accounts; and

E. Identify and access general and discipline related resources.

III. EXPECTED WEEKLY LEARNING OUTCOMES

Week 1 Accounting and the Business Environment

After completing the lessons for week one the

students should be able to:

· define accounting terminology in a business

context,

· use accounting terminology in a business context,

· explain components of the accounting equation, and

· use the accounting equation to record business

transactions.

Week 2 Recording Business Transactions

After completing week the lessons for week two the

student should be able

to:

· define terms related to business accounting;

· use debits and credits correctly in the accounting

equation;

· explain how accounts, ledgers, and journals are

used in accounting;

· explain how data flows through the accounting

system;

· analyze the flow of accounting data;

 · prepare a trial balance; and

· identify and correct trial balance errors.

Week 3 The Adjusting Process

After completing the lessons for week three the

student should be able to:

· define the revenue principle and the matching

principle,

· apply the revenue and matching principles to the

accounting equation,

· explain the difference between accrual and cash-basis

accounting,

· articulate the importance of adjusting entries as a

key to accrual

accounting,

· make adjusting entries,

· prepare an adjusted trial balance, and

· prepare the financial statements from the adjusted

trial balance.

Week 4 Completing the Accounting Cycle

After completing the lessons for week four the

student should be able to:
 · identify elements of an accounting worksheet,

· prepare an accounting worksheet,

· explain the accounting cycle,

· identify liabilities and assets as current or long

term,

· explain how ratios are used to analyze a company’s

financial

statements,

· use the worksheet to complete the accounting cycle,

· describe the steps involved in the closing process,

· close revenue, expense, and withdrawal accounts,

· use the current ratio and the debt ratio to evaluate

a company, and

· define terms related to business accounting..

Week 6 Merchandising Operations

After completing the lessons for week six the student

should be able to:

· describe the differences and similarities between a

service versus a

retail operation;

· identify the elements of the operating cycle of a merchandising

business;

· account for the purchase and sale of inventory;

 · calculate a business’s profit based on net sales,
cost of goods sold, and

gross profit;

· explain how an account can be adjusted and closed;

· adjust and close the accounts of a business;

● prepare financial statements;

● calculate a business’s profit based on net sales, cost of goods

sold, and

gross profit;

· identify the ratios used to evaluate a business’s operations;

· use the gross profit percentage and the inventory

turnover ratio to

evaluate a business; and

· define terms related to business accounting.

Week 7 Accounting Information Systems

After completing the lessons for week seven the

student should be able to:

· describe the elements of an effective accounting

information system,

· compare and contrast computerized and manual

accounting systems,

· explain how spreadsheets are used in accounting,

· identify how various journals are used in

accounting,
 · use various accounting journals, and

· define additional terms related to accounting

information systems.

Week 8 Internal Control and Cash

After completing the lessons for week eight the

student should be able to:

· define internal control,

· explain the objectives of an effective internal

control system,

· recognize how a bank statement is used as a

control device,

· apply internal controls to cash receipts and cash

payments, and

· prepare a bank reconciliation.

Week 9 Receivables

After completing the lessons for week nine the

student

should be able to:

● assess how internal control over collections can be

achieved,
 · design internal controls for receivables,

● describe the allowance method and the direct write-off

method used in

accounting,

● use the direct write-off method to accoun t for

uncollectibles,

· use the allowance method to account for

uncollectibles by the percent-

of-sales and aging-of-accounts methods,

· account for notes receivable,

· report receivables on the balance sheet, and

· use the acid-test ratio and days’ sales in

receivables to evaluate a

company,

● define terms used with accounts receivable or notes receivable,

and

● identify accounting information used in decision making.

Week 10 A-1 Photography Practice Set

After completing the lessons for week ten the student

should be able to:

· record business transactions in a general journal,

· post journal entries from the general journal to the ledger,

· prepare a month-end accounting worksheet,

· prepare adjusting entries for the general ledger accounts,

· prepare closing entries for the general ledger accounts,

· prepare a post closing trial balance, and

· prepare three required financial statements.

