Oakton Community College Leslie A. W. Van Wolvelear, Professor of Accounting

Course Syllabus –Spring 2020 Office: 3610 Des Plaines campus

ACC153-002 Email: lvanwolv@oakton.edu

Classroom: 2633 DP Phone: (847) 376-7135

Monday/Wednesday from 9:00am - 10:40am Home Page: http://www.oakton.edu/user/4/lvanwolv/

I. Principles of Financial Accounting

Course Course Course

Prefix Number Name Credit: Lecture: Lab:

ACC 153 Principles of Financial 4 4 0

Accounting

II. Prerequisite: None.

In Addition: Due to the quick pace of this course, it is recommended for students with prior bookkeeping training, or

with some successful college work.

III. Course (Catalog) Description:

Course covers preparation and analysis of financial information using generally accepted accounting principles.

Content includes the accounting cycle, financial statement preparation, merchandise accounting, internal controls,

cash, receivables, inventory, payables, property, plant and equipment, intangible assets, liabilities, stockholders’

equity, cash flow statement, and financial statement analysis.

IV. Learning Objectives:

By the conclusion of this course, students will:

Construct, interpret, and analyze the balance sheet, income statement, and cash flow statement.

Prepare and analyze journal entries, adjusting entries, and closing entries to complete the accounting cycle.

Prepare and analyze purchases and sales transactions for merchandising companies.

Construct and interpret the multiple-step income statement.

Prepare and interpret various inventory costing methods.

Construct the bank reconciliation as well as the associated journal entries.

Apply internal control principles to specific situations.

Prepare and analyze receivables, including bad debts transactions.

Prepare and interpret transactions related to the purchase, sale, and depreciation of fixed assets.

Prepare and interpret transactions related to the purchase and amortization of intangible assets.

Prepare and analyze transactions related to liabilities.

Construct and analyze the stockholders’ equity journal entries as well as the stockholders’ equity section of

the balance sheet.

Utilize financial statement ratios to analyze the actual performance of various entities.

V. Academic Integrity and Student Conduct:

Students and employees at Oakton Community College are required to demonstrate academic integrity and follow

Oakton’s Code of Academic Conduct. This code prohibits:

• cheating,

• plagiarism (turning in work not written by you, or lacking proper citation),

• falsification and fabrication (lying or distorting the truth),

• helping others to cheat,

• unauthorized changes on official documents,

• pretending to be someone else or having someone else pretend to be you,

• making or accepting bribes, special favors, or threats, and

• any other behavior that violates academic integrity.

There are serious consequences to violations of the academic integrity policy. Oakton’s policies and procedures

provide students a fair hearing if a complaint is made against you. If you are found to have violated the policy, the

minimum penalty is failure on the assignment and, a disciplinary record will be established and kept on file in the

office of the Vice President for Student Affairs for a period of 3 years.

Please review the Code of Academic Conduct and the Code of Student Conduct, both located online at:

http://www.oakton.edu/studentlife/student-handbook.pdf

VI. Outline of Topics:

A. Financial Statement Preparation

B. Accounting Cycle

C. Merchandise Accounting

D. Internal Control

E. Cash and Bank Reconciliations

F. Receivables and Bad Debts

G. Inventories

H. Property, Plant, and Equipment and Intangible Assets

I. Liabilities

J. Stockholders' Equity

K. Statement of Cash Flows

L. Financial Statement Analysis

This a general outline of the schedule of topics.

See the Calendar in D2L for specific assignment due dates.

