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ASSIGNMENTS

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ASSIGNMENTS

  1. 1. King Fahd University of Petroleum & Minerals College of Industrial Management Department of Accounting & Management Information Systems COURSE SYLLABUS FOR ACCT 201: PRINCIPLES OF ACCOUNTING I Spring Semester 2005 (042) Professor: Dr. ABDULLAH D. AL-HARBI Class Hours: UT 8:00-8:50AM, S 2:10- 4:10PM & UT 9:00-9:50AM, U 2:10- 4:10PM & UT 10:00-10:50AM, M 2:10-4:10PM Office: 24 / 219 Office Hours: UM 11:00AM– 1:00PM and by appointment Telephone: 860 –1604 E – Mail: alharbi@kfupm.edu.sa URL: http://www.kfupm.edu.sa/cim/facstaff/AM/alharbi.htm COURSE DESCRIPTION: This course deals with corporate financial accounting. It introduces the student to the accounting cycle used by a service enterprise, and a merchandiser. The emphasis is on recording and analyzing transactions, and interpreting corporate financial statements. Typical coverage includes accounting for cash, receivables, uncollectibale accounts, inventory valuations; transactions involving plant assets, including depreciation and intangible assets. COURSE OBJECTIVES: Provide business students with an understanding of accounting principles and practices used in analyzing and interpreting financial statements. Provide accounting majors with a strong foundation for intermediate and advanced accounting courses. After completing Principles of Accounting I, students should be able to: 1. State the accounting equation and define each of its elements. 2. Describe the financial statements and how they interrelate. 3. Use the rules of debit and credit to analyze and summarize the financial effects of events. 4. Understand the principles and concepts governing the preparation of financial statements. REQUIRED TEXT Accounting Principles (6th Edition) by Weygandt, Kieso & Kimmel (2002); John Wiley & Sons. INC. Additional material outside the main text may be prescribed from time to time by the instructor. Page 1 of 6
  2. 2. EXAMINATIONS AND GRADING POLICY: The semester grade will be calculated based on three exams, a number of quizzes, and class and homework assignments. The lowest grade from among the quizzes may be dropped. The quizzes and the assignments will be weighted to approximate 20% of the total grade. Performance Assessment: Your course grade will be determined as follows: Quizzes and Class Assignments 20% First Major Exam 25% Second Major Exam 25% Final Examination 30% Total 100% ASSIGNMENTS 1.The reading and homework assignments are chosen with the intention that at least three hours of individual study per the number of classroom contact will be required for adequate performance. Therefore, you should be prepared to spend at least nine hours per week on this course in addition to classroom time. If you find the assigned problems are not sufficient to give you confidence in your ability to handle the material covered in a chapter you may attempt some of the problems that were not assigned. 2.Experience clearly indicates that doing (or not doing) assigned homework problems is a major determinant of the level of achievement in this course. Neglect of the subject for one or two weeks followed by “cramming” will simply not work. You will probably come to the same conclusion through your own experience in the course. Your efforts regarding homework and class assignments will likely be justly rewarded in terms of the marks you receive on your quizzes, majors, and final examination. ATTENDANCE • University regulations relating to attendance will be strictly applied. • Students MUST attend each and every class on time and disturbance will not be tolerated. Once the door is closed and the lecture or tutorial has commenced no student is allowed to enter the class room and disturb students. This rule will be enforced very strictly and no excuses will be accepted at all. • A student who accumulates nine (9) unexcused absences will receive a “DN” grade in this subject. • For each single unexcused absence your “Class Assignment” marks will be reduced by (1) mark. TESTING 1.The purpose of the quizzes is to ensure that you keep up to date with the material and to help you identify any weaknesses before the majors and the final examination. The majors may be held outside normal class hours and will cover the chapters indicated. 2. All testing may include material covered in class as well as in the text and any Page 2 of 6
  3. 3. supplemental course material that may be prescribed. The quizzes, majors, and final examination will be closed book. The only items students may utilize to complete the quizzes, majors, and final examination will be normal writing instruments (pencils, pens) and simple noiseless calculators. Programmable calculators and electronic dictionaries will not be permitted during exams. Further details about any testing, if necessary, will be provided in the class preceding the testing date. There will be no make-ups for missed quizzes and major examinations. 3.Copying the work of other students either for home assignments, class assignments, semester test or final examination will be strictly dealt with and university rules will strictly apply. 4. Class assignments, quizzes, and exams will be subject to university regulations. Cheating on course work of any kind will result in an F grade for the course. STUDENT RESPONSIBILITIES 1.Students are required to attend both class and laboratory sessions, and on time. Attendance registers will be maintained for both class and laboratory sessions. The University’s regulations regarding attendance are applicable to this course. Thus, any student exceeding nine absences for both class and laboratory sessions will be awarded a “DN” grade for this course. 