Plymouth Canton Educational Park Plymouth High School 8400 Beck Road Canton, Michigan

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1 Plymouth Canton al Park Course Syllabus Course Name: Honors inancial & Managerial Accounting Course Number: 1.0 Credit Course Course Description: Grades: This new course will accurately portray the rigor of college level accounting. Students will learn how businesses plan for and evaluate their operating, financing, and investing decisions and then how accounting systems gather and provide data to internal and external decisions makers. This year-long course covers all the learning objectives of a traditional college level financial accounting course, plus those from a managerial accounting course. Topics include an introduction to accounting information systems, time value of money, accounting for merchandising firms, sales and receivables, fixed assets, debt and equity, statement of cash flows, financial ratios, cost-volume profit analysis and variance analysis. The class may be taken before, after, or concurrently with Accounting 1. This course is an excellent choice for fulfilling the senior level math requirement, and should only be taken by students with a commitment to complete college level coursework. Qualifies for an Applied Math credit. Course Prerequisites: No prerequisites but should have strong math skills Course Materials/Resources: Textbooks: Introduction to Accounting, An Integrated Approach, Sixth Edition by Ainsworth and Deines Software: Automated Accounting, Windows PC computers connected to a local and wide area network will be used Recommended Student Supplies/Materials: A three-ring binder with 8 dividers is recommended for class handouts, a financial calculator will be needed, the instructor will suggest an inexpensive app for a smart-phone, flash cared (optional) the class has quite a bit of vocabulary to be mastered. 1

2 Plymouth Canton al Park Course Requirements: Work Based Learning is a valuable experience in which every student in Career and Technical is required to participate. All students will be given opportunities to attend a minimum of one field experience each school year. Those students who do not attend the scheduled experience(s) will be required to find a site where they will spend a minimum of one class period in a business related to their program of study. The student will be required to get the teacher s signed permission, the parent/guardian s signed permission, fill out a training agreement to be signed by the site supervisor, and provide their own transportation to and from the site. Upon completion of the field experience, the student will turn in a question and answer assignment provided by the teacher regarding the experience. Teaching Methods: Lectures/Demonstrations: Important material from the instructor and outside sources will be covered in class. You should plan to take careful notes as not all material can be found in the readings. Discussion and group work will be used to ensure understanding. Assignments: Students will be required to bring their textbook to class EVERY DAY! There will be reading and assignments using the section at the end of each chapter including Key Terms, Questions, Exercises, Problems and Cases. On occasion we will use the Critical Thinking, Ethical Challenges and Computer Applications sections at the end of the chapter. Quizzes/Tests: There will be a quiz at the end of each chapter and a test at the end of each Module. The course breaks the textbook into eight modules containing two or more chapters in each module. Please see content breakdown for details. Grades/Internet Support: Grades will be posted on MISTAR (formerly Zangle) and e-park2 (formerly Moodle) will be used to post PowerPoint presentations, handouts and class information. It is your responsibility to check these electronic resources regularly. Student Expectations: Respect and courtesy must be displayed to fellow students and staff at all times. Please be prepared for class with your textbook, handouts, something with which to write and homework completed. Plagiarism and cheating are serious offenses and may result in loss of credit on exams, projects and assignments. Please refer to the Student Code of Conduct for specifics on what is expected of you while attending Plymouth Canton al Park. If you need assistance, I will be happy to meet with you before or after school. Please let the instructor know if you have a physical or learning disability which will require accommodations. 2

3 Plymouth Canton al Park Course Schedule and Objectives: MODULE 1: INTRODUCTION to ACCOUNTING & INANCIAL REPORTING Chapters 1, 2 & Supplements Learning Objective: Describe generally accepted accounting principles and the objectives of financial reporting. Student Outcomes: Topic* Chapter 1.1 Explain how and why the conceptual framework of accounting and Ch 1 generally accepted accounting principles provide guidance and structure for preparing financial statements 1.2 Describe the information provided in each financial statement and how the statements articulate with each other. (See revised exhibit 1.4) 1.3 Identify business ownership structures. 1.4 Explain the role of management and the auditor in preparing and issuing an annual report. 1.5 Describe the relationship between assets, liabilities and equity on the balance sheet. 1.6 Identify and explain the classifications within assets, liabilities, and equity. (See revised exhibit 1.4) 1.7 Define and calculate the current ratio and debt-equity ratio. A 1.8 Describe the information presented in an income statement. (See supplement.) 1.9 Calculate return on sales (net profit margin) and return on equity A 1.10 Identify and explain the three phases of the management cycle. Ch Identify and explain the four business processes Explain and calculate the operating cycle ( accounts receivable turnover A and inventory turnover) Explain how internal control procedures are used to safeguard assets Prepare a bank reconciliation. 3

