ACCT-075 ~ 0450

Accounting / Bookkeeping

Class Information - Mr. Ron Lehr - Fall, 2002

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TEXT and MATERIALS

Lawrence, Michael D., MBA, CPA, CMA and Ryan, Joan S., MS, MBA. Essentials of Accounting, 9th Edition. South-Western College Publishing - an International Thomson Publishing Company, 1999. [ISBN: 0-538-86352-8] Online: www.swcollege.com/.	Picture not available.

*Ulmer, Donna. Computer Accounting with QuickBooks Pro 2001, 3rd Edition. McGraw-Hill Irwin - a Division of the McGraw-Hill Companies, 2001.* [ISBN: 0-07-247682-6] Online: www.mhhe.com/.

Lawrence¨Ryan. *Essentials of Accounting, 9th Edition - Study Guide/Working Papers. South-Western College Publishing - an International Thomson Publishing Company, 1999. [ISBN: 0-324-00026-X] (Optional).*	Picture not available.

Ten 3.5" Diskettes (1.44 MB / Double-Sided, High Density).

One 3-Ring Binder (optional, but recommended).

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REFERENCE MATERIALS

http://www.swcollege.com/

http://accounting.swcollege.com/

www.microsoft.com/windows/

www.intuit.com/

alt.comp.software.financial.quickbooks

biz.comp.accounting

Web Newsgroups

(See me for details on the above and for additional references.)

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CATALOG DESCRIPTION

A basic course in systematic record keeping of business transactions using the double entry bookkeeping system, and employing the use of both manual and computerized accounting software.

COURSE CONTENT

This course is a general introduction to accounting principles and basic bookkeeping as it is used in the business world. The course provides the student with 1.) the essentials of accounting concepts and practices, including terminology, the accounting cycle, double-entry systems, and financial statements; and 2.) applying concepts to the solution of assigned problems, linking competencies to actual business transactions and accounting practices

The course provides the student with a 'hands-on' introduction to Microsoft's Windows XP® operating system; and a 'hands-on' introduction and use of Intuit's QuickBooks Pro® - 2001 accounting software for Windows®.

Topic areas introduced to the student include:

Nature of Accounting

1. Property and Property Rights

1. Concept of property and property rights as used in business
2. Double-entry accounting systems
3. Assets, liabilities, owner's equity, and the accounting equation
4. Cultural implications of accounting profession and practice

2. Financial Statements

1. Format of basic financial statements: Balance sheet, Income, Cash Flow, and Owner's Equity Statements.
2. Common types of items appearing on financial statements.

Use and Purpose of Computerized General Ledger Accounting Software Systems

1. Relevance to Accounting Practices and Procedures

1. Comparison of manual and computerized systems
2. Matching software selection to company needs and goals

Recording Business Transactions, [manual and computerized accounting systems and procedures]

1. Balance Sheet Accounts

1. Double-entry accounting, and the rules of debits and credits pertaining to balance sheet accounts.
2. Analyzing and recording transactions in balance sheet accounts, and the trial balance.

2. Income Statement Accounts

1. The rules for debits and credits pertaining to income statement accounts.
2. Analyzing and recording transactions in income statement accounts.
3. The drawing account and its use.

The Accounting Cycle, [manual and computerized accounting systems and procedures]

1. The Chart of Accounts
2. Journal for recording business transactions.
3. Ledger for posting information from the journal
4. Error correction

Completion of the Accounting Cycle for a Service Business, [manual and computerized accounting systems and procedures]

1. Adjusting

1. Nature and purpose of adjusting entries.
2. Journalizing and posting adjusting entries for a service business.

2. The Worksheet (Manual System) and Financial Statements

1. Standard eight-column worksheet.
2. Financial Statements for manual systems using the completed worksheet.
3. The Closing Process

1. The purpose of closing entries.
2. Journalizing and posting closing entries.
3. The post-closing trial balance.
4. Steps in the accounting cycle