Week Topic Homework in WileyPLUS

1/22 W Getting Acquainted

1/27 M Chapter 1 BE1-6, BE1-8, BE1-10, E1-5, E1-12, E1-15, P1-3A

1/29 W Chapter 2

2/03 M Chapter 2 BE2-9, BE2-11, E2-5, E2-8, E2-9, E2-10, E2-15, P2-2A, P2-6A

2/05 W Chapter 3

2/10 M Chapter 3 BE3-2, BE3-4, BE3-7, BE3-13, E3-1, E3-2, E3-7, E3-9, E3-21, P3-5A

2/12 W Chapter 4

2/17 M Presidents Day holiday College Closed

2/19 W Chapter 4 BE4-5, BE4-6, BE4-7, BE4-8, BE4-10, BE4-16, BE4-18, E4-8, E4-11, P4-2A

2/24 M Project in class

2/26 W Examination 1

3/02 M Chapter 5

3/04 W Chapter 5 BE5-2, BE5-3, BE5-6, BE5-8, BE5-13, E5-2, E5-3, E5-4, E5-8, P5-1A

3/09 M Chapter 6

3/11 W Chapter 6 BE6-4, BE6-10, E6-5, E6-6, E6-7, E6-13, P6-5A

3/16-22 Spring Break Week

3/23 M Chapter 7

3/25 W Chapter 7 BE7-10, E7-5, E7-6, E7-12, E7-14

3/30 M Chapter 8

4/01 W Chapter 8 BE8-5, BE8-9, BE8-10, BE8-11, E8-3, E8-16, P8-1A

4/06 M Project in class

4/08 W Examination 2

4/13 M Chapter 9

4/15 W Chapter 9 BE9-1, BE9-2, BE9-7, BE9-9, BE9-13, E9-1, E9-3, E9-5, E9-10, E9-14, P9-

9A

4/20 M Chapter 10 BE10-2, E10-1, E10-2, E10-3, E10-5

4/22 W Chapter 11

4/27 M Chapter 11 BE11-6, BE11-9, E11-3, E11-4, E11-7, E11-8, E11-9, P11-2A

4/29 W Chapter 12

5/04 M Chapter 12 BE12-2, BE12-4, E12-1, E12-5, E12-10, P12-3A

5/06 W Project in class

5/11 M Exam Review

5/13 W Examination 3

Late Policy

Late Work: Due to extenuating circumstances, students may submit an assignment past the due date. (See the

definition of “extenuating circumstances” below).

Students are responsible for contacting their instructor regarding all late work and to establish the deadline for late

submission. Students may submit homework, projects, and exams after the due date, but will receive a deduction for

late submission. See the Methods of Instruction sections for details on the specific policies for late submission

assignments.

Technological issues are not considered valid grounds for late assignment submission. At the faculty’s discretion,

late work may be accepted without a point deduction, dependent solely on extenuating student circumstances which

will require documentation to be submitted with the request.

For Students Requesting Extensions Due to Extenuating Circumstances Only: Extenuating circumstances are

limited to any emergency which can be clearly documented, including, but not limited to, a death in the family,

medical emergency/illness requiring medical attention for the student or family member, or related emergent

circumstances. The documentation must show the event resulting in the late submission occurred no more than two (2)

days prior to the deadline. Students must submit all documentation within 48 hours after the original assignment

deadline. Unless all documentation is submitted as stated, no assignments will be accepted after one week following

the assignment due date.

VII. Methods of Instruction:

General Information

The suggested schedule for the semester is detailed in the Outline of Topics on the previous page.

See the Calendar tool in D2L for specific due dates. The due dates and times detailed in the Calendar are

for the USA/Central time zone.

The more you participate the more rewarding the class will be. Be Proactive, not reactive!

The Checklist tool in D2L details the weekly graded assignments and suggested non-graded activities for the

course.

Discussion Boards

There are 4 main discussion boards in the Discussions link:

Welcome - this is only used during the first week of class

General Course Questions - this is where you post all course related questions that are not chapter/content

specific

Chapter Questions - this is where you post chapter/content specific questions

In Class/Project - this is where you will post and collaborate on the in class assignments and projects

Homework

You will be completing the homework assignments in WileyPLUS. The homework assignment points count

towards your final grade. You have unlimited attempts to complete the homework assignments.

