ACCT 101-20D (1) - Ivy Tech Community College...

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Ivy Tech Community College Lafayette/Regional Syllabus Course Information Semester 200930 (Spring 2010) Course and Section Number: ACCT 101- 20D CRN 30008 Credits : 3.0 Course Title: Financial Accounting Contact Hours: 48 Hours Lecture Prerequisites/Corequisites: Demonstrated competency through appropriate assessment or earning a grade of “C” or better in ENG 025 Introduction to College Writing II, ENG 032 Reading Strategies for College II and MAT 044 Mathematics School : of Business Program : Accounting Days : TR Time: 3-3 :50 Building: Ivy Hall Room: 1364 Faculty Information Name : Kelley Butler Office Location: School of Business E-mail address: Contact Phone Number: 765-269-5700 FAX number: 765-269-5422 Office Hours: TBA School Office: Ivy Hall 2174 Catalog Description: Introduces the fundamental principles, techniques, and tools of financial accounting. The development and use of the basic financial statements pertaining to corporations both service and retail. General Course Objectives: Upon successful completion of this course the student will be expected to: 1. Discuss the purpose of an accrual accounting system and explain its role in making business decisions. 2. Identify and explain the meaning of standard accounting terms in a corporate environment. 3. Explain how transactions affect the accounting equation, income statement, statement of stockholders; equity/retained earnings, balance sheet and cash flow statement, as well as applying the rules of debit and credit. 4. Explain the purpose of period ending adjustments and their effect on the financial statements. 5. Apply the accounting process from source document through period end closing, including the preparation of a trial balance and other ancillary reports. 6. Prepare and interpret an income statement, statement of stockholders’ equity/retained earnings, balance sheet and statement of cash flows (both direct and indirect). 7. Understand the complexities and additional accounts of a retailer as opposed to a service corporation.
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8. Prepare bank reconciliation, account for petty cash and explain other internal controls over cash and cash equivalents. 9. Calculate interest and maturity values for both notes payable and receivable as well as understand the recording process for notes. 10. Calculate Bad debts as well as understand the write-off process for receivables. 11. Use periodic and perpetual procedures, estimate the cost of inventory using FIFO, LIFO, weighted average, gross profit and retail methods comparing the effect of the inventory costing methods on the financial statements 12. Understand the recording process for the acquisition, depreciation and disposal of plant assets. 13. Demonstrate the calculation and recording of depletion for natural resources and
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ACCT 101-20D (1) - Ivy Tech Community College...

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