Michael G. Booth

Finance/Accounting

Fall 17

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Financial

Accounting 1A

 

Course Description:

This is the study of accounting as an information system, examining why it is important, and how it is used by investors and creditors to make decisions. The course coverage includes the accounting information system and the recording and reporting of business transactions with a focus on the accounting cycle, the application of generally accepted accounting principles, the classified financial statements, and statement analysis. It also includes issues relating to asset, liability, and equity valuation, revenue and expense recognition, cash flow, internal controls and ethics.


Objectives:


1. Explain the nature and purpose of generally accepted accounting principles (GAAP)


2. Explain and apply the components of the conceptual framework for financial accounting and reporting, including the qualitative characteristics of accounting information, the assumptions underlying accounting, the basic principles of financial accounting, and the constraints and limitations on accounting information;


3. Define and use accounting and business terminology;


4. Explain what a system is and how an accounting system is designed to satisfy the needs of specific businesses; summarize the purpose of a journal and a ledger;


5. Apply transaction analysis, input transactions into the accounting system, process this input, and prepare and interpret the four basic financial statements;


6. Distinguish between cash basis and accrual basis accounting and their impact on the financial statements, including the matching principle;


7. Identify and illustrate how the principles of internal controls are used to manage and control the firm’s resources and minimize risk;


8. Explain the content, form, and purpose of the basic financial statements (including footnotes) and the annual report, and how they satisfy the information needs of investors, creditors, and other users;


9. Explain the nature of current asset issues including measuring and reporting receivables and bad debts, measuring and reporting inventory and cost of goods sold;


10. Explain the valuation and reporting of current liabilities, estimated liabilities, and other contingencies;


11. Identify and illustrate issues relating to long-term asset acquisition, use, depreciation, and disposal;


12. Distinguish between capital and revenue expenditures;


13. Identify and illustrate issues relating to long-term liabilities including valuation of debt, issuance, and retirement;


14. Identify and illustrate issues relating to stockholders’ equity including issuance. Repurchase of capital stock, and dividends;


15. Explain the importance of operating, investing and financing activities reported in the Statement of Cash Flows when evaluating solvency and liquidity of the firm;


16. Interpret company activity, profitability, and liquidity through selection and application of appropriate financial analysis tools;

- Compute and interpret; profitability, liquidity and solvency ratios.


- Compute and interpret market test ratios

 


17. Identify the ethical implications inherent in financial reporting and be able to apply strategies for addressing them.


Measured Student Learning Outcomes (SLO)

Students should be able to:

Assessment 1


- Convey, understand and apply transaction/ratio analysis in terms of accounting model and determine impact on business

Assessment 2


- Apply transaction analysis to examine, record, update the effects of operating activities on: financial statements earnings per share, stockholders equity and cash flow

Assessment 3


- Apply revenue recognition and matching COGS principle, evaluate impact of uncollectible accounts, analyze/interpret accounts receivable turnover, and evaluate inventory management

Assessment 4


- Define, classify, analyze (ratio analysis), and report long live productive assets, asset turnover, asset impairment, asset impairment, current liabilities and longer term liabilities

Final Assessment


- Explain, analyze and describe capital structure, role/types of stock, dividends and splits
- Report, classify, analyze and interpret cash flow from: operating, investing and financing activities

Final Project


Apply/interpret principles of financial relationships to analyze: profitability, liquidity, solvency, and market ratios.

Textbooks and Supplies


Text - Financial Accounting with annual Report, 8th Edition, Libby, Libby, Short, McGraw-Hill, 2011, w/ McGrawHill Access, and E-Book ISBN: 9781308095011
Copyright year: 2014

Financial Accounting, As a Second Language, David P. Weiner, John Wiley & Sons, Inc, 2009, ISBN: 978-0-470-04388-2
Copyright year: 2009

Note: The text is a bundle and must be purchased through Cabrillo Bookstore .

Optional Reading:

Remaking the Way We Make Things, Cradle to Cradle; First Edition, McDonough & Braungart, North Point Press, 2002, ISBN: 9780865475878

 


McGraw-Hill's CONNECT™

This is a McGraw-Hill product to be used for online homework submission and grading, this is included with the bundled texbook/ebook. This program automatically grades assignments and provides immediate feedback and on-line tutorials, so you know if you are doing the work accurately. (URL Link is in available directly through Cabrillo Canvas)

Other tools required for course:


- Handheld calculator
- User Name and Password in the Computer Technology Center OR off-campus access to the Internet
- Print Card, if using the Computer Technology Center
- SCANTRON input answer sheets, Form No 882-E (will be needed for each assessment, with the exception of the final project)

Course Requirements


Since each person has valuable life and vocational experiences to share, attendance is extremely important and creates a more interesting and dynamic class. Many class discussions will be related to the homework/discussion assignments; therefore, it is expected that students will attend and participate in all class sessions with all assignments prepared professionally and accurately. You are expected to attend class, and successfully achieve the student learning outcomes for each major milestone of the course. The student is responsible for all material covered in class, late assignments will not be accepted. Material covered in class may not be in the textbook, and could be included in exams. If you are not present when materials are discussed, assigned or distributed in class, it is your responsibility to obtain materials from other members of the class.

