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Principles of Accounting IACC 231-01WN 2019
Number of Credits: 4 credits
Days Class Meets: Online
Instructor: Randi Watts
Contact Phone: 517-812-7465
Contact Email: wattsrandir @jccm.edu
Remote Office Hours: by appointment-call or
email to arrange time
Course DescriptionThis course is an introductory course in financial accounting. Learn the theory and practice of recording
financial accounting data and preparation of financial statements in accordance with Generally Accepted
Accounting Principles (GAAP) with an emphasis on corporations. Current software and online
applications will be utilized.
Prerequisite(s)Prerequisites: ENG 085*, ENG 090*, MTH 033* or higher and CIS 101* or CIS 121.
Transfer informationIt is in your best interest to continue your studies and complete a bachelor’s degree. ACC 231 is intended
for accounting majors and those transferring into four-year accounting and business related programs.
There are a variety of ways to do this. When considering your options, make sure to use HYPERLINK
"http://michigantransfernetwork.org/"http://michigantransfernetwork.org/ .
Course Objectives & Goals
1. Complete double-entry accounting procedures including journalizing transactions, posting journal entries and preparation of the trial balance
2. Analyze and prepare month-end adjusting and closing procedures3. Prepare financial statements including Income Statement, Equity Statement, Balance Sheet and
Statement of Cash Flows4. Understand and complete all aspects of the accounting cycle5. Prepare bank reconciliations and record related adjusting entries to Cash6. Estimate bad debts using acceptable GAAP methods for doubtful accounts and record related
entries
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7. Compute ending inventory using various acceptable GAAP inventory methods under a perpetual or periodic system
8. Compute depreciation using acceptable GAAP depreciation methods and record entries for the acquisition and disposal of plant assets
9. Analyze and record equity transactions10. Analyze and record transactions for short term liabilities and long-term liabilities including interest
calculations
TextbookFinancial Accounting for Undergraduates 3e, Wallace, Nelson, Christensen and Ferris, 3rd edition and
online access to MyBusinessCourse (MBC). ISBN: 978-1-61853-161-2. Text and MBC are sold as one
package at the JC bookstore for $65. Purchase online for as low as $50 at HYPERLINK
"https://cambridgepub.com/book/financial-accounting-for-undergraduates-3rd"https://cambridgepub.com/
book/financial-accounting-for-undergraduates-3rd .
MBC website: https://mybusinesscourse.com/ MBC course ID: 9729-1300-8400MBC course name: ACC231:l1-WN2019-Principles of Accounting 1 MBC enrollment link: hhttps://mybusinesscourse.com/?code=9729-1300-8400
MBC access code: scratch-off code in text OR check email with eBook MBC tech support: create a ticket at https://mybusinesscourse.com/ or call 1-630-504-0505
Textbook on reserve. There is one copy of the textbook materials for this class on reserve at the JC central campus library in the WA building. Library location, hours and information are available here: https://www.jccmi.edu/library/.
Text Book Zero! This text is available in a digital format. Please see the links posted on our class Jet Net site. This text is available to rent or purchase in digital format through the JC Bookstore.
ExtrasStudents are required to have reliable Internet access, a technology back-up plan, Microsoft Word and
Excel or compatible programs, and a file storage system (such as a flash drive or cloud file storage).
Academic Honesty PolicyAcademic Honesty is defined as ethical behavior that includes student production of their own work and
not representing others' work as their own, by cheating or by helping others to do so.
Plagiarism is defined as the failure to give credit for the use of material from outside sources. Plagiarism includes but is not limited to:
Submitting other's work as your own
Using data, illustrations, pictures, quotations, or paraphrases from other sources without
adequate documentation
Reusing significant, identical or nearly identical portions of one’s own prior work without
acknowledging that one is doing so or without citing this original work (self-plagiarism)
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Cheating is defined as obtaining answers/material from an outside source without authorization. Cheating includes, but is not limited to:
Plagiarizing in any form
Using notes/books/electronic material without authorization
Copying
Submitting others' work as your own or submitting your work for others
Altering graded work
Falsifying data
Exhibiting other behaviors generally considered unethical
Allowing your work to be submitted by others
Grading Scale
GPA GRADE RANGE COURSE REQUIREMENT POINTS
4.0 94-100% MBC Homework 100
3.5 89-93% Excel Homework (12 @ 10) 120
3.0 84-88% Tests (3 @ 100) 300
2.5 78-83% Project (1 @ 100) 100
2.0 72-77% Papers (2 @ 10) 20
1.5 66-71% Jeopardy/Class Participation 60
1.0 60-65%
0.5 55-59%
0.0 0-54% Total points 700
Course ManagementContact JC Student Services for more information on these college policies. Students can withdraw from
the course and receive a refund during the first week of the course. Students can withdraw from the
course but not receive a refund from the 2nd through the 13th week of a 15-week semester. Students
can audit a course, which means the student participates in the course but will not receive a grade.
Students can contact the instructor regarding an incomplete grade in the course if 75% or more of the
course requirements have been completed with a grade of a 2.0 or better.
