Orange Coast College Syllabus Course Number: Accounting 101 Course Title: Financial Accounting

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Orange Coast College

Syllabus

Course Number: Accounting 101

Course Title: Financial Accounting

ACCOUNTING 101 Financial Accounting: A course covering the fundamentals of financial accounting of the corporate entity. Involves the analysis, recording, and summarizing of accounting transactions on the accrual basis. Emphasis on accounting as an information system meeting the demands of users for decision making.

STUDENT LEARNING OUTCOMES:

The student will be able to:

1. Demonstrate ability to prepare financial statements for a corporation.

2. Prepare accounting entries required for a service versus merchandising business. 3. Identify ethical issues in financial accounting.

4. Demonstrate knowledge of an accounting cycle by performing appropriate accounting functions. 5. Demonstrate knowledge of financial reporting rules and disclosure, including international

standards, such as International Financial Reporting Standards (IFRS).

ILLEGAL Students will not be allowed to remain in class if they bring illegal MATERIALS OR materials or substances of any kind to class. Examples of such include: SUBSTANCE Federal illegal narcotics, illegally downloaded material (music, videos,

games, etc.), photocopies of copy written material (class workbook included), etc.

AUDIO/VIDEO No audio, video or still pictures are allowed to be captured of the instructor or his/her lessons.

CAMERA POLICY

You are not allowed to have any devices that take pictures or capture images in your possession when quizzes, exams or tests are being conducted. If you have these items in a book bag or

purse (do not take them out). You will receive zero points on that particular exam if the instructor/proctor or another student observes the device. The goal of this policy is to protect the

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TEXTS: Morgan

ISBN: 9780989406819

All Dogs Eat Financial Accounting 2nd Edition

(Available only in OCC Bookstore. This workbook will be used in class on a daily basis.)

Kimmel / Weygandt / Kieso

ISBN-10: 0471730513 ISBN-13: 9780471730514

Financial Accounting; Tools for Business Decision Making, 4th Edition (Instructor has copies that can be used for the semester for a $20

refundable deposit. Purchases can be made online at many book resellers [i.e. Amazon.com, Half.com] for a reasonable cost ($5 plus shipping). Don’t pay more than $20. This book will not be available in the OCC bookstore.)

REQUIRED Four function calculator. You are not allowed to use the following IN CLASS calculators during tests: Scientific, graphing, financial and the like. If TOOLS: your calculator does more functions than add, multiply, subtract and

divide, get a simpler one. Phones will not be allowed.

REQUIRED OUT OF CLASS TOOLS:

Internet access; computer with working audio ports (speakers or headphones); A computer with audio (speakers or headphones) ports connected to the internet with the following software:

 Java, Flash Player 6.0.79 or later (http://www.adobe.com/go/getflash) (Flash Player 7 or later recommended), and one of the following browsers:

Windows

o Internet Explorer 7 or greater o Netscape 7.2 and 8.1 o Firefox 1.5.0.1 and 1.0.7 Macintosh o OS 9  Netscape 7.0 o OS X v10.3  Netscape 7.2  Mozilla 1.7.12  Firefox 1.5.0.1  Safari 1.3.9 o OS X v10.4  Netscape 7.2  Firefox 1.5.0.1  Safari 2.0 SCHEDULE: 6:30pm – 8:55 pm. Tuesday’s

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CALENDAR: Fall 2014

INSTRUCTOR: Arabian Morgan, CPA, MST

BIOGRAPHY: Arabian Morgan has taught for OCC and several other local area universities and colleges.

Arabian was a consultant for five years with one of the world’s largest public accounting firms, PricewaterhouseCoopers LLP, specializing in tax consulting and financial planning. He is a licensed Certified Public Accountant. Over the past 20 years Arabian has provided tax and financial planning consulting services to individuals and businesses of all net worth’s.

Arabian earned his Masters in Business Taxation from the University of Southern California (USC) and also possesses a Bachelor of Science degree in Accounting from USC.

CONTACT INFO: Please contact the instructor through the BlackBoard Learn site via the discussion link.

OFFICE HOURS: Monday 4:55pm –6:15pm Tuesday 4:55pm –6:15pm Wednesday 4:55pm –6:15pm

ATTENDANCE: Class attendance is mandatory.

PARTICIPATION: Class participation is mandatory.

