Course Syllabus

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FRANKLIN PIERCE UNIVERSITY

College of Business

Spring 2022

 AC101 01 Principles of Accounting I            

Course Syllabus

               

 

Instructor:                    Christine Betts

Class Day/Time:          T/Th 12:15 – 1:30pm

Classroom:                   Monadnock 121

 

Instructor Communication:

            E-mail:            bettsc@franklinpierce.edu

            Phone:               603-899-4071

            Office:              College of Business Monadnock Hall Room 110

            Office Hours:   Wednesdays 12:00 – 2:00pm

                                       Thursdays    11:00 – 12:00 and 1:30 – 2:30pm

                                       Additional times always available by appointment

 

Required Text:

Great news: your textbook for this class is available for free online!

Principles of Accounting Volume 1 Financial Accounting from OpenStax, ISBN-10: 1-947172-67-0

You have several options to obtain this book:

You can use whichever formats you want. Web view is recommended -- the responsive design works seamlessly on any device.

 

Course Description & Objectives:

             This is the study of accounting as an information system, examining why it is important and how it is used by investors, creditors, and others to make decisions.  The course covers the accounting information system, including recording and reporting business transactions with a focus on the accounting cycle, the application of generally accepted accounting principles (GAAP), the financial statements, and statement analysis.  Includes issues relating to asset, liability, and equity valuation, revenue and expense recognition, cash flow, internal control, and ethics.

Learning Outcomes:

            At the conclusion of this course, the student should be able to:

  1. Explain the nature and purpose of generally accepted accounting principles (GAAP) and the International Financial Reporting Standards (IFRS). Explain and apply the components of the conceptual framework for financial accounting and reporting, including the qualitative characteristics of accounting information, the assumptions underlying accounting, the basic principles of financial accounting, and the constraints and limitations on accounting information;
  2. Define and use accounting and business terminology;
  3. Explain what a system is and how an accounting system is designed to satisfy the needs of specific business and users; summarize the purpose of journals and ledgers;
  4. Apply transaction analysis, input transactions into the accounting system, process this input, and prepare and interpret the four basic financial statements;
  5. Distinguish between cash basis and accrual basis accounting and their impact on the financial statements, including the revenue recognition and matching principles;
  6. Identify and illustrate how the principles of internal control are used to manage and control the firm’s resources and minimize risk;
  7. Explain the content, form, and purpose of the basic financial statements (including footnotes) and the annual report, and how they satisfy the information needs of investors, creditors, and other users;
  8. Explain the nature of current assets and related issues, including the measurement and reporting of cash and cash equivalents, receivables and bad debts, and inventory and cost of goods sold;
  9. Identify and illustrate issues relating to long-term asset acquisition, use, cost allocation, and disposal;
  10. Distinguish between capital and revenue expenditures
  11. Identify the ethical implications inherent in financial reporting and be able to apply strategies for addressing them.

Classroom Procedures:

We will combine lectures, discussions, case studies, writing and group problem solving. Part of the evaluation for this course is based on your participation and involvement, both in the classroom and on assignments. Participation is part of your final grade.  

Attendance is expected for all classes.  If you will be missing class, please leave me a voicemail or email and be sure to follow up with me upon your return for missed work. 

 

Classroom Decorum:

            Please arrive on time for class.

            Always show respect for the opinions and feelings of your fellow students.

            Please turn OFF your cell phone – cell phones should not be visible during class and will not be used during quizzes or exams.

Accommodations:

If you are a student with a disability: The Coordinator of Student Accessibility Services in the Center for Academic Excellence is available to discuss eligibility requirements and appropriate academic accommodations that you may require as a student with a disability. Requests for academic accommodation should be made early in the semester but can be made at any time. You are responsible for contacting the Center for Academic Excellence by stopping by the CAE, calling 603-899-4107, or emailing academicexcellence@franklinpierce.edu

 

Academic Integrity:

              Academic integrity is built upon the values of honesty, fairness, social responsibility, trustworthiness, and ethical awareness and are at the core of a Franklin Pierce education. Any action or attempted action that by reasonable standards is considered to violate these fundamental values creating an unfair advantage for oneself/or for another strikes at the very heart of the academic enterprise and would constitute academic misconduct. For the definitions of academic misconduct, see the University’s Academic Integrity policy that is available at this link. 