The homework assignments are due by 8:45am on the due date noted in the D2L calendar.

Late submission policies (after the due date):

o 90% of the points within one week of the due date

o 70% of the points up through the exam covering the chapter material

o No late submission assignments will be accepted after the exam due date

The points earned in WileyPLUS are manually updated in D2L grades within 24 hours following the due date.

Chapter Quizzes

The chapter quizzes assess your understanding of the theoretical concepts.

The chapter quizzes are due by 8:45am in D2L on the due date noted in the calendar.

Quizzes are not accessible after the due date as noted in the calendar. The two lowest quiz scores are

dropped when determining final grades.

You are allowed one attempt and 60 minutes to complete and submit each quiz. Each question is worth 0.50

points for a total of 10 points per quiz.

It is critical to your success to read the chapter in the textbook before attempting the chapter quizzes. I also encourage you to refer to the textbook and your notes when completing the quizzes.

Do not attempt the quiz until you are ready to answer all the questions and submit for a grade! The

quizzes are graded by the software, so you should receive a grade immediately after submitting the quiz. You

must select "Save" for every question or your answer will not be recorded. After submission, you will only be

able to view the questions you answered.

There are Practice quizzes available for you as a supplemental activity. No points are awarded for submitting

these quizzes.

Projects

The projects assess your ability to apply the concepts learned to comprehensive problems. You will be working

on the projects in class in groups. You may need time outside of class to complete the projects.

The projects are due by 9:00am on the due date noted in the calendar. The projects are completed manually

and submitted in class.

Projects submitted late will be reduced by 20% of the maximum points and must be submitted within 1 week

of the due date.

Examinations

There are 4 examinations during the term:

o 3 chapter examinations

o a departmental assessment – this is completed at the end of the term

The examinations are completed in the classroom on the date noted in the Outline of Topics and Assignments.

Only one exam can be completed late during the term (after the due date). Exams completed late will be reduced

by 20% of the maximum points and must be submitted within 1 week of the due date.

Extra Credit (Optional Assignments)

Continue your learning by completing the following for each chapter:

adaptive practice assignments in WileyPLUS under Modules

quests in D2L under Quizzes/Exams

You are not required to complete any extra credit assignments. Extra credit assignments cannot be completed after

the exam due date.

Adaptive practice - The adaptive practice chapter assignments are extra credit opportunities that are available in

WileyPLUS, which are a personalized, adaptive learning experience. If you score a 70% or higher, you will earn

one point of extra credit per chapter for a total of 12 points.

Quests - The chapter quests are extra credit opportunities that are similar to the chapter quizzes. The chapter quests

are accessible after you complete a chapter quiz and up through the exam covering the chapter material. You are

allowed 2 attempts for each quest.

Extra credit points possible:

Points earned Extra Credit Points

7 - 7.5 0.5 point

8 - 8.5 1 point

9 - 9.5 1.5 points

10 2 points

12 chapters x 2 points each = 24 total extra credit points available.

Badge designations - A badge is earned by completing the chapter quizzes and quests in the Quizzes/Exams tool in

D2L. Your highest score earned on the chapter quiz or quest will count. The mastery percentage will determine your

overall badge designation. Your course to date badge designation is shown at the top of Grades in D2L.

Badge levels based on total mastery:

Badge Mastery

Staff Accountant 70% - 79%

Accounting Manager 80% - 89%

Chief Financial Officer 90% or greater

VIII. Course Practices Required:

Course may be taught as face-to-face, hybrid or online course.

You can successfully complete this course!!

Follow these guidelines:

Read the assigned chapters in the textbook - reading the chapters twice is even better

Attend course lectures and complete in class activities

Be prepared to start class promptly - in class assignments missed cannot be made up

Post general course and content/chapter questions in the appropriate Discussion board - I encourage everyone

to respond to questions posted

Complete the homework problems in WileyPLUS

Complete each chapter quiz and quest in D2L

Complete the comprehensive projects

Complete the 3 examinations and the departmental assessment exam

Completing all assignments on time is crucial to your learning and success! Do not wait until the last day

to complete the assignments - Be Proactive, Not Reactive!

