Course Design Guide ACC/280 Version 5

Syllabus
School of Business ACC/280 Version 5 Principles of Accounting
Copyright 2011, 2010, 2009, 2008 by University of Phoenix. All rights reserved.

Course Description This course covers the fundamentals of financial accounting as well as the identification, measurement, and reporting of the financial effects of economic events on the enterprise. Financial information is examined from the perspective of effective management decision making with special emphasis on the planning and controlling responsibilities of practicing managers. All electronic materials are available on your student website.

Possible Points You Can Earn Per Week Assignments Individual Participation/Discussion Individual Assignment Discussion Questions (Submit via Gradebook) Final Exam Learning Team Participation/Discussion Assignmt/Presentation Exercises Totals Week 1 1 4 Week 2 1 7 2 Week 3 1 8 2 Week 4 1 8 2 Week 5 1 8 2 15 Total Points 5 35 8 15

1 6

1 10 21

1 4 16

2 8 4 25

2 4 32

7 18 12 100

Week One: Basic Accounting Principles and Concepts

Details
Objectives 1.1 Define the purpose of accounting. 1.2 Identify the basic assumptions, principles, and constraints of accounting. 1.3 Explain the four basic financial statements and how they are interrelated with each other. 1.4 Analyze transactions using the rules of debit and credit. 1.5 Post journal entries to the general ledger.

Due

Points

Course Design Guide ACC/280 Version 5

Readings

Read Ch. 1, 2, & 7 of Financial Accounting. Read this weeks Electronic Reserve Readings. Read the following items, available at http://ecampus.phoenix.edu: Learning Team Handbook Guide to Charter Learning Team Charter Learning Team Log Learning Team Evaluation

10/25/11

Participation Discussion Questions Learning Team Instructions

Participate in class discussion. Respond (in class) to weekly discussion questions listed at the end of the Syllabus. Resources: Internet or other resources; annual report for the company of your choice Select classmates to be on your Learning Team. Create the Learning Team Charter. Select a company for analysis by your team that has been (1) profitable for the last three fiscal years, (2) is not a bank/financial institution, and (3) is on a major U.S. Stock Exchange. Attain instructor approval of the selected company. Begin collaborating on the Executive Summary.

10/25/11 10//25/11

1 0

Learning Team Individual Financial Statements Paper

In class Learning Team activities and discussion Prepare a 700- to 1,050-word paper in which you define the purpose of accounting and identify the four basic financial statements. Explain how they are interrelated with each other, and why they are useful to managers, investors, creditors, and employees. Format your paper consistent with APA guidelines.

10/25/11 10/25/11

1 4

Week Two: Starting the Accounting Cycle

Details
Objectives Readings 2.1 Identify and calculate adjusting entries. 2.2 Prepare an adjusted trial balance. Read Ch. 3 of Financial Accounting. Review this weeks Electronic Reserve Readings. 11/1/11

Due

Points

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Participation Individual Discussion Questions Submit via Gradebook Individual Ch. 1, 2, & 7 Textbook Exercises

Participate in class discussion. Respond/submit weekly discussion questions listed at the end of the Syllabus.

11/1/11 11/1/11

1 2

Resources: Ch. 1, 2, & 7 of Financial Accounting Prepare written answers for the following assignments from Ch. 1, 2, & 7 of Financial Accounting: Chapter 1: o o o o Exercise E1-1 Exercise E1-6 Exercise E1-14 Exercise E1-15

11/1/11

Chapter 2: o o Exercise E2-4 Exercise E2-5

Chapter 7: o Exercise E7-3 11/1/11 11/1/11 1 10

Learning Team Learning Team Executive Summary

In class Learning Team activities and discussion Resources: Internet or other resources; annual report for the company of your choice Select a company for analysis by your team that has been (1) profitable for the last three fiscal years, (2) is not a bank/financial institution, and (3) is on a major U.S. Stock Exchange. Attain instructor approval of the selected company. Acquire a copy of the selected companys most recent annual report by using the Internet or other resources. Prepare a 1,050- to 1,400-word Executive Summary, using the information contained in the companys balance sheet and income statement, answering the following questions, noting that annual reporting period and fiscal year mean year-end numbers: Company history: When was the company founded? By whom? List other historical facts. Who is the audit firm for the company?

