ACCT 200 Elements of Accounting I
4 CREDITS
The basic principles of the complete accounting cycle for a service and a merchandising enterprise, cash, receivables, temporary investments, inventories, plant assets, payroll, generally accepted accounting principles and partnerships.
None
Textbooks and Software and Other Materials
Required: Accounting, Warren, Reeve, Duchac. South-Western Publishing Company, Thomson Learning, 22nd Edition, 2007. Included with the textbook is the Web Tutor Advantage that contains a key-code which enables you to access much of the information that is essential for completion of this class.
Software -- Microsoft Word and Microsoft Excel are needed for this class. Students taking online classes from NDSCS also need a working email account.
Contact Coleen at the NDSCS Bookstore for the most current textbook information (1-800-342-4325, ext 2239 or email). You may also visit the NDSCS Bookstore web site at and search for book information by class by clicking the "Textbook" tab.
Email: Students taking online classes from NDSCS also need a working email account. Be sure email address is updated in student record in PeopleSoft system.
Internet Access required. High speed Internet service is highly recommended. If students are unable to get high speed service, an alternate site may be needed to view some of the course components.
Upon successful completion of this class the student will be able to:
- Describe the role of accounting in business.
- Describe the importance of business ethics and the basic principles of proper ethical conduct.
- Explain how business transactions can be stated in terms of the resulting changes in the basic elements of the accounting equation.
- Describe the characteristics of an account.
- List the rules of debit and credit and the normal balances of accounts.
- Explain how the matching concept relates to the accrual basis of accounting.
- Explain why adjustments are necessary and list the characteristics of adjusting entries.
- Prepare a worksheet.
- Analyze and interpret the financial solvency of a business by computing working capital and the current ratio.
- Define an accounting system and describe its implementation.
- Journalize and post transactions in a manual accounting system that uses subsidiary ledgers and special journals.
- Distinguish the activities of a service business from those of a merchandising business.
- Journalize the entries for merchandise transactions.
- Describe the accounting cycle for a merchandise business.
- Summarize basic procedures for achieving internal control over cash receipts and cash payments.
- Describe the nature of a bank account and its use in controlling cash.
- Prepare bank reconciliation and journalize any necessary entries.
- Compute and interpret the ratio of cash to current liabilities.
- Describe the nature of and the accounting for uncollectible receivables.
- Describe the nature and characteristics of promissory notes.
- Prepare the Current Assets presentation of receivables on the balance sheet.
- Compute and interpret the accounts receivable turnover and number of days' sales in receivables.
- Describe three inventory cost flow assumptions (fifo, lifo, average) and how they impact the income statement and balance sheet.
- Compute the cost of inventory under a periodic and perpetual inventory.
- Compute the proper valuation of inventory at other than cost, using the lower-of-cost-or-market.
- Estimate the cost of inventory, using the retail method and the gross profit method.
- Compute and interpret the inventory turnover ratios and number of days' sales in inventory.
- Define fixed and intangible assets.
- Compute depreciation, using three different methods.
- Classify fixed asset costs as either capital or revenue expenditures.
- Journalize the entries for acquiring and amortizing intangible assets.
- Describe how depreciation expense is reported in an income statement, and prepare a balance sheet that includes fixed and intangible assets.
- Describe the accounting treatment for contingent liabilities and journalize entries for product warranties.
- Determine employer liabilities for payroll.
- Describe payroll accounting systems that use a payroll register, employee's earnings record, and a general journal.
- Use the quick ratio to analyze the ability of a business to pay its current liabilities
Grading Policy
The student's final letter grade will be based upon the following 3 items:
1. ASSIGNMENTS: 37 assignments worth points each |
185 |
2. CHAPTER TESTS: A 30 point test will be given after each of the 11 chapters |
330 |
3. FINAL TEST: A comprehensive final test will be given consisting of 85 questions worth one point each |
85 |
|
TOTAL POINTS POSSIBLE FOR THE SEMESTER |
600 |
Grading Scale
The student's letter grade will be based upon the following point scale:
LETTER GRADE |
POINTS NEEDED |
A |
540 or higher |
B |
480 to 539 |
C |
400 to 479 |
D |
360 to 399 |
F |
below 360 |
Students should estimate approximately three hours of course work per credit per week for NDSCS classes. For example, a three-credit class may require approximately nine hours of work time a week for the student. This amount may vary by class and by student.
Policies and Procedures
Attendance - Students are expected to log into their online classes frequently during each week of the semester and to submit course work on time to meet due dates set by the instructors. Attendance and class participation is monitored and students not submitting work in their online classes may be dropped from the class. Review the Attendance Policy for further details.
Computer Access - It is the student's responsibility to maintain access to a working computer and Internet connection to keep up in online class assignments. Because computer problems do occur, students should have a plan for alternative computer access in case of computer problems. Students will be able to access their online classes from any computer with an Internet connection.
Refund Policy/Withdrawal Refund Schedule
Academic Calendar - Online classes follow the same calendar as regular on-campus classes. They begin with the semester begins and students do not need to log in at specific days/times but instructors do set due dates for assignments and exams to be submitted so there is structure to the classes. Online classes are not self-paced but do provide flexibility in that they are accessible 24/7 to allow students to work around other commitments when doing their course work.
Academic Integrity - Integrity is an NDSCS core value and there is an expectation that all students, as members of the college community, adhere to the highest levels of academic integrity.
Dishonesty in class, laboratory, shop work or tests is regarded as a serious offense and is subject to disciplinary action by the instructor and dean of the respective division. For more information, refer to the NDSCS Student Planner or College Catalog under College Policies and Basic Regulations of Conduct.
Types of Misconduct
-
Cheating: Intentionally using or attempting to use unauthorized materials, information, or study aids in any academic exercise.
-
Fabrication: Intentionally and unauthorized falsification or invention of any information or citation in an academic exercise.
-
Facilitating academic dishonesty: Intentionally or knowingly helping or attempting to help another to commit an act of academic dishonesty.
-
Plagiarism: Intentionally or knowingly representing the words or ideas of another as one’s own in any academic exercise.
Disabilities and Special Needs
If you have a disability for which you are or may be requesting an accommodation, you are encouraged to contact both your instructor and the Disability Support Services Office, 225 Mildred Johnson Library (phone 701-671-2623, 800-342-4325, ext 32623) as early as possible in the term.
Other College Policies can be found in the Catalog.
Student-Instructor Communications
While an online class is available 24 hours a day and offers greater flexibility for the student and instructor, keep in mind that your instructor will not be available 24 hours a day. I will check my email, voicemail, and Cyber Office messages on a regular basis, but there may be times when I am unavailable due to other commitments and job responsibilities. I will respond to email, voicemail, or Cyber Office messages as time allows. As a general rule, you can expect your direct question to be answered within 24 hours during week days.
When sending an email, please include your full name so I know to whom I'm responding. Often, the email address does not indicate who is sending the message.
Online classes follow the same academic calendar for start and end dates as regular on-campus classes. While there is no set time for students to be logged into a class each day, instructors do set due dates for assignments and exams. Students should lot into classes frequently to keep up with announcements and to keep up with course work. Online classes are not self-paced.
You may want to print the for NDSCS Academic Calendar reference during the year. It includes semester start and end dates, final days to add/drop classes for each semester, vacation dates, etc.
See tuition and fee information, Refund Policy and Withdrawal Schedule information in the NDSCS Online site under Financial Information. Tuition and fee costs do not include books, software, supplies and other program or course fees which may vary by program.
Lynn Schmidt
lynn.schmidt@ndscs.nodak.edu