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HelpContact your instructor right away if you need help with this class. Don’t wait. Email or call to talk with
your instructor. Your instructor is your best source of help with this class. The JC CSS also has tutors
available for this class but hours and locations may be limited. Our textbook is on reserve at the WA
library.
It is important to contact a Center for Student Success professional prior to the start of the semester
in order to receive accommodations in a timely manner. While we will make every effort to
coordinate accommodations in a timely manner, failure to self-identify prior to the start of the
semester may delay notification to instructors and timeliness of acquiring accommodations.
Accommodations do not automatically carry over to the next semester.
https://www.jccmi.edu/center-for-student-success/accommodations-for-students-with-disabilities/
Attendance PolicyIn compliance with Federal Title IV funding requirements, as well as college initiatives, reporting of
student participation in classes will occur at three designated times each semester. Instructors will
assign one of three non-transcripted letter symbols to each student during each reporting period (see
below). Students identified as no longer participating will be dropped or administratively withdrawn
from the class, and students identified as needing academic assistance will be contacted.
Participation/Progress Symbols
H – The student is not doing acceptable work and needs Help to be successful.
Q – The student has not participated and the instructor believes they have unofficially withdrawn
(Quit). These students will be dropped/withdrawn from the class.
V – The instructor Verifies that the student is participating and doing acceptable work.
Your regular attendance and active involvement in our class will directly correlate to how well you do with this class. Participation in this class is measured by activity in the discussion forums and the submission of assignments. Your involvement in class discussions determines the participation portion of your grade. Discussion-Your active involvement in our class discussion board will directly correlate to how well you do with this online class. Use the discussion board regularly and frequently. I would recommend that you check in every day to see what’s happening, what people are saying and to gauge where you are at with your assignments. You are required to post a minimum of 5 times per forum at 1 point per post-all posts must be during the assigned week, and should be posted by Thursday for credit since posting after the due date does not leave any time for communication. You are to post at least 5 times
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each week on at least three different days, and at least two of those responses must be in reply to, or expanding on, another classmates answers. In other words, just answering 5 questions on one day will not earn you full participation points. PLEASE NOTE-YOU MUST POST IN OUR FIRST INTRODUCTION AND DISCUSSION BOARD AS SOON AS CLASS STARTS. THIS WILL LET ME KNOW YOU HAVE REVIEWED THE SYLLABUS, IS A PLACE TO ASK GENERAL QUESTIONS SO EVERYONE CAN SEE THE ANSWERS, AND LETS ME KNOW YOU ARE “ON BOARD” SO YOU ARE NOT DROPPED FROM THE CLASS!!
I will be posting comments and feedback in the discussion board area. This is where our class happens. A substantive post is one that does more than simply state “I agree” or “I disagree”. A substantive post should be a well thought out response that adds value to the conversation. A substantive post can include a link to another source with a discussion of the material linked to. Throughout the semester I must report participation to the college. There are three levels which I report. A “V” means that the student is successfully attending and participating in the course. An “H” means that the student is attending and participating but could use additional assistance with the course. If a student is given an “H”, the student is contacted by the Center for Student Success and offered assistance services. A “Q” is given if the student is not participating in discussions or submitting homework. A “Q” means the student has been dropped from the course. PLEASE NOTE-FAILURE TO PARTICIPATE ON THE DISCUSSION BOARD OR TURN IN WEEKLY ASSIGNMENTS WILL RESULT IN A Q AND YOU WILL BE DROPPED FROM THE COURSE. YOU MUST CONTACT ME PRIOR TO THE DUE DATE TO MAKE ARRANGEMENTS FOR ANY LATE WORK OR YOU WILL BE DROPPED IF YOU ARE MISSING ASSIGNMENTS WHEN THE HQV GRADES ARE DUE!
Due Dates, Late Policy, Grading PolicyAll MBC are due by Thursday midnight, and all Excel homework is due Thursday at midnight. Note that
midnight in MBC is 11:55 PM. All assignments and projects must be completed and submitted before
their scheduled deadlines. If you turn in your work past the due date, you will not receive points. If you
are experiencing a genuine emergency such as a death in the family, find yourself admitted to the
hospital, find yourself in jail, etc.; please contact me as soon as possible. Feeling busy and overwhelmed
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with college, family and life is not an emergency (although it certainly does feel overwhelming). Grading
is completed with points posted to JetNet within 24-48 hours.
MBC Homework
We will use MyBusinessCourse to practice and learn throughout this class. MyBusinessCourse is an online homework management system for learning accounting similar to Aplia, MyMathLab, MyITLab, etc. All MyBusinessCourse work is due by Thursday midnight each week. MBC will remain open for additional attempts during each test cycle. MBC will close at the end of each test cycle for those chapters included on each test. For example, chapters 1, 2, 3 and 4 will close in MBC after Test 1.
Excel Homework
We will also prepare traditional, formal accounting work in Excel, similar to what you would see in the workplace. Refer to the ACC 231 Syllabus Schedule below for specific homework problems assigned. Excel work must be completed on Excel and uploaded by midnight on Thursdays. You will be graded in part for your Excel presentation and for being on time.
