Faculty Syllabus

COURSE PREREQUISITE:
For a more detailed syllabus, please review the syllabus posted in the Blackboard course. This
syllabus is intended to be a brief overview of the course and is subject to change. The final
syllabus will be posted in the blackboard course. 
Before enrolling in ACCT 2301, it is advisable to 1) have taken the equivalent of ACCT 1403 or BUSI
1301; 2) have recently taken high school bookkeeping; or 3) have acquired relevant work experience.
Although not required, the equivalent of MATH 1324 provides a good foundation for ACCT 2301.
Basic computer skills utilizing internet, word processing, spreadsheet (Excel), and presentation (Power
Point) software are recommended for all accounting courses. Generally, all assignments are to be
prepared on the computer and presented in a format that would be acceptable in a professional,
business environment.  Access to computers is available at the college. Wi-Fi access is available in the
parking lots at selected campuses.

COURSE REQUIREMENTS:
For a more detailed syllabus, please review the syllabus posted in the Blackboard course. This
syllabus is intended to be a brief overview of the course and is subject to change. The final
syllabus will be posted in the blackboard course. 
Course Evaluation/ Grading System:
 

Basis for Grading:
Points               Grade
720-800            A
640-719            B
560-639            C

480-559            D
Below 479         F

Course Assessments:
There will 2 assessments of course concepts (assessment 1 and assessment 2). These 2 assessments
have been designed by the Accounting Department for use by all ACCT 2301 sections.

 

READINGS:
For a more detailed syllabus, please review the syllabus posted in the Blackboard course. This
syllabus is intended to be a brief overview of the course and is subject to change. The final
syllabus will be posted in the blackboard course. 
Required:  Horngren’s Financial and Managerial Accounting with MyAccountingLab, 8th ed, Miller-
Nobles, Mattison, Pearson.
With ACC “First Day Access”, a digital version of the text will be purchased as part of your registration
fees for the course. This fee will also include access to MyAccountingLab.  You will use MyAccountingLab
for a variety of assignments including tests, homework and labs. MyAccountingLab is an integrated,
online learning system that provides you 24/7 access to your study tools and assignments.
If you acquire the eBook as part of your registration, you will have the option to buy a low cost loose-leaf
paper version of the book via MyAccountingLab.

If you do not wish to participate in the program, you may "Opt Out". If you "Opt Out" of receiving and
paying for your materials via this program, you will be responsible for obtaining those class materials on
your own. Instructions for “opting out” will be available on my Blackboard site.
To recap, there are three options:
1.      All Digital Access at the time of registration: E-book and MyAccountingLab
2.      Digital Access with a Physical Textbook: Students who participate in the program will be eligible
to purchase a low cost print upgrade.
3.      Independent purchase of textbook with CONNECT: If you have purchased a used textbook or
have "Opted Out" of the program, you must still purchase an access code for MyAccountingLab.
You must “bring” your eBook to class via a computer, tablet or smartphone or the paper copy if
purchased.

COURSE SUBJECTS:
For a more detailed syllabus, please review the syllabus posted in the Blackboard course. This
syllabus is intended to be a brief overview of the course and is subject to change. The final
syllabus will be posted in the blackboard course.
Chapter 1: Accounting and the Business Environment
Chapter 2: Recording Business Transactions
Chapter 3: The Adjusting Process
Chapter 4: Completing the Accounting Cycle
Chapter 5: Merchandising Operations
Chapter 6: Merchandise Inventory
Chapter 7: Internal Control and Cash
Chapter 8: Receivables
Chapter 9: Plant Assets, Natural Resources, and Intangibles
Chapter 11: Current Liabilities and Payroll
Chapter 12: Long-Term Liabilities
Chapter 13: Stockholders’ Equity
Chapter 14: Statement of Cash Flows
Chapter 15: Financial Statement Analysis

STUDENT LEARNING OUTCOMES/LEARNING OBJECTIVES:
For a more detailed syllabus, please review the syllabus posted in the Blackboard course. This
syllabus is intended to be a brief overview of the course and is subject to change. The final
syllabus will be posted in the blackboard course.

Course Description:
This course is an introduction to financial accounting concepts and the communication of financial
information to external users. It examines the accounting process, transaction analysis, asset and equity
accounting, financial statement preparation and analysis, and related topics.
Course Objectives:
1. Prepare a multiple-step income statement, classified balance sheet and statement of earnings.
2. Analyze and record the effects of common business transactions.
3. Prepare adjusting entries.
4. Describe the role of closing entries.
5. Apply elements of the conceptual framework to accounting issues.
6. Explain the components of the statement of cash flows.
7. Understand the relationship between financial components.
Learning Outcomes:
Chapter 1
1. Explain why accounting is important and list the users of accounting information
2. Describe the organizations and rules that govern accounting
3. Describe the accounting equation and define assets, liabilities, and equity
4. Use the accounting equation to analyze transactions
5. Prepare financial statements
6. Optional: Use financial statements and return on assts (ROA) to evaluate business performance
Chapter 2
1. Explain accounts as they relate to the accounting equation and describe common accounts
2. Define debits, credits, and normal account balances using double-entry accounting and T-
accounts
3. Record transactions in a journal and post journal entries to the ledger
4. Prepare the unadjusted trial balance
5. Describe the accounting cycle
6. Optional: Use the debt ratio to evaluate business performance
Chapter 3

