Office of Academic Affairs

SYLLABUS

Course Information
 
Course Title:  Principles of Accounting I                 
 
Course Number and Section:    ACCT 2200 – 01 and 06        
 
Semester:   Spring 2021             
 
Course Meeting Days/Times:
Section 03: Monday – Thursday 11:00 AM – 12:15PM
Section 06: Monday 4:30 PM – 7:15PM     
 
Instructor Name:  Gary Schader                     
Office Hours: Monday, Wednesday, and Thursday: see Keanwise for hours. Virtual, by appointment. 
Phone: 908-737-3938 
Kean Email: [email protected]
 
Course Description: This course is an introduction to accounting concepts and principles used in the
preparation of financial reports for proprietorships, partnerships, and corporations. The generally accepted
accounting principles (GAAP) that are used in this process will be explained and incorporated into all of the
instruction. It involves the application of the techniques of using debits and credits, the preparation and
analysis of the trial balances (both unadjusted and adjusted), making adjusting entries, and assessing the
effectiveness of the internal control system of an entity. The student will continuously be exposed to the
preparation and analysis of the basic financial statements showing students how to evaluate an entity’s
performance, and how outside parties use financial statements to make various decisions on those statements.

 
Pre-requisite/program:   None
                                          

Course Student Learning Outcomes:

Course Student Learning Objectives (CSLOs):
At the completion of this course, students should be able to:

1. Identify, measure, and analyze economic transactions of both service and merchandise entities.
2. Understand the principle of Generally Accepted Accounting Principles (GAAP) and explain the
various specific procedures that are appropriate implement these principles relating to topics
being discussed and how they are implemented.
3. Understand the basic structure of the GAAP required financial statements (balance sheet,
income statement [also termed the statement of operations], statement of cash flows, and
statement of stockholders’ equity, and notes thereto).
4. Learn how to prepare basic financial entries for service and merchandise entities, and post
such entries.
5. Explain the accounting cycle.
6. Understanding the need for adjusting entries to update the related financial accounts balances
before preparing financial statements.
7. Appreciate analytical skills used to gain insight into the basic significance of financial
statements.

Topics to be covered during this course:

A. Introduction to Accounting
1. Identify activities and users associated with accounting entities.
2. Understand the ethics, principles, and assumptions used in accounting activities.
3. Analyze transactions in the accounting equation.
4. Describe the organizations and rules that govern accounting.

B. The Process of Recording Business Transactions

1. Differentiate between accrual basis and cash bases of accounting.
2. Demonstrate how to use debits and credits to record financial activity to various
accounts.
3. Record economic transactions in a general journal.
4. Post transactions in a general journal format, and then post to the general ledger.
5. Prepare a trial balance and explain its significance.
6. Prepare basic financial statements from an unadjusted trial balance.

C. Adjusting and Updating Accounts; Completing the Accounting Cycle

1. Account for deferrals of revenues and expenses.
2. Account for accruals of revenues and expenses.
3. Account for adjustments to recorded account balances, as appropriate.
4. Prepare an adjusted trial balance and explain its purpose.
5. Journalize closing entries, post these entries, and prepare a post-closing trial balance.
6. Prepare a classified balance sheet and multi-step statement of operations.
7. Explain how users evaluate specific details of the balance sheet and related statement
of operations.

D. Cash and Internal Controls

 1. Identify the components, responsibilities, and limitations of internal controls.
2. Explain the definition of cash and cash equivalents.
3. Reconcile a bank statement.
4. Explain the need and use of a petty cash fund.

E. Accounting For Receivables and Sales

1. Explain and demonstrate the use of accounts receivables in recording sales on
account.
2. Explain the nature and significance of contra sales accounts.
3. Explain and demonstrate the valuation or accounts receivable, and its proper
reporting under GAAP (net realizable value), and the related reporting of bad debt
expense (sometimes called the uncollectible accounts expense).
4. Explain how to report the collection of accounts previously written off as
uncollectible.
5. Explain the difference of notes receivables to accounts receivable, and how to
properly value and report this account in the financial statements.

F. Accounting For Inventory and Cost of Goods Sold

1. Describe accounting for merchandising and manufacturing companies.
2. Account for purchases in a periodic and perpetual inventory system,, and the
rationale for both.
3. Prepare a multi-step (and single step for comparison) income statements and explain
the reason therefore.
4. Explain the significance of the gross profit ratio and various uses for it in an
inventory-based business.
5. Determine inventory cost flow using the FIFO, LIFO, weighted average, and specific
identification methods.