Course Design Guide ACC/280 Version 5

What stock exchange is the company listed on? What is their ticker symbol? How much cash and cash equivalents did the company have at the end of its 2 most recent annual reporting periods? What were the companys total current assets at the end of its 2 most recent annual reporting periods? In what order should current assets be presented? What were the two largest current assets at the end of its 2 most recent annual reporting periods? What were the companys total assets at the end of its 2 most recent annual reporting periods? What amount of accounts payable did the company have at the end of its 2 most recent annual reporting periods? What were the companys total current liabilities at the end of its 2 most recent annual reporting periods? What were the companys two largest current liabilities at the end of its 2 most recent annual reporting periods? What were the companys total liabilities at the end of its 2 most recent annual reporting periods? What were the companys revenues (or net revenues) for the last 3 annual reporting periods? What was the companys net income for the last 3 annual reporting periods? What was the change in dollars in the companys net income from its most recent annual reporting period to the previous annual reporting period? What was the change in dollars in the companys net income from its previous year to the year before annual reporting period? Attach a copy of the Balance Sheet, Income Statement and Statement of Cash Flow from the Annual Report to your assignment. Format your assignment consistent with APA guidelines.

Week Three: Completing the Accounting Cycle

Details
Objectives 3.1 Prepare a financial statement worksheet.

Due

Points

Course Design Guide ACC/280 Version 5

3.2 Prepare classified income statements and balance sheets, and the statement of retained earnings. 3.3 Prepare closing entries, reversing entries, and a post-closing trial balance. Readings Read Ch. 4 of Financial Accounting. Read Appendix E of Financial Accounting. Review this weeks Electronic Reserve Readings. Participate in class discussion. Respond/submit weekly discussion questions listed at the end of the Syllabus. 11/8/11

Participation Individual Discussion Questions Submit via Gradebook Learning Team Instructions Individual Ch. 3 Textbook Exercises

11/8/11 11/8/11

1 2

Resource: Executive Summary Review facilitator feedback on Executive Summary and begin collaborating on your presentation. Resource: Ch. 3 of Financial Accounting Prepare written answers to the following assignments from Ch. 3 of Financial Accounting: Questions 5, 11, 15, & 17 Exercise E3-5 Exercise E3-12

11/8/11

11/8/11

Learning Team Learning Team Ch. 3 Textbook Exercises

In class Learning Team activities and discussion Resource: Ch. 3 of Financial Accounting Prepare written answers to the following assignments from Ch. 3 of Financial Accounting: Exercise E3-3 Problem P3-3A

11/8/11 11/8/11

1 4

Week Four: Financial Statement Analysis

Details
Objectives Readings 4.1 Perform ratio, vertical, and horizontal analysis on financial statements. Read Appendix in Ch. 1 of Financial Accounting. Read Ch. 15 of Financial Accounting. Review Ch. 7 of Financial Accounting. Review this weeks Electronic Reserve Readings. 11/15/11

Due

Points

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Participation Individual Discussion Questions Submit via Gradebook Individual Ch. 4 Textbook Exercises

Participate in class discussion. Respond/submit weekly discussion questions listed at the end of the Syllabus.

11/15/11 11/15/11

1 2

Resource: Ch. 4 of Financial Accounting Prepare written answers to the following assignments from Ch. 4 of Financial Accounting: Exercise E4-1 Exercise E4-8 Exercise E4-9

11/15/11

Learning Team Ch. 4 Textbook Exercises

Resource: Ch. 4 of Financial Accounting Prepare written answers to the following assignments from Ch. 4 of Financial Accounting: Problem P4-3A

11/15/11

Learning Team Learning Team Executive Summary Presentation

In class Learning Team activities and discussion Resource: Executive Summary Create a 15- to 20-slide Microsoft PowerPoint presentation using and illustrating your research from the Executive Summary, and revising for facilitator feedback. Include speakers notes with each slide. Format APA citations on a slide titled References.

11/15/11 11/15/11

2 8

Week Five: Internal Controls, Regulatory Bodies, and Ethics

Details
Objectives 5.1 Summarize strengths and weaknesses of an internal control system. 5.2 Identify the various accounting regulatory bodies. 5.3 Examine the impact of unethical behavior on accounting practices. Read Ch. 8 of Financial Accounting. Review this weeks Electronic Reserve Readings. Participate in class discussion. Respond/submit weekly discussion questions listed at the end of 11/22/11 11/22/11 11/22/11 1 2

Due

Points

Readings Participation Individual

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Discussion Questions Submit via Gradebook Individual Final Examination

the Syllabus.

Resource: Financial Accounting Click the link to the Final Examination on your student website available from the end of Week Four through the end of Week Five. Complete the Final Examination. You are allowed one attempt to complete the examination, which is timed and must be completed in 3 hours. Results are auto graded and sent to your instructor. Note. Final Examination questions are adapted from Financial Accounting.