Accounting for Cash

1. Recording and Controlling Cash

1. Four basic elements of a good system of internal control for cash.
2. Four-column general journal

2. Banking Procedures for Controlling Cash

1. Use of a checking account
2. Bank statement reconciliation
3. Transactions pertaining to the reconciliation of a bank statement

Accounting for the Sale of Merchandise, [manual and computerized accounting systems and procedures]

1. Sales and Accounts Receivable

1. Accounting for the sale of merchandise
2. Credit sales transactions, the sales journal, general ledger, and accounts receivable subsidiary ledger

2. Cash Receipts

1. Use and purpose of the cash receipts journal
2. Recording transactions in a cash receipts journal and positing to the ledger accounts
3. Schedule of accounts receivable
4. Accounting for sales tax on retail sales

Accounting for the Purchase of Merchandise, [manual and computerized accounting systems and procedures]

1. Purchases and Accounts Receivable

1. Purchases record keeping for the merchandising business
2. Relationship of the accounts payable controlling account in the general ledger and individual accounts in the accounts payable subsidiary ledger.

2. Cash Payments

1. Use and purpose of a cash payments journal, recording transactions in a cash payments journal and posting to the ledger.
2. Schedule of accounts payable

Additional Merchandising Transactions, [manual and computerized accounting systems and procedures]

1. Returns and Allowances

1. Transactions pertaining to sales returns
2. Transactions pertaining to the return of items not involving merchandise

2. Discounts and Transportation costs

1. Transactions pertaining to cash discounts, trade discounts, and transportation costs.
2. Importance of a business taking advantage of all cash discounts offered.
3. The significance of credit terms
4. The responsibility of the buyer and seller for transportation costs of merchandise sold

3. Inventories for a merchandising business

1. Importance of taking physical inventories
2. Relationship of merchandise inventories to sales and cost of sales
3. Periodic and perpetual inventory systems
4. Pricing of inventories and adjustments for changes in value or losses

Completion of the Accounting Cycle for a Merchandising Enterprise, [manual and computerized accounting systems and procedures]

1. Accounting for a Merchandising Enterprise

1. Adjusting entries for a merchandising business
2. The ten-column worksheet (manual system) for a merchandising business
3. Income statement for a merchandising business, including the computation of the cost of merchandise sold and gross profit on sales
4. Operating expenses and classification of selling and general administrative expenses.

2. Financial Statements and Completion of the Accounting Cycle

1. The classified income statement for a merchandising business
2. The income statement percentage
3. Classified balance sheet for a merchandising business
4. Closing entries for a merchandising business

Payroll Accounting, [manual and computerized accounting systems and procedures]

1. Computing and Recording Payroll

2. Gross earnings, payroll deductions, and net pay for a business payroll
3. Payroll register and entries necessary to record payroll

2. Employer's Payroll Taxes and Payroll Records

1. Payroll taxes imposed on the employer, including limits and rates
2. How payroll taxes are recorded and paid
3. Payroll records necessary to maintain the information required by management, Internal Revenue Service, and other federal and state agencies
4. Form W-2 wages and tax statement

Voucher System, [manual and computerized accounting systems and procedures]

1. Record and post transactions in a voucher register, and file vouchers in an unpaid voucher file
2. Record and post paid vouchers in the check register, and file paid vouchers in a paid voucher file

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COURSE OBJECTIVES

The overall objectives for the student in this class are:

Define and explain:

1. Structure and nature of accounting including property, rights to property, and the purpose of financial statements.
2. Accrual and cash accounting systems.
3. Use and purpose of the chart of accounts, and difference between balance sheet and income statement accounts.
4. Legal business entities sole proprietorship, partnerships, and corporations.
5. Differences between service and merchandising business entities.
6. Cultural implications of accounting practices for accounting professionals.

Research, compare and contrast currently used computerized general ledger accounting software packages commercially available for business use.

