Course Syllabus
FRANKLIN PIERCE UNIVERSITY
College of Business
Fall 2023
AC101: Principles of Accounting I
Course Syllabus
Instructor: Christine Betts
Class Day/Time:: Tuesdays and Thursdays 12:15 - 1:30pm
Classroom: Marcucella Room 217
Instructor Communication:
E-mail: bettsc@franklinpierce.edu
Phone: 603-899-4071
Office: College of Business, Monadnock Hall, Room 101
Office Hours: Tuesdays 11:00am - 12:00pm and 1:40 - 2:40pm
Thursdays 8:20am - 9:20am and 11:00am - 12:00pm
Online Wednesdays 7:30 - 8:30pm
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. If you prefer an actual textbook, it is available at the Bookstore at a quite reasonable price.
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:
- 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;
- Define and use accounting and business terminology;
- 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;
- Apply transaction analysis, input transactions into the accounting system, process this input, and prepare and interpret the four basic financial statements;
- Distinguish between cash basis and accrual basis accounting and their impact on the financial statements, including the revenue recognition and matching principles;
- Identify and illustrate how the principles of internal control are used to manage and control the firm’s resources and minimize risk;
- 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;
- 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;
- Identify and illustrate issues relating to long-term asset acquisition, use, cost allocation, and disposal;
- Distinguish between capital and revenue expenditures
- 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 for exams or quizzes.
Student Accessibility:
It is Franklin Pierce University policy to provide reasonable accommodations under the Americans with Disabilities Act and Section 504 of the Rehabilitation Act.
If you are a student with a disability, the Coordinator of Student Accessibility Services is available to discuss eligibility requirements and reasonable accommodations that you may require. Requests for academic accommodation should be made early in the semester but can be made at any time. You are responsible for contacting the Coordinator to make an appointment. The Coordinator’s office is in Peterson Manor, second floor. The Coordinator can be reached at 603-899-4109 or by emailing studentaccessibility@franklinpierce.edu.
You can find more information regarding Accessibility Services, including contact information using this link: https://www.franklinpierce.edu/student-experience/support/academics/cae/disability.html
If you have already been approved for accommodations through Accessibility Services, please share your accommodations letter with your instructor(s) so reasonable accommodations can be implemented.
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. The Academic Integrity Policy is intended to provide guidelines as to the University’s expectations and procedures for enforcing its commitment to academic values and goals in the instances of suspected or alleged academic misconduct. It is in the interest of students, faculty, and all University members to maintain the highest standards of academic integrity ensuring the value of the educational process and the credibility of the institution.
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, the procedural process, and sanctions, see the Academic Integrity policy available from the Office of Academic Affairs. A detailed explanation of the policy, definitions of academic misconduct and more may be found at this link. Links to an external site..
Inclement Weather:
In the event the University’s Rindge Campus closes, for any reason, I will provide instructions on Canvas. Be sure to check for updates and alternative assignments.
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 each chapters. 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 8 @ 10 points |
80 points |
|
Quizzes in class 2 @ 25 points |
50 points |
|
Quizzes online 2@ 25 points |
50 points |
|
Participation |
15 points |
|
Final exam |
25 points |
|
|
|
|
Total |
220 points possible |
**Homework assignments are posted on Canvas under Assignments**
Course Summary:
| Date | Details | Due |
|---|---|---|