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ACT 2291
Principles of Accounting I
Fall 2010

Instructor :Linh Le, MPA

Prerequisites : None

Office Hours : Contact me in person before and after the class sessions
Some specific hours will be informed students in class.

Email :E-classroom or

Course Description : Modern financial accounting theory and practices applied to sole
proprietorships, partnerships, and corporations.

Course Objectives : To provide students with an understanding of the basic assumptions,

principles, and mechanics of financial accounting.

Student Learning
Outcomes :After completing this course, students should be able to:

1. Journalize and post transactions

2. Prepare a trial balance
3. Make adjustments and prepare an adjusted trial balance
4. Prepare the basic financial statements
5. Prepare closing entries
6. Calculate the cost of goods sold
7. Account for inventories, accounts receivable, plant assets, intangibles,
current liabilities, and payroll liabilities
8. Apply the basic assumptions and principles of financial accounting

Course Purpose :To enhance understanding of how basic financial transactions are
recorded and analyzed. This class is a core requirement for all
undergraduate business programs.

Textbook required :Warren, C. S., Reeve, J. M., & Duchac, J. E.(2007) Accounting

(22nd. Ed.). Mason, OH: Thomson/South-Western

Tests, Quizzes There are two exams in the course. Each will be closed book/closed
, Assignments notes. A final exam will be given at the end of the course. It will consist.

ACT 2291- Principles of Accounting 1

& Exams: of multiple choice questions.

Quizzes can be given at different times during the course and will be very
short exam. They can be closed book. The contents of Quizzes are on the
topics which are studied on that day to test your understanding of topics
(Reading in advance is a must of this course)
There is a quiz each week

Assignments are included in the schedule (show below), and required to

submit at the next class after finishing that chapter.

Assessments : The assessment tasks you are required to complete are:

Quizzes 20%

Assignments 20%

Mid-Semester Exam 30%

Final Exam 30%
Total 100%
Assignments are randomly marked, and not returned to students until the
course finished. Assignment answers will be posted to e-classroom after
assignment due date.

90%-100% :A
80%-89% ;B
70%-79% ;C
60%-69% :D *
Below 60% :F

Class procedures
And Requirements : Students will be expected to:

ACT 2291- Principles of Accounting 2

- Do the reading in advance each chapter.
- Attend all scheduled lectures (class periods). Students who arrive at class
after roll call will be counted absent;
- Be responsible for all in instructions and assignments given in class as
well as for the supporting textbook content.
- Involve and participate in class activities.

Class : The easiest communication way to talk to me in person during the day of
Communications course. E-classroom will be used for distributing course materials,
communicating, and you need to make sure that your email address is
correct in the system.

Americans With : Any student whose disabilities fall within ADA must inform the
Disabilities Act instructor at the BEGINNING of the semester regarding any special needs
or equipment necessary to accomplish the requirements of this course.
Students who have or may be dealing with a disability or learning
difficulty should speak with the instructor, contact the office.

Attendance Policy : Physical class meetings are part of this course and participation is
expected and can only be achieved when in attendance. Attendance is a
portion of the point value for your class period.

Make-up Policy : If you foresee difficulty of any type (i.e. an illness, employment change,
ect.) which may prevent you from completing the course activities timely,
notify the instructor as soon as possible. Failure to do so will result in
failure for the assignment and/or failure of the course.

Assignments which are submitted lately will not be marked and scored.

Incomplete Grade : Missing any part of the course schedule may prevent completion of the
Policy course. If circumstances will prevent the student from completing the course by the end
of the term, the student should complete a request for an incomplete grade.

Policy for granting an incomplete (INC):

- The students must request.

ACT 2291- Principles of Accounting 3

- The students must have completed over 50% of the course material
and have a documented reason for requesting the incomplete.
- The reason is acceptable by the school policy.

Cheating policy : The cheating policy is very simple. If you are caught cheating, you will
get a course grade of “F”. There is no such thing as a second chance.
Cheating is cheating, whether it is “just a quiz”, the assignments, the test
or the final exam.



1 Chapter 1- Introduction to Accounting Oct 7, EX1-12, PR1-1A, &
and Ausiness PR1-2A
2 Chapter 2 – Analyzing Transactions Oct 14 EX2.5, PR2-1A,PR2-
3 Chapter 3 - The Adjusting Process Oct 21 EX3-1, PR3-4A

4 Chapter 4 - Completing the Oct 28 PR4-1A, PR4-6A

Accounting Cycle

5 Chapter 6 - Accounting for Nov 4 PR6-1A, PR6-2A

Merchandising Businesses

6 Chapter 7 – Inventories Make- PR7-1A, PR7-2A

up Nov
Cancellation on Oct 11 6

7 Chapter 8 – Sarbanes Oxley, Internal Nov 18 PR 8-1A, PR8-2A

Controls and Cash

8 Mid-term Exam Nov 25 Chapter 1-6

Cancellation class on Dec 2, Dec 9

ACT 2291- Principles of Accounting 4

9 Chapter 9 – Receivables Dec 16 PR 9-1A, PR 9-3A

10 Chapter 10 - Fixed Assets and Dec 23 PR 10-2A,PR 10-5A,

Intangible Assets PR 10-6A

11 Chapter 11 - Current Liabilities and Dec 30 PR 11-1A, PR 11-2A,


12 Revision of Final Exam (if time Jan 6 Chapters 7-11


Final Exam

ACT 2291- Principles of Accounting 5