Principles of Accounting

Principles of Accounting (hereinafter, the Course) is the course delivered by Vaughn College of Aeronautics and Technology as Vaughn College MGT120 and Shanghai Jian Qiao University as a part of its Aviation Maintenance Management Program in order to introduce its learners to accounting concepts. Completion of the pre-calculus course is the prerequisite.

Syllabus

This syllabus is an outline of the subjects in the Vaughn College MGT120 course.

Title	Principles of Accounting
Credits	3
Grading System	Letter Grade
Prerequisites	MAT 115

Instructor

• Instructor: Igor Irkho
• Title: Adjunct Instructor
• Office: virtual
• Office Hours: 9am-9pm weekdays
• Cell phone: please find in any announcement
• E-mail: college email can be found in the courseware; however, course messages are preferable

Course Description

The course is divided into three parts:

1. First part consists of Chapters 1 through 3 which cover basic accounting concepts and procedures including the accounting equation, debits and credits, journals, ledgers and financial reports. 
2. Second part includes Chapters 4 through 6 which involve preparation of a worksheet, adjustments, closing, banking procedures & cash control. 
3. Third part covers some applications. Chapters 7 & 8 cover Payroll while 9 & 10 explore sales and purchases transactions.  Chapters 11 & 12 examines preparation of a worksheet and completion of the accounting cycle for a merchandise company.

Learning Techniques

Depending on student's choice, this course can be taught using a variety of techniques including:

• Lecture
• Text readings
• Class examples and discussion
• Case analysis
• Supplemental articles and readings
• Computer / problem simulations
• Homework assignments
• Chapter review quizzes
• Midterm and Final exams
• Independent Financial Analysis – Final paper

Course Objectives

After successful completion of this course, students shall:

1. Understand the basics of the Accounting discipline
2. Gain practical, applicable knowledge, through study of real business applications
3. Think clearly about the concepts and principles that support the Accounting body of knowledge

Course Outcomes

After successful completion of this course, students shall acquire the ability to:

1. Apply the basics of the Accounting discipline to a business
2. Contrast and compare business situations that have been studied with those encountered in their respective work environments
3. Explain the concepts and principles that support the Accounting body of knowledge

Course Requirements

• Assignments

Students are required to complete weekly assignments by the date due. If you do not complete assignments by those dates, you will not have a chance to make up the assignments.

• Chapter quizzes

An examination quiz is given for each chapter covered in the text.  If you do not complete the quizzes by the due dates, you will not have a chance to make up the quizzes.

• Midterm examination

A midterm exam will be given covering chapters 1 through 6. If you do not complete the exam by the due date, you will not have a chance to make up the exam.

• Final examination

A final exam will be given covering chapters 7 through 12. If you do not complete the exam by the due date, you will not have a chance to make up the exam.

Base Text

Text	College Accounting: A Practical Approach by Slater (13th edition)
ISBN	978-0-13- 3791006
Author	Slater, Jeffrey
Publisher	Pearson Prentice Hall

Required Materials and Proficiencies

• Text as noted above.
• Laptop running the standard Microsoft suite of productivity applications (i.e., Excel, PowerPoint, Word).  Access to Sakai.
• Supplementary articles from various sources as directed by the instructor
• Basic mathematical concepts
• Mid-level Excel (Spreadsheet)
• Basic PowerPoint (Presentation graphics)
• Basic MS-Word (Word Processing)

Grading policy

The course grade will be determined on the basis as follows:

Assignment	Due Date	Percentage
Homework	Weekly	10%
Quizzes	Weekly	20%
Midterm exam	10/24/16	25%
Final exam	12/12/16	25%
Final paper	12/19/16	20%
	TOTAL	100%

Grading Scale

Grade	Numeric Value	Standard
A	90-100	Excellent
B+	85-89	Good
B	80-84
C+	75-79	Average
C	70-74
D **	60-69	Minimal passing
F	Below 60	Failure

** For Aviation Training Institute students, minimum passing grade for all courses in the airframe and powerplant curriculum is a “C”.