IV. COURSE OUTLINE

DATE CHAPTER INFORMATION

Week 1 1 Accounting and

decisions, users of
June 30
accounting information,
– July 6
the accounting
profession and
accounting
organizations,
accounting concepts
and principles, the
accounting equation,
evaluating business
transactions, and
financial statements

Week 2 2 The account; double

entry bookkeeping; the
July 7 –
T-account; increases,
July
decreases, and the
13th
debit-credit language
of accounting;
recording transactions
in journals; posting
from the journal to the
ledger; the flow of
accounting data; chart
of accounts; and the
analytical use of
 accounting information

Wednes LIVE CHAT: 8:00-9:00

day July PM EST (HOW TO
9th REGISTER AND USE
“MY ACCOUNTING
LAB”)

Attendance is
Optional

Week 3 3 Accrual-basis versus

cash-basis accounting;
July 14 –
the accounting period;
July
the revenue principle;
20th
the matching principle;
the time-period
concept; adjustments
to accounts; preparing
financial statements;
relationships among
the three financial
statements; computers
and the accounting
process

Week 4 4 Overview of the

accounting cycle, the
July 21 –
accountant's
July
worksheet; reversing
27th
entries, classification
of assets and liabilities,
balance sheet formats,
detecting and
correcting errors,
prepaid expenses, and
unearned revenues

Wednes LIVE CHAT: 8:00-9:00

day PM EST Midterm
June Exam Review / Q&A
23rd
Attendance is
Optional

Week 5 Midterm Chapters 1 – 4

Examinati
July 28 –
on
Aug 3rd

Week 6 5 The operational cycle

for a merchandising
Aug 4 –
business, the cost of
Aug
goods sold and gross
10th
margin, the adjusting
and closing process,
financial statements,
and income statement
format

Week 7 7 Accounting system

design and installation,
Aug 11 –
a basic model of
Aug
information processing,
17th
an effective
information system,
computer data
processing, overview of
an accounting
information system,
special accounting
journals, credit and
debit memorandums,
balancing the ledgers,
documents as journals,
and computers and
special journals

Week 8 8 Effective systems of

control, the bank
Aug 18 –
account as a control
Aug device, the reporting of
24th cash, and internal
control over cash
receipts and cash
disbursements

Week 9 9 Accounting for

uncollectible accounts;
Aug 25 –
credit-card, bankcard,
Aug 31 s t
and debit-card sales;
notes receivable: an
overview; accounting
for notes receivable;
and using accounting
information for
decision making

Week 10 A1 Recording transactions

Photograp in a journal; posting
Sept 1 –
hy from the journal to the
Sept
ledger; the flow of
7th
accounting data; chart
of accounts; the ac-
counting period;
adjustments to
accounts; and
preparing financial
statements

Week 11 Final Chapters 5 and 7 – 9

Examinati
Sept 8 –
on
Sept
15th

V. COURSE REQUIREMENTS AND TEACHING STRATEGIES

This course will be conducted with classroom lectures and

discussions based on the text and supplemental materials, group
exercises, and individual assignments. Group discussions and
assignments will be conducted to enhance collaborative learning
and exercise the techniques and considerations presented in the
course. Student comprehension of course content will be assessed
through examinations, group exercise assignments, individual
research on current topics, and active participation in class
discussion.

1. Mid-term examination (completed via My Accounting

Lab)

2. Final examination (completed via My Accounting Lab)

3. A1 Photography Project (See A1 Grading Rubric in Doc

Sharing)

4. Weekly homework problem assignments (completed

via My Accounting Lab)

5. Weekly quiz (on course website)

6. Participation in weekly discussion threads via the

course website**

** For threaded discussions student-posts are going to be awarded

points based on the student’s original post AND a response to one
other student’s post. Failure to complete both posts will result in
loss of points **
VI. EVALUATION METHODS

Grade
Breakdown:

Mid-Term 25% (125 points)

Examination

Final 25% (125 points)

Examination

Weekly Quiz 10% (50 points)

Weekly 10% (50 points)

Homework

A1 Photography 20% (100 points)

Project

Weekly 10% (50 points)

Discussion
Threads

Grading Scale

90-100% A (450 to 500 points)

80-89% B (400 to 449 points)

70-79% C (350 to 399 points)

Below 70% F (below 350 points)