PRINCIPLES OF ACCOUNTING II

Bachelor of Science Degree in Accounting

ACT 140

Breyer State University
Instructor: Tom Sacco , MBA, BBA

SYLLABUS

COURSE OVERVIEW: Welcome to Accounting, a Bachelor Level course in the curriculum for the Degree, Bachelor of Science in Accounting. I am pleased to instruct you in this course, which will be a foundational course for the remainder of your studies in the bachelor program.

This course is an extension of Accounting 110. We will continue to build more of the foundation for those concepts needed to understand and use in practice. The course will prepare you for the more advanced level ACC classes. We will continue to expand your accounting vocabulary and the complex language and acumen associated with Accounting. Above all, we will approach concepts that can be used in a small business as well as a corporate application. The course will cover various chapters in the textbook and study guide (please see "Textbooks"). All instructional materials are extracted from those sources.

I know you will enjoy this course. Please learn as much as you can as you progress through it, as it does lay down a solid foundation for the rest of the curriculum. It is my pleasure to have you in the course.

TIME FRAME: This is an eight-semester hour course. This course is allotted ten weeks of time. You must complete all of the requirements for the course successfully by the end of the ten-week period. The first day of week one will begin the day that you register for the course, or the day that you notify me that your textbooks have arrived and you are ready to begin your studies. Please be cognizant of the time frame. It is rare that extensions of time are permitted, unless you have good justification. Upon successful completion of this course, you will be awarded eight semester hours of credit.

TEXTBOOKS: There are five (5) required textbooks for this course.

Book 1: College Accounting. James A. Heintz & Robert W. Parry, Jr. 18th Edition Southwestern Publishing, a division of Thompson Learning, 2002: ISBN # 0-324-20147-8.

Book 2: College Accounting: Study Guide. James A. Heintz & Robert W. Parry, Jr. 18th Edition Southwestern Publishing, a division of Thompson Learning, 2002: ISBN # 0-324-22181-9 (Chapters 1-10)

Book 3: College Accounting: Study Guide. James A. Heintz & Robert W. Parry, Jr. 18th Edition Southwestern Publishing, a division of Thompson Learning, 2002: ISBN # 0-324-29161-2 (Chapters 11-16)

Book 4: College Accounting: Study Guide Solutions. James A. Heintz & Robert W. Parry, Jr. 18th Edition Southwestern Publishing, a division of Thompson Learning, 2002: ISBN # 0-324-22185-1 (Chapters 1-16)

Book 5: College Accounting: Study Guide Solutions. James A. Heintz & Robert W. Parry, Jr. 18th Edition Southwestern Publishing, a division of Thompson Learning, 2002: ISBN # 0-324-22186-X. (Chapters 17-29)

**NOTE: IF YOU HAVE ALREADY TAKEN ACT 110 YOU WILL HAVE IN YOUR POSSESSION BOOKS 1, 2, 3 & 4. YOU WILL ONLY HAVE TO ORDER BOOK 5

You can purchase these textbooks from:

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» Additional Student Resources at StudyTactics

EXAMINATIONS: There are two examinations for this course, a mid-term exam and a final exam. The mid-term & final exams cover the material in the book, and any additional information or submittals sent to you.

The mid-term examination must be taken by the end of the 5th week in the course.

The final examination must be taken by the end of the 10th week in the course.

Exams are sent to you via e-mail by me. The examinations are "open book" objective type plus accounting problems to solve. You will have one (1) day to complete your exam, once it is sent to you.

GRADING: The grading scale for this course is as follows:

90-100%    = A
80-89%      = B
70-79%      = C
Below 70% = Fail

COMMUNICATION: You are encouraged to communicate with me. I am available as a teacher, coach, and mentor to assist you in meeting your goals for this course. Primarily, communication is through email. However, I am also available for conversation by telephone if you would like. Our classroom for this course has a "chat" room. I am also very willing to meet with you one-on-one in the chat room at your request. From time to time, depending on how many students are enrolled in this course at a particular time, we will have some scheduled group chats. You will receive more detailed information at the time such chat sessions are scheduled. Please keep my email address handy so that you can contact me. If at any time during this course you change your email address, please be sure to notify me right away.

WRITTEN ASSIGNMENTS: Included in the syllabus are assignments that must be completed each week. They will come from the text and will be associated with the Chapters for study that week. Please see the assignment section the outline.

COURSE OBJECTIVES: Upon completion of this course you will be able to:

Part 3: Accounting For a Merchandising Business

Chapter 10:

1). Explain the cash, modified cash, and accrual basis of accounting.
2). Describe special records for a professional service business using the modified cash basis.
3). Describe and use a combination journal to record transactions of a professional service business.
4). Post from the combination journal to the general ledger.
5). Prepare a work sheet, financial statements, and adjusting and closing entries for a professional service business.