Incomplete Grades

Requests for Incomplete grades must be made in writing before the course ends, and after the mid-term has been passed.

Course Schedule (subject to change)

			Estimated Assignment Times
Week	Topics	Text Chapters	Read	Homework: Answer Questions Assigned (all chapters)	Study: Review Notes for Exams and quizzes (all chapters)
1	Accounting Concepts and Procedures	1	3	1	1
2	Debits and Credits: Analyzing and Recording Business Transactions	2	3	1	1
3	Beginning the Accounting Cycle	3	3	1	1
4	The Accounting Cycle Continued	4	3	1	1
5	The Accounting Cycle Completed	5	3	1	1
6	Banking Procedure and Control of Cash	6	3	1	1
7	Review for Midterm exam	1-6	1	1	3
8	Calculating Pay and Recording Payroll Taxes: The Beginning of the Payroll Process	7	3	1	1
9	Paying the Payroll, Depositing Payroll Taxes, and Filing the Required Quarterly and Annual Tax Forms: The Conclusion of the Payroll Process	8	3	1	1
10	Sales and Cash Receipts	9	3	1	1
11	Purchases and Cash Payments	10	3	1	1
12	Preparing a Worksheet for a Merchandise Company	11	3	1	1
13	Completion of the Accounting Cycle for a Merchandise Company	12	3	1	1
14	Review for Final exam	7-12	1	1	3
15	Final Paper – Financial Analysis

Coursework

Vaughn College MGT120 coursework is the coursework for the Vaughn College MGT120 course.

Quizzes

A11 quizzes are available at CNM Certs.

Quiz 12:

ABC LLC started operating on May 1st, 2018. The following transactions were reported during its first month of operations:

1. On May 1st, AAA Corp. paid $150 to register ABC LLC;
2. On May 5th, Gary Jay filed a SS-4, received the LLC's EIN, and used his $200 in order to deposit on a newly-open bank account for ABC LLC; this deposit was a bank requirement for opening the account;
3. On May 12th, Gary Jay sold his car to the LLC for $12,500. The parties agreed that the payment shall be made by June 1st, 2019;
4. On May 30th, the LLC hired Gary Jay as an independent contractor promising paying 50% of the revenue that his contract will generate, meaning that Gary Jay will be paid 50% out of the money he brings on the ABC LLC's board.

What is the amount of owner's equity in ABC LLC on June 1st, 2018? Your answer doesn't require your calculations to be included.

Practice problem

Situation. You have just been hired as an accountant for Educaship Alliance LLC (hereinafter, the LLC).

Data. The LLC started operating on January 3rd, 2018. Its only owner is The Economic Group, which is a non-profit corporation. The following transactions were reported during its first year of operations:

1. On January 3rd, The Economic Group invested $150 into the LLC; this sum was paid for this LLC's registration;
2. On January 5th, Gary Jay, a volunteer for The Economic Group and temporary officer for the LLC, filed a SS-4, received the LLC's EIN, and used his own $200 in order to make a deposit on a newly-open bank account for this LLC; this deposit was a bank requirement. Later, Gary Jay received the bank's debit (ATM) card;
3. On March 1st, Gary Jay sold his car to the LLC for $12,000. The parties agreed that the payment shall be made by March 1st, 2019. The car is expected to be in service for 5 years and the LLC uses a straight-line method of depreciation;
4. On June 30th, $180 was paid using the debit card in order to purchase gas for the car. This gas is going to be used quickly;
5. On June 30th, the LLC hired Gary Jay as an independent contractor promising paying 50% of the revenue that this contract will generate, meaning that Gary Jay will receive 50% of the money for the services that he would render on the LLC's behalf. Because of this contract, on July 28th, the LLC received $2,256 to its bank account;
6. On November 1st, 2018 the LLC paid $480 in advance for one year of cell phone service. Expenses are going to be calculated on a monthly basis.