G. Long-Term Assets
1. Account for the acquisition of long-term assets and the depreciation, amortization, or
depletion of such assets.
2. Account for any gains or losses on the disposal of long-term assets.
3. Describe the relationship among return on assets, profit margin, and asset turnover.

Instructional Method
 
For more information about this course and for course materials go
to http://blackboard.kean.edu

Methods:  This course is taught using a variety of instructional approaches including: lecture by
both/or in-class or on-line live discussions, live “clicker” interactive response system [Turning
Technologies], electronically graded Learnsmart Tutorial Performance for each chapter,
electronically submitted and graded homework, on-line Discussion Questions (DQ) through the
Blackboard platform, and three on-line examinations .

Class Recordings (Live Sessions/Collaborate)

In this class software may be used to record live class discussions. As a student in this class,
your participation in live class discussions will be recorded. These recordings will be made
available only to students enrolled in the class, to assist those who cannot attend the live
session or to serve as a resource for those who would like to review content that was
presented. All recordings will become unavailable to students in the class when the course is
closed.

Students are not permitted to record (or download) the course experience.  If a recording of the
course is required for accommodation purposes students must make those arrangements with
the Office of Accessibility Services.  Students found to have recorded (or downloaded) course
experiences without authorization are subject to review by the Office of Student Conduct and
Community Standards. 

Textbook & Materials 

Textbook Title:         Financial Accounting, 5th Edition, Spiceland, Thomas, Herrmann, McGraw-Hill, 
2019,  
ISBN: 9781260260113   GEN COMBO LOOSELEAF FINANCIAL ACCOUNTING & CONNECT ACCESS CARD

(Wait for first class before buying any text. I will discuss your options then).

ISBN: 9781260159622 Connect Access Card only (includes eText)- Financial Accounting, 5e/Spiceland

Publisher:                        McGraw Hill 

Materials          McGraw-Hill Homework program: Connect (license required); Turning
Technologies “Clicker” (license required).
 

Open Educational Resources

For more information, please see the Nancy Thompson Library Learning Commons:
http://libguides.kean.edu/OER

Utilization of Tutor services: Students are encouraged to avail themselves of all tutorial resources
available. They can use the tutor services to ASSIST with homework assignments, but tutors cannot do
the work for the student. Please refer to the Student Code of Conduct, as it discusses expectations of
appropriate conduct in and outside the classroom:  http://www.kean.edu/KU/Code-of-Conduct

Students cannot request nor accept any assistance from anyone when taking any examination. Again,
please reference the Student Code of Conduct.
Topics and Assignments (Major Topics/themes and readings and assignments that are due each
week.) Each “Unit” represents one week of the semester. Each Unit is due on the Sunday at 11:59 PM
for that unit’s respective week, except for the homework, which is due on the Friday at 11:59 PM of the
due date for the respective unit in which the related examination is posted. If there are combined units,
the due date is on the Sunday of the last Unit in that group.

Unit Number and Title Readings/Resources/Assignme Learning Activities/Point

nt Values

Ex. Unit 1/Introduction Chapters 1 and 2 Discussion-15 Points

OER Link Assignment 1-70 Points

Unit 1/ Introduction to Accounting Financial Accounting, 5th Edition, Discussion-15 Points

(Chapter 1) Spiceland, et. al., and Mc-Graw- Text chapter 1: End of
Hill’s Connect program chapter Review Questions
Learnsmart. Chapter 1 2,4,10,11, and 25, refer to
Homework: Chapter 1,
pages 36-37.
Exercises 3,5,8; Problems 4A,
6A Homework-17.9 Points
Clicker-10 Points

Units 2, 3, and 4/ Accounting Cycle Financial Accounting, 5th Edition, Discussion-15 Points
During the Period (Chapter 2) Spiceland, et. al., and Mc-Graw- Text chapter 2: End of
Hill’s Connect program chapter Review Questions
Learnsmart. Chapter 2 7,10,16,19, and 20, refer to
Homework: Exercises 2,4,6,8;
pages 88-89.
Problems 6A
Homework-17.9 Points
Clicker-10 Points