Examples of things that cause one not to earn the maximum amount of class points: Not reading assigned material in a timely manner

Not doing homework in a timely manner Not completing online work in a timely manner Not coming to class

Being disruptive

Arriving late, leaving early

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ILLEGAL Students will not be allowed to remain in class if they bring illegal MATERIALS OR materials or substances of any kind to class. Examples of such include: SUBSTANCE Federal illegal narcotics, illegally downloaded material (music, videos,

games, etc.), photocopies of copy written material (class workbook included), etc.

COMPUTERS and LAPTOPS and the like are

not allowed to be used during class.

CELL PHONES Out of consideration for others, please turn your cell phone and pagers to AND PAGERS: the silent mode. If they do not have a silent or vibratory mode, please

turn them off. These items tend to distract the other students when they ring during class discussions or learning activities.

Cell phones must be turned off and put away during all tests and quizzes. A student will not receive points should he/she not abide by this rule.

LATE WORK: No late work will be accepted.

CHEATING

POLICY: Cheating on any assignment will earn student zero points for the assignment. Student will be subject to the policies of Orange Coast College for further disciplinary action. Academic dishonesty will not be tolerated.

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GRADING SCALE A 900 to 1000 points

POINTS STRUCTURE B 800 to less than 900 points

C 700 to less than 800 points D 600 to less than 700 points

F less than 600 points

-3 Exams 300 points each* -100 points for attendance**

-Point subtractions will apply for not doing work outside of class***

* Make up exam can be arranged, however, student’s points on the exam will be reduced by 20% of the points earned on the first make up and 30% on additional makeups. Makeup exams are designed to be more difficult and are only for students who did not take an exam on the

designated day for a legitimate reason. Makeup exams are not for students who want to replace a grade on an exam they have taken.

** Do not miss more than 2 classes to receive the 100 points. No attendance points will be earned once more than 2 classes. Attendance is taken at random times during the class session. Not being present at that time results in an absence.

***If you are not completing your online assignments (the outside of class work) on time, you will begin to lose points earned on exams and for class attendance. This will result in a loss of up to 300 points. This means that you will not pass the class. The instructor will periodically check your progress. Once points are subtracted, they will not be added back.

Week of Class Exams Date of Class Exams Exam Coverage

Week 5 9/23/2014 Chapter 1, 2, 3 and 4.

Workbook pages 4 through 173.

Week 10 10/28/2014 Chapter 5, 6, 7 and 8.

Week 16 12/9/2014 Chapter 9, 10, 11 and Appendix C.

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Date Task

8/26/14 a) Overview of how the class with function using Blackboard Learn b) We will cover the following workbook pages in class on this date:

1. Pages 4 through 14 Homework

after 8/26/14

As a result of what you learned in class, do the following: a) Read textbook pages 12 through 18

b) Watch the presentation for workbook page 17. As you watch the presentation, follow along and take any notes you deem appropriate. c) Watch the presentation for workbook page 18. As you watch the

presentation, follow along in your workbook by preparing the income statement on page 19.

d) Watch the presentation for workbook page 20. As you watch the presentation, follow along in your workbook by preparing the retained earnings statement on page 21.

e) Watch the presentation for workbook page 22. As you watch the

presentation, follow along in your workbook by preparing the balance sheet on page 23.

f) Complete the assignment noted on workbook page 24. The income statement should be placed on page 25. The retained earnings statement should be placed on page 26. The balance sheet should be placed on pages 27 – 29 (you may not need this much room and pages 28 and / or 29 may be left blank). View the solution to this assignment and compare it to your solution. Make corrections as necessary.

g) Complete the assignment noted on workbook page 30. The income statement should be placed on page 31. The retained earnings statement should be placed on page 32. The balance sheet should be placed on pages 33 – 34. View the solution to this assignment and compare it to your solution. Make corrections as necessary.

h) Answer the questions on workbook page 35. View the solutions to this page. Make corrections as necessary.