4 Plymouth Canton al Park MODULE 2: COST-VOLUME-PROIT ANALYSIS Chapters 3, 4, & 5 Learning Objective: Evaluate the operating results of a company. Student Outcomes: Topic* Chapter 2.1 Identify the activities in the three operating processes. M Ch Identify and explain variable costs, fixed costs, and mixed costs. M 2.3 Use high-low analysis to determine variable costs, fixed costs, and mixed costs. M 2.4 Calculate break-even point and perform cost-volume-profit (CVP) analysis. M Ch Apply sensitivity analysis to CVP analysis. M 2.6 Determine selling price using sensitivity analysis and CVP analysis. M 2.7 Describe the process of determining selling prices and demonstrate how various M strategies are used to determine selling price. 2.8 Describe the differences among product and non-product costs. M 2.9 Identify and explain product costs: direct/indirect materials, direct/indirect M labor, manufacturing overhead Analyze a make-or-buy decision. M 2.11 Describe the process of determining selling prices and demonstrate how various strategies are used to determine selling price. M Ch 5 * : inancial Accounting; M: Managerial Accounting; A: inancial Statement Analysis MODULE 3: ACCOUNTING INORMATION SYSTEM Chapters 6 & 7 Learning Objectives: 1. Complete the steps in the accounting cycle in order to prepare the financial statements 2. Apply generally accepted accounting principles to the purchasing (inventory) process for merchandising companies Student Outcomes: Topic* Chapter 3.1 Describe the purpose of the accounting system. Ch Describe the purpose of journals and ledgers and their relationship. 3.3 Analyze and describe how business transactions impact the accounting equation. 3.4 Apply the double-entry system of accounting to record business transactions and prepare a trial balance. 3.5 Explain the need for adjusting entries and record adjusting entries. 3.6 Prepare the financial statements for the different types of business operations and ownership structures. 3.7 Explain the purposes of the closing process and record closing entries. 3.8 Complete the steps in the accounting cycle and prepare financial statements. (Practice set) 3.9 Describe the differences between the periodic and perpetual inventory systems. Ch Record business transactions using the periodic inventory system and the perpetual inventory system Describe the difference between the gross price method and the net price method Record business transactions using the gross price method and the net price method Determine cash paid for inventory and operating expenses Calculate payroll taxes. 4

5 Plymouth Canton al Park MODULE 4: ACCOUNTING OR SALES AND INVENTORY Chapter8 & 9 Learning Objectives: 1. Apply generally accepted accounting principles to the sales and collection process. 2. Apply generally accepted accounting principles to the inventory and cost of goods sold. Student Outcomes Topic* Ch & Time 4.1 Describe the criteria used to determine revenue recognition. Ch Record revenue-related transactions. 4.3 Explain the accounting methods used to determine the value of accounts receivable to be reported on the balance sheet and describe the effect on the income statement. 4.4 Record transactions for accounts receivable, including uncollectible accounts, write-offs, and recoveries. 4.5 Identify and describe the cost flow assumptions for inventory and explain the impact on the balance sheet and income statement. 4.6 Calculate cost of goods sold and ending inventory using LIO and IO inventory costing methods. 4.7 Explain how inventory for a manufacturing business differs from inventory for a M Ch 8 merchandising business. 4.8 Explain how an activity-based costing system operates, including the identification of M activity cost pools, and the selection of cost drivers. 4.9 Explain the flow of costs through the manufacturing accounts used in product M costing Compute a predetermined overhead rate, and explain its use in job-order costing. M 4.11 Determine whether manufacturing overhead is over/under-applied. M 4.12 Prepare journal entries to record the costs of direct material, direct labor, and M manufacturing overhead in a job-order costing system Prepare a schedule of cost of goods manufactured, a schedule of cost of goods sold, and an income statement for a manufacturer. M MODULE 5: TIME VALUE O MONEY/CAPITAL INVESTMENTS Chapter 10 Learning Objective: Apply time value of money concepts to business scenarios. Student Outcomes Topic* Chapter 5.1 Determine the present value and future value cash flows. Ch 10 5

