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Course length: 15 weeks Last revised: 6 October 2003 |
REQUIRED TEXT: Horngren, Harrison, and Bamber. Accounting, 5th Edition. Prentice-Hall, 2002; packaged with Enron case study and Student Resource CD-ROM.
ACCT 220 CD - The Course Modules are contained on this CD.
RECOMMENDED TEXT: Student Study Guide that accompanies the Accounting 5th Edition. (Chapters 1-13) Prentice Hall (ISBN 0130919829). Helpful for self study, but not required for course.
COURSE DESCRIPTION: An introduction to accounting principles that form the foundation of contemporary financial accounting. An in-depth understanding of the accounting cycle, which includes the preparation of financial statements, is the major focus of this course. There is an emphasis on single-owner service providers and merchandising organizations. Interpreting financial statements and reports through ratio analysis is introduced. Students may receive credit for only one of the following courses: ACCT 220 or BMGT 220.
COURSE GOALS AND OBJECTIVES: Accounting is an information system that collects, organizes, classifies, and reports financial data and information to various stakeholders to support more informed and enhanced decision-making. The process begins with a historical analysis of business transactions, and continues by recording changes in the five basic accounts (assets, liabilities, equities, revenues, and expenses) in the relevant journals and ledgers. The preparation of financial statements for the service and merchandising industries is an integral part of this course; interpreting these reports is introduced. The importance of ethical accounting practices and organizational responsibility are accentuated throughout the course.
After completing this course, you should be able to:
- Describe the basic nature of the accounting profession and its role in the global business economy.
- Utilize technology to research; create graphs, charts, and tables for financial reporting; and perform routine accounting tasks.
- Communicate clearly and concisely using terminology consistent with the professional accounting community.
- Analyze specific business situations, then identify and apply the relevant accounting principles.
- Record specific business transactions in accordance with generally accepted accounting principles.
COURSE INFORMATION: In addition to this syllabus, the UMUC CD-ROM provided for this course includes modules that provide helpful information regarding this course. The text chapters to which these modules relate are indicated below:
MODULE I - Examining the Introductory Financial Accounting Concepts and Principles Needed for Business Decisions and Analyzing, Recording, and Posting Transactions
Accounting and the Business Environment (Chapter 1)
Recording Business Transactions (Chapter 2)
MODULE II – End of Period Adjusting Entries; and Completing the Accounting Cycle
Measuring Business Income: The Adjusting Process (Chapter 3)
Completing the Accounting Cycle (Chapter 4)
MODULE III – Merchandising Business and the Use of Special Purpose Journals
Merchandising Operations and the Accounting Cycle (Chapter 5)
Accounting Information Systems (Chapter 6)
MODULE IV - Internal Control and Reconciling Cash Balances
Internal Control, Managing Cash, and Making Ethical Decisions (Chapter 7)
Accounts and Notes Receivable (Chapter 8)
MODULE V – Merchandise Inventory and Long-Lived Assets
Merchandise Inventory (Chapter 9)
Plant Assets and Intangible Assets (Chapter 10)
MODULE VI – Accounting for Current Liabilities and Payroll and Accounting for Partnerships
Current Liabilities and Payroll (Chapter 11)
Partnerships (Chapter 12)
COURSE SCHEDULE:
Note: Students should install the Prentice Hall Student Resource CD-ROM that accompanies the textbook as early as possible. After reading each assigned chapter, students are advised to review the corresponding PowerPoint slides and complete the Excel Spreadsheet problems contained in the Prentice Hall Student Resources CD-ROM. (The Excel templates will provide check figures for the problems). Students may also check their answers to the Self Test of Understanding Exercises and Problems assigned below by referring to the Solutions files included in the UMUC CD-ROM for this course.
