GENESEE COMMUNITY COLLEGE

Business Division
ACC 101-02
INTRODUCTION TO FINANCIAL ACCOUNTING (MW)
TERM:

Spring 2015

INSTRUCTOR:

AmyV.Conley,AssistantProfessor

OFFICE:

D275 in the Business Division (second floor on GCC Batavia Campus)

PHONE

343-0055 Ext.6321

OFFICE HOURS:

Mon/Wed: 9:45 11:15 am; Tuesday/Thursday: 10:00 11:00 am

*** Available other times by appointment***

E-MAIL:

avconley@genesee.edu

COURSE DESCRIPTION:
The concepts, principles and standards of financial accounting as they apply to financial statements including the statement of cash
flows are developed from a user perspective. Generally Accepted Accounting Principles are applied to cash, receivables, payables,
inventory, long-term operational assets, long-term debt and equity.
PREREQUISITE:

Math skills equivalent to or concurrent registration in MAT092

REQUIRED MATERIALS:

Textbook: Fundamental Financial Accounting Concepts 8th Edition, by Edmonds, McNair and Olds (McGraw-Hill);
Working Papers optional
Access to the companion website for this text: http://highered.mcgraw-hill.com/sites/0078025362/student_view0/index.html
(link included on Blackboard) Multiple choice sample quizzes by chapter are included on this site.
Calculator The Texas Instruments BAII is recommended for students who are planning on taking ACC 211 or ACC 215.
Basic calculators are required for the course. Programmable calculators are/or cell phone calculators are not permitted for
quizzes or exams. Use of such devices during quizzes and tests will be considered cheating.

COURSE REQUIREMENTS:
Test 1 (Chapters 1-2)
Test 2 (Chapters 3, 4, 5)
Test 3 (Chapters 6, 7, 8, 9)
Test 4 (Chapters 10, 11, 12)
Homework, Class work & Participation*

20% of final grade

20% of final grade
20% of final grade
20% of final grade
20% of final grade

*Includes homework assignments, in-class assignments, class participation, quizzes and other assignments throughout the semester.
Letter Grades will be assigned as follows:
90
100%
80
89%
70
79%
60
69%
0
59%

=
=
=
=
=

A
B
C
D
F

COURSE POLICIES:
Attendance at each class is expected. You should always attempt to arrive on time and stay for the full class period. If you must arrive
late/leave early, please inform the instructor in advance. Instructor reserves the right to treat any and all late arrivals or early
departures as unexcused absences. If a class is missed, students are responsible for any announcements, schedule changes, and notes.
More than three unexcused absences may result in an automatic grade of F based on the discretion of the instructor. Tests must be
taken in class on the day scheduled. Any test missed will be assigned a grade of F. Any collected homework or class work will
NOT be accepted late. Cell phones and other electronic devices are to be turned off during class periods. Texting is not
permitted in class. Cell phone calculators are not allowed to be used in class. If a situation requires a student to monitor a phone, the
instructor must be informed at the beginning of the class period. A comprehensive final will be available to improve your final course
average up to one letter grade.
Plagiarism and Cheating: Cheating is obtaining or intentionally giving unauthorized information to create an unfair advantage in an
examination, assignment, or classroom situation. Plagiarism is the act of presenting and claiming words, ideas, data, programming
code or creations of others as ones own. Plagiarism may be intentional as in a false claim of authorship or unintentional as in a
failure to document information sources using MLA (Modern Language Association), APA (American Psychological Association) or
other style sheets or manuals adopted by instructors at the College. Presenting ideas in the exact or near exact wording as found in
source material constitutes plagiarism, as does patching together paraphrased statements without in-text citation. Disciplinary action
may include a failing grade on an assignment or test, a failing grade for the course, suspension or expulsion from the college, as
described in the Code of Conduct.
STUDENT LEARNING OUTCOMES:
Upon successful completion of this course as documented by four semester exams with objective questions and written problems, and
class participation, homework and quizzes, students will be able to:

1) Identify, describe and prepare the four basic financial statements.

