Technical College of the Lowcountry Business Technology Division
921 Ribaut Rd. Virtual
ACC 101
Accounting Principles I
Course Description
This course introduces basic accounting procedures for analyzing, recording, and summarizing financial transactions,
adjusting, and closing the financial records at the end of the accounting cycle, and preparing financial statements.
Prerequisite MAT 102 or BUS 140, RDG 100
3.0 Cr (3 lect/pres, 0 lab, 0 other)
Course Focus
The focus of the course is to give the student a working knowledge of the principles of accounting and the accounting
cycle as well as an introduction to the corporate form of business.
Text and References
Textbook information and supplemental material for this course can be found on our TCL Bookstore website
at: http://bookstore.tcl.edu/SelectTermDept
Course Goals
The following list of course goals will be addressed in the course.
1. Describe the nature of a business
2. Identify the role of accounting in business
3. Summarize the development of accounting principles and relate them to practice
4. Define the accounting equation
5. Define each element of the accounting equation
6. Describe the characteristics of an account and a chart of accounts
7. Prepare journal entries to record routine business transactions
8. Post journal entries to the general ledger
9. Prepare an unadjusted trial balance
10. Prepare adjusting journal entries
11. Prepare an adjusted trial balance
12. Describe the flow of accounting information
13. Prepare financial statements from adjusted account balances
14. Prepare closing journal entries
15. Distinguish between accrual and cash accounting
16. Explain what is meant by a fiscal year
17. Describe an accounting system
18. Distinguish the difference between a manual and computerized accounting system
19. Identify the purpose of special journals
20. Distinguish between a general ledger and a subsidiary ledger
21. Distinguish between the activities and financial statements of service and merchandising businesses
22. Illustrate the financial statements of a merchandising business
23. Calculate gross profit
24. Calculate cost of merchandise sold
25. Prepare journal entries for merchandise transactions
26. Calculate the cost of merchandise purchased
27. Distinguish between a periodic and a perpetual inventory system
28. Compare and contrast the use of three inventory costing methods
29. Determine the cost of inventory using the first-in, first-out cost method
30. Determine the cost of inventory using the last-in, first-out cost method
31. Determine the cost of inventory using the average cost method
32. Describe the purpose of the Sarbanes-Oxley act of 2002
33. Identify the objectives of internal control
34. Describe the nature of a bank account and its use in controlling cash
35. Prepare a bank reconciliation statement
36. Illustrate the accounting for a petty cash fund
37. Identify the common classes of receivables
38. Define bad debt expense
39. Distinguish between the direct write-off method and the allowance method for uncollectible accounts
40. Describe the accounting for notes receivable
41. Define, classify, and account for the cost of fixed assets
42. Compute depreciation using the straight-line, units-of-production, and double-declining balance method
43. Define and classify intangible assets
44. Describe and illustrate current liabilities
45. Prepare journal entries for contingent liabilities
46. Compute the potential impact of long-term borrowing on earnings per share
47. Prepare journal entries for bonds payable
48. Describe the characteristics of proprietorships, partnerships, limited liability companies and corporations
49. Identify the two main sources of stockholders’ equity
50. Describe the characteristics of stock classes
51. Prepare journal entries for issuing common and preferred stock
52. Describe treasury stock and outstanding stock
53. Illustrate the reporting of stockholders’ equity
54. Calculate dividends per share for preferred and common stock
55. Prepare journal entries for cash dividends
Student Contribution
For this course to run properly, the student is expected to be prepared for each class including, but not limited to,
reading assignments, class activities and completion of assignments. Each student can spend at least 6 hours per week
preparing for class. Attendance is critical in this class and participation in class discussions greatly enhances the learning
experience for all students.
Course Evaluation
This class will have exams, review questions, and assignments during the course. No late work will be accepted. Each
exam will be based on textbook assignments, lecture material, and classroom discussions from the period preceding the
exam.
Course Schedule
This course is offered in-class, on-line, or as a hybrid class. Course assignments can be found on Blackboard. Course
content will be taught in the order that can be found on the syllabus addendum – tentative schedule.
ADA STATEMENT
The Technical College of the Lowcountry provides access, equal opportunity and reasonable accommodation in its
services, programs, activities, education, and employment for individuals with disabilities. To request disability
accommodation, contact the counselor for students with disabilities at (843) 525-8228 during the first ten business days
of the academic term.
ACADEMIC MISCONDUCT
There is no tolerance at TCL for academic dishonesty and misconduct. The College expects all students to conduct
themselves with dignity and to maintain high standards of responsible citizenship.
It is the student’s responsibility to address any questions regarding what might constitute academic misconduct to the
course instructor for further clarification.
