Dominican University

School of Business

ACCT 101: Principles of Accounting

Summer 2007

Instructor:	Kelly Hajduk
Phone:	708.524.6997 X 1360
Cell:	708.271.7999
Email:	hajdkell@dom.edu
Prerequisites:	NA

Course Description

ACCT 101 represents an exciting and challenging introduction to financial and managerial accounting. The course emphasizes fundamental accounting theory and focuses on how accounting information is prepared and used. No previous coursework or work experience in accounting is assumed. We begin with a detailed review of how to record, classify and summarize business transactions. We proceed by carefully analyzing specific financial statements components and understanding their relevance to management and external users. We conclude with a review of the conceptual framework of accounting with a particular emphasis on the various assumptions, concepts and constraints that comprise generally accepted accounting principles. Students will reinforce their understanding of course concepts through problem solving, class discussions, in-class exercises, technology projects, and periodical readings.

Course Goals and Objectives

Upon completion of the two-semester course sequence in accounting, students will have:

1. Developed an understanding of accounting as the language of business and the role of accounting in making economic decisions.
2. Developed an understanding of the significance of accounting systems in generating reliable accounting information.
3. Developed an understanding for the usefulness of accounting information to internal and external parties.
4. Developed an understanding of internal control procedures that create integrity in the reporting process.
5. Developed an understanding of the various professional organizations that govern the preparation and communication of accounting information.
6. Developed an understanding of the importance of an accounting professional’s personal competence, professional judgment, and ethical behavior.

Within Principles of Accounting I, specifically, students will understand:

• How business transactions effect the accounting equation.
• The nature and purpose of the four basic financial statements.
• The basic steps in the recording process and the function of journals, ledgers, and trial balances.
• The need for adjusting/closing entries and how they are prepared.
• How to account for merchandising transactions and the differences between periodic and perpetual inventory systems.
• The importance and computation of gross profit.
• The financial statement effect of the following inventory topics: cost flow assumptions, the lower of cost-or-market principle, estimation techniques, and errors.
• The basic principles of accounting information systems, special journals, and subsidiary ledgers.
• Fundamental principles of internal control, particularly with respect to cash transactions.
• How to reconcile bank statements and how to record petty cash transactions.
• How to value receivables on the balance sheet with particular emphasis on estimating bad debt.
• How to value plant assets on the balance sheet, how to record depreciation expense, and how to account for the sale, exchange or disposition of plant assets.
• How to value intangible assets and record amortization expense.
• How to present current liabilities, contingent liabilities, and payroll accounts on the financial statements.
• The meaning of generally accepted accounting principles and the FASB’s conceptual framework.

Consistent with departmental goals established by the School of Business, students will also enhance their:

• Appreciation for ethical and socially responsible behavior within the workplace (G1).
• Ability to communicate effectively in written and verbal formats (G2).
• Ability to utilize technology and electronic learning to address business applications (G3).
• Quantitative, analytical and critical thinking skills (G4).
• Understanding of global issues faced by organizations (G5).

Note: References to the School of Business goals (G1-G5) are bolded in the course calendar section of the syllabus.

Course Materials

Required:

Weygandt, Kieso and Kimmel, Accounting Principles, 8^th Edition, Wiley 2008.

Course Requirements	Points
Quiz One	100
Quiz Two	100
Quiz Three	100
Quiz Four	100
Homework Assignments	100
Participation	50
Total	550

Grading	% of 550 points
A	94-100
A-	90-93.9
B+	87-89.9
B	83-86.9
B-	80-82.9
C+	77-79.9
C	73-76.9
C-	70-72.9
D	60-69.9
F	Below 60

Examinations

All examinations will be closed-book. The second, third, and fourth examinations will be non-cumulative. Students should bring a non-programmable calculator to each exam. Exams can only be re-scheduled with my prearranged consent.

Homework Assignments

Homework assignments will be collected on the twelve due dates specified in the course calendar. Each homework assignment is worth ten points. You will receive credit for your highest ten assignments. No late assignments will be accepted. If you need to miss class on a particular due date, you will need to submit the homework prior to the due date.

Participation

Each student is expected to be an active participant in daily class discussions. Your class participation grade will reflect the quality and consistency of your contributions. Mere attendance does not represent participation; frequent absences will severely impact your participation grade.