If you find yourself struggling with the content, I recommend you: o review the chapter resources in WileyPLUS in the Modules under each learning objective

o use the Adaptive Practice: Personalized Practice in WileyPLUS to assess your knowledge and review

content material you still need to practice

o attend on campus tutoring - the tutoring schedule is usually available by week 2 of each semester in

D2L under Content – General Course Information

o contact me so we can discuss your situation and try to find resources that best fit your learning style

Communication

The preferred method of communication for this course is to use the D2L E-mail. If D2L is inaccessible, then and

only then are you to use my Oakton e-mail address. I recommend you login and check your D2L e-mail often (at least

2 to 3 times per week) for updates and changes that may occur. I normally respond to e-mail communications within

24 hours.

D2L Brightspace Pulse App - helps students stay connected and on track in their D2L courses. Pulse enables students

to have one easy view of course calendars, readings, assignments, evaluations, grades, and announcements. For iOS

devices, download from the App Store. For Android devices, download from Google play.

IX. Instructional Materials:

We will be using two websites in this course:

Brightspace by D2L (D2L) is the course management system used by Oakton. D2L contains the syllabus, general

course information, course e-mail, quizzes, surveys, discussion board, writing assignments, and grades. You can

access D2L from your home through your Internet service provider at: https://d2l.oakton.edu/

WileyPLUS contains the e-text, homework assignments, and supplemental chapter resources.

You will access WileyPLUS from the homepage in D2L. The WileyPLUS link is located under Announcements on the

D2L homepage. Click on the WileyPLUS Registration and Login link to begin the registration process.

You need the following three items for this course:

1. ACC153 Student Handout Packet 2019 – 2020 – this is available in the Oakton bookstore for around $11.

2. Textbook -The Oakton bookstore has a custom publication that includes a hard copy of the textbook and the

WileyPLUS Next Gen access code for around $115. You are not required to purchase the hard copy of the textbook,

however many students learn better with a hard copy textbook.

Financial Accounting – Tools for Business Decision Making: 9th Edition

Kimmel/Weygandt/Kieso, Wiley, 2019

Oakton Bookstore Bundle - ISBN: 978-1-119-61951-2

3. WileyPLUS access code - You have the option to purchase the WileyPLUS access code directly online, however

the cost exceeds the price offered at the Oakton bookstore for the textbook and access code combined. There is a

temporary 14-day free access option.

X. Methods of Evaluating Student Progress:

Note: The total points are subject to change during the term

Evaluation will be based on: The grading scale will be:

In Class Assignments 85 points A = 90% - 100% 900 - 1,000 points

Quizzes (two lowest dropped at end of term) 100 points B = 80% - 89% 800 - 899 points

WileyPLUS Homework 95 points C = 70% - 79% 700 - 799 points

Comprehensive Projects 90 points D = 60% - 69% 600 - 699 points

Examination 1 200 points F = Below 59% 0 - 599 points

Examination 2 200 points

Examination 3 200 points

Assessment Exam (complete with Exam 3) 30 points

Total Points 1,000 points

Only one exam can be completed late during the term (after the due date). Exams completed late will be reduced

by 20% of the maximum points and must be submitted within 1 week of the due date.

XI. Other Course Information:

1. Access and disability resource center

If you have a documented learning, psychological, or physical disability you may be entitled to

reasonable academic accommodations or services. To request accommodations or services,

contact the Access and Disability Resource Center at the Des Plaines or Skokie campus.

http://www.oakton.edu/studentservices/disability_services/index.php

All students are expected to fulfill essential course requirements. The College will not waive any

essential skill or requirement of a course or degree program.

