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College Accounting
Instructor: Mrs. Wood
Phone#: 382-3032
Email : cwood@smithtown.k12.ny.us
COURSE OUTLINE
COURSE OVERVIEW:
College Accounting is designed for the motivated, above-average high
school student. The topics covered are those taught in a college
introductory course, first term only.
This
course will cover topics, such as: the nature of accounting, the entire
accounting cycle, adjusting and closing entries, worksheets, financial
statements, accounting for merchandising business, accounting for cash,
accounts and notes receivable, inventory valuation (including estimating
methods), accounting for plant and equipment, intangible assets, current
liabilities and payroll, partnerships and an introduction to
corporations.
The
computer will also be utilized to enhance the learning of the above
topics. It will provide practical applications of the learned material.
TEXT
MATERIALS:
Textbook: “Accounting,” by Warren, Reeve
and Duchac (22nd edition, 2007)
Workbook:
Chapters 1-17 for Accounting
Supplies:
Binder (2 sections –Homework & Notes), Ruler, Calculator &
Pencils
COURSE OUTLINE:
Chapter 1 – Introduction to Accounting and Business
Nature of Business & Accounting
Generally Accepted Accounting Principles
The Accounting Equation
Business Transactions and the Accounting Equation
Financial Statements
Chapter 2- Analyzing Transactions
Using Accounts to Record Transactions
Double-Entry Accounting System
Posting Journal Entries to Accounts
Trial Balance
Discovery & Corrections of Errors
Chapter 3- The Adjusting Process
Nature of the Adjusting Process
Recording Adjusting Entries
Summary of Adjustment Process
Adjusted Trial Balance
Chapter4-Completing the Accounting Cycle
Flow of Accounting Information
Financial Statements
Closing Entries
Accounting Cycle
Fiscal Year
Chapter 5- Accounting Systems
Basic Accounting Systems
Manual Accounting Systems
Adapting Manual Accounting Systems
Computerized Accounting Systems
E- Commerce
Chapter 6-Accounting for Merchandising Businesses
Nature of Merchandising Businesses
Financial Statements for Merchandising
Business
Merchandising Transactions
The Adjusting and Closing Process
Financial Analysis and Interpretation
Chapter 7-Inventories
Control of Inventory
Inventory Cost Flow
Inventory Costing Methods
Inventory Systems
Estimating Inventory Cost
Chapter 8-Sarbanes-Oxley (SOX) Internal Control and Cash
SOX
Act of 2002
Internal Control
Cash Controls Over Receipts and Payments
Bank Accounts
Bank Reconciliation
Special Purpose Cash Funds
Financial Statements Reporting of Cash
Chapter 9-Receivables
Classification of Receivables
Uncollectible Receivables
Direct Writ-Off Method for Uncollectible
Accounts
Allowance Method for Uncollectible
Accounts
Comparing Direct Write-Off and Allowance
Methods
Notes Receivable
Reporting Receivables on the Balance
Sheet
Chapter 10-Fixed Assets and Intangible Assets
Nature of Fixed Assets
Accounting for Depreciation
Disposal of Fixed Assets
Natural Resources
Intangible Assets
Financial Reporting for Fixed Assets and
Intangible Assets
Chapter 11-Current Liabilities and Payroll
Current Liabilities
Payroll and Payroll Taxes
Accounting Systems for Payroll and Payroll
Taxes
Employees’ Fringe Benefits
Contingent Liabilities
ATTENDANCE
Unless you are LEGALLY absent from school, you are expected to be in
class when the bell rings. If you arrive late to class, be sure to have
a signed pass with the date and time printed on it. If you are absent
more than 7 times you could receive an incomplete or an
“F” for the quarter, depending on the nature of the
absences. School policy of lateness and absence will be strictly
enforced.
MAKE-UP WORK:
If
you miss a class, it is your responsibility to make up all assigned
work. Be sure to check the filing cabinet in the classroom when you
return to get any materials and/or assignments you may have missed.
You should also check with me to make sure you have everything. It is
always wise to have a classmate’s phone number. Failure to make up work
will adversely affect your grade. If you are caught cutting class, you will not be
given the opportunity to make-up the missed assignment and/or test; you
will receive a grade of ZERO (0) for that days work and/or test, and
loose 10 points off your classwork grade.
CLASSWORK:
Classwork will be part of your grade, so it is important that you submit
all assignments the day they are due.
Any late work submitted due to an illegal absence
will not be accepted.
Any other late work will be subjected to a 5 point deduction from your
classwork grade. Classwork not handed in will result in 10 points being
deducted from your classwork grade. Projects will be graded
differently.
HOMEWORK:
Homework will be assigned on as needed basis. All homework will be
listed on the assignment board in the classroom. It is your
responsibility to hand it in on time. If you are absent, homework is
due the day your return from your absence.
Homework handed in late due to an illegal absence will not be accepted.
Any other late work is subjected to a 5 point deduction from your
classwork/homework grade. If it is not handed in at all, 10 points will
be deducted from your classwork/homework grade. Make sure you check the
assignment board daily because the assignments may change.
TESTS/QUIZZES:
Tests and quizzes will be announced and given according to the material
covered in class. There will never be any surprise information on a
quiz. There will usually be a quiz and test fro each chapter. At the
end of teach quarter, there will be a quarterly exam and the total of
the 4 quarterly exams will be your final exam grade. Any missed
tests/quizzes must be made up within
two
(2)
days of your return from the absence.
Any quiz/test missed due to cutting will
not be made up; a grade of ZERO (0) will be given for that test/quiz.
GRADING:
Your
quarterly grade is derived at by the following percentages:
Classwork/homework: 50%
Test/quizzes: 50%
Grading Scale: A, B+, B, C+, C, D, F
EXTRA HELP
I
will be available on Tuesdays and Thursdays after school for those who
wish to make-up or need extra help. If you would like to stay, just
let me know. If you need something special just let me know in
advance. I will also be available during my non-teaching periods by
appointment. Speak to me during class and we will schedule a time. My
desk is located in the Business Education Office
Please think about joining DECA. DECA meetings are on TUESDAYS after
school.
 _______________________________
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Student Signature Date
_______________________________ _____________
Parent/Guardian Signature Date
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