2) Identify, describe and record business events involving cash as well as accruals and deferrals of revenues and expenses and
explain how they affect the financial statements of a business.

3) Analyze financial statements and make meaningful comparisons between companies using ratios to measure liquidity,
solvency and profitability.

4) Analyze and record business events involving a merchandising business and explain how they affect the financial statements
of the business, including inventory methods, transportation costs, returns and allowances.

5) Identify and explain the elements of internal controls including the preparation of bank reconciliation and accounting for
petty cash.

6) Analyze and record business events involving bad debts, credit card sales, warranty obligations and discount notes and
explain how they affect the financial statements of a business.

7) Demonstrate the computational procedures involved in inventories including LIFO, FIFO, Weighted Average, Lower of Cost
of Market, inventory estimates and the effect of inventory errors.

8) Identify different types of long-term operational assets, calculate their costs and cost allocation using three common methods
and explain the effect of this and other related business events on the financial statements of a business.

9) Analyze and record business events involving long-term debt financing, explain the features of bonds and how the time value
of money relates, calculate the amortization of long-term debt and explain the effect of these on the financial statements of a
business.

10) Identify the different types of business organizations, explain the characteristics of stock issued by corporations, analyze and
record business events involving stock, treasury stock and dividends and explain the effect of these on the financial
statements of a business.

11) Prepare a Statement of Cash Flows from accrual account balances using the direct method.
12) Prepare a classified balance sheet distinguishing between current and noncurrent items.*
* This course objective has been identified as a student learning outcome that must be formally assessed as part of the Comprehensive
Assessment Plan of the college. All faculty teaching this course must collect the required data and submit the required analysis and
documentation at the conclusion of the semester to the Office of Institutional Research and Assessment.
CLASS CANCELLATION:
College closings will be announced on area radio stations and on the colleges website. Class cancellations will be posted on the
classroom door prior to class time. Follow the segment schedule and complete all assignments shown for the cancelled class. Have
the cancelled class assignments ready for the next class meeting along with the assignments that were due the day of the class
cancellation.
BLACKBOARD:
Blackboard will be utilized in this course and contains the syllabus; homework solutions; power points utilized in class; and links to
the text website. I encourage you to bring the chapter power points with you to class.
SUPPORT SERVICES:
Free tutoring is available through the CAP office (Center for Academic Progress located on the 2nd floor, D-section), schedule is
determined by tutors. Tutoring is conducted in the math lab located in D360.
INFORMATION FOR ALL STUDENTS:
The Information for all Students college publication is an integral part of the syllabus.
SCHEDULE CHANGE:
This syllabus and attached schedule are subject to change at the discretion of the instructor.

GENESEE COMMUNITY COLLEGE

Business Division
Acc 101
Segment I
---Class--M/W

TOPIC

LO
(**)

PAGES

ASSIGNMENT
(*****)

DUE DATE

1 1/12

WELCOME TO ACCOUNTING 101

CH 1 AN INTRODUCTION TO ACCOUNTNG
2-28
Role of Accounting in Society
1
2-10
Q2, Q10
1/14
Elements of Financial Statements
2
10-14
Q12, 1-6A
The Accounting Equation
3,4
14-19
Q19, 1-8A
-----------------------------------------------------------------------------------------------------------------------------------------------------------------2 1/14
Preparing financial statements
5
20-25
1-9A, 1-15A,1-19A
1/21
Horizontal Statement Model
6
25-28
1-31A, 1-32A
-----------------------------------------------------------------------------------------------------------------------------------------------------------------1/19
NO CLASS Martin Luther King Day
-----------------------------------------------------------------------------------------------------------------------------------------------------------------3 1/21
CH 2 THE ACCOUNTING CYCLE
62-89
Accrual Accounting Events
1,2
62-70
2-1A(a), 2-2A, 2-5A
1/26
Closing Process and Key Concepts
70-72
2-25A
Accounting for Deferrals
3,4,5
72-76
2-8A, 2-9A(a), 2-12A
-----------------------------------------------------------------------------------------------------------------------------------------------------------------Adjusting the Accounting Records
6
76-80
4 1/26
Financial Statements
7
80-84
2-1A(b,c), 2-9A(b,c)
1/28
-----------------------------------------------------------------------------------------------------------------------------------------------------------------5 1/28
Comprehensive Problem
2-23A, 2-41A
-----------------------------------------------------------------------------------------------------------------------------------------------------------------6 2/2
Problems and Review
-----------------------------------------------------------------------------------------------------------------------------------------------------------------7 2/4

