AE 202 - Business Records and Reporting

3 Credits
Outline Effective Date: 2015 Fall Version 7
Revised: May 27, 2016
Approved: May 31, 2016

Course Description:
This class is designed so students have an understanding of the key accounting and financial concepts related to their agriculture operations. A computerized