The minimum penalty for a first offense for all forms of Academic Misconduct is failure for the assignment. All violations will be reported to the appropriate College Dean.  The University maintains a record of all instances of Academic Misconduct, and a second offense of Academic Misconduct will result in a student receiving a non-deferrable suspension of one semester or term. For a third offense of Academic Misconduct, the student will be dismissed from Franklin Pierce University. In all such cases described in this paragraph, ultimate discretion lies with the appropriate College Dean.  

Inclement Weather:

In the event the University’s Rindge Campus closes, for any reason, we will continue with our course via a Zoom link and instructions that will be provided to all students through our CANVAS LMS Home page.  Each student MUST check CANVAS and also ensure that their FPU Outlook Email is working properly and is not full. 

                 

Student Privacy Policy:

The Family Educational Rights and Privacy Act (FERPA) afford students certain rights of privacy with respect to their educational records. Students, for instance, are given the right to consent to disclosures of personally identifiable information contained with educational records, except to the extent that FERPA authorizes disclosure without consent.

 

Homework:

Homework will be assigned for select chapters and will be reviewed in class. Completing the homework and being in class when it is reviewed will lead to success.

 

Tests & Quizzes:

There will be 4 quizzes in this course, two will be in-class and two online.  A final exam will be given during finals week in-class. 

Grading:

Grades are calculated based on the results of all expectations of the student and all assignments.

Homework  10 @ 5 points

                   50 points

Quizzes in class 2 @ 25 points

                   50 points

Quizzes online 2@ 10 points

                   20 points

Final exam

                   20 points

Participation

                   10 points

Total

            150 points possible

 

**Homework assignments are posted on Canvas**

 

 

Day of
Week

Date

Chapter, pages to read
for class on date noted

Topic

 

Thursday

1-20

Chapter 1

Syllabus, text, course expectations, introductions, etc.

Role of Accounting in Society

 

 

Tuesday

1-25

“

 

 

Thursday

1-27

Chapter 2

Introduction to Financial Statements

 

Tuesday

2-1

“

 

 

Thursday

2-3

“

 

 

Tuesday

2-8

Review

Chapters 1 & 2

 

Thursday

2-10

Quiz #1

In class

 

Tuesday

2-15

Chapter 3

Analyzing & Recording Transactions

 

 

Thursday

2-17

“

 

 

Tuesday

2-22

“

 

 

Thursday

2-24

Chapter 4

The Adjustment Process

 

Tuesday

3-1

“

 

 

Thursday

3-3

“

 

 

Tuesday

3-8

Review

Chapters 3 & 4

 

Thursday

3-10

Quiz #2

 

 

Tuesday

3-15

 

Spring Break – Enjoy!

 

Thursday

3-17

 

Spring Break – Enjoy!

 

Tuesday

3-22

Chapter 5

Completing the Accounting Cycle

 

Thursday

3-24

“

 

 

Tuesday

3-29

Chapter 6

Merchandising Transactions

 

Thursday

3-31

“

 

 

Tuesday

4-5

Chapter 7

Accounting Information Systems

 

Thursday

4-7

“

 

 

Tuesday

4-12

Chapter 8

Fraud, Internal Controls & Cash

 

Thursday

4-14

“

 

 

Tuesday

4-19

No class

Academic Showcase – all day

 

Thursday

4-21

Chapter 9

Accounting for Receivables

 

Tuesday

4-26

“

 

 

Thursday

4-28

Chapter 10

Inventory

 

Tuesday

5-3

“

 

 

Thursday

5-5

Last class

Review for final

 

 

 

 

 

 

Wednesday

5-11

Final

10:15am

 

 

 

 

 

 

 

Textbook:

Great news: your textbook for this class is available for free online!

Principles of Accounting Volume 1 Financial Accounting from OpenStax, ISBN-10: 1-947172-67-0

You have several options to obtain this book:

You can use whichever formats you want. Web view is recommended -- the responsive design works seamlessly on any device.

Course Summary:

Date Details Due