TEST I CHAPTERS 1-2

** LO is the learning objective as discussed in the text.

*****Assignments are due the next class following the introduction of the topic (for example - Q2, Q10, Q12, Q19, 1-6A and 18A are due 1/14). The chapter readings are due on the day scheduled for the topic.

GENESEE COMMUNITY COLLEGE

Business Division
Acc 101
Segment II
---Class--MW

TOPIC

LO

PAGES

ASSIGNMENT DATE DUE

1 2/9

CH 3 THE DOUBLE-ENTRY ACCOUNTING SYSTEM 138-161

Debit/Credit Terminology
1
138-140
3-6A
2/11
Recording in T-accounts
2
140-149
3-9A part a
Adjusting Entries
2
147-149
3-10A(a-d),3-11A
-----------------------------------------------------------------------------------------------------------------------------------------------------------------2 2/11
General Journal & General Ledger
3
149-153
3-18A
2/18
Trial Balance
4
153-155
3-19A
Closing Entries
4
155-157
3-17A
Financial Reporting & Analysis
5
157-161
ATC 3-5
-----------------------------------------------------------------------------------------------------------------------------------------------------------------2/16
NO CLASS Presidents Day
-----------------------------------------------------------------------------------------------------------------------------------------------------------------3 2/18
CH 4 ACCOUNTING FOR MERCHANDISING BUSINESS 206-234
Accounting for Inventory Transactions
1
206-214
4-1A, 4-2A
2/23
Transportation, Discounts, Returns (purch) 2
214-220
4-8A, 4-24A
Gains and Losses
3
220-222
Multistep Income Statement
4
222-224
4-15A
-----------------------------------------------------------------------------------------------------------------------------------------------------------------4 2/23
Sales Disc, Returns, Shrinkage
5,6
224-228
Common-Size Statements & Ratio Analysis 7
228-232
ATC-4-5
2/25
Periodic Inventory Method
8
232-234
4-20A, 4-28A a and b
CH 5 ACCOUNTING FOR INVENTORIES
268-286
Inventory Valuation Methods
1
268-278
5-2A, 5-3A,5-8A
-----------------------------------------------------------------------------------------------------------------------------------------------------------------5 2/25
Lower of Cost or Market (LCM) Rules
2
278-280
5-11A
3/2
Avoiding Fraud in Merchandising
3
280-281
Estimating Ending Inventory
4
282-286
5-13A, 5-14A
-----------------------------------------------------------------------------------------------------------------------------------------------------------------6 3/2
Problems & Review
-----------------------------------------------------------------------------------------------------------------------------------------------------------------7 3/4
TEST II CHAPTERS 3, 4, 5