2.You should attend both class and laboratory sessions with your textbook, notebook, and a simple noiseless calculator. 3.Like any other discipline, accounting is learned and appreciated through practice. This practice requires your careful reading of the chapter material before class and an honest effort to complete assigned problems prior to their discussion in class. Review of exercises and problems in class will emphasize the key technical areas and clarify areas of uncertainty. It is your responsibility to be prepared for all class work and discussions. If you are not prepared, you will not benefit from the classroom learning experience. 4.The workload of this course is not light. Work consistently throughout the semester. If you are having difficulty with any particular topic, ask for additional assistance as soon as possible. Do not let it slide until the end of the course. Most topics build on material previously covered. 5.If you are unable to attend a class it is your responsibility to determine whether or not additional work was assigned or covered. Your odds of passing this course are greatly enhanced by regular class attendance. 6.The class schedule is tentative. Changes (such as adding or deleting homework problems, timing of chapter coverage) may be made by the instructor as the course progresses. Page 3 of 6
  4. 4. CLASS SCHEDULE Week Chapter Topic/Readings Home Work Assignments 1 1 Accounting In Action E1, E4, E6, P4B 2 2 The Recording Process E5, E8, P2A 3 3 Adjusting The Accounts E3, E9, P1A 4 4 Completion the Accounting Cycle E1, E6 5 4 Chapter 4 (continued) P4A Thursday March, 17 First Major Exam, (Chapters 1-4) (Building #10 in the Auditorium) 6 5 Accounting for Merchandising E2, E4, E6, P5A Operations 7 6 Inventories E1, E3, E6, P1A, P4B 8 7 Accounting Information Systems E1, E4, P5A 9 8 Internal Control and Cash E2, E7, P2A 10 8 Chapter 8 (continued) Thursday April, 21 Second Major Exam, (Chapters 5-8) (Building #10 in the Auditorium) 11 9 Accounting for Receivables E2, E4, E10, P1A 12 9 Accounting for Receivables (continued) 13 10 Plant Assets, Natural Resources, and E4, E8, P2A Intangable Assets 14 11 Current Liabilities and Payroll Accounting E5, P1A, P4A 15 12 Accounting Principles E2, E3, P1A FINAL EXAM (Covering Chapters 9 – 12 inclusive), Date will be determined by the Registrar Page 4 of 6
  5. 5. An attempt will be made in this course to cover the following perspectives: Perspective Chapter of the text, subject, or activity Ethical issues Chps.:1 & 8. Ethical responsibilities of accountants; internal control Global issues & Chps.: 6 & 10. Inventories; Plant Assets, Natural Resources, and Intangable perspectives Assets Global issues: An attempt is made to increase the awareness of students about the issue of globalisation. For example, harmonisation of accounting practices throughout the world is a major issue facing the accountants at present. The role being played by the International Accounting Standards Committee in harmonizing accounting standards is highlighted. Importantly, the use of financial highlights and annual financial reports of foreign companies is an integral part of this foundation course. Political Issues: Part of the theme of this course is to draw students’ attention and increase their awareness to the fact that society as a whole, through government and public groups (e.g. tax authorities, regulatory agencies, lawyers, economists, underwriters, advisers, consumers’ groups, customers, charities, and environmental groups) has become one of the biggest and most important users of accounting information. Legal and Chp. 1 & 11: Accounting In Action, Current Liabilities and Payroll Accounting regulatory issues The students are made aware of the organizations and institutions in Saudi Arabia and worldwide that directly or indirectly influence generally accepted accounting principles (GAAP), polices and practices e.g. large international certified public accounting firms, Saudi Arabia Accounting Association, the U.S. Financial Accounting Standard Board (FASB), The American Institute of Certified Accountants (AICPA), the Institute of Chartered Accountants in England and Wales (ICAEW), the Securities and Exchange Commission (SEC). This course exposes students to the legal implications of property taxes, product warranty, contingent liabilities and debt contractual agreements. Information Chp 7.: Accounting information systems; link to internet relevant sites. technology Assignment work This course provides an overview of the interrelationship between accounting and information technology. The course identifies the basic elements of computer systems, describes the microcomputer system and explains, for example, how the general ledger software, spreadsheet and the internet are used in data collection, recording, analysis and reporting. Written Assignment work, quizzes, majors communication skills Oral Lab classes, group work communication skills Analytical, Parts-whole, compare and contrast, problem solving , Decision making, critical, Assignment work, quizzes, majors, lab classes, lectures creative, and innovative thinking Quantitative Assignment work, quizzes, majors, lab classes skills Activities that Lab classes encourage team work Page 5 of 6
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