Week |
Module |
Assignment |
|
1 |
Module I |
Read and print the entire Syllabus Read Prologue: Careers in Accounting Read Chapter 1 and review the Prentice Hall PowerPoint slides for this chapter on the Student Resource CD-ROM Disk Read Course Content/ Course Modules/ Read Module 1 Topic 1 Self Test of Understanding - Complete Exercise E1-8; E1-11; Problem 1-6A |
|
2 |
Module I |
Read Chapter 2 and review the Prentice Hall PowerPoint slides for this chapter on the Student Resource CD-ROM Disk Read Module 1 Topic 2 Self Test of Understanding - Complete E2-10; Problem P2-6A; P2-7A |
|
3 |
Module II |
Read Chapter 3 and review the Prentice Hall PowerPoint slides for this chapter on the Student Resource CD-ROM Disk Read Module 2 Topic 3 Self Test of Understanding - Complete E3-14; P3-3A; P3-5A; P3-7A |
|
4 |
Module II |
Read Chapter 4 and review the Prentice Hall PowerPoint slides for this chapter on the Student Resource CD-ROM Disk Read Module 2 Topic 4 Self Test of Understanding – Complete E4-1; E4-2; P4-3A; P4-4A |
|
5 |
Module III |
Read Chapter 5 and review the Prentice Hall PowerPoint slides for this chapter on the Student Resource CD-ROM Disk Read Module 3 Topic 5 Self Test of Understanding - Complete E5-4; E5-5; P5-2A; P5-3A; P5-9A. |
|
6 |
Module III |
Read Chapter 6 and review the Prentice Hall PowerPoint slides for this chapter on the Student Resource CD-ROM Disk Read Module 3 Topic 6 Self Test of Understanding - Complete E6-1; E6-2; P6-2A; P6-4A. |
|
7 |
Modules I to III |
MIDTERM EXAMINATION |
|
8 |
Module IV |
Read Chapter 7 and review the Prentice Hall PowerPoint slides for this chapter on the Student Resource CD-ROM Disk Read Module 4 Topic 7 Self Test of Understanding - Complete P7-4A; P7-5A; P7-6A; P7-8A; P7-9A. |
|
9 |
Module IV |
Read Chapter 8 and review the Prentice Hall PowerPoint slides for this chapter on the Student Resource CD-ROM Disk Read Module 4 Topic 8 Self Test of Understanding - Complete P8-4A; P8-5A; P8-6A; P8-7A. |
|
10 |
Module V |
Read Chapter 9 and review the Prentice Hall PowerPoint slides for this chapter on the Student Resource CD-ROM Disk Read Module 5 Topic 9 Self Test of Understanding - Complete P9-4A; P9-6A; P9-7A; P9-8A. |
|
11 |
Module V |
Read Chapter 10 and review the Prentice Hall PowerPoint slides for this chapter on the Student Resource CD-ROM Disk Read Module 5 Topic 10 Self Test of Understanding - Complete E10-3; P10-1A; P10-2A; P10-4A; P10-5A. |
|
12 |
Enron Case Study Due – See below for details | |
|
13 |
Module VI |
Read Chapter 11 and review the Prentice Hall PowerPoint slides for this chapter on the Student Resource CD-ROM Disk Read Module 6 Topic 11 Self Test of Understanding - Complete E11-14; E11-15; P11-1A; P11-5A; P11-6A. |
|
14 |
Module VI |
Read Chapter 12 and review the Prentice Hall PowerPoint slides for this chapter on the Student Resource CD-ROM Disk Read Module 6 Topic 12 Self Test of Understanding - Complete E12-10; P12-4A; P12-6A. |
|
15 |
Modules I through VI |
PROCTORED FINAL EXAMINATION |
ENRON CASE STUDY
This project assignment is based on the Enron case that you should have purchased with your textbooks. You should consider the following questions on page 21 of the case book: 1, 2, 4, 8, 9 and 10. In answering the questions, you should consider information in the case book, your textbook, and at least 2 outside sources. Your sources (and especially quotations) must be referenced as recommended in the UMUC Guide to Writing and Research. (If your current situation is such that you do not have access to outside research sources, please state so in your paper.)
Present your findings as an Executive Summary, a four to five page (double spaced) synopsis that is logically organized, substantive and succinct. (Any supporting details, such as tables or graphics, should be presented in an Appendix). Your summary is due on the end of the 12th week of the course.
The project is worth 20 percent of your final grade. 15 points are earned for your substantive responses to the questions, supported by authoritative sources; 5 points are earned for your writing form and style, including references.
GRADING:
PROJECT (Enron Case) 20%
MID-TERM EXAM 40%
FINAL EXAM 40%
The grading scale is A (90-100), B (80-89), C (70-79), D (60-69) and F (below 60).
ADDITIONAL INFORMATION:
Course Modules
Course modules are located on the CD.
Academic Policies
- Attendance: Individualized learning courses do not have class attendance. However, you have regular study and other assignments with deadlines.
- Contact Information: You are responsible for keeping your contact information current. This is necessary for receiving both your returned assignments and other information.
- Proctored Exams: A proctored final exam is required for successful completion of this course. UMUC will mail your exams directly to the education center you designated on your application. If you will not be in close proximity to that education center, the Exams Clerk will coordinate directly with your proctor.
It is your responsibility to schedule your final exam within the designated period according to the procedures at your education center.