Task: As a new accountant, you need to create a general journal, chart of accounts, ledger, income statement, balance sheet, and statement of owner's equity for the LLC all effective December 31st, 2018, when the fiscal year of the LLC ends.

Problem for the final paper (first attempt)

Situation. You have just been hired as an accountant for Educaship Alliance LLC (hereinafter, the LLC).

Data. The LLC started operating on January 3rd, 2018. Its only owner is The Economic Group, which is a non-profit corporation. The following transactions were reported during its first year of operations:

1. On January 3rd, The Economic Group invested $250 into the LLC; this sum was paid for this LLC's registration;
2. On January 5th, Gary Jay, a volunteer for The Economic Group and temporary officer for the LLC, filed a SS-4, received the LLC's EIN, and used his own $300 in order to make a deposit on a newly-open bank account for this LLC; this deposit was a bank requirement. Later, Gary Jay received the bank's debit (ATM) card;
3. On March 1st, Gary Jay sold his car to the LLC for $6,000. The parties agreed that the payment shall be made by March 1st, 2019. The car is expected to be in service for 5 years and the LLC uses a straight-line method of depreciation;
4. On June 30th, $180 was paid using the debit card in order to purchase gas for the car. This gas is going to be used quickly;
5. On June 30th, the LLC hired Gary Jay as an independent contractor promising paying 50% of the revenue that this contract will generate, meaning that Gary Jay will receive 50% of the money for the services that he would render on the LLC's behalf. Because of this contract, on July 28th, the LLC received $2,000 to its bank account;
6. On November 1st, 2018 the LLC paid $240 in advance for one year of cell phone service. Expenses are going to be calculated on a monthly basis.

Task: As a new accountant, you need to create a general journal, chart of accounts, ledger, income statement, balance sheet, and statement of owner's equity for the LLC all effective December 31st, 2018, when the fiscal year of the LLC ends.

Problem for the final paper (last attempt)

Situation. You have just been hired as an accountant for Educaship Alliance LLC (hereinafter, the LLC).

Data. The LLC started operating on January 3rd, 2018. Its only owner is The Economic Group, which is a non-profit corporation. The following transactions were reported during its first year of operations:

1. On January 3rd, The Economic Group invested $300 into the LLC; this sum was paid for this LLC's registration;
2. On January 5th, Gary Jay, a volunteer for The Economic Group and temporary officer for the LLC, filed a SS-4, received the LLC's EIN, and used his own $500 in order to make a deposit on a newly-open bank account for this LLC; this deposit was a bank requirement. Later, Gary Jay received the bank's debit (ATM) card;
3. On March 1st, Gary Jay sold his car to the LLC for $12,000. The parties agreed that the payment shall be made by March 1st, 2019. The car is expected to be in service for 10 years and the LLC uses a straight-line method of depreciation;
4. On June 30th, $180 was paid using the debit card in order to purchase gas for the car. This gas is going to be used quickly;
5. On June 30th, the LLC hired Gary Jay as an independent contractor promising paying 50% of the revenue that this contract will generate, meaning that Gary Jay will receive 50% of the money for the services that he would render on the LLC's behalf. Because of this contract, on July 28th, the LLC received $2,000 to its bank account;
6. On November 1st, 2018 the LLC paid $240 in advance for one year of cell phone service. Expenses are going to be calculated on a monthly basis.

Task: As a new accountant, you need to create a general journal, chart of accounts, ledger, income statement, balance sheet, and statement of owner's equity for the LLC all effective December 31st, 2018, when the fiscal year of the LLC ends.

Prerequisite

This course covers polynomial, rational, logarithmic, exponential and trigonometric functions, including elementary operations with Vectors. Topics for each type of function will include finding roots, graphing and modeling using applications from physics and engineering. This course prepares students for upper-level mathematics and science courses.