1. Differentiate between cash basis accounting and accrual basis accounting
2. Define and apply the time period concept, revenue recognition, and matching principles
3. Explain the purpose of and journalize and post adjusting entries for deferrals
4. Explain the purpose of and journalize and post adjusting entries for accruals
5. Explain the purpose of and prepare an adjusted trial balance
6. Identify the impact of adjusting entries on the financial statements
7. Describe the accounting cycle
Chapter 4
1. Prepare the financial statements including the classified balance sheet
2. Explain the purpose of, journalize, and post closing entries
3. Prepare the post-closing trial balance
4. Describe the accounting cycle
5. Use the current ratio to evaluate business performance
Chapter 5
1. Describe merchandising operations and the two types of merchandise inventory systems
2. Account for the purchase of merchandise inventory using a perpetual inventory system
3. Account for the sale of merchandise inventory using a perpetual inventory system
4. Prepare a merchandiser’s financial statements
5. Optional: Use the gross profit percentage to evaluate business performance
6. Optional: Account for the purchase and sale of merchandise inventory using a periodic inventory
system (Appendix 5A)
Chapter 6
1. Identify accounting principles and controls related to merchandise inventory
2. Account for merchandise inventory costs under a perpetual inventory system
3. Compare the effects on the financial statements when using the different inventory costing
methods
4. Optional: Apply the lower-of-cost-or-market rule to merchandise inventory
5. Measure the effects of merchandise inventory errors on the financial statements
6. Use inventory turnover and days’ sales in inventory to evaluate business performance
7. Optional: Account for merchandise inventory costs under a periodic inventory system (Appendix
6A)
Chapter 7
1. Define internal control and describe the components of internal control and control procedures
2. Explain the internal controls associated with and journalize debit and credit card sales
3. Demonstrate the use of bank account as a control device and prepare a bank reconciliation and
related journal entries
4. Optional: Use the cash ratio to evaluate business performance
Chapter 8
1. Define and explain common types of receivables and journalize sales on credit
2. Record transactions using the allowance method for uncollectibles
3. Modified: Estimate bad debts expense based on the percent-of-receivables, and aging-of-
receivables methods
4. Account for notes receivable including computing interest and recording honored and dishonored
notes
5. Optional: Use the acid-test ratio, accounts receivable turnover ratio, and days’ sales in
receivables to evaluate business performance
Chapter 9
1. Measure the cost of property, plant, and equipment

2. Account for depreciation using the straight-line, units-of-production, and double-declining-balance
methods
3. Journalize entries for the disposal of plant assets
4. Account for natural resources (terminology only)
5. Account for intangible assets (terminology only)
6. Optional: Use the asset turnover ratio to evaluate business performance
Chapter 11
1. Account for current liabilities of known amount
2. Calculate and journalize basic payroll transactions
3. Account for current liabilities that must be estimated
4. Account for contingent liabilities
5. Optional: Use the times-interest earned ratio to evaluate business performance
Chapter 12
1. Journalize transactions for long-term notes payable and mortgages payable
2. Describe bonds payable
3. Journalize transactions for bonds payable and interest expense using the straight-line
amortization method
4. Journalize transactions to retire bonds payable
5. Report liabilities on the balance sheet
6. Optional: Use the debt to equity ratio to evaluate business performance
6. Use time value of money to compute present value (Appendix 12A)
Chapter 13
1. Identify the characteristics of a corporation
2. Journalize the issuance of stock
3. Account for the purchase and sale of treasury stock
4. Account for cash dividends, stock dividends, and stock splits
5. Explain how equity is reported for a corporation
6. Optional: Use earnings per share, rate of return on common stockholders’ equity, and the
price/earnings ratio to evaluate business performance
Chapter 14
1. Identify the purposes of the statement of cash flows and distinguish among operating, investing,
and financing cash flows
2. Prepare the operating activities section of the statement of cash flows by the indirect method
3. Prepare the investing, financing, and non-cash activities sections of the statement of cash flows
4. Optional: Use free cash flow to evaluate business performance
Chapter 15
1. Explain how financial statements are used to analyze a business
2. Perform a horizontal analysis of financial statements
3. Perform a vertical analysis of financial statements
4. Compute and evaluate the standard financial ratios
SCANS COMPETENCIES:
SCANS is the Secretary’s Commission on Achieving Necessary Skills. Please go to
http://www.austincc.edu/mkt/scans.htm#whatis for complete definitions and explanation of SCANS.  This
list summarizes the SCANS competencies addressed in this particular course.
1. Student exhibits responsibility:  Exerts a high level of effort and perseverance toward goal
attainment, works hard to become excellent at doing tasks by setting high standards, paying attention to
details, working well and displaying a high level of concentration even when assigned an unpleasant task;

and displays high standards of attendance, punctuality, enthusiasm, vitality and optimism in approaching
and completing tasks.
2. Student acquires information:   Identifies need for data, obtains them from existing sources or
creates them, and evaluates their relevance and accuracy. Competently performing the tasks for
acquiring data and evaluating information includes posing analytical questions to determine specific
information needs, selecting possible information and evaluating its appropriateness, and determining
when new information must be created.
3. Student communicates information:  Selects and analyzes information and communicates the result
to others using oral, written, graphic, pictorial, or multi-media methods. Competently performing the tasks
of communicating and interpreting information to others includes determining information to be
communicated, identifying the best methods to present information (i.e. overheads, handouts, etc.), and if
necessary, converting to desired format and conveying information to others through a variety of means
including oral presentation and written communication.