Accounting 1A Online
Financial Accounting

Instructor: Cheryl Furbee
Spring 2012
Revised 1/5/12

Welcome to Financial Accounting. This is an "online" class, designed to be presented entirely via the internet. There will be no on campus meetings, no orientation. Quizzes, assignments, etc. will all be done online. Expect to spend at LEAST 15-20 hours per week to complete the requirements of this class.

Course Description
A conceptual introduction to accounting from the user's perspective, this course covers the preparation, communication, use and analysis of accounting information. Emphasis is on accounting theory, critical thinking, and the use of accounting information in business decision-making. While not required, it is highly recommended that you complete ACCT 151A prior to or concurrently with this course, especially in the online format. Success rates are much higher for those students with the knowledge or experience of basic accounting procedures.

Student Learning Outcomes (SLO):
Upon completion of this class, students should be able to:

  1. Assess the effect of business decisions on the Income Statement, Balance Sheet, and Statement of Cash Flows.
  2. Apply accounting principles to explain the effect of business transactions on the accounting equation.
  3. Apply and interpret principles of financial analysis to compare and contrast two competing corporations and conclude which may be the better investment.

Course Objectives:

  1. Recognize the information conveyed in each of the basic financial statements and what it means from a user, decision maker perspective.
  2. Using the accrual method of accounting, identify operating, investing and financing transactions to measure the performance of a business and demonstrate how they are reported and analyzed.
  3. Apply transaction analysis to examine and record the effects of operating activities on financial statements ( Note: Explain how a company’s strategy affects financial analysis).
  4. Identify the steps in the accounting communication process; i.e. press release, annual reports, quarterly reports and SEC filings.
  5. Identify, report, and analyze key measures of business performance; i.e. COGS, expense, margin, net income, inventory, cash flow, liabilities, assets, stockholders' equity, etc
  6. Compute and interpret profitability, liquidity and solvency ratios.
  7. Compute and interpret market test ratios
  8. Analyze ethical issues within an accounting/business framework.

Textbooks and Supplies
Libby 7e - Text and Online Homework Program

You must have three items for this class:

  1. A textbook - Financial Accounting, 7th edition, by Libby, Libby, and Short, McGraw-Hill
  2. Access to the McGraw-Hill online homework program to be used for online homework submission and grading. This program automatically grades assignments and provides immediate feedback so you know if you are doing the work accurately. Access to the online homework program can be purchased in one of two forms:

    3. NOTE: The publisher allows you to use Connect Plus for a 21-day free trial period. Once you buy or register your access code for either of these programs, you will not be refunded for the cost. It is recommended, therefore, that you NOT buy or register your access code until after the add/drop period (two weeks). This allows for the possibility that, in the event you change your mind about the class, purchased the wrong text, or personal events prevent you from continuing in the class, you can return a new text and code to the bookstore for a full refund, use it for a different section of the class, or for a future semester. Also, this allows you to experiment with the ebook to see if this is something you would prefer to use rather than the hard copy of the text. Thirdly, if you have ordered a text online and not received it or you have financial aid that is not available on the first few weeks, you can use the ebook to get started. If you purchase the text before class begins, treat it well so it can be returned, if necessary. It is recommended that you register for this trial period via Blackboard after the semester begins.

  3. Weiner text Financial Accounting As a Second Language, David P. Weiner, Wiley - ISBN 9780470043882. This text will be used for reference to help explain some of the concepts in the class. There are no graded assignments from it.
  • There are multiple options for you to select the first two items:
    1. Purchase a new text:
    2. Purchase Connect Plus stand alone (no physical text). This provides you the ebook (you do not have to have the physical copy) and the homework software. Access lasts for one-semester and can be purchased online from McGraw-Hill for a very reasonable price. You will need a credit or debit card; the access code will be delivered to you electronically as soon as you have purchased it (again, use the trial period first). While this is probably the best price, there are some disadvantages of this option. For example using only an ebook can be problematic and many past students would not recommend it because prior editions have been too difficult to locate information, but publisher's are improving on their ebooks every year so this option may work well for you. Try it during the free trial period to see how you like it.
    3. Purchase a used text, 7th edition, ISBN 9780078111020 and the access code to Connect only (not Connect Plus) from the publisher but use the trial period first.

    4. Libby 6e Purchase the 6th edition of the text, ISBN 9780073526881, and an access code to Connect for the 7th edition. There are only a few changes in the information between the two editions. The main differences are in the numbers used in the exercises and problems; Connect and quizzes are based on the 7th edition and you are responsible for the information in the 7th edition. If you think you can tolerate and work with these differences, you should be able to purchase a used text at a very good price.
    5. The text will be available at the Cabrillo Bookstore approximately two weeks before the semester begins. You may also buy the text online but be aware that it may take 3-4 weeks to receive a text purchased online.