Tests
There will be 3 chapter tests throughout the semester covering about 4 chapters each. Tests will be limited to a 3 hour time limit during the testing week. If you have a conflict with a test date, you may arrange to take an exam early. Plan ahead to attend all test dates.
Project
We will complete an accounting practice set for Grand River Equipment Rentals. This is a local small business, and we will put together all of the accounting needed for this company for one month. This project is a lot of fun and pulls together everything we are learning class.
Papers
We will work on 2 short research papers. First, we will check out IFRS (International Financial Reporting Standards) to get a feel for what is happening around the world with accounting. Then, we will have some fun exploring the AICPA StartHereGoPlaces website. This will give you an idea of the different kinds of thing you can do working in the accounting profession and allow some time to consider some goals.
Technology issuesIf you have trouble with your JC login or other computer issues, please contact the JC Solution Center at
517-796-8539. When e-mailing your instructor, please include your first and last name and put “ACC
216” in the subject line. Always save and back-up your files. Have a back-up technology plan in case
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your regular computer has problems. Please ask questions and get help early with any concerns you
may have including technology problems.
CaveatThis syllabus is not a contract: it is a plan for the course. Each course and each student group is unique.
We may do more or less than is outlined above. Total points in the course may be altered to reflect the
dynamics of our class.
Important Dates: Winter 2019
DATE EVENT
MON, JAN 14, 2019 CLASSES BEGIN
FRI, JAN 25, 2019 HQV 1 REPORTING DATE
FRI, FEB 1, 2019 IN-SERVICE DAY. NO CLASSES ON CAMPUS
FRI, FEB 15, 2019 HQV 2 REPORTING DATE
MAR 11-17, 2019 MID-SEMESTER BREAK
FRI, MAR 8, 2019 PATHWAY SHOWCASES DAY. NO CLASSES ON CAMPUS
FRI, MAR 22, 2019 HQV 3 REPORTING DATE
SAT, MAY 4, 2019 COMMENCEMENT
SUN, MAY 5, 2019 END OF WINTER SEMESTER
tues, may 7, 2019 Grades Due
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Semester Schedule for 19WN ACC 231-01
WEEK
START
DATE
TOPIC ASSIGNMENTS DUE on
THURSDAY
Week 1
1/14
CH 1 Accounting Basics: accounts,
transactions, basic financials MBC Tutorial: Introducing Financial Accounting, Module 1, all parts
CH 1 MBC Homework
Thur 1/17
Week 2
1/18
CH 2 Transactions: General Journal,
journal entries and Trial Balance
CH 2 MBC Homework
CH 1 Excel Homework: P1-1A, P1-2A,
P1-10A
CH 2 Excel Homework: P2-15A, P2-16A
1/24
Week 3
1/25
CH 3 Month-End: accrual basis,
adjusting entries, closing entries
CH 3 MBC Homework
CH 3 Excel Homework: P3-3A, P3-4A,
P3-7A, P3-9A
1/31
Week 4
2/1
CH 4 Financial Statements: Income
Statement, Statement of Equity,
Balance Sheet
CH 4 MBC Homework
CH 4 Excel Homework: P4-1A, P4-3A,
P4-5A, P4-7A, P4-8A
2/7
Week 5
2/8
Test Week Test 1
Paper 1 due
2/14
Week 6
2/15
CH 5 & CH 6 Inventory: transactions,
journal entries and FIFO/LIFO
CH 5 & 6 MBC Homework
CH 6 Excel Homework: P6-4A, P6-5A,
P6-7A
2/21
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Week 7
2/22
CH 7 Cash: bank reconciliations &
internal controls
CH 7 MBC Homework
CH 7 Excel Homework: P7-1A,
P7-7A, P7-10A
2/28
Week 8
3/1
CH 8 Receivables: journal entries,
bad debts, allowance for
doubtful accounts
CH 8 MBC Homework
CH 8 Excel Homework: P8-2A, P8-7A,
P8-5A, P8-10A
3/7
Week 9
3/8
Test Week-after Spring Break!!
Enjoy your Break
Test 2
Paper 2 due
3/21
Week 10
3/22
CH 9 PPE/Property Plant and
Equipment: depreciation
calculations and journal entries
CH 9 MBC Homework
CH 9 Excel Homework: P9-1A, P9-5A,
P9-8A
3/28
Week 11
3/29
Project Week Grand River Equipment Rental Project 4/4
Week 12
4/5
CH 10 Liabilities: accounts, interest
calculations, transactions and
journal entries and contingencies
CH 10 MBC Homework
CH 10 Excel Homework: P10-1A, P10-
2A,
P10-3A, P10-6A
4/11
Week 13
4/12
CH 11 Stockholders’ Equity: stock
issuance, common, preferred,
dividends, treasury stock
CH 11 MBC Homework
CH 11 Excel Homework: P11-1A, P11-
2A, P11-3A
4/18
Week 14 CH 12 The Statement of Cash Flows CH 12 MBC Homework CH 12 Excel Homework: P12-2A,
4/25
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4/19 P12-3A
Week 15
4/26
Test Week
Test 3
5/2
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