Chapter 11:

1). Describe merchandise sales transactions.
2). Describe and use merchandise sales accounts.
3). Describe and use the accounts receivable ledger.
4). Prepare a schedule of accounts receivable.

Chapter 12:

1). Define merchandise purchases transactions.
2). Describe and use merchandise purchases accounts.
3). Describe and use the accounts payable ledger.
4). Prepare a schedule of accounts payable.

Chapter 13:

1). Describe special journals and explain their purpose.
2). Describe and use the sales journal.
3). Describe and use the cash receipts journal.
4). Describe and use the purchases journal.
5). Describe and use the cash payments journal.

Chapter 14:

1). Describe how a voucher system is used to control expenditures.
2). Prepare a voucher.
3). Describe and use a voucher register.
4). Describe the payment process using a voucher system.
5). Describe and use a check register, and prepare a schedule of vouchers payable.
6). Account for returns, allowances, and partial payments.

Chapter 15:

1). Prepare an adjustment for merchandise inventory.
2). Prepare an adjustment for unearned revenue.
3). Prepare a work sheet for a merchandising firm.
4). Journalize adjusting entries for a merchandising firm.

Appendix: Expense Method of Accounting for Prepaid Expenses

1). Use the expense method of accounting for prepaid expenses.
2). Make the appropriate adjusting entries when the expense method is used for prepaid expenses.

Chapter 16:

1). Prepare a single-step and multiple-step income statement for a merchandising business.
2). Prepare a statement of owner's equity.
3). Prepare a classified balance sheet.
4). Compute standard financial ratios.
5). Prepare closing entries for a merchandising business.
6). Prepare reversing entries.

Part 4: Specialized Accounting Procedures for Merchandising Businesses and Partnerships

Chapter 17:

1). Apply the allowance method of accounting for uncollectible accounts.
2). Estimate and write off uncollectible accounts using the percentage of sales method and the percentage of receivables method.
3). Apply the direct write-off method of accounting for uncollectible accounts.

Chapter 18:

1). Describe a promissory note.
2). Calculate interest on and determine the due date of promissory notes.
3). Account for notes receivable transactions and accrued interest.
4). Account for notes payable transactions and accrued interest.

Chapter 19:

1). Explain the impact of merchandise inventory on the financial statements.
2). Describe the two principal systems of accounting for merchandise inventory-the periodic system and the perpetual system.
3). Compute the costs allocated to the ending inventory and cost of goods sold using different inventory methods.
4). Estimate the ending inventory and cost of goods sold by using the gross profit and retail inventory methods

Appendix: Perpetual Inventory Method - LIFO and Moving-Average Methods

1). Compute the costs allocated to the ending inventory and cost of goods sold using the Perpetual LIFO Inventory Method.
2). Compute the costs allocated to the ending inventory and cost of goods sold using the Perpetual Moving-Average Inventory Method.

Chapter 20:

1). Determine the cost of property, plant, and equipment.
2). Explain the nature and purpose of depreciation.
3). Compute depreciation using the straight-line, declining-balance, sum-of-the-year's-digits, and units-of-production methods.
4). Account for repairs, maintenance, additions, and improvements to plant and equipment.
5). Account for the disposition of property, plant, and equipment.
6). Explain the nature, purpose, and accounting for depletion.
7). Explain the nature of and account for intangible assets.

Chapter 21:

1). Explain how a partnership is formed and account for the formation.
2). Explain how partners are compensated and account for the allocation of net income.
3). Prepare financial statements reporting the allocation of net income and partnership equity.
4). Describe the actions that result in the dissolution of a partnership and account for the dissolution.
5). Describe how a partnership is liquidated and prepare associated entries and a statement of partnership liquidation.

ABOUT YOUR INSTRUCTOR: I, Thomas J. Sacco , MBA, BBA currently teaching undergraduate level accounting courses at Breyer State University . I hold a Masters Degree in Business Administration from the University of Phoenix (AZ) and a Bachelors of Business Administration from the University of Miami (FL). I have spent several years in the business community from hotel management, real estate, facilities management and various other disciplines requiring knowledge of accounting, budgeting, and finance. I have held positions of General Manager of a manufacturing plant, Director of two hotels and Vice President of mortgage lending operations.

I am an avid sports fan, enjoy teeing it up at the golf course and other recreational activities.

INFORMATION: If you have any questions regarding this program, you may contact us at adm@breyerstate.com.

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