Websites and Web-based Resources

All students should register for the course at http://blackboard.dom.edu to access course information and assignments and to facilitate email communication between the instructor and the students. In addition, the following websites may assist students in their appreciation and understanding of relevant issues within the accounting industry:

“Big Four” Accounting Firms:
Deloitte & Touche	www.dttus.comm
Ernst & Young	www.ey.comm
KPMG	www.kpmg.com
PriceWaterhouseCoopers	www.pwcglobal.com
Other Accounting/Tax Organizations:
American Institute of CPAs	www.aicpa.org
American Accounting Association	www.aaa-edu.org
Association of Certified Fraud Examiners	www.cfenet.comm
General Accounting Office	www.gao.gov
Government Accounting Standards Board	www.rutgers.edu/Accounting/gasb/welcome.htm
Financial Accounting Standards Board	www.rutgers.edu/Accounting/raw/fasb/index.html
Illinois Society of CPAs	www.icpas.org
Institute of Internal Auditors	www.theiia.org
Institute of Management Accountants	www.imanet.com
Internal Revenue Service	www.irs.ustreas.gov
Securities and Exchange Commission	www.sec.gov
Accounting and Business Periodicals:
Barron’s	www.barrons.com
Business Week	www.businessweek.com
Bloomberg’s Business News	www.bloomberg.com
Economist	www.economist.com
Forbes	www.forbes.com
Fortune	www.fortune.com
Wall Street Journal	www.wsj.com
Financial Research:
Moody’s Investor Service	www.moodys.com
Wall Street Research Net	www.wsrn.com
Value Line	www.valueline.com

Other Requests

· · While I do not specifically grade on attendance, please make every effort to attend each class and to actively participate. Your involvement will assist me in assessing your understanding of course material.

· · Please demonstrate your professionalism by arriving to class on time, by respecting the comments and questions of your classmates, and by silencing all cellular phones and pagers.

· · Please bring your textbook and a calculator to each class.

· · Please feel free to contact me with questions regarding course material.

· · All written assignments will be evaluated on content and writing quality. Please take advantage of the Dominican University Writing Center in the Library, if you need assistance with your writing.

· · Please allow me to make minor adjustments to the syllabus, as circumstances require.

· · For your convenience, I have included the University’s Academic Integrity Policy below:

Academic Integrity Policy

Students of the university must conduct themselves in accordance with the highest standards of academic honesty and integrity. Failure to maintain academic integrity will not be tolerated. The following definitions are provided for understanding and clarity.

Definitions of Plagiarism, Cheating and Academic Dishonesty

Student plagiarism is the deliberate presentation of the writing or thinking of another as the student’s own. In written or oral work a student may make fair use of quotations, ideas, images, etc., that appear in others’ work only if the student gives appropriate credit to the original authors, thinkers, owners or creators of that work. This includes material found on the Internet and in electronic databases.

Cheating entails the use of unauthorized or prohibited aids in accomplishing assigned academic tasks. Obtaining unauthorized help on examinations, using prohibited notes on closed-note examinations, and depending on others for the writing of essays or the creation of other assigned work are all forms of cheating.

Academic dishonesty may also include other acts intended to misrepresent the authorship of academic work or to undermine the integrity of the classroom or of grades assigned for academic work. Deliberate acts threatening the integrity of library materials or the smooth operation of laboratories are among possible acts of academic dishonesty.

Sanctions for Violations of Academic Integrity

If an instructor determines that a student has violated the academic integrity policy, the instructor may choose to impose a sanction, ranging from refusal to accept a work product to a grade of “F” for the assignment to a grade of “F” for the course. When a sanction has been imposed, the instructor will inform the student in writing. The instructor must also inform the student that she/he has the right to appeal this sanction, and refer the student to the Academic Appeals Process described in the Bulletin of the Rosary College of Arts and Sciences. The instructor will send a copy of this letter to the Dean of the Rosary College of Arts and Sciences. The Dean will note whether a student has committed multiple violations of the academic integrity policy over time, and in such cases the Dean may institute a process leading to possible further sanctions, including suspension or expulsion from the university. This process is as follows: The Dean will convene the Arts and Sciences student members and the Arts and Sciences faculty members of the University’s Student-Faculty/Staff Judicial Board, and present to the group a recommendation for warning/reprimand, suspension or expulsion. This group will review the Dean’s recommendation at a hearing to which the student is invited. The group will follow the process outlined in the “Student-Faculty/Staff Judicial Board” section of the current Student Handbook, with the following exceptions: (1) The Dean of the Rosary College of Arts and Sciences will convene the group, not the Dean of Students. (2) The group will consist of the Arts and Sciences student and faculty members, not the full Student-Faculty/Staff Judicial Board. (3) The possible sanctions include only Warning/Reprimand, Suspension and Expulsion.

