UMUC Europe Syllabus for ACCT220

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UMUC Europe Syllabus for ACCT220

Common Syllabus for ACCT220

Course Title:

Principles of Accounting I

Course Materials:

Accounting Principles Edition: 8th Publisher: Wiley Author: Weygandt, Kieso & Kimmel ISBN: 9780471980193 Excel Working Papers t/a Accounting Principles Edition: 8th Publisher: Wiley Author: Weygandt, Kieso & Kimmel ISBN: 9780470074138 *Please understand that this requires access to Microsoft Excel.

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/Objectives:

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 Introduction:

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.

Grading Information and Criteria:

Grades in this course will be determined as follows: Midterm Exam = 30% Final Exam = 40% Projects = 30% The grading scale in this course will be determined as follows: A = 90%-100% B = 80%- 89% C = 70%- 79% D = 60%- 69% F = 0%- 59% Above grading criteria should be modified for WebTycho classes to allow a portion of the grade to be provided for Conference participation. Instructor may also add faculty policies on late assignments, attendance, and extra credit.

Other Information:

Any other information the instructor wishes to add. This might include: * General expectations of students, such as hours per week students should expect to devote to the class. * Turnaround time for faculty to respond to email and return papers. * Unique class procedures or activities (such as cooperative learning exercises, panel presentations, case study methods, class journals or learning logs). * Supplemental objectives (such as development of skills like teamwork, writing, oral presentation; integration of knowledge on focus topics). * Optional activities such as study groups.

Project Descriptions:

Students will solve selected Financial Accounting problems as individual and as group assignments. These may include Comprehensive Problems, Skill Development Cases, Financial Reporting and Analysis Cases, Annual Report Project or Excel Template Assignments.

Academic Policies:

Cases of plagiarism are handled consistent with current UMUC guidelines. See the UMUC policies at the following URL: http://www.umuc.edu/policy/

Course Schedule:

Session 1 Class Introduction Chapter 1: Accounting in Action Problem Set A: P-1 and P-3 Session 2 Chapter 2: The Recording Process Problem Set A: P-1 and P-5 Session 3 Chapter 3: Adjusting the Accounts Problem Set A: P-1 and P-4 Session 4 Chapter 4: Completing the Accounting Cycle Problem Set A: P-1 and P-4 Session 5 Chapter 5: Accounting for Merchandising Operations Problem Set A: P-1 and P-3 Session 6 Chapter 6: Inventories Problem Set A: P-1 and P-4 Session 7 Review for Midterm Session 8 Midterm Exam covering Chapters 1-6 Session 9 Chapter 7: Accounting Information Systems Problem Set A: P-1 and P-3 Session 10 Chapter 8: Internal Control and Cash Problem Set A: P-1 and P-3 Group Project due Session 11 Chapter 9: Accounting for Receivables Problem Set A: P-2 and P-6 Session 12 Chapter 10: Plant Assets, Natural Resources and Intangible Assets Problem Set A: P-1 and P-3 Session 13 Chapter 11: Current Liabilities and Payroll Accounting Problem Set A: P-1 and P-4 Skip Chapter 12 Session 14 Chapter 13: Corporations: Organization and Capital Stock Organization Problem Set A: P-1 and P-4 Session 15 Review for Final Exam Session 16 Final Exam covering Chapters 7 - 11 and Chapter 13