    Access to Word, PowerPoint, and Excel. or the Open Office equivalent. You will also need access to Acrobat Reader, and iTunes which can be downloaded free (see links on the Online Orientation page).

    Course Requirements
     Attendance and participation in any class is essential. The only difference in this class is that you attend and participate online. It is required that you log into the class at least 2-4 times/week and complete the required activities. Excessive absences and/or failure to accurately complete five or more assignments throughout the semester may result in being denied access to Blackboard. This denial may be followed by a drop from the course at the instructor's discretion. However, if the instructor does not initiate a drop, it is your responsibility to withdraw or receive an F grade.

    Blackboard is a class management system that will be used for communication, internet assignments, discussions, questions, quizzes, exams, etc. See the Online Orientation page for more information.

    Homework - It is imperative to complete the Learn Smart questions and text exercises and problems following each chapter since accounting is a "hands on" subject. You cannot learn the concepts by merely reading the book. Believe me, I have tried - it doesn't work!! The process of reading, writing, and calculating helps you master the concepts and theories. Additionally, accounting builds on each chapter. You will NOT understand Chapter 8 if you don't master Chapters 1-7. The text provides mini-exercises, and exercises that are designed to be short and related to specific objectives. There are also problems, cases, and projects designed to be more comprehensive. Using Connect, you will complete exercises and problems, randomly selected, for each chapter. There are also three comprehensive problems that will be completed using Connect. The solutions to most of the exercises and problems are available via Connect.

     Analysis and Research - You will select a publicly-traded corporation from a Corporation Selection List provided by the instructor. These companies will be in the merchandising or manufacturing business either as wholesalers or retailers in the United States (no foreign corporations). You will compare and contrast two corporations in the same industry to determine their strengths and weaknesses and analyze which company is doing better. These results will also be compared to the industry as a whole. It is important to select your company EARLY in the semester, within the first week. Weekly posts of specific ratios, market action, news, etc. will be required.

      Self quizzes as well as supplementary materials such as check figures, Educational Videos, Excel templates, and PowerPoint slides are provided by the publisher. These are designed, of course, to help your understanding, provide a review of the text material, and prepare you for the quizzes.

    Quizzes - there will be a quiz after each chapter, generally on a weekly basis; you will be given two attempts to complete these chapter quizzes; the higher score will be used for grading. Each quiz will contain 25 multiple choice questions worth two points each; different questions will be randomly selected from the publisher's testbank for each attempt. All quizzes will be timed and taken online via Blackboard. There will be NO make-up exams. The quizzes will be open for one week, generally from 12:01 a.m. Wednesday to 11:59 p.m. Tuesday. The results of the quizzes will be available on Wednesdays.

    A Final Report will be required based on your analysis and research of the two corporations.

    Grading
     The following table contains the estimated number of points for each requirement. It is, however, subject to change. The actual number of points that will be assigned to each item will be available via Blackboard. It is expected that each person will complete his/her OWN work. If it is determined that you "cheated" (as defined by generally accepted college standards in the U.S.) on any quiz or assignment, you will receive zero points credit for that quiz and/or assignment. "Cheating" is justification for dropping you from the class at the instructor's discretion. You are encouraged to work together for many assignments but NOT on the exams.
     

    Requirement
    Possible Points
    Analysis, Research, etc. (approx.)
    310
    Connect (13 @ 25, 3 @ 15)
    370
    Quizzes (13 @ 50)
    650
    Final Project
    100
    Total (approx. and subject to change)
    1,430
    Grading Scale will be as follows:
     
    Grade
    Percentage of Total Possible Points
    A
    90-100%
    B
    80-89%
    C
    70-79%
    D
    60-69%
    F
    Below 60%
    Withdrawal from this course is YOUR responsibility if you want to avoid a letter grade. Pass/No Pass (P/NP) is also an option if you inform the instructor. Be aware that often universities do not accept P for transfer; they require a grade.

    Disabilities/Special Needs:
    All students needing accommodations should inform the instructor ASAP. Veterans may qualify for accommodations. Wounded Warriors may have acquired injuries which, through the American with Disabilities Act (ADA), entitles the use of accommodations to ensure equal opportunity for students with verified disabilities. To determine if you qualify or need assistance with an accommodation, please contact Disabled Student Services, Room 810 479-6379, or the Learning Skills Program, Room 1073, 479-6220.