INSTRUCTOR: Mrs. LoFrese
Phone #: (631) 382-5214
Web Address: www.smithtownschoolofbusiness.com/lofrese
COURSE DESCRIPTION:
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. Students have the opportunity to obtain 3 college credits from SUNY Farmingdale for a fee. The credits are transferable to most universities and colleges. Details will be provided within the next month.
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. We will be working with Quickbooks Pro, an industry standard.
Textbook: “Accounting,” by Warren, Fess, and Reeves (22nd edition, 2006)
Workbook: Chapters 1-13 for Accounting
Supplies: Binder/Notebook, Calculator & Pencils (THEY ARE A MUST!!!!!!!!!!!!!!!!!!!)
COURSE OUTLINE:
Nature of Business
Generally Accepted Accounting Principles
The Accounting Equation
Business Transactions and the Accounting Equation
Financial Statements
Usefulness of an Account
Double Entry Accounting System
Posting Journal Entries to Accounts
Trial Balance
Discovery and Correction of Errors
Nature of the Adjusting Process
Recording Adjusting Entries
Summary of Adjustment Process
Adjusted Trial Balance
Flow of Accounting Information
Financial Statements
Closing Entries
Accounting Cycle
Fiscal Year
Basic Accounting Systems
Manual Accounting Systems
Adapting Manual Accounting Systems
Computerized Accounting Systems
E-Commerce
Nature of Merchandising Businesses
Financial Statements for a Merchandising Business
Merchandising Transactions
The Adjusting and Closing Process
Financial Analysis and Interpretation
Control of Inventory
Inventory Cost Flow Assumptions
Inventory Costing Methods Under a Perpetual Inventory System
Inventory System
Inventory Costing Methods Under a Periodic Inventory System
Comparing Inventory Costing Methods
Reporting Merchandise Inventory in the Financial Statements
Estimating Inventory Cost
Sarbanes-Oxley Act of 2002
Internal Control
Cash Controls over Receipts and Payments
Bank Accounts
Bank Reconciliations
Special-Purpose Cash Funds
Financial Statement Reporting of Cash
Classification of Receivables
Uncollectible Receivables
Direct Write-off Method of Uncollectible Accounts
Allowance Method of Accounting for Uncollectibles
Comparing Direct Write off and Allowance methods
Characteristics of Notes Receivables
Reporting Receivables on the Balance Sheet
Nature of Fixed Assets
Accounting for Depreciation
Disposal of Fixed Assets
Intangible Assets
Financial Reporting for Fixed Assets and Intangible Assets
The Nature of 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 with me to get any materials and/or assignment you may have missed while you were absent. It is always wise to have a classmates 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 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 will be assigned on a regular 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 you 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 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 for each chapter. At the end of each 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%
Tests/quizzes: 50%
Grading Scale: A B+ B C+ C D F
I will be available on Mondays after school for those who wish to make-up work or need extra help. If you would like to stay, just let me know. 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 Career & Technical Education Office (by the science rooms).
Please think about joining DECA. DECA meetings are on TUESDAYS after school in the Commons Cafeteria.
____________________________________________Student Signature
____________________________________________Parent/Guardian Signature