Further questions on the exam process should be directed to the Distance Education Office or your education center.
- Course Load: One traditional face-2-face course, or 3 semester hours (s.h.), is considered a normal course load for a student who is fully employed. This course load will require at least six hours of class time per week and approximately 12 hours per week of additional out-of-class study time. Although there is no "face-2-face" class time with individualized learning courses, a student should expect approximately 9 to 12 hours per week of study time and additional time in preparing assignments for a 3 semester hour individualized learning course.
Students should carefully and realistically assess other commitments before registering for more than 6 s.h. a term. In no case may a student register for more than 9 s.h. a term without permission from the UMUC-Europe registrar in Heidelberg. Permission to register for more than 9 s.h. is based on demonstrated academic excellence at UMUC. A minimum grade point average of 3.5 and an enrollment history indicating success in carrying a heavier-than-average course load at UMUC are required. - Academic Research: Learn more about academic research through UMUC at http://www.ed.umuc.edu/de/defacguide/academic-research.htm.
Grading Policies
The Mark of "I"
The mark of I (Incomplete) is exceptional. It is given only upon the request of a student whose work in a course has been satisfactory, and who is unable to complete the course because of illness or other circumstances beyond his or her control. In no case will the I be recorded for a student who has not completed the major portion (60%) of the work in the course. The student must consult with the instructor and present documentation substantiating the reasons for requesting the Incomplete.
The instructor makes the final decision concerning the granting of the Incomplete. When recording the Incomplete on the Final Grade Report, the instructor will state the quality of the student’s work to date, the requirements remaining, and the deadline – not to exceed six months – for completion of the work. If the student does not complete the requirements of the course within six months from the course end date, the student cannot thereafter make up the Incomplete. The mark of I will become terminal and subsequently may not be changed. An Incomplete not removed after six months is converted to the grade of F.
It is the responsibility of the student, not of the Education Center nor of UMUC, to arrange with the instructor for the assignment of and subsequent removal of an Incomplete. Students should realize that it is virtually impossible to remove an I after transfer out of the European Division. A student no longer in contact with the instructor who assigned the I should write to the instructor, c/o UMUC, Unit 29216, APO AE 09102, and the mail will be forwarded. An I cannot be removed by an X or W. A student who elects to repeat the course must register, pay the full fees, and repeat the entire course. In such cases, the mark of I for the first attempt is not changed if the course is repeated. For purposes of academic retention, the mark of I is counted as hours attempted. It is not used in determining grade point averages.
For Bowie State University graduate courses, an Incomplete not removed after one year is converted to the grade of F. For University of Maryland, College Park graduate courses, an Incomplete not removed after six months becomes terminal and subsequently may not be changed.
Mark of "W"
If for whatever reason a student is no longer able to participate in the class, the student should formally withdraw. When a student officially withdraws, a W is assigned. The W can be posted only when it is documented by an Application for Withdrawal (UMGR-003). For purposes of academic retention, the mark of W is counted as attempted hours. It is not used in determining grade point averages. Students that neglect to withdraw formally, may receive the grade of Fn (Failure for non-attendance).
Students in online distance education classes which span over two terms cannot withdraw after the Friday before the final week of the class. Additional information for students receiving VA educational benefits and financial aid can be found in the VA and Financial Aid sections of the Catalog.
Academic Dishonesty
Academic dishonesty is failure to maintain academic integrity. It includes, but is not limited to, obtaining or giving aid on an examination, having unauthorized prior knowledge of an examination, doing work for another student, and plagiarism. Academic dishonesty can result in severe academic penalty, including failure in the course and/or dismissal from the institution.
Plagiarism is the presentation of another person’s idea or product as one’s own. Examples of plagiarism are: copying verbatim and without attribution all or part of another’s written work; using phrases, charts, figures, illustrations, computer programs, or mathematical or scientific solutions without citing the source; paraphrasing ideas, conclusions or research without citing the source; and using all or part of a literary plot, poem, film, musical score, computer program, or other artistic product without attributing the work to its creator.
Students can avoid unintentional plagiarism by carefully following accepted scholarly practices. Notes taken for papers and research projects should accurately record sources of material to be cited, quoted, paraphrased or summarized, and research or critical papers should acknowledge these sources in footnotes or by use of direct quotations.
UMUC provides an interactive Web-based tutorial on plagiarism through its online writing center called “How to Avoid Plagiarism” at http://www.umuc.edu/prog/ugp/ewp_writingcenter/modules/plagiarism/start.html
UMUC POLICIES: Academic policies are not course specific. Students should refer to the current UMUC Catalog for a description of applicable policies.