Academic Appeals Process

Any disagreement with regard to academic procedure, including individual cases of alleged violation of academic integrity and final grades, should first be taken up with the instructor. If this does not settle the matter satisfactorily, the matter should be taken up with the departmental chair. If the issue cannot be resolved at the departmental level, it should then be presented to the Dean of the Rosary College of Arts and Sciences. If the issue is still not resolved, the student has the right to present the issue to the Educational Policies Committee of the Arts and Sciences Council. To do this, the student must provide a written statement of the issue involved to the Dean, who will then place it on the agenda for the Educational Policies Committee. The committee will request a written response from the instructor and may, at its discretion, seek further oral or written clarifications from the student and/or the instructor. The committee will evaluate the student’s appeal and vote to approve or deny it. If the committee denies the student’s appeal, the original grade will stand. If the committee approves the student’s appeal, the committee will determine the appropriate grade and submit a change of grade form to the Dean. In the event of a successful appeal of an alleged violation of academic integrity, the original letter of notification from the instructor will be expunged from the Dean’s file.

 Course Calendar

Date	Topic	Assignment
05/21	Introduction to Course and Syllabus Review Accounting History and Background The Accounting Equation	Read Weygandt Chapter 1, All About You (G1), International Insight (G5) Problems 1-3B and 1-4B (G4)
05/23	The Recording Process	Read Weygandt Chapter 2, Ethics Insight (G1), All About You (G1), and Accounting Across the Organization: Xbox (G3-4) Problems 2-2B and 2-5B (G4)
05/30	Adjusting the Accounts	Read Weygandt Chapter 3, All About You (G1), and Accounting Across the Organization: Advertising (G4) Problems 3-1B, 3-2B, and 3-5B G4)
06/04	Quiz One: Chapters 1-3 Completion of the Accounting Cycle	Read Weygandt Chapter 4, All About You (G1), Accounting Across the Organization: Cisco (G4), and International Insight (G5) Problems 4-5B and 4-6A (G4)
06/06	Accounting for Merchandising Operations Inventories	Read Weygandt Chapter 5, All About You (G1), and Investor Insight (G3-4) Problem 5-4B (G4) Read Weygandt Chapter 6, All About You (G1), and Accounting Across the Organization: Wal-Mart (G3-4) Problems 6-1B, 6-3B, and 6-9B (G4)
06/11	Quiz Two: Chapters 4-6 Accounting Information Systems	Read Weygandt Chapter 7, All About You, and Ethics Insights (G1) Problem 7-4B (G4)
06/13	Internal Control and Cash	Read Weygandt Chapter 8, All About You (G1), International Insight (G5), and Accounting Across the Organization: Cash (G3) Problems 8-2B, 8-3B, and 8-5B (G4)
06/18	Accounting for Receivables	Read Weygandt Chapter 9, All About You (G1), and Accounting Across the Organizations (G4) Problems 9-1B, 9-5B, and 9-7B (G4)
06/20	Quiz Three: Chapters 7-9 Plant Assets, Natural Resources, and Intangibles	Read Weygandt Chapter 10, All About You (G1), Ethics Insight (G1), and Accounting Across the Organization: ESPN (G5) Problems 10-2B, 10-3B, and 10-7B (G4)
06/25	Current Liabilities and Payroll Accounting	Read Weygandt Chapter 11, All About You (G1), and Accounting Across the Organization: Contingencies (G4) Problems 11-1B and 11-2B (G4)
06/27	Accounting Principles	Read Weygandt Chapter 12, All About You (G1), and Accounting Across the Organization: LLC (G4) Problems 12-2B, 12-4B, and 12-5B (G4)
07/02	Quiz Four: Chapters 10-12	-