11/22/11

15

Individual Ch. 7, 8, & 15 Textbook Exercises

Resources: Ch. 7, 8, & 15 of Financial Accounting Prepare written answers to the following assignments from Ch. 7, 8, & 15 of Financial Accounting: Chapter 7: o Questions 3 & 12

11/22/11

Chapter 8: o Exercise E8-6

Chapter 15: o o o Exercise E15-3 Exercise E15-7 Exercise E15-8 11/22/11 11/22/11 2 4

Learning Team Learning Team Ch. 8 & 15 Textbook Exercises

In class Learning Team activities and discussion Resources: Ch. 8 & 15 of Financial Accounting Prepare written answers to the following assignments from Ch. 8 & 15 of Financial Accounting: Chapter 8: o BYP8-5 Ethics Case

Chapter 15: o Problem P15-5

Report your calculations for each ratio using a spreadsheet (the details of the data used to calculate).

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Discussion Questions Week One Discussion Questions What are the four basic financial statements? What do the different financial statements tell you about a company? Which financial statement is the most useful? Why? What types of information is provided to managers in your department and how do managers in your organization use information presented in financial statements? What do you think of when you hear the word debit? What do you think of when you hear the word credit? Why does your bank statement show a credit for an increase in your cash balance? Is an increase to your bank statement a debit or a credit? What method would you use to summarize transactions and transfer to the ledger? Who are the different users of accounting information? What are the differences between managerial and financial accounting? What is the role of the CPA and how does it differ from other accountants? What is the value of the accounting function in your organization, both internally and externally? Week Two Discussion Questions What are the four different adjusting entries? What accounting assumptions necessitate the use of adjusting entries? What accounts are subject to adjusting journal entries? What are the advantages and disadvantages of using automated accounting systems to do adjusting entries? What are your thoughts on making adjusting entries; are they really needed or is this just extra work by accountants? Which bases of accounting do most companies use, cash or accrual? Why? Which method is approved by GAAP? Why? What are the positives and negatives of each? Is it legal for an organization to keep two sets of accounting records; one for tax and one for book? Why or why not? What transactions might fall under a dual method? When is the trial balance prepared? What is the purpose of preparing a trial balance? What does the trial balance tell you? What does the trial balance not tell you? Why not use the trial balance to report financial information internally and externally? What limitations does it have over formal financial statements? Week Three Discussion Questions What are the steps in completing the accounting cycle? Discuss the relationship between the amounts on the adjusted trial balance for an account and its ledger? Discuss the relationship of the adjusted trial balance and the amount on the financial statements? What is the effect on the financial statements of missing a step when completing the accounting cycle? What are the main financial statements? In order of importance, list the statements. Why did you rank the statements in the order you did? Why does GAAP require all statements? Why is it necessary to prepare the formal financial statements if all the data are on the adjusted trial balance? What are reversing entries? Why are reversing entries needed? What would be the effect if not made? What are the pros and cons of using reversing entries? What types of transactions may require reversing entries? Week Four Discussion Questions What are the differences between vertical and horizontal analysis? Which method would external users

Course Design Guide ACC/280 Version 5

most likely use? How about internal users? Discuss the uses of the two analysis methods and how you would use each to analyze a companys performance? What three ratios would you list as the most important? Why? Which ratios would external users be most interested in? Why? Which ratios would best help internal users manage the business? Why? Beyond the basic financial statements what other information would you want to fully analyze a companys performance? Why? Why is it important to report discontinued operations or extraordinary items separately from income from continuing operations? Is this method of reporting allowed? What concerns does this type of reporting create? Does the average investor understand the difference? In what way(s) might the information be presented to clarify meaning for investors? Week Five Discussion Questions Of the several regulatory bodies, which has the most effect on companies? Why? Do both public and nonpublic or not-for-profit organizations comply with the regulations of all regulatory bodies? Why or why not? Are there gray areas? How do companies assure compliance with regulations? How does your company comply? Any thoughts on how to streamline the regulatory process over accounting and finance? What are some internal controls related to cash? Why is control over cash important? What are the pros and cons of segregation of duties over cash? Why is a bank reconciliation considered an internal control over cash? How does it provide control? What control violations might the bank reconciliation highlight? What is an example of a potentially unethical accounting situation? Why is the situation unethical? What is meant by the statement, You cannot teach ethics? How do ethics affect the financial results of a company? Copyright
University of Phoenix is a registered trademark of Apollo Group, Inc. in the United States and/or other countries. Microsoft, Windows, and Windows NT are registered trademarks of Microsoft Corporation in the United States and/or other countries. All other company and product names are trademarks or registered trademarks of their respective companies. Use of these marks is not intended to imply endorsement, sponsorship, or affiliation. Final exams contain third-party copyrighted materials. Portions are: Copyright 2011 University of Phoenix. All rights reserved. Copyright 2011 Wiley & Sons. All rights reserved. Edited in accordance with University of Phoenix editorial standards and practices.