Units 5 and 6/ The Accounting Financial Accounting, 5th Edition, Discussion-15 Points
Cycle: End of the Period (Chapter Spiceland, et. al., and Mc-Graw- Text chapter 3: End of
3) Hill’s Connect program chapter Review Questions
Learnsmart. Chapter 3 2,4,10,11, and 25, refer to
Homework: Exercises 5,10,14;
pages 149-150.
Problems 8A
Homework-57.1 Points
Clicker-10 Points
Examination One: 221 Points

Units 7 and 8/ Cash and Internal Financial Accounting, 5th Edition, Discussion-15 Points
Controls (Chapter 4) Spiceland, et. al., and Mc-Graw- Text chapter 4: End of
Hill’s Connect program chapter Review Questions:
Learnsmart. Chapter 4 2,5,10,11,12,21, and 29. (All
Homework: Exercises 10, 12;
are basically related). refer to
Problems 2A, 4A
 pages 207-208.

Homework-28.6 Points
Clicker-10 Points

Units 9, 10 and, 11/ Receivables Financial Accounting, 5th Edition, Discussion-15 Points
and Sales (Chapter 5) Spiceland, et. al., and Mc-Graw- Text chapter 5: End of
Hill’s Connect program chapter Review Questions 13,
Learnsmart. Chapter 5 15, and 22, refer to pages 261.
Homework: Exercises 6,11;
Problems 4A, 8A Homework-35.7Points
Clicker-10 Points
Examination Two: 177 Points

Units 12 and 13/ Inventory and Financial Accounting, 5th Edition, Discussion-15 Points
Cost of Goods Sold (Chapter 6) Spiceland, et. al., and Mc-Graw- Text chapter 7: End of
Hill’s Connect program chapter Review Questions:
Learnsmart. Chapter 6 4,8,9,10,13, and 20 refer to
Homework: Exercises 1,4,5,8;
pages 322 and 323.
Problems 2A, 10A
Homework- 71.4 Points
Clicker-10 Points

Units 14 and 15/ Long-Term Assets Financial Accounting, 5th Edition, Discussion-15 Points
(Chapter 7) Spiceland, et. al., and Mc-Graw- Text chapter 7: Review
Hill’s Connect program Questions 6,7,10,12,13, and
Learnsmart. Chapter 7 24, refer to pages 377-378.
Homework: Exercises 2,8,10,17;
Problems 4A Homework-21.4 Points
Clicker-10 Points
Examination Three: 177 Points

TOTAL POINTS: 1,000

                                                           

Grading Policy

Letter Grade Out of 1000

A 940-1000
 A- 900-939

B+ 870 – 899.9

B 840 – 869.9

B- 800 – 839.9

C+ 770 – 799.9

C 700 – 769.9

D (Undergraduate Only) 600 – 699.9

F 599 or below

Learnsmart Assignments (through Connect) as extra credit: the average of the 7 chapters assigned will
be multiplied by 50 points and the points will be added as extra credit to the accumulated points from
“topics and Assignments” grid above.
 
Students may be allowed to substitute a (P) Pass or (S) Satisfactory or (CG) Credit Granted or (NC) No
Credit, in place of a letter grade. Please discuss with your advisor or the Registrar’s office.                  
 

Important Dates
All students should reference the official Kean academic calendar for the Fall 2020 semester, which is
posted at: https://www.kean.edu/media/fall-2020-academic-calendar or at
https://www.kean.edu/offices/registrars-office/academic-calendar

Discussion Questions Policy

In each unit students will be required to actively participate in the graded Discussions. In these
areas of the course a student can interact with the instructor and classmates to explore
questions and comments related to the content of this course.

The discussions will be graded for:

1. Frequency: Number and regularity of your discussion comments

2. Quality: Content of your contributions, and

3. Timeliness: When the initial response to the Discussion Question was posted.

Frequency — Number and regularity of contributions. Students are expected to log into the
course and post (respond) in each of the unit’s discussion topics on a minimum of three
separate days that the unit is open. In order to earn full credit, six quality posts must be provided
during the unit. The student’s response to the initial discussion question can count as part of the
six required posts.
Quality — Content of the student’s contributions. Examples of quality posts include: providing
additional information to the discussion, elaborating on previous comments from others,
presenting explanations of concepts or methods to help fellow students, presenting reasons for
or against a topic in a persuasive fashion, sharing the student’s own personal experiences that
relate to the topic, and providing a URL and explanation for an area the student researched on
the Internet.

