DESCRIPTION

Accounting procedures used for classifying, recording, reporting, and disclosure in financial accounting will be presented.

PREREQUISITES

ACC 202 or concurrent.

COURSE OBJECTIVES

Act 286 is an intermediate financial accounting class. Upon successful completion of this course, the student can:

1. Define the elements of the conceptual framework of accounting.
2. Identify, classify, record, and properly value transactions and elements of financial accounting statements.
3. Prepare, in proper form, an income statement, balance sheet, statement of stockholder's equity, and a statement of cash flows with appropriate disclosures.
4. Identify significant differences in sub-chapter S corporations, partnerships, personal service corporations, and non-profit/governmental organizations.
5. Demonstrate appropriate computerized applications of financial accounting.

USP STATEMENT

This course is the second course in Financial Accounting, and is required for the Business Technology - Accounting option degree. This course might not be transferable to a four-year school except as an elective. For specific transferability questions, please contact the school that you will be attending.

This course is the second or third accounting course in a series. ACC 201 teaches the fundamentals of financial accounting (reporting external to the organization). ACC 202 teaches the fundamentals of managerial (internal) reporting. This course expands, enhances and enriches ACC 201.

MATERIALS AND TEXT

FINANCIAL ACCOUNTING, Belverd E. Needles, Jr., Marian Powers, 9th ED. ISBN: 0-618-09373-7 The text can be obtained from several sources, among them the publisher: LINK TO PUBLISHER

Computer, modem, browser, access to WWW, access to Excel.
Your browser may need some Plug-Ins, but they are provided in this course.
A fine mind with which to study.

METHODS

All Internet and computer based. No face-to-face meetings. I will ask you to turn in assignments using Excel, Word and Notepad. Excel templates for problems are provided.

EXAMS

There will be two exams, and a final, each worth 100 points. The questions may include definitions, problems, and short essays on each test. I try to design our tests to be familiar to the homework. The tests will be in Excel....very similar to your templates. You will receive more details as test times loom. Please notice that exams constitute only a small percentage of your total grade. A major thrust in this class is homework completion.

MISSED EXAMS

There should be enough flexibility built in to the course that you shouldn't have to miss any. No make-ups if you do.

WRITING

"All faculty are expected to call attention to and penalize for errors in English usage and require the rewriting of papers which do not meet acceptable standards." (CCS Rules, Section V, 2.32)

HOMEWORK

INCOMPLETES

I will offer you one when I visit you in the hospital.

ASSIGNMENTS

Assignments and instructions for assignments are listed elsewhere on the web site.

A SUGGESTED APPROACH FOR COMPLETING ASSIGNMENTS

1. First, I would choose a regular time and place for my “class”. Since you do not need to be at a particular place at a particular time, distance courses are VERY EASY to put off. Thursday night, when the kids are at Boy Scouts and the spouse is gone with them. Saturday afternoon when everyone is gone....you get the idea. There’s ALWAYS something more important than the on-line class. Discipline yourself NOW.
2. Second, when it’s “class” time, have your book on your lap while viewing the PowerPoint slides. Review the book and the slides at the same time. Go back and forth between the book and the slides to be sure you understand the material. Bookmark places in the text where calculations are performed and examples of Financial Statements are provided. You will want to refer to them as you are doing exercises and problems.
3. Third, look at the problems on the assignments page and select the ones you are going to attempt (SOME are mandatory).
4. Fourth, attempt the problems you have chosen. Work back and forth between the questions and the examples in the chapter. Problems must be given a VALIANT ATTEMPT. What does this mean? It means you must put effort into solving the problem correctly. It does not mean the problem must be solved perfectly in order to receive FULL credit. Imperfectly done problems are still a learning experience, but, the key is....they MUST be done!
5. If you don't have a clue where to start, contact me or a team-mate soon for assistance!