Classroom Student Responsibilities:


The conduct in the classroom will be in accordance with the Cabrillo Student Rights and Responsibilities . In addition, there will be NO allowance for cheating. The first incident of cheating will result in an immediate “F”, the second will result in immediate removal from the course. “This is a learning environment, the best learning occurs through mistakes, and therefore at all times the work during the course should be from the student.”

 

Cooperative Learning:

To respect our right to the best possible learning environment, classroom disruptions will not be tolerated, please:

  • Turn Off cell phones, pagers, etc before class (or as a minimum have on silent, vibrate mode. No text messaging is allowed during class. Text messaging will result in dismissal from class session, and recorded as an absence/non-participation.
  • If you arrive late or leave early, sit near the door
  • Do NOT carry on side conversations when I, or others are speaking
  • Eat before or after—not during class (only water is allowed in the classroom)

 

Consequences for Disruptive Behavior:

First incident (not severe) – discussion and verbal warning
Second incident –
a) dismissed for the remainder of the class and possibly for the next class period.
b) A disruptive behavior report will be written and sent to the Dean of Student Services
c) Division Dean will be informed
d) a meeting during office hours will be required to write up an agreement on future behavior in class.

Third incident –
a) dropped from the class.*
b) Disruptive Behavior Report will be written and sent to the Dean of Student Services.
c) Division Dean will also be informed.

SEVERE CLAUSE – Severe acts of disruption, lack of respect, such as with the use of a racial slur or an issue of sexual harassment or physical violence could be cause for an immediate drop from the class and a Disruptive Behavior Report sent to the Dean of Student Services and other college and legal authorities.


Sexual Harassment Issues:


Sexual harassment is against the law, against school board policy, is disruptive and not tolerated under any circumstances in my class. Any student who feels he/she is being harassed in my class is encouraged to report the situation to me immediately. Any student engaging in sexual harassment may be dropped from class and reported to the Dean of Student Services for further disciplinary action, may include an investigation by law enforcement officials as well as College officials.

 

Attendance at First Class Meeting


Per Cabrillo College Academic Policies and Procedures:
“Students who do not attend the first class meeting may be dropped and their seats filled by other students on the waiting list. If a student is unable to attend the first class meeting, but attends another section or makes other accommodations with the instructor, it is his/her responsibility to notify the instructor personally or in writing prior. Students should not, however, assume that they will be dropped. It is the student’s responsibility to officially drop a course using WebAdvisor online registration. If the instructor does drop the student from the class, there is no automatic refund or reversal of charges. The student must drop by the deadline during he first two weeks of instruction for the full-term class.” No exceptions will be made to this policy.

Attendance/Participation:

This course requires active participation each day of class so it is important for you to attend every class session, arrive on time, and come prepared. Your participation not only enhances your own learning, it benefits other students in the class, especially when the class is doing group work.
Your level of participation is reflected in your grade and since you can’t participate if you are not in class, absences will also be reflected in your grade.

 


Attendance Policy for the class:


Per Cabrillo College Academic Policies and Procedures: “Students are expected to attend all classes and use the on-line labs via Blackboard learning systems. Students who are absent because of illness should personally contact the instructor. Illness related absences do not relieve students from the responsibility of making up any work missed. It is the responsibility of the student to obtain information from the on-line course syllabus schedule, and WebCT Blackboard learning systems concerning missed work and see that it is completed and turned in on time or within a the timeframe set by the instructor and the student.


Class hours of absence are considered excessive when they total more than the number of hours of full-time class meets during each week of the 16 week semester. Excessive absence from class will constitute reason for the instructor to drop a student from the class. However, it is the student’s responsibility to officially withdraw from the class by published deadlines to avoid failing grades.”


Disabilities/Special Needs


Students needing accommodations should contact the instructor ASAP. As required by the Americans with Disabilities Act (ADA), accommodations are provided to ensure equal opportunity for students with verified disabilities. Students needing accommodations should inform the instructor. As required by the Americans with Disabilities Act (ADA), accommodations are provided to insure equal access for students with verified disabilities. To determine if you qualify or need assistance with an accommodation, please contact ACCESSIBILITY SUPPORT CENTER (Formerly DSPS), Room 1073, (831)479-6379.

Accommodations:

  • If you have difficulty seeing or hearing, or mobility difficulty, please let me know
    so that you can be seated appropriately.

 

  • As small changes can make the difference between frustration and success, please let the
    instructor know if you are having difficulty with the accessibility of materials or the class.

 

  • If you have an accommodations letter, please give the instructor a copy and meet with the
    instructor to discuss any accommodations you need to be successful in this class.

 

Veterans Services Overview

Cabrillo College provides assistance in obtaining your educational goals:

Contact: Patricia Reyes, Veterans Certifying Official
Phone: (831) 477-5697
Hours: Tuesday, Wednesday and Thursday: 1:00pm-5:00pm
Campus location: Veterans Information Center, Bldg. 900, Room 914

  • Academic Counseling

  • Personal Counseling

  • Special Programs

 

 

 

 

 

 

 

Instructor Welcome

Instructor Contact

Accounting 151A

Accounting 151A (Homework/Assessment)

Accounting 151A (Grading)

Accounting 1A

Accounting 1A (Homework/Assessment)

Accounting 1A (Grading)

Accounting 1A Corporations Final Project

Accounting 1B

Accounting 1B (Homework/Assessment)

Accounting 1B (Grading)

Calendar

Additional Information

Related Links

 

 

 

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