1. Write documented report on a selected software package, include critique and personal recommendations on its use and commercial value.
2. Present oral report to members of the class.

Demonstrate the use of manual accounting and computerized accounting software methods for completing the accounting cycle by performing the following accrual accounting procedures appropriate to service and merchandising business entities:

1. Analyze, journalize, and post day to day business transactions.
2. Analyze accounting data, create, journalize and post adjusting entries.
3. Locate and correct errors.
4. Complete worksheet for manual accounting systems.
5. Complete accounting cycle including closing entries.
6. Prepare financial statements.
7. Complete post closing trial balances.

Demonstrate the use of manual accounting and computerized accounting software methods as appropriate for performing record keeping procedures for:

1. Controlling cash including but not limited to banking procedures and bank statement reconciliation.
2. Accounting for the sale of merchandise for cash, and for an accounts receivable system employing the use of a customer subsidiary ledger.
3. Accounting for purchases for cash, and for an accounts payable system employing the use of a subsidiary ledger.
4. Accounting for purchases using a voucher system, including the management of unpaid and paid voucher files.
5. Accounting for purchase and sales returns, discounts, and transportation costs.
6. Accounting for the management of perpetual merchandise inventory systems.
7. Accounting for payroll including but not limited to computations for gross earnings, payroll deductions, and net pay, use of payroll register, and recordation of journal and ledger entries necessary to record payroll.

Specific objectives are listed at the beginning of each project in the course textbook and are included as more detailed course objectives.

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GENERAL COURSE INFORMATION

Class time will consist of lecture, demonstrations, short hands-on examples, discussion, homework review, tests, and test review. I may not be able to lecture on all the material in each chapter or project; however, you are still responsible for studying all the material in each scheduled project. Students should be aware that Lab time equal to or greater than class time is required for this course. [Lab time is defined as time spent in the MSJC Instructional Computer Lab and/or an available alternative computer access using the identical software for our course. Actual time required will vary depending on the individual student's computer skills and ability.]

Project tests may consist of up to 50 written questions, may be a ‘take-home’ test, or may be another form of test. An individual written and ‘hands-on’ test will cover the Word Processing, Spreadsheet, Database, and Presentation Graphics portions of Microsoft Office XP.

On ALL tests there will be a missed test penalty of 10% if the test is not taken when scheduled for your class. If you miss a regular test (non ‘hands-on’), you must take the make-up test, in the Computer Lab or Learning Center, within two weeks to have the score counted. If you miss a ‘hands-on’ test, YOU must make arrangements, on the first day you return to class, to make up the test. This test must be made up within one week of your return to class. If you do not, you lose the right to make up the test. Quizzes may not be made up.

Homework will NOT be accepted late, regardless of reason. However, the student will have ONE EXCEPTION to this policy: one (1) homework assignment will be accepted within one week after the due date [it will have an automatic late homework penalty of 10%]. Homework is due at the beginning of the class meeting on the due date shown in the schedule or given verbally.

You have four options to assure homework is turned-in on time (make sure the homework is to my attention, and has the assignment and due date on the cover page):

You may turn it in early if you know you will be absent when it is due.

Have someone else turn the homework in on time for you.

Leave it at the Learning Center - making sure it is date / time stamped.

E-mail it to my campus address: ([email protected]).

All homework that is returned should be kept so that if you later discover a mistake in the grading, you will have that work available to receive a corrected score. All homework should be kept on your personal diskettes for the entire semester. ALWAYS bring your personal diskettes to each class meeting.

One current, course related article (not an advertisement), from a newspaper or magazine, may be turned-in each class meeting for 1 point of extra credit (this is not retroactive). The article (or photocopy) must be attached, summarized in your own words [Do Not Plagiarize!], and presented in typewritten form using only Microsoft Word 2002 - Word Processor Tool. Other methods of extra credit, such as reviews of computer related TV. programs, or reviews of Internet sites, may also be available during the semester. Maximum extra credit points for the semester is 40 points. No extra credit will be accepted after the end of the 15^th week of the semester.