The College adheres to the Student Code for the South Carolina Technical College System. Copies of the Student Code
and Grievance Procedure are provided in the TCL Student Handbook, the Division Office, and the Learning Resources
Center.
MASK MANDATE
Until further notice, there is a mask mandate in place indoors at TCL. Failure to adhere to the mask requirement will
result in the following:
• First Offense: Verbal Warning
• Second Offense: You will be asked to leave class with an absence for that day
• Third Offense: You will be asked to leave class and must meet with Associate Vice President Rodney Adams in
Building 2 Room 203 prior to returning to class
ATTENDANCE
The College’s statement of policy indicates that students must attend ninety percent of total class hours or they will be
in violation of the attendance policy.
• Students not physically attending class during the first ten calendar days from the start of the semester
must be dropped from the class for NOT ATTENDING.
• Students taking an online/internet class must sign in and communicate with the instructor within the
first ten calendar days from the start of the semester to indicate attendance in the class. Students not
attending class during the first ten calendar days from the start of the semester must be dropped from
the class for NOT ATTENDING.
• Reinstatement requires the signature of the division dean.
• In the event it becomes necessary for a student to withdraw from the course OR if a student stops attending class, it
is the student’s responsibility to initiate and complete the necessary paperwork. Withdrawing from class may
have consequences associated with financial aid and time to completion.
• When a student exceeds the allowed absences, the student is in violation of the attendance policy. The instructor
MUST withdrawal the student with a grade of “W”, “WP”, or “WF” depending on the date the student exceeded the
allowed absences and the student’s progress up to the last date of attendance
or
• under extenuating circumstances and at the discretion of the faculty member teaching the class, allow the student
to continue in the class and make-up the work. This exception must be documented at the time the allowed
absences are exceeded.
• Absences are counted from the first day of class. There are no "excused" absences. All absences are counted,
regardless of the reason for the absence.
• A student must take the final exam or be excused from the final exam in order to earn a non-withdrawal grade.
• A copy of TCL’s STATEMENT OF POLICY NUMBER: 3-1-307 CLASS ATTENDANCE (WITHDRAWAL) is on file in the
Division Office and in the Learning Resources Center.
ONLINE ATTENDANCE PROCEDURE
For all online courses, students must complete an assignment designated by the instructor during the first
week of
classes. The instructor will drop the student from the course if the initial assignment is not completed.
Instructors will withdraw students from the class when 90% attendance is not maintained. Attendance in
an online course is defined by regular course access and by timely completion of assignments as required by
the
instructor. Each student will be expected to access the web class at least once a week and complete 90%
of
assignments on time. Additional access is encouraged and may be necessary for successful completion of classes.
Failure to log in and complete assignments will result in the student being withdrawn from the course. The
instructor
will assign a grade of “W,” “WP,” or “WF” based upon the student’s academic standing as the last date of attendance,
which is the last login. Students are responsible for any financial matters associated with an administrative withdrawal.
If a student fails to email the instructor (using the my.tcl.edu email account) requesting
to be dropped from the course
and has not submitted the initial assignment required during the first week of class, the instructor will assign a “Never
Attended” code in the student information system (web-advisor) no later than ten calendar days after the first day of
the class. Students who are dropped as a result of never
attending the course are still responsible for all fees
associated with the course.
HAZARDOUS WEATHER
In case weather conditions are so severe that operation of the College may clearly pose a hardship on students and staff
traveling to the College, notification of closing will be made through the following radio and television stations: WYKZ
98.7, WGCO 98.3, WGZO 103.1, WFXH 106.1, WWVV 106.9, WLOW 107.9, WGZR 104.9, WFXH 1130 AM, WLVH 101.1,
WSOK 1230 AM, WAEV 97.3, WTOC TV, WTGS TV, WJWJ TV, and WSAV TV. Students, faculty, and staff are highly
encouraged to opt into the Emergency Text Message Alert System. www.tcl.edu/textalert.asp
EMERGENCY TEXT MESSAGE ALERT
Students, faculty, and staff are highly encouraged to opt into the Emergency Text Message Alert System. Participants
receive immediate notification of emergency events and weather cancelations via text messaging on their cell
phones. Participants can also opt in to receive non-emergency news and announcements. Go to www.tcl.edu. On the
homepage, click on “emergency TextAlert at TCL” and fill out the form or go to www.tcl.edu/textalert.asp
GRADING METHODOLOGY
The final grade must be 70 or more (a grade “C” or better) in order to pass the course and progress to the next
course. Students absent from an examination or presentation will receive a “0” grade for the examination
unless other arrangements are made with the individual instructor prior to the examination or presentation day
or on the examination or presentation day before the test/presentation is scheduled to be given.
