St. Charles Community College
Course Outline – Spring 2006
ACT110, FINANCIAL ACCOUNTING (I-SEC 1), 4 CREDIT


Meets M,W 9:00-10:50, CC 106
Instructor:  Ms. Anna Boulware
Work Phone:  636-922-8328
E-mail:  aboulware@stchas.edu
Office Location:  Tech Building Room 205
Office Hours:  M,W 8:25-8:55am, 12:30-2:00pm, or
                         T, R  8:25-9:55am or by appointment.


Required Course Materials:
Text: Financial Accounting,  Wild, 3rd edition ISBN 0072843179
Working Papers, Wild 3rd edition
Carol Yacht's General Ledger 2004 CD-ROM
Jump Drive (64MB or 128MB)
    Students also need to bring a RED Pen to class
Students need to bring a calculator to all classes



COURSE OBJECTIVES:
Upon successful completion of this course, the student will be expected to:
¨    List the main purposes of financial accounting.
¨    Identify the difference between the accrual basis and the cash basis of accounting.
¨    List the major activities of a merchandising firm and identify the difference between
the periodic and perpetual inventory systems.
¨    Use a General Ledger Accounting software program to record transactions and to
print financial statements.
¨    Explain why internal control procedures are needed in business.
¨    Describe primary accounting problems involved with international transactions.
¨    Explain the unique characteristics of the corporate from of business and record routine
stock and bond transactions.
¨    Prepare a Statement of Cash Flows and state the meaning of the various components.


PURPOSE OF THE COURSE:  To provide an understanding of the principles and practices of accounting and to form a foundation for further study of accounting, both for transfer and vocational purposes.








HOMEWORK ASSIGNMENTS:
Written assignments for each chapter are listed below.  However, I reserve the right to add or delete from the list at my discretion.   All quizzes given in the class will be based on homework problems or class lectures unless otherwise noted.

Assignments should be completed by the day following completion of each chapter which is normally the day a new chapter is begun. 

Assignments will be reviewed at the beginning of each class and students should use a red pen to correct their own.  These assignments will be used to study for chapter exams. Except as noted below, they will not be turned in to the instructor.  In order for students to do well on quizzes, the student MUST do the homework in order to be prepared!!

Four of the assignments listed below will be collected for grading/points. In order to receive credit for a completed assignment, the student must have completed all of the chapter's assigned problems, and corrected all of the problems and have it ready for submission. LATE ASSIGNMENTS WILL NOT BE ACCEPTED.

Scheduled Coverage	Chapter	"A" Problems or Exercises (unless otherwise noted):
Week of 1/23	chap 1	E1-2 pg 30, E12, E13, E14, E15, P1-8A (parts 1 &2)pg 36, P1-9A
1/25, 1/30	chap 2	E2-6 pg 75, E4, E5, E10, E11, E12, P2-3A pg 80
2/01	Tech 203	Work on Computerized software assignment Serial Problem chap 2- pg. 85. Meet in Tech 203 bring Yacht CD, textbook and jump drive. (Due 2/15)
2/06	chap 3	E3-1 pg 130, E2, E6, E7, P3-4A pg 136
2/13	chap 4	E4-1 pg 181, E4, E9, E10, P4-1A pg 184 Computerized prob 2S due this week!
2/20	Tech 203	Work on Computerized software assignment Serial Problem chap 3- pg. 145. Meet in Tech 203 bring Yacht CD, textbook and jump drive. (Due 3/06)
2/22		Exam over chapters 1-4
2/27	chap 5	E5-1pg 222, P5-1A pg 225, E5-5, E6
3/06	chap 6	QS 6-2 pg 263, E6-5, E8, E9, P6-2A pg 266, P4A (parts 1 & 2 only) Computerized prob 3S due this week!
3/20	chap 7	QS 7-3 pg 297, E7-3, E4, E6, E8, P7-2A pg 300
3/27	chap 8	QS 8-3 pg 336, QS4, QS5, E2, E5, E6, E11, E12
4/03	Tech 203	Work on Computerized software assignment Serial Problem chap 4-pg 189. Meet in Tech 203 bring Yacht CD, textbook and jump drive. (Due 5/03)
4/05		Exam over chapters 5-8
4/10	chap 9	E9-2 pg 379, E5, E6, E7, P9-5A pg 384
4/17	chap 10	See teacher for homework handout
4/24	chap 11	E11-2 pg 473, E3, E5, E6, QS 11-5, E10, QS 11-4
5/01	chap 12	QS12-2 pg 523, E1, E6, E8, E9, P12-1A(part 1 only) pg 528 (Computerized prob 4S due this week!)
5/08		Review for final exam --review handout given today
5/10		Final Exam over chapters 9-12 9:00-10:50am

EVALUATION:
4 Collected homework assignments                                          80 pts   (20 pts each)
12 unannounced quizzes  (3 team & 9 individual)                     300 pts  (25 pts each)
3 multiple-chapter exams                                                        600 pts (200 pts each)
3 computerized Gen. Ledger problems (see attached)            120 pts_________
TOTAL                                                                              1100 POINTS

A= 90%       B= 80%      C= 70%      D= 60%              F= Below 60% of 1100 pts

EXAMINATIONS:

All students are expected to take exams when they are scheduled.  However, sometimes emergencies develop that will make this impossible.  If you are unable to take an exam during the regularly scheduled class time, you can make up the exam.  Students are allowed to make up one exam only.