Prepare for 9/2/14

Before you come to class, do the following: a) Read textbook pages 48 through 53.

b) Watch the presentation and take notes in your workbook associated with workbook pages 36 and 37.

c) Complete the income statement and retained earnings statement portion of the assignment noted on workbook page 38. We will complete the balance sheet together in class. The income statement should be placed on page 39. The retained earnings statement should be placed on page 40.

d) Read the textbook pages 4 through the top of page 6.

e) Watch the presentation and take notes in your workbook associated with workbook pages 68.

f) Read textbook pages 6 through 8.

g) Watch the presentation and take notes in your workbook associated with the top portion workbook pages 70 (Users of Financial Information). h) Read textbook pages 10 through 11.

i) Watch the presentation and take notes in your workbook associated with the bottom portion workbook pages 70 (Business Activities).

j) Read textbook pages 22 through 24.

k) Watch the presentation and take notes in your workbook associated with workbook page 72.

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l) Read workbook pages 74 through 80.

m) Watch the presentation and take notes in your workbook associated with workbook pages 81 through 83.

n) Watch the presentation and take notes in your workbook associated with workbook pages 84 through 86.

9/2/14 We will cover the following workbook pages in class on this date: a) Pages 38 through 42. b) Pages 44 through 48 c) Page 69. d) Pages 71 through 73. Homework after 9/2/14

As a result of what you learned in class, do the following:

a) Answer the question on workbook page 43. You will find the solution on workbook page 36.

b) Answer the question on workbook page 49. You will find the solution on workbook page 37.

c) Complete the assignment noted on workbook page 50. The income statement should be placed on page 51. The retained earnings statement should be placed on page 52. The balance sheet should be placed on pages 53 - 55 (you may not need this much room and pages may be left blank). View the solution to this assignment and compare it to your solution. Make corrections as necessary.

d) Complete the assignment noted on workbook page 56. The income statement should be placed on page 57. The retained earnings statement should be placed on page 58. The balance sheet should be placed on pages 59 - 61 (you may not need this much room and pages may be left blank). View the solution to this assignment and compare it to your solution. Make corrections as necessary.

Prepare for 9/9/14

Before you come to class, do the following:

a) Read textbook pages 158 to the top of 159. Do not read “The Matching Principle” on page 159.

b) Watch the presentation and take notes in your workbook associated with workbook page 87.

c) Read textbook pages 98 to the top of 107. Do your best to follow through the examples.

d) Watch the presentation and take notes in your workbook associated with workbook pages 88 through 89. Page 89 should be filled out completely. e) Prepare the table on workbook page 91 based on the business transactions

on page 90. View the solution to this assignment and compare it to your solution. Make corrections as necessary.

9/9/2014 We will cover the following workbook pages in class on this date: a) Pages 92 through 93.

b) Pages 95 through 102.

Homework after 9/9/14

a) Answer the question on workbook page 103 through 116. You will find the solution on workbook page 36. View the solution to these pages and compare it to your solution. Make corrections as necessary.

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cycle). You can do pages 119, 121 and 122 together. Find all the balances to page 122. Then complete the trial balance on page 123.

c) View the solutions to pages 119, 121 and 123 and make corrections as necessary.

Prepare for 9/16/14

a) Read textbook pages 156 through 161 (stop before reading “The Basics of Adjusting Entries”).

b) Watch the presentation and take notes in your workbook associated with workbook page 127.

c) Watch the presentation and take notes in your workbook associated with workbook page 128.

d) Answer the questions on workbook page 129. Next take the online quiz to reveal the solutions. Make any corrections as needed.

e) Read textbook pages 161 through 174. Do your best to follow the examples.

f) Watch the presentation and take notes in your workbook associated with workbook pages 130 through 137. Take notes and follow along.

9/16/2014 We will cover the following workbook pages in class on this date: a) Pages 139 through 143. b) Page 154 c) Pages 156 through 164. Homework after 9/16/14

As a result of what you learned in class, do the following: a) Read textbook pages 175 through 183.

b) Answer the question on workbook page 144 through 151. View the solution to these pages and compare it to your solution. Make corrections as necessary.

c) Complete workbook page 152. View the solution to these pages and compare it to your solution. Make corrections as necessary.

d) Complete workbook page 153. View the solution to these pages and compare it to your solution. Make corrections as necessary.

e) Complete workbook page 155. View the solution to these pages and compare it to your solution. Make corrections as necessary.

f) Complete workbook pages 166 through 169. Only page 169 matters (use the other pages with T-accounts if you need to). View the solution to page 169 and compare it to your solution. Make corrections as necessary. g) Complete workbook pages 170 through 172. View the solution to page

171-172 and compare it to your solution. Make corrections as necessary. h) Complete workbook page 173. View the solution to the page and compare

it to your solution. Make corrections as necessary.