The student is responsible for notifying the instructor for the reason of the absence. It is also the responsibility of the
student to contact the appropriate instructor to arrange to make up the examination. Arrangements may be
completed by telephone.
If the instructor is not available, a message should be left on the instructor’s voice mail AND with another member of the
faculty or administrative assistant. The make-up exam will be scheduled, and the instructor will decide the
method of examination. Messages sent by other students are unacceptable.
STATEMENT OF NON - DISCRIMINATION
The Technical College of the Lowcountry is committed to a policy of equal opportunity for all qualified applicants for
admissions or employment without regard to race, gender, national origin, age, religion, marital status, veteran status,
disability, or political affiliation or belief.
Syllabus Safety Addendum
Purpose
The purpose of this safety addendum is to provide each student with safety guidelines during an incident, emergency, or
disaster at TCL. In addition, it provides students guidelines for lockdown procedures, evacuation procedures,
and active shooter.
Definition
An incident is any event, potential or actual, that may impact normal operations but has no immediate health or life-
threatening consideration or serious effect on the overall functional capacity of the College. An event of this
nature should be reported to the Office of the Vice President for Administrative Services. Also notify the off-site
campus administrator if applicable.
An emergency is any incident, potential or actual, which may endanger life or health, or which affects an entire building
or buildings, and will disrupt the overall operations of the College. Outside emergency services will probably be
required, as well as major efforts from campus support services. Major policy considerations and decisions will
usually be required from the college administration during times of crises. An emergency should be reported
immediately by directly using 911 if life or health/injury considerations exist and then to the Office of the
President or Vice President for Administrative Services as quickly as possible. Also notify the off-site campus
administrator if applicable.
A disaster is any event or occurrence that has taken place and has seriously impaired or halted the operations of the
College. In some cases, mass personnel casualties and severe property damage may be sustained. A coordinated
effort of all campus-wide resources is required to effectively control the situation. Outside emergency services
will be essential. In all cases of disaster, an Emergency Control Center will be activated, and the appropriate
support and operational plans will be executed. The disaster should be immediately reported, first by calling 911
and then to the Office of the President or Vice President for Administrative Services. Also notify the off-site
campus administrator if applicable.
Types of Emergencies
➢ Hurricane
➢ Tornado
➢ Fire
➢ Biochemical or Radiation Spill
➢ Explosion/Bomb
➢ Downed Aircraft (crash which directly impacts campus operations)
➢ Utility Failures
➢ Violent or criminal behavior
➢ Psychological Crisis
Procedures
Active Shooter
Run/hide/fight (http://www.fbi.gov/about-us/cirg/active-shooter-and-mass-casualty-incidents/run-hide-fight-video )
Building Evacuation
1. Building evacuations occur when an alarm sounds and/or upon notification by Security or the Emergency Director.
2. When the building evacuation alarm is activated during an emergency, individuals should exit according to the
building evacuation plan and alert others to do the same.
3. Once outside, individuals should proceed to a clear area that is at least 500 feet away from the affected building.
Streets, fire lanes, hydrant areas and walkways should be kept clear for emergency vehicles and personnel.
4. Individuals should not return to an evacuated building unless told to do so by Security or the Emergency Director.
5. Individuals should assist persons with disabilities in exiting the building. Elevators are reserved for disabled persons
Campus Evacuation
1. A uniformed Security Guard, the Emergency Director, or an Emergency Resource Team member will announce
evacuation of all or part of the campus grounds.
2. All persons (students and staff) are to immediately vacate the campus, or in the case of a partial evacuation relocate
to another part of the campus grounds as directed.
Lockdown
1. Clear the halls
2. Report to the nearest classroom/office
3. Assist those needing special assistance
4. Ensure classroom/office doors are closed and locked
5. Turn off lights
6. Stay away from doors and windows (out of the line of sight)
7. BE QUIET and follow instructor’s directions
8. Silence cell phones
9. Wait for the “All Clear” before leaving
Revised: 8/17/2021
Syllabus Addendum
CLASS INFORMATION: Accounting 101 (ACC-101-83)
INSTRUCTORS NAME: KeToya Lacey
OFFICE LOCATION: Beaufort - Building 14, Rm 114
TELEPHONE NUMBER: 843-525-8295
GRADING:
Course Grade Breakdown Grading Scale
Homework (20 pts Each) 280
Comprehensive Problem 210
Discussion Post (28 pts Each) 210
Total =700
A = 90-100 630-700 points
B = 80-89 560-629 points
C = 70-79 490-559 points
D = 60-69 420-489 points
F = Below 60 Below 420 points
W = Withdrawal before midterm
WF = Withdrawal after midterm with a failing grade on
the last day attended
EXPECTATIONS FOR STUDENT FOR FULFILLMENT OF COURSE REQUIREMENTS:
Homework: 280 potential points (40% of final grade) - Each student will be required to complete a total of
(14) assignments assigned by the instructor. Each week’s assignment equates to 20 points. Assignments
are graded for accuracy. If you score 75% or higher, you will receive 100% for the assignment score.
