Course Description

Course Number:

BUAC 001A

Course Name:

Financial Accounting I

Instructor:

Carol O’Keefe

Email Address:

cokeefe@collegeofthedesert.edu

Class Password:

Request Username & Password
Note: Usernames and passwords are generally not available until one week before the start of the semester.

Class Website:

http://desertonline.net/classes/buac1a/cokeefe/
Note: Classes are generally not available for login until the first day of the semester.

Course Description:

This course expands upon basic fundamentals of the

double entry accrual accounting system. It includes

accounting for service and merchandising enterprises

with special emphasis on receivables, payables,

inventories, plant asset depreciation methods, internal

controls, payroll and other sub-systems.

 

Prerequisite(s):

BUAC – 066, or demonstrated competence in basic bookkeeping.

Textbooks & Other Required Materials:

College Accounting by Heintz and Parry (19th ed.), with access code (not needed if you have already purchased a book with an access code from a previous class) Available at: 1-800-842-3636 with ISBN # 0324376162 (Book) or ISBN  #0324652739 (Access code) for ~$49.49. You may also go to IChapters to order. You may use just the Access code and E-Book if you prefer.

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Other:

Course Objectives

  1. Learn to account for sales and cash receipts.
  2. Account for purchases and cash payments.
  3. Create journals for: sales, cash receipts, purchases and cash payments.
  4. Prepare worksheets for merchandising businesses with adjusting entries for perpetual inventory and periodic inventory methods, and adjustments for unearned revenue.
  5. Compile financial statements for a merchandising business including the income statement, statement of owner’s equity and balance sheets.
  6. Analysis of the financial statements.

Course Objectives

1. Accounting for sales and cash receipts.

2. Account for purchases and cash payments.

3. Analyze the net-price method of recording purchases.

4. Create special journals for sales, cash receipts, purchases and cash payments.

5. Account for merchandise inventory.

6. Analyze the perpetual inventory methods of lifo and moving-average.

7. Create adjustment and a worksheet for a merchandising business.

8. Analyze the expense method of accounting for prepaid expenses.

9. Create financial statements and prepare year-end accounting for a merchandising business.

10. Account for accounts receivable in a merchandising business or partnership.

11. Account for notes and interest in a merchandising business or partnership.

12. Accounting for long-term assets.

13. Accounting for partnerships. 

 

Class Procedures, Participation & Grading

This class meets online, which means that you can do your work whenever you want to. However, the same class taught in a traditional classroom setting requires three hours of class participation per week. Plus, if you use the old "college rule" of two hours outside of class for every hour spent "in class", you will spend an additional six hours working on this class, for a total of nine hours per week.

You must frequently check the online Schedule and Forum for daily activities and exercises. Weekly Exercises and Bi-weekly quizzes will be conducted online, and you must complete these for your attendance.

Grades will be based primarily on online quizzes, and weekly exercises. There will also be three multiple choice comprehensive tests. All assignments must be completed on time. [Note: This scenario represents the current plan; however, the number and value of the various assignments are subject to change by the instructor as conditions indicate.]

To be eligible for a grade of "A", a student must meet all course requirements with a superior level of performance. To be eligible for a grade of "B" a student must meet all course requirements with a high level of performance. To be eligible for a grade of "C", a student must meet all course requirements with an acceptable level of performance.

If at any point during the semester a student falls behind the assigned schedule the equivalent of more than one week in the class, that will be considered to be "non-participatory", the same as three consecutive absences in an on-campus class, and the student will be dropped.