ACG2001 - Principles of Financial Accounting I

3 hours Lecture, 3 credit(s)

Lower-Division College Credit

Prerequisite(s): Requires placement at the college level or satisfaction of developmental education requirements in reading, writing, and mathematics.

AA Elective: Yes

Academic Dean’s Contact Information

LAKELAND DEAN’S OFFICE: LLC 2255 PHONE: (863) 297-1024
WINTER HAVEN DEAN’S OFFICE: WSC 101 PHONE: (863) 297-1020

Course Description:
This course provides a basic study of accounting principles relating to the accounting cycle. The course focuses on the use of journals, ledgers, and basic financial statements. Topics include principles relating to cash, receivables, and inventories.

Polk State College Mission and Program Outcomes

Polk State College, a quality driven institution, transforms lives through the power of education by providing access to affordable associate and baccalaureate degree programs, career certificates and workforce employment programs, delivered by diverse, qualified faculty and staff. In line with this purpose, Polk State’s Associate in Science and baccalaureate degree programs develop competence in career areas. This course focuses on the development of competencies related to the following program outcomes:

Assess firm’s financial results of operations to determine appropriate actions or strategies as compiled from basic journal entries, posting, and summarizing of financial data.

Course Objectives:
At the conclusion of this course students will be able to:

Define basic terms and concepts used in accounting theory.
Describe the operation of the accounting function.
Apply accounting tools and techniques to record results and produce basic financial statements.
Interpret financial statements to assess or manage a firm’s operations.

Course Content:

1. Introduction to Accounting and Business

                A. Nature of Business and Accounting
                B. The Accounting Equation
                C. Financial Statements

2. Analyzing Transactions

                A. Using accounts to record transactions
                B. Double-Entry accounting system
                C. Posting Journal entries
                D. Trial Balance

3. The Adjusting Process

                A. Nature of the Adjusting Process
                B. Adjusting entries
                C. Summary of Adjustment Process
                D. Adjusted Trail Balance

4. Completing the Accounting Cycle

                A. Flow of Accounting Information
                B. Financial Statements
                C. Closing entries
                D. Accounting Cycle

5. Accounting for Merchandising Business

                A. Nature of Merchandising Business
                B. Financial Statements for merchandising business
                C. Merchandising Transactions
                D. The adjusting and closing process.

6. Inventories

                A. Control of inventory
                B. Inventory cost flow assumptions
                C. Inventory costing methods under a perpetual inventory system
                D. Inventory costing methods under a periodic inventory system
                E. Reporting merchandise inventory in the financial statements

7. Sarbanes-Oxley, Internal Control and Cash

                A. Sarbanes Oxley Act of 2002
                B. Internal control
                C. Cash controls over Receipts and Payments
                D. Bank accounts
                E. Bank Reconciliation
                F. Special Purpose Cash Funds
                G. Financial Statement Reporting of Cash

8. Receivables

                A. Classification of Receivables
                B. Direct write off method for Uncollectible accounts
                C. Allowance Method for Uncollectible Accounts
                D. Notes Receivables

Textbook and Other Requirements

Textbook information is provided in the course syllabus, at the campus bookstore, on the campus bookstore website (www.polk.bncollege.com), or via the “Shop Textbook” button on the PASSPORT schedule of classes.

The Gordon Rule

This is not a Gordon Rule course.

Student Help

The professor is available for help during posted hours and by appointment during other non-class hours. Students are encouraged to seek assistance from the professor. To further the educational process, the campus Learning Resources Centers, comprised of the Teaching/Learning and Computing Center (TLCC) JDA Student Success Center, and library, are available for student use. Each resource provides qualified staff and up-to-date equipment and facilities to promote students’ academic success. The TLCCs and JDA Student Success Center provide tutoring services, computing resources, and other instructional support. The library provides information resources, individual and group study space, research assistance, information literacy instruction, and computing resources. Each facility provides free wireless access to the Internet. Polk State College Library, Student Success Center, and TLCC hours of operation and tutoring schedules are posted at each facility and on the College website.

Withdrawing From a Course

Students may officially withdraw from course(s) during any given term, provided they follow the appropriate policy and procedure. Following the conclusion of the Drop/Add Period, a student may officially withdraw without academic penalty from any credit course, provided he or she has submitted the appropriate forms to the Student Services Office no later than the published deadline. The published deadline reflects approximately (but no more than) 70% of the term, based upon the course’s scheduled duration. It is the student’s responsibility to submit these withdrawal forms; failure to do so may result in a grade of F in the course. Under the Forgiveness Policy, a student is allowed only three attempts in any one course: one initial enrollment and two repeats. A student is not allowed to withdraw from a third course attempt. Limited admission programs may have specific guidelines regarding course withdrawal that vary from this policy. Individuals should refer to the student handbook for that program for more information. If a student stops attending class, the grade earned, usually an F, is assigned and posted. Prior to withdrawing from a course, the student should consult with the Financial Aid Office to determine what impact, if any, withdrawal from the course will have on his or her financial aid status. A student cannot use course withdrawal to avoid academic dishonesty penalties. A student who has been penalized for academic dishonesty in a course is not eligible to withdraw from the course.

Repeating a Course

Under the Forgiveness Policy, a student is allowed only three attempts in any one college credit course: one initial enrollment and two repeats. Under certain circumstances, a student may petition to repeat a credit course beyond the three attempts. Limited admission programs may have specific guidelines regarding repeating a course that vary from this policy. Individuals should refer to the student handbook for that program for more information. The student should be aware that repeating a course may result in a higher course cost. A course cannot be repeated unless the previously earned grade is a D, F, or W (the Polk State College Catalog provides further details regarding this process). Prior to repeating a course, the student should consult with the Financial Aid Office to determine what impact, if any, repeating the course will have on his or her financial aid status.

Academic Dishonesty

Each student is responsible for his or her work. It is assumed that each student is honest and will abide by this standard; however, in the event that there is an indication or suspicion of cheating/plagiarism, the situation shall be dealt with in accordance with the published College policy. Copies of this policy are available in the Student Services Office. Students should also refer to the course syllabus for more specific information.

Information Technology Access/Use Policy

All individuals who employ the information technology resources provided by Polk State College (this includes, but is not limited to, telephones, computers, the Polk State College Local Area and Wide Area Networks, and the Internet) must use these resources for academic purposes only. Use of these resources is a privilege, not a right. Inappropriate use can result in revocation or suspension of this privilege.

Equal Access/Opportunity

Polk State College is an equal access/equal opportunity institution committed to excellence through diversity in education and employment. The College complies with all state and federal laws granting rights to students, employees, and applicants for employment or admission to the College. Polk State College does not discriminate on the basis of race, color, national origin, ethnicity, sex, age, religion, sexual orientation, marital status, veteran status, genetic information, disability, or pregnancy in its programs, activities, or employment.

The following person has been designated to handle inquiries regarding the non-discrimination policies:
Valparisa Baker
Director, Equity & Diversity (Title IX Coordinator)
999 Avenue H NE
Winter Haven, FL 33881-4299
Office: WAD 227, 863.292.3602 Ext. 5378, vbaker@polk.edu.

Equal Opportunity For Students With Disabilities

The College complies with The Americans with Disabilities Act and provides equal educational opportunity for qualified individuals. A student with a disability who requires special accommodations or auxiliary aids under The Americans with Disabilities Act (ADA) should contact the Student Services Office on either campus and speak with a Disability Services Advisor or the Coordinator of Disability Services. Note: Limited admission programs may have performance restrictions that apply. Restrictions (where applicable) are outlined in each program’s student handbook.

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