Anything else will earn 0% for the assignment score, until the instructor manually inputs grade earned.
Students have three opportunities to achieve the highest grade to be recorded in the grade
book. Assignments must be submitted no later than Saturday at 11:55 pm. Late submissions will
NOT be accepted. Solutions to homework and feedback will be available in Cengage every Sunday.
Comprehension Problem: 210 potential points (30% of final grade) - Each student will be required to
complete one Cengage Comprehension Problem. This problem serve is your exam. The CP is due
Monday, December 6, 2021, later than 11:55 am. Late submissions will NOT be accepted. Solutions
to homework and feedback will be available in Cengage on Tuesday, December 7, 2021.
Discussion Questions: 210 potential points (30% of final grade) - Each student will be required to complete a
total of (14) assignments assigned by the instructor in Blackboard. Each discussion equates to 15 points
and is graded based on a discussion rubric. Review the discussion rubric before preparing each
discussion post, as some rubrics are unique to the discussion post. Most of the Blackboard initial
discussion posts are due no later than Wednesday at 11:59 pm. Responses to peers must be submitted
no later than Saturday at 11:55 pm. Late submissions are accepted with heavy point penalization.
Extra Credit: 30 potential points - Included in the course are 14 extra credits quizzes, 1 problem, 1
discussion, and one survey to earn extra credit. To earn points, submit the task on or before the date.
Pay attention to announcements for extra credit details. Late submissions will NOT be accepted.
TENTATIVE SCHEDULE
START DATE WEEK CHAPTERS COURSEWORK
08/22/2021 WEEK 1 CH 1 Discussion Question, Homework
08/29/2021 WEEK 2 CH 2 Discussion Question, Homework
09/05/2021 WEEK 3 CH 3 Discussion Question, Homework
09/12/2021 WEEK 4 CH 4 Discussion Question, Homework
09/19/2021 WEEK 5 CH 5 Discussion Question, Homework
09/26/2021 WEEK 6 CH 6 Discussion Question, Homework
10/03/2021 WEEK 7 CH 7 Discussion Question Homework
10/10/2021 WEEK 8 CH 8 Discussion Question, Homework
10/17/2021 WEEK 9 CH 9 Discussion Question, Homework
10/24/2021 WEEK 10 CH 10 Discussion Question, Homework
10/31/2021 WEEK 11 CH 11 Discussion Question, Homework
11/07/2021 WEEK 12 CH 12 Discussion Question, Homework
11/14/2021 WEEK 13 CH 13 Discussion Question, Homework
11/21/2021 WEEK 14 CH 15 Discussion Question, Homework
11/28/2021 CP 2 Exam
RUBRIC: Discussion Post
Criteria
Unacceptable
Fair
Good
Excellent
Timeliness and
quantity of discussion
posts
Weight 35.00%
0.00 pts
No posting
1.31 pts
1 post
2.62 pts
2 posts not distributed
throughout the week.
Original post not
submitted on or before
Wednesday
5.25 pts
2 postings, distributed
throughout the week
Responsiveness to
discussion topic and
demonstration of
understanding from
assigned materials
Weight 27.00%
0.00 pts
No posting
1.01 pts
Little use made of
readings
3.04 pts
Some use made of
materials and
incorporated into
discussion as they relate
to topic
4.05 pts
Materials were understood
and incorporated into
discussion as they relate to
topic
Peer Postings move
discussion forward
Weight 26.00%
0.00 pts
No peer
posting
1.95 pts
Peer posting does not
follow instructions
2.93 pts
At least one post
moderately adds to the
discussion
3.90 pts
At least one post adds
significantly to the
discussions (e.g.,
identifying important
relationships, offering a
fresh perspective or
critique, offering
supporting evidence)
Citations and
References
Weight 12.00%
0.00 pts
No Source
Included
0.90 pts
Only Cited or only
Referenced a source (not
both) using APA
formatting
1.35 pts
Inaccurately Cited and
Reference source using
APA formatting
1.80 pts
Accurately Cited and
Reference source using
APA formatting
RUBRIC: Discussion Post