GENESEE COMMUNITY COLLEGE

Business Division
Acc 101
Segment III
---Class--MW

TOPIC

LO

PAGES

ASSIGNMENT DATE DUE

1 3/16

CH 6 INTERNAL CONTROL & CASH

312-334
Internal Control
1
312-317
6-2A
3/18
Features of Accounting for Cash
2
317-321
6-17A
Bank Reconciliation
3
321-327
6-10A, 6-21A
Petty Cash
4
327-329
6-14A
Role of Independent Auditors
5
330-334
ATC 6-1
-----------------------------------------------------------------------------------------------------------------------------------------------------------------2 3/18
CH 7 ACCOUNTING FOR RECEIVABLES
360-384
3/23
Bad Debts Allowance Method
1
360-367
7-2A
% Revenue
2
368-370
7-10A (part a),7-6A
% Receivables
3
370-372
Bad Debts Direct Write-Off
4
372-373
7-10A (part b)
-----------------------------------------------------------------------------------------------------------------------------------------------------------------3 3/23
Notes Receivable
5
373-379
7-11A
3/25
Credit Card Sales
6
379-384
7-13A
-----------------------------------------------------------------------------------------------------------------------------------------------------------------4 3/25
CH 8 LONG-TERM OPERATIONAL ASSETS
416-442
Types of Long-term Operational Assets
1
416-418
8-2A
3/30
Determining Cost
2
419-420
8-24A
Depreciation Methods
3
420-429
8-10A
Disposal of Assets
4
423
8-11A
Comparison of Methods
3
8-27A (parts a, b, c)
-----------------------------------------------------------------------------------------------------------------------------------------------------------------5 3/30
Revision of Estimates
6
431
8-15A
4/1
Continuing Expenditures
7
432-434
8-17A
Natural Resources
8
434-435
8-19A
Intangibles
9
435-442
8-20A
-----------------------------------------------------------------------------------------------------------------------------------------------------------------6 4/1
CH 9 ACCOUNTING FOR CURRENT LIABILITIES 476-497
Notes Payable
1
476-480
9-1A
4/6
Warranty Obligations
4
482-485
9-6A
Classified Balance Sheet
6
492-495
9-14A
Current Ratio
7
495-497
9-15A
-----------------------------------------------------------------------------------------------------------------------------------------------------------------7 4/6
Problems and Review
-----------------------------------------------------------------------------------------------------------------------------------------------------------------8 4/8
TEST III CHAPTERS 6, 7, 8, 9

GENESEE COMMUNITY COLLEGE

Business Division
Acc 101
Segment IV
---Class---MW

TOPIC

LO

PAGES

ASSIGNMENT

DATE DUE

1 4/13

CH 10 LONG-TERM DEBT
534-560
Long-Term Notes Payable
1
534-538
10-2A
4/15
Line of Credit
2
539
10-5A
Bonds Liabilities
3
539-543
Bonds Issued at Face Value
3
543-546
10-7A, 10-9A
-----------------------------------------------------------------------------------------------------------------------------------------------------------------2 4/15
Bonds Issued at Discount or Premium
4
545-552
10-10A, 10-14A,10-18A 4/20
Bond Redemption
4
552-553
10-8A
Financial Analyst
6
556-560
APPENDIX F TIME VALUE OF MONEY
773-779
Future Value
773-774
F1, F2, F3
Present Value
774
Annuities
774-776
Business Applications
776-777
-----------------------------------------------------------------------------------------------------------------------------------------------------------------3 4/20
Bonds Review
CH 11 PROPRIETORSHIP, PARTNERSHIP, CORPORATIONS 592-613
Forms of Business Organization
1
592-598
11-1A, 11-2A
4/22
Accounting for Capital Stock
2
599-603
11-4A
-----------------------------------------------------------------------------------------------------------------------------------------------------------------4 4/22

Treasury Stock
Cash Dividends
Stock Dividends
Stock Splits
Financial Analyst

3
4
4
4
5

603-605
605-606
606-607
607-610
610-613

11-9A
11-10A, 11-11A
11-14A
11-15A

4/27

Review Statement of Cash Flows

-----------------------------------------------------------------------------------------------------------------------------------------------------------------5 4/27
CH 12 - STATEMENT OF CASH FLOWS (DIRECT)
640-645
Cash Flow Activities
640-645
12-8A, 12-11A
4/29
Statement of Cash Flows - exhibit 12.15
2
661-662
2-21A, 2-21B, 2-24A**
-----------------------------------------------------------------------------------------------------------------------------------------------------------------6 4/29
Problems and Review
-----------------------------------------------------------------------------------------------------------------------------------------------------------------7 5/4
TEST IV CHAPTERS 10, 11, 12
** This is an assignment from Chapter 2