Prepare for 9/23/14

a) Complete the assignment noted on workbook page 62. The income statement should be placed on page 63. The retained earnings statement should be placed on page 64. The balance sheet should be placed on pages 65 – 67. View the solution to this assignment and compare it to your solution. Make corrections as necessary.

b) Complete workbook pages 124 through 125. View the solution to these pages and compare it to your solution. Make corrections as necessary.

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c) Complete Page 126. View the solution to this page and compare it to your solution. Make corrections as necessary.

d) Review workbook pages 5 through 173. Review assigned textbook pages since the beginning of class. Prepare for Exam 1.

9/23/14 Exam 1

Prepare for 9/30/14

a) Read textbook pages 216 through the first half of page 221.

b) Watch the presentation associated with workbook page 174. Fill in the page as you watch. The bottom half of the page will be covered in class at a later date.

c) Watch the presentation associated with workbook page 177. Take any notes on the page as you see fit.

d) Read textbook pages 221 through 227. Follow the examples of journal entries carefully.

e) Read textbook pages 221 through 227.

f) Watch the presentation for workbook pages 200 and 201 Preamble. g) Complete workbook page 200, the check your answers. Make any

adjustments as necessary.

h) Complete workbook page 201, the check your answers. Make any adjustments as necessary.

9/30/14 We will cover the following workbook pages in class on this date: a) Page 176. b) Page 178 through 181. c) Page 183 through 187. d) Pages 202 through 203. e) Page 206. Homework after 9/30/14

a) Answer the question on workbook page 182. Consult workbook pages 178 and 180 for the solutions.

b) Complete workbook pages 188 through 195. View the solution to these pages and compare it to your solution. Make corrections as necessary. c) Complete workbook pages 204 through 205. View the solution to these

pages and compare it to your solution. Make corrections as necessary. d) Read textbook pages 279 (starting at Lower of Cost or Market) through

280.

e) Complete workbook page 207 through 208. View the solution to these pages and compare it to your solution. Make corrections as necessary.

Prepare for 10/7/14

a) Read textbook pages 265 through the bottom of page 271.

b) Watch the presentation associated with workbook page 209. Fill in the page as you watch.

c) Complete workbook pages 210 through 211. (Letter “e” and #5 on pages 210 & 211 will be completed in class.) View the solution to these pages and compare it to your solution. Make corrections as necessary.

d) Complete workbook pages 212 through 213. (#8 will be completed in class.) View the solution to these pages and compare it to your solution. Make corrections as necessary.

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e) Read textbook pages 271 through 272 (including Specific Identification).

f) Watch the presentation associated with workbook page 216. Fill in the page as you watch.

g) Read textbook pages 272 through 279.

10/7/2014 We will cover the following workbook pages in class on this date: a) Page 210 letter “e”.

b) Page 211 number 5. c) Page 213 #8. d) Pages 217 through 226. Homework after 10/7/14

a) Watch the video associated with workbook page 227. Answer the question on workbook page 227.

b) Complete workbook page 228. View the solution to this page and compare it to your solution. Make corrections as necessary.

c) Complete workbook pages 229 through 231. View the solution to these pages and compare it to your solution. Make corrections as necessary. d) Complete workbook pages 232 through 234. View the solution to these

pages and compare it to your solution. Make corrections as necessary.

Prepare for 10/14/14

a) Read textbook pages 314 through the bottom of page 323.

b) Watch the presentation associated with workbook pages 238 - 239. Fill in the page as you watch. (This is a comprehensive Ch 7 presentation. There is no quiz to take on Blackboard. The presentation alludes to one.) c) Read textbook pages 324 through the bottom of page 333. Pay careful

attention to pages 330 through the top of page 332.

10/14/14 We will cover the following workbook pages in class on this date: a) Page 235 - 236 b) Page 241- 245. c) Page 248- 252. Homework after 10/14/14

a) Read the article associated with workbook page 237. Answer the question on workbook page 237.

b) Complete workbook page 246 through 247. View the solution to these pages and compare it to your solution. Make corrections as necessary. c) Complete workbook page 254 through 255. View the solution to these pages and compare it to your solution. Make corrections as necessary. d) Complete workbook page 256 through 257. View the solution to these pages and compare it to your solution. Make corrections as necessary.

a) Read textbook pages 370 through the bottom of page 373. Stop before reading “VALUING ACCOUNTS RECEIVABLE”.

b) Watch the presentation associated with workbook page 258. Fill in the page as you watch.