“Non-assignments” turned-in (homework [not required to turn-in] or extra credit not included in the class schedule or verbally given to the class) will not be graded or given extra credit points. Please: Do not turn-in “non-assignments”.

Each student should get the name and phone number and/or e-mail address of three other students in the class. If you are absent or unable to contact me for assignments, handouts, or other information, you can contact one of these students and be prepared for the next class meeting [being absent is not a reason for missing an assignment].

Attendance and participation are very important in business and in this class. If you participate in every class meeting you will receive a 3% bonus; if you miss participating in only one class meeting you will receive a 2% bonus. Non-participation includes: often leaving class early; arriving late and by doing so, distracting or disturbing other students; or working on non-class activities during class.

AMERICANS WITH DISABILITIES ACT:

Mt. San Jacinto College is committed to providing reasonable accommodations for students with disabilities upon request of the student (in a timely fashion) and upon verification of disability. [For further information, see the Mt. San Jacinto College General Catalog, page 41.]

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COURSE GRADING

Tests: short quizzes are counted as tests. Your course grade will be calculated as follows: 1.) your total test score is divided by the total possible test score. 2.) your total homework and extra credit score is divided by the total possible homework score. These two results are added together. (Any bonus percent is then added for the final course grade.)

A grade sheet, listed by “Unique Student Code” (student created code name [alias], 4 to 10 alpha-numeric), will be posted showing “to-date” total scores for all tests, homework assignments, and extra credit, as well as your class grade (as of the date of the grade sheet). Each student should carefully review each grade sheet that is passed around the class and then posted on the wall to assure my entries are accurate. It is the student's responsibility to point out - and have corrected - any unintentional input errors that are noted and confirmed on the grade sheet. See interactive sample grade sheet.

The following grading scale will be used after the final total is determined:

90% to 100%	A
80% to 89%	B
70% to 79%	C
60% to 69%	D

If you have a score of 90% or higher at the end of the last regular class meeting (without participation bonus) you may elect not to have your final exam score count toward your final grade. However, you must take the final exam or receive a score of zero.

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ENROLLMENT / ATTENDANCE INFORMATION

It is the STUDENT’S ultimate responsibility to drop this course. Any student who misses the first scheduled class meeting may be dropped unless arrangements have been made with the instructor. [See “Dropping Courses - Procedure”, page 15 of the MSJC, Fall 2002 Schedule of Classes.

Your instructor reserves the right to drop you from class, without notice, if you miss five or more classes, regardless of reason.

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RESPONSIBILITY IN USING COMPUTER FACILITIES

From the Mt. San Jacinto College Acceptable Use Policy:

“A user who uses the College’s computing systems to harass or make defamatory remarks, shall bear full responsibility for his or her actions. Further, by using these systems, users agree that individuals who transmit such remarks shall bear sole responsibility for their actions. Users agree that MSJC’s role in managing these systems is only as an information carrier, and that they will never consider transmission through these systems as an endorsement of said transmission by MSJC.”

“Many of the MSJC computing systems provide access to outside networks, both public and private, which furnish electronic mail, information services, bulletin boards, conferences, etc. Users are advised that MSJC, including members of the administration, faculty, and staff, does not assume responsibility for the contents of any of these outside networks.”

“The user agrees to comply with the acceptable use guidelines for whichever outside networks or services they may access through MSJC systems.”

“Further, the user agrees to follow proper etiquette on outside networks. Documents regarding etiquette are available through system administrators and through specific individual networks.”

“An account assigned to an individual must not be used by others without written permission from the system administrator. The individual is responsible for the proper use of the account, including proper password protection.”

“All users of MSJC computing systems must read, understand, and comply with the policies outlined in this document” [MSJC Acceptable Use Policy].