Timeliness — Please consult the due dates for details on when responses to DQs are due.

Full credit is awarded only when the quality, frequency and timeliness requirements are met.

Technical Requirements

1. In order for your Blackboard course to function correctly, you will need to disable pop-ups on
your Internet browser.
2. Make sure you have Microsoft Office installed on your computer. You may be eligible for a free
MS Office Software Student Edition. You are required to create an account and provide a valid
Kean University ID to obtain access to the software applications. To start the application
process, go to the Office 365 Education website.
3. Download the latest versions of the following:
○ Adobe Acrobat Reader
○ Adobe Flash Player
○ Java JRE

Assessment:

Your final grade will be comprised of various performance markers as follows:

Category Points

Homework 250
Discussion Questions 105
“Clicker” performance 70
Examination One 221
Examination Two 177
Examination Three 177

Total Points 1,000

The Smartbook Assignments are worth 50 Extra Credit points. You average grade for the 7
chapters will be multiplied by 50 points and added to the points earned based on the matrix
above.
Academic Early Alert information will be provided to students by the instructor via KeanWise. Please
see the 2020-2021 Undergraduate or Graduate Catalog for more information.

Policies                            

Students are expected to have read the chapter that will be discussed that week’s unit BEFORE they
participate in that specific class.

Important University Policies and Information

All students should familiarize themselves with the Remote Learning and Virtual Services offered at Kean
University via the following link: https://www.kean.edu/coronavirus-information#virus

Students are responsible to review and understand the University Academic Integrity Policy available via
the following link: https://www.kean.edu/academic-integrity

Students should review the Student Code of Conduct, as it discusses expectations of appropriate conduct
in the classroom: 
https://www.kean.edu/offices/community-standards-and-student-conduct/student-code-conduct

Students are strongly encouraged to register for the University's emergency notification system
(http://www.kean.edu/campusalert or Kean Emergency Notification System) in order to be informed of
campus emergencies, weather notices, and other announcements. Kean Ocean students would sign up
via the following link:
https://ocean.sendwordnow.com/LicensePage.aspx 

All students must have a valid Kean email account.  For those who do not already have one, forms are
available on-line at https://www.kean.edu/offices/computer-and-information-services/ocis-forms
click on E-mail Account Request Form.

The Students Rights and Responsibilities handbook is available at:  http://www.kean.edu/KU/Forms-

Policies-and-Publications.

Privacy Statement
Assuring privacy among faculty and students engaged in online instructional activities helps
promote open and robust conversations and mitigates concerns that comments made within
the context of the class will be shared beyond the classroom. As such, recordings of
instructional activities occurring in online classes may be used solely for internal class purposes
by the faculty member and students registered for the course, and only during the period in
which the course is offered. 

Diversity & Non-Discrimination Statement

Kean University is committed to establishing and maintaining a diverse campus community
through inclusive excellence and equal opportunity. Kean’s commitment to access and equity is
designed to prepare each graduate to not only thrive, but climb higher in a diverse world. As an
affirmative action, equal opportunity institution we work to support a campus-wide agenda to
foster a community that both values and promotes the diversity and equity of all students,
faculty, staff, administrators, and beyond. Kean adheres to the New Jersey State Policy
Prohibiting Discrimination in the Workplace; for more information on Kean’s non-discrimination
policy and procedures, and protected categories under the policy, please visit:
https://www.kean.edu/offices/affirmative-action.

Americans with Disabilities Statement

Students with documented disabilities who may need instructional accommodations or special
arrangements in the event of an evacuation should notify the instructor as soon as possible and
no later than the second week of the term. Students may also contact The Office of
Accessibility Services by phone at (908) 291-3137 or email [email protected] to
discuss special needs, accommodations and arrangements.

Title IX

Title IX of the Education Amendments of 1972 (Title IX) prohibits discrimination on the basis of
sex in education programs or activities. Sexual harassment in any form will not be tolerated at
Kean University. Sexual harassment by students should be reported to the Office of Affirmative
Action Programs, Office of the Vice President for Student Affairs or the Office of Community
Standards and Student Conduct immediately. Information about the University’s Sexual
Misconduct Policy may be found at the following:
https://www.kean.edu/offices/policies/sexual-misconduct-policy.