2. Safety and support

Oakton Community College is committed to maintaining a campus environment emphasizing the

dignity and worth of all members of the community, and complies with all federal and state Title

IX requirements.

Resources and support for:

• pregnancy-related and parenting accommodations; and

• victims of sexual misconduct

can be found at http://www.oakton.edu/about/title_ix/

Resources and support for LGBTQ+ students can be found at:

http://www.oakton.edu/about/officesanddepartments/access_equity_div/lgbtq/index.php

3. Electronic video and/or audio recording

Electronic video and/or audio recording is not permitted during class unless the student obtains

written permission from the instructor. In cases where recordings are allowed, such content is

restricted to personal use only. Any distribution of such recordings is strictly prohibited. Personal

use is defined as use by an individual student for the purpose of studying or completing course

assignments.

For students who have been approved for audio and/or video recording of lectures and other

classroom activities as a reasonable accommodation by Oakton’s Access Disabilities Resource

Center (ADRC), applicable federal law requires instructors to permit those recordings. Such

recordings are also limited to personal use. Any distribution of such recordings is strictly

prohibited.

Violation of this policy will result in disciplinary action through the Code of Student Conduct.

4. Attendance

Class requires student to take responsibility for obtaining instructional materials, completing

course work, participating in discussions, and taking the examinations. Student should contact the

instructor e-mail or class website regarding any problems meeting course requirements.

5. Campus closure

There are occasions when a campus needs to close due to weather or other unforeseen

circumstances. If this occurs during the semester, information and guidance will be posted on the

D2L course homepage under Announcements. If you would like to receive notifications that the

campus is closing (via text, telephone call or e-mail), please register with Alert!Oakton at:

https://www.oakton.edu/about/officesanddepartments/public_safety/safety_emergency/alert_oakto

n/index.php

6. Code of conduct

Refer to https://www.oakton.edu/studentlife/code_student_conduct/index.php

7. Incomplete grades

A student must have completed at least 60% of the required course work before an incomplete

request will be considered. It is the student's responsibility to initiate requests for an incomplete

and to follow through with the procedures to remove the incomplete grade.

8. Tutoring

There are Accounting Lab hours at both campuses where accounting faculty and CPA’s can help

you with your homework. Feel free to just come and work at one of the computers and ask for

help as needed. Hours and locations are posted in D2L under Content – General Course

Information usually by week 2 of each semester.

9. Health issues

Students who have a change of health status need to contact the instructor as soon as possible so

arrangements can be handled in a timely manner. Documentation will be required.

10. Withdrawal Dates

The last day to withdraw and receive a full refund is Tuesday, January 28.

The last day to withdraw and receive a 50% refund is Tuesday, February 4.

The last day to switch to audit status is Tuesday, February 18. Audit students receive no

credit. (This is the only one that must be done in-person at the registration window with

student signature.)

The last day to withdraw and have nothing appear on your transcript is Tuesday, February

18.

The last day to withdraw and have a “W” on your transcript is Monday, March 30. After

that date, you will receive a grade in the course.

11. Religious Observances

Oakton Community College recognizes the broad diversity of religious beliefs of its

constituencies. Students who inform instructors in advance of an intended absence for a major

religious observance will not be penalized, but it is the responsibility of students to disclose any

religious observances to the instructor at the beginning of the semester so that arrangements can be

made. Please look at your religious calendar right away, because last minute requests will not be

considered.

12. TRiO Student Support Services

Are you a first-generation college student? If so, Student Support Services (SSS) TRIO is for you.

TRiO Student Support Services information can be obtained from:

http://www.oakton.edu/learn/triohome.htm

13. Student Printing on Campus (Print Wise)

To reduce paper waste in computer labs, print jobs are now sent to a release station before

printing. Oakton will provide each student with $20 a semester in their print account (equivalent to

400 black and white sheets) to conserve resources. If students wish to print more, they can add

funds to their account. Color and specialty printing will be priced at a higher rate.