 All make-up examinations will be administered by the Assessment Center, room 1206 in the ADMIN. building.  (Please call for the Center’s hours, ext. 8598.)  If possible, the student should get prior approval from the instructor before the regularly scheduled exam in order to receive permission for an exam make-up.  This means that students should call the instructor in advance of the scheduled exam time to make alternative arrangements for rescheduling the exam.
STUDENTS HAVE A MAXIMUM OF ONE WEEK TO MAKE-UP AN EXAMINATION FOLLOWING AN ABSENCE.  Extraordinary circumstances that may require an exception to this policy will be evaluated on a case-by-case basis by the instructor.  It is recommended that the student provide the instructor with a note from his or her doctor attesting to an illness or other medical condition.
Exams will be graded and returned within two class periods following the exam.

UNANNOUNCED QUIZZES:
Short unannounced quizzes of 10-20 minutes duration in length will be given periodically covering the current chapter.  These quizzes must be taken during the class period in which they are given.  NO MAKEUP QUIZZES ARE PERMITTED!! There are 12 quizzes total (9 individual and 3 team quizzes.)


ATTENDANCE:
Roll is taken at each class meeting.  Students are expected to attend all classes.  If a student is ill or has some other reasonable excuse, the instructor should be contacted prior to class.  If it is not possible to reach the instructor, then leave a message on e-mail or with the instructor’s voice mail.  Any student that does miss a class should contact a fellow student to get assignments and class notes.

EXTRA CREDIT:
Periodically extra credit exercises will be assigned.  These must be turned in on time to receive credit.  Many extra credit assignments will be assigned via e-mail.  (I strongly encourage students to get an email account in order to facilitate stronger communication between myself and you.)

ADDITONAL NOTES:  Having the ability to manage information and the possession of higher order thinking skills are essential in today’s business/accounting environment.  In order to strengthen these skills, assignments have been chosen to help the student exercise his/her ability to manage information and to utilize that information in order to make decisions.

STUDENTS WITH DISABILITIES: The college has an Office of Accessibility Services which guides, counsels and assists students with disabilities.  It is located in room 1206 of the ADM building.  It is your responsibility to discuss with the instructor during the first week of class anything needed to help you succeed.  If you have special needs, please call Pam Bova (922-8247) in the Office of Accessibility Services so that your eligibility for services can be determined.

**LAST DAY TO DROP A CLASS AND RECEIVE A “W” IS  Mar 31 .  It is the student’s responsibility to drop a class.  Non-attendance does not constitute a drop.
Computerized Homework assignment requirements (120 points):
Open Lab TECH 203 Mon. and Wed. 9:00-11:00am and 12:30-2:00pm

1.    Complete Serial Problem 2S chapter 2, (20 pts) on page 85 in your text—Use the General Journal in the Yacht software to enter the transactions. Check figures:  Cash = $48,052, Accounts Receivable= $12,618,  Computer Equipment=$20,000, Dividends=$5,600, Computer Services Revenue= $25,659) 

PRINT the following, STAPLE and turn in for grading in this order: (pts will be deducted if not in correct order)
    a.  General Ledger Trial Balance
  b.  General Journal
    c.  Income Statement
    d.  Balance Sheet


2.    Complete chapter 3 Serial Problem 3S(40 pts) (page 145) which is a continuation of 2S.  Use the General Journal in the Yacht software to enter the transactions.  You need to print the following in a certain order—the order of printing is important because you have two trial balances which I will be looking for:

Print the following in this order: (pts will be deducted if not in this order)
a.   Enter all journal entries and do the adjusting entries      
b.    PRINT Adjusted trial balance (Please label write in as such) (Adj. Trial Bal total =  $119,034
Additional ck figures: Cash=$58,160, A/R= $5,668, Computer supplies= $580, Accum. Depr-OE=$400,
Computer Equip= $20,000, Unearned Comp. Serv Rev=  $1500, Rent Exp=$2475,  Computer Serv.
Rev=$31,284, Wages Exp=$3875, Computer supplies Exp=3065, repairs exp=$1305 )
c.     PRINT Income Statement (NI= 14,248)
d.     PRINT Balance Sheet = $93,248
e.     Do closing journal entries.
f.      PRINT the General Journal (so I can see all of your journal entries)
g..    PRINT Post-closing trial balance (please label as such write in) **Hint--Make sure all temporary accounts         have been closed! (post-closing trial bal = $94,898, Retained Earnings = $7,148)

 3. Complete chapter 4 Serial Problem 3S(60 pts) (page 189) which is a continuation of 3S.  Use
the General Journal in the Yacht software to enter the transactions. 

a. Journalize the transactions for the chapter 4 Serial Problem beginning on pg 189.
Check your trial balance before going on to the adjusting entries.  Check figures:  (Trial Balance
b4 adjustments = $161,198) Sales= $19,240, Merch Inv= $794, cash = $77,845
b. Print the Trial Balance

c. Journalize the adjusting entries. (Check figures: Adjusted Trial Balance= $163,723, Merchandise
inventory= $704, cash= $77,845, Accum. Depr -off equi=$800,   Prepaid insurance = 1,110, COGS=$14,052,
Computer Serv Revenue= $25,160, Repairs exp.=$960.NI=$18,686)
d. Print the Adjusted Trial Balance

Print the following in this order: (pts will be taken off if not submitted in correct order)

e.   Print Income Statement= $18,686
f.   Print Statement of Retained Earnings
g. Print Balance Sheet (Total assets = $129,909, Retained Earnings = 21,034, see add'l
check figures above)
h.   Do closing entries, then print the General Journal   (so I can see all of your journal
entries)
i.    Print Post-closing Trial Balance(please label as such write this on page) (Hint: Make sure all
temporary accounts have been closed. Post closing trial balance total = $133,209)