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c) Read textbook pages 373 through the bottom of page 381.

d) Watch the presentation associated with workbook page 272. Fill in the page as you watch.

e) Read textbook pages 381 through the bottom of page 384.

10/21/14 We will cover the following workbook pages in class on this date: a) Page 259-268

b) Page 273- 275.

a) Complete workbook page 269. View the solution to this page and compare it to your solution. Make corrections as necessary.

b) Complete workbook page 270. View the solution to this page and compare it to your solution. Make corrections as necessary.

c) Complete workbook page 271. View the solution to this page and compare it to your solution. Make corrections as necessary.

d) Complete workbook pages 276 through 278. View the solution to these pages and compare it to your solution. Make corrections as necessary. e) Complete workbook pages 279 through 281. View the solution to these

pages and compare it to your solution. Make corrections as necessary. f) Complete workbook pages 282 through 284. View the solution to these

pages and compare it to your solution. Make corrections as necessary.

a) Complete workbook pages 196-199. Refer to workbook pages 178 through 181 for answers.

b) Review workbook pages 174 through 284. Review assigned textbook pages since the beginning of class. Prepare for Exam 2.

10/28/14 Exam 2: Chapter 5, 6, 7 and 8. Prepare for

11/4/14

a) Read textbook pages 418 through 424.

b) Watch the presentation associated with workbook pages 285 through 289. Fill in the pages as you watch.

c) Watch the presentation associated with workbook page 290. Fill in the page as you watch.

d) Watch the presentation associated with workbook pages 291 through 292. Fill in the pages as you watch.

e) Read textbook pages 426 through 431. Do your best to follow each example. f) Read textbook pages 449 through 451. Do your best to follow each example. g) Read textbook pages 434 through 436. Do your best to follow each example. h) Read textbook pages 441 through 445.

i) Watch the presentation associated with workbook page 311. Fill in the page as you watch.

11/4/14 We will cover the following workbook pages in class on this date: a) Page 293-301.

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As a result of what you learned in class, do the following: a) Respond to the question on workbook page 302.

b) Complete workbook pages 304 through 305.View the solution to these pages and compare it to your solution. Make corrections as necessary.

c) Complete workbook pages 306 through 307.View the solution to these pages and compare it to your solution. Make corrections as necessary.

d) Complete workbook page 308. View the solution to these pages and compare it to your solution. Make corrections as necessary.

e) Complete workbook page 309. View the solution to these pages and compare it to your solution. Make corrections as necessary.

f) Complete workbook page 310. View the solution to these pages and compare it to your solution. Make corrections as necessary.

c) Read textbook pages 538 through 539. Fill out workbook page 317 as you read.

d) Read textbook pages 540 through 545. e) Read textbook pages 547 through 549.

11/18/14 We will cover the following workbook pages in class on this date: a) Page 318-319.

b) Page 321-330.

a) Complete workbook pages 331 through 3332.View the solution to these pages and compare it to your solution. Make corrections as necessary. b) Read textbook pages 551 through 552 (Stock Splits).

c) Watch the presentation associated with workbook pages 334 (2 for 1). Fill in the pages as you watch.

d) Complete the remainder of workbook pages 334 and 335. Check your solution against the solutions for these pages. Make corrections as necessary.

a) Read textbook pages Appendix C-1 through Appendix C-2.

c) Read textbook pages Appendix C-2 through Appendix C-11.

d) Watch the presentation associated with workbook page 365. Fill in the page as you watch.

11/25/14 We will cover the following workbook pages in class on this date:

a) Selected workbook pages from 337 through 356.

a) Complete workbook pages 357 through 364.View the solution to these pages and compare it to your solution. Make corrections as necessary.

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Prepare for 12/2/14

b) Watch the presentation associated with workbook page 339. Fill in the pages as you watch.

c) Watch the video associated with workbook page 376. Here is a direct link http://www.c-span.org/video/?292982-1/words-harry-markopolos-

d) Read textbook pages 483 through 488.

e) Read textbook page 476 (Sales Taxes Payable). f) Complete workbook page 382.

g) Watch the presentation associated with workbook page 385. Fill in the pages as you watch.

h) Read textbook page 475.