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Syllabus

Small Business Accounting
BU100

YEAR:

2023-2024

CREDIT HOURS:

3.00

PREREQUISITES:

None

COREQUISITES:

None

COURSE NOTES:

None

CATALOG COURSE DESCRIPTION:

Fundamentals of small business record keeping: double entry, adjusting and closing entries, preparation of financial statements, payroll records.

HutchCC INSTITUTION-WIDE OUTCOMES:

  1. Demonstrate the ability to think critically and make reasonable judgments by acquiring, analyzing, combining, and evaluating information.
  2. Demonstrate the skills necessary to access and manipulate information through various technological and traditional methods.
  3. Demonstrate effective communication through reading, writing, listening, and speaking.
  4. Demonstrate effective interpersonal and collaborative skills.
  5. Demonstrate effective quantitative-reasoning and computational skills.

AREA OR PROGRAM OUTCOMES

  1. Effectively and efficiently utilize computer technology
  2. Demonstrate effective oral and written business communication
  3. Utilize appropriate office procedures in the business setting

COURSE OUTCOMES AND COMPETENCIES:

  1. Analyze business transactions, using the General Journal and the General Ledger.
    1. Define accounting.
    2. Identify and discuss career opportunities in accounting.
    3. Identify the users of financial information.
    4. Compare and contrast the three types of business entities.
    5. Define the relationship between asset, liability, and owner's equity accounts.
    6. Analyze the effects of business transactions on a firm's assets, liabilities, and owner's equity.
    7. Determine the balance of an account.
    8. Prepare a trial balance from T accounts.
    9. Prepare an income statement.
    10. Prepare a balance sheet.
    11. Prepare a statement of owner's equity.
    12. Record business transactions in the general journal.
    13. Post journal entries to general ledger accounts.
    14. Correct errors made in the journal or ledger.
    15. Journalize closing entries in the General Journal.
    16. Post closing entries to the General Ledger.
  2. Prepare adjustments, compute accruals and deferrals, and complete the worksheet.
    1. Complete a trial balance on a worksheet.
    2. Prepare adjustments for unrecorded business transactions.
    3. Enter the adjustment for merchandise inventory on the worksheet.
    4. Compute and enter the adjustments for accrued and prepaid expense items and accrued and deferred income items.
    5. Complete an Adjusted Trial Balance on a worksheet.
    6. Complete the Income Statement columns on a worksheet.
    7. Complete the Balance Sheet columns on a worksheet.
    8. Prepare an income statement from the completed worksheet.
    9. Prepare a statement of owner's equity from the completed worksheet.
    10. Prepare a balance sheet from the completed worksheet.
    11. Journalize the adjusting entries.
    12. Post the adjusting entries.
  3. Perform accounting procedures for Sales and Accounts Receivable and Cash Receipts.
    1. Record sales on account, credit card sales, sales returns and cash receipt transactions in a general journal.
    2. Compute trade discounts.
    3. Compute and record cash discounts on sales.
    4. Post from the general journal to the general ledger accounts and to the subsidiary ledger.
    5. Prepare a schedule of Accounts Receivable.
    6. Record the payment of sales taxes.
  4. Perform accounting procedures for Purchases, Accounts Payable, and Cash Payments.
    1. Record purchases of merchandise on credit in a general journal.
    2. Compute the net delivered cost of purchases.
    3. Post from the general journal to the general ledger accounts.
    4. Post transactions to the accounts payable subsidiary ledger.
    5. Prepare a schedule of accounts payable.
    6. Demonstrate procedures for effective internal control of purchases.
  5. Record Cash Receipts, Cash Payments, and demonstrate banking procedures.
    1. Account for cash short or over.
    2. Demonstrate procedures for a petty cash fund.
    3. Demonstrate internal control routines for cash.
    4. Write a check, endorse checks, prepare a bank deposit slip, and maintain a checkbook balance.
    5. Reconcile the monthly bank statement.
    6. Record any adjusting entries required from the bank reconciliation.
  6. Make payroll computations, handle records, make payments, compute payroll taxes, record deposits, and prepare payroll reports.
    1. Explain the major federal laws relating to employee earnings and withholding.
    2. Compute gross earnings of employees.
    3. Determine employee deductions for social security tax, Medicare tax, and federal income tax.
    4. Complete a payroll register.
    5. Journalize payroll transactions in the general journal.
    6. Maintain an earnings record for each employee.
    7. Explain how and when payroll taxes are paid to the government.
    8. Compute and record the employer's social security and Medicare taxes.
    9. Record deposit of social security, Medicare, and employee income taxes.
    10. Prepare an Employer's Quarterly Federal Tax Return, Form 941.
    11. Prepare Wage and Tax Statement (Form W-2).
    12. Prepare an Annual Transmittal of Wage and Tax Statements (Form W-3).
    13. Compute and record liability for federal and state unemployment taxes.
    14. Record payment of the federal and state unemployment taxes.
    15. Prepare an Employer's Federal Unemployment Tax Return, Form 940 or 940-EZ.
    16. Compute workers' compensation insurance premiums.
    17. Record workers' compensation insurance premiums.
  7. Prepare financial statements and handle all closing procedures.
    1. Prepare a classified income statement from the worksheet.
    2. Prepare a statement of owner's equity from the worksheet.
    3. Prepare a classified balance sheet from the worksheet.
    4. Journalize the adjusting and closing entries.
    5. Post the adjusting and closing entries.
    6. Prepare a postclosing trial balance.
    7. Journalize reversing entries.
    8. Post reversing entries.