6 Plymouth Canton al Park MODULE 6: ACCOUNTING OR IXED ASSETS Chapter 11 & 15 Learning Objective: 1. Apply time value of money concepts to make capital investments. 2. Apply generally accepted accounting principles to fixed assets. Student Outcome Topic* Chapter 6.1 Use net present value concepts to make investment decisions. Ch Explain the purpose and methods of cost allocation. Ch Calculate and record depreciation, depletion and amortization and explain the impact on the financial statements. 6.4 Record the sale and disposal of fixed assets and the impact on the financial statements. MODULE 7: ACCOUNTING OR LONG-TERM LIABILITIES AND EQUITY Chapters 12, 13 & 14 Learning Objective: Apply generally accepted accounting principles to long-term liabilities and equity transactions. Student Outcomes Topic* Chapter 7.1 Compare and contrast debt & equity financing; review debt-to-equity ratio. Ch Identify and describe the different classes of stock and explain the rights afforded each class of stock. 7.3 Describe the difference between cash dividends, stock dividends and stock splits, and the impact on the financial statements. 7.4 Record stock transactions: contributions by owners, corporate distributions (dividends), and the reacquisition of company stock. 7.5 Define and calculate TIE (Times-interest-earned ratio). 7.6 Compare and contrast a periodic payment note payable, a lump-sum note Ch 13 payable, and a periodic and lump-sum note payable. 7.7 Calculate the carrying value, interest expense and cash payment for note payable (periodic payment, lump-sum, periodic and lump-sum) transactions. 7.8 Record transactions for notes payable: issuance and interest expense. Ch Record transactions for bonds issued at face value, a premium and a discount Record interest expense for bonds issued at face value, a premium and a discount using the effective-interest method. 6

7 Plymouth Canton al Park MODULE 8: INANCIAL STATEMENTS Chapters 16, 17, and 18 Learning Objective: Prepare and analyze financial statements. Student Outcomes Topic* Chapter 8.1 Describe the information provided in an income statement, and the Ch 16 purpose of an income statement. 8.2 Prepare an income statement. 8.3 Explain the difference in net income and income from continuing operations (discontinued operations, extraordinary items). 8.4 Define and calculate earnings per share (EPS) and DuPont ROI (supplement). 8.5 Describe the information provided in a balance sheet and statement of Ch 17 equity, and the purpose of a balance sheet and statement of equity. 8.6 Prepare a balance sheet and statement of equity. 8.7 Describe the information provided in statement of cash flows, and the Ch 18 purpose of a statement of cash flows. 8.8 Prepare a statement of cash flows using the direct method. Course Policies & Expectations Late Work (work turned in after determined / assigned due date): Tests/Quizzes must be taken day they are assigned Assignments that are turned in after the due date set by instructor o 5% from grade received will be deducted for each day late, for up to 5 days late o Assignment turned in after 5 days will be evaluated by instructor, but the student will receive no more than 50% for their grade on the assignment. After 7 days the student will receive a zero. Make-up: Students will be allowed to make up all possible work. It is the responsibility of the student to obtain missed assignments. It is possible that certain kinds of school work such as labs or skillpractice sessions cannot be made up and, as a result, may negatively impact a student s grade. In regards to making up work when student is absent, we will not differentiate between excused versus unexcused. All students will have the opportunity to make up missed work (see previous note) Missed Assignments: o Work assigned prior to an absence (including long-term/major projects/papers) Work is due upon return from absence (Ex. A painting is due in Art class on Monday 7

8 Plymouth Canton al Park when the student is absent. The student returns to school on Tuesday. The assignment must be turned in on Tuesday) o Work assigned on date of an absence - One day grace period for each day missed (Ex. If student is absent on Monday, make-up work is provided on Tuesday, and would be due on Wednesday) Missed Tests/Quizzes: o Test missed on date of absence - If student has prior knowledge of test date and has had the opportunity to take part in review session, student is expected to take test day of return o Test review session on date of absence- If student did not have the opportunity to take part in review session, student will be given review material or given review session and given one day grace period to take test o Note: Alternate test may be given 8