A full copy of the MSJC Acceptable Use Policy will be given to all students.

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ACADEMIC HONESTY

Students are expected to uphold Mt. San Jacinto College District’s standard of conduct relating to academic honesty. Students assume full responsibility for the content and integrity of the work they submit. The guiding principle of academic honesty/integrity shall be that submitted work, tests, projects, reports, and extra credit must be the student’s own work.

This principle is considered violated if the student:

Ø Represents the work of others as his/her own.

Ø Uses or obtains unauthorized assistance in any academic work.

Ø Gives unauthorized assistance to other students.

Ø Misrepresents the content of submitted work.

Any student found violating the principle of academic honesty/integrity is subject to the following actions (from “Mt. San Jacinto College District - Instructor Orientation Guide”, Fall 2002: Part IV, Section: A - ‘Instructional Policies and Procedures’, sub-section 2.b [page 43]:

Ø First Offense:
“An automatic “F” on the assignment or examination in question and notification that a second occurrence will result in a twenty-four (24) hour suspension from class.”

Ø Second Offense:
“Instructor suspends student from class for one day and notifies campus administrator of that action, and confers with student prior to student’s return to class.”

Ø Third Offense:
“Instructor notifies the campus administrator to schedule an administrative review. This will involve the administrators from Student Services and Instructional Service.”

If a student is unclear whether a particular situation may constitute a violation, the student should meet with me to discuss the situation.

For this class, it is permissible to assist classmates in general discussions of computing techniques. General advice and interaction are encouraged. Each student, however, must develop his or her own solutions to the assigned projects, assignments, and tasks.

Students may not “work together” on graded assignments. Such collaboration constitutes cheating. A student may not use or copy (by any means) another’s work (or portions of it) and represent it as his/her own.

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INSTRUCTOR OFFICE HOURS

The following office hours are in the Computer Lab, Room 107A, or the office area in the Cutting Building for Business and Technology (beginning the second week of the semester):

Monday	9:00 to 9:30 a.m.
Tuesday	9:30 to 10:00 a.m.

(You may call 487-MSJC, x1668 during the times listed above.)

You are welcome to see me any time during my office hours. If needed, we can schedule a meeting time other than the office hours listed above.

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CONTACTING THE INSTRUCTOR

The campus phone number is (909) 487-MSJC. Dial extension 1588, and follow the instructions to leave a campus message for me. My voice mail selection is "354".

My E-Mail addresses are:

Mt. San Jacinto College	[email protected] [preferred]
MSJC CampusCruiser	[email protected] [alternate]

If you have any comments, suggestions, or criticisms regarding instruction, assignments, grades - or any other subject - please discuss your concerns with me.

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INTERNET WEB PAGE

Please visit www.schoolnotes.com (use zip code 92583), our course “Portal”, for tips on class assignments, various hints on upcoming class meetings, suggested web sites to visit, or to send me an e-mail.

“SchoolNotes.com” is designed to be a ‘quick-glance’ for tips on class assignments, various hints on upcoming class meetings, suggested web sites to visit, or to send me an e-mail. It also links to the full ACCT-075 web site for our course.

At the full ACCT-075 web site you will find the information in this document and the information contained in “Syllabus – Class Schedule” for my section of Accounting / Bookkeeping. In addition, the full web site contains a host of additional information such as links to textbook pages, study guides, sample [interactive] grade sheet, “Frequently Asked Questions” (FAQ’s), “Feedback” form to submit, Lab hours and information, site search, and much more.

The full ACCT-075 web site may also be accessed directly using the following URL:

http://multimedia.msjc.edu/rlehr/ACCT075.html

The site is linked from the BUS Department web pages (by ACCT Section Number)

at www.msjc.ac/cisdept/

and linked from the MSJC Home Page (by Faculty Name)

at: www.msjc.edu/.

The Computer: Your Tool For The Future.