COURSE ASSESSMENT AND EVALUATION:

1. Study guides 2. Exercises and problems 3. Quizzes 4. Examinations 5. Individual and/or group projects 6. Homework and assignments

ACCOMMODATIONS STATEMENT:

Any student who has a documented disability and wishes to access academic accommodations (per the 1973 Rehabilitation Act and Americans with Disability Act) must contact the HCC Coordinator of Disability Services, at 620-665-3554, or the Student Success Center, Parker Student Union. The student must have appropriate documentation on file before accommodations can be provided.

ACADEMIC HONESTY:

Education requires integrity and respect for HutchCC's institutional values. HutchCC students are required to maintain honesty through a "responsible acquisition, discovery, and application of knowledge" in all academic pursuits. Preserving and upholding academic honesty is the responsibility of Hut chCC students, faculty, administrators and staff.

I. Student Responsibilities

All HutchCC students are required to:

  • Submit all work in all courses without cheating, fabrication, plagiarism, dissimulation, forgery, sabotage, or academic dishonesty as defined below.
  • Provide all academic records such as transcripts and test scores that are free of forgery.
  • Refrain from participating in the academic dishonesty of any person.
  • Use only authorized notes and student aids.
  • Use technology appropriately, including refraining from submitting AI (Artificial Intelligence)-generated work without express written consent from your instructor.
  • Protect the security of passwords/login/privacy/electronic files, and maintain sole individual access for any online course information.

II. Definition of Academic Dishonesty

  • Academic dishonesty is any intentional act, or attempted act, of cheating, fabrication, plagiarism, dissimulation, forgery, or sabotage in academic work.
  • Cheating includes using unauthorized materials of any kind, whether hard copies, online, or electronic, such as unapproved study aids in any academic work, copying another student's work, using an unauthorized "cheat sheet" or device, or purchasing or acquiring an essay online or from another student.
  • Fabrica tion is the invention or falsification of any information or citation in any academic work, such as making up a source, providing an incorrect citation, or misquoting a source.
  • Plagiarism is the representation of words, ideas and other works that are not the student's own as being original to the student. A no n-inclusive list of examples includes work completed by someone else, work generated by an external entity (such as AI), omitting a citation for work used from another source, or borrowing the sequence of ideas, arrangement of material, and/or pattern of thought of work not produced by the student, even though it may be expressed in the student's own words.
  • Dissimulation is the obscuring of a student's own actions with the intention of deceiving others in any academic work, such as fabricating excuses for absences or missed assignments, or feigning attendance.
  • Forgery of academic documents is the unauthorized altering, falsification, misrepresentation, or construction of any academic document, such as changing transcripts, changing grades on papers or on exams which have been returned, forging signatures, manipulating a digital file of academic work, or plagiarizing a translation.
  • Sabotage is any obstruction or attempted obstruction of the academic work of another student, such as impersonating another student, stealing or ruining another student's academic work.
  • Aiding and abetting academic dishonesty is considered as knowingly facilitating any act defined above.
  • Academic honesty violations can also include the omission or falsification of any information on an application for any HutchCC academic program.

III. Sanctions for Academic Dishonesty

Students who violate the Academic Honesty Policy may be subject to academic or administrative consequences.

Instructor Sanctions for Violation:

Students suspected of violating the Academic Honesty Policy may be charged in writing by their instructor and any of the following may apply:

  • Assign Avoiding Plagiarism Bridge Module
  • Receiving written warning that could lead to more severe sanction if a second offense occurs
  • Revising the assignment/work in question for partial credit
  • Voiding work in question without opportunity for make-up
  • Reducing the grade for work in question
  • Lowering the final course grade
  • Failing the work in question

Institutional Sanctions for Violation:

Students charged with academic dishonesty, particularly in instances of repeated violations, may further be subjected to an investigation and any of the following may apply:

  • Instructor recommendation to the Vice President of Academic Affairs (VPAA) to dismiss the student from the course in which the dishonesty occurs
  • Instructor recommendation to the VPAA to dismiss student from the course in which the dishonesty occurs with a grade of 'F." Student will not be allowed to take a 'W' for the course
  • Instructor recommendation to the VPAA that the student be suspended and/or dismissed from the program
  • Student barred from course/program for a set period of time or permanently
  • May be recommended by the instructor (after documented repeated offenses) to the VP AA that the student be placed on probation, suspended and/or dismissed from the institution.

IV. Procedure

  • Instructor will communicate in writing via the student's HutchCC email account and/or LearningZone email account to the student suspected of violating the Academic Honesty Policy.  That communication may include sanction(s). Department Chair will notify the student's academic advisor upon receipt of the Academic Honesty Violation Form.
  • For each violation, the instructor will submit a completed Academic Honesty Violation Form to the Department Chair. Department Chair will notify the student's academic advisor upon receipt of the Academic Honesty Violation form.
  • Should the instructor choose to pursue institutional sanctions, the instruct or shall notify the student in writing via the student's HutchCC email account.  Instructor shall also submit a completed Academic Honesty Violation Form and all prior completed forms regarding said student to the Department Chair and the office of the VPAA with recommendation to proceed with specific Institutional Sanctions. Department Chair will notify the student's academic advisor upon receipt of the Academic Honesty Violation Form.
  • The decision of the VPAA on Institutional Sanction is final. The VPAA will notify the student's academic advisor of any institutional sanctions.

V. Due Process Rights

Students charged with violations of academic honesty have the right of appeal and are assured of due process through the Academic Honesty Appeal process.

Academic Honesty Appeal Process

I. Due Process Rights: Students charged with violations of academic honesty have the right of appeal and are assured of due process through the Academic Honesty Appeal process.

  • If an instructor has recommended course or program dismissal, the student may continue in coursework (provi ding there are no threatening or security behavioral issues) until appeal processes are concluded. However, if an issue has been documented at a partnership location (e.g., clinical sites, secondary institutions, correctional or military facilities), then the student is no longer eligible to continue participation in internships, apprenticeships, and/or clinical-based practice. For clinical sites, this sanction is immediate.

II. Process

If the student disagrees with the charge of a violation of academic honesty, the student has the right to due process as described in the Academic Honesty Appeal process below:

  • If the matter is not resolved upon communicating with the instructor about the violation, the student shall, within five business days of the issuance of the written notice of violation, submit a completed Academic Honesty Appeal Form and supporting documentation to the appropriate department chairperson to initiate an Academic Honesty Appeal.
  • Within two business days of receiving the student's completed Academic Honesty Appeal Form, the Department Chair and VPAA will review and the VPAA will render a decision.
  • Within two business days, a response will be sent to the student's HutchCC email address. The VPAA's decision is final.

INCOMPLETE GRADE:

Instructors may give a student a grade of Incomplete (I) under the following conditions:

  1. The student must initiate the request prior to the time final course grades are submitted to Records.
  2. The request must be made because of an emergency, illness or otherwise unavoidable life-event.
  3. The instructor must agree to the request before a grade of Incomplete can be submitted.
  4. A written contract between the instructor and student, signed by both, will document the work required and date needed to complete course work.
  5. If a student does not complete the course requirements within the time frame established by the instructor, a grade of "F" will be recorded on the student's transcript at the end of the next semester.

HLC ACCREDITATION:

Hutchinson Community College is accredited by the Higher Learning Commission (HLC). The Higher Learning Commission is one of six regional institutional accreditors recognized by the US Department of Education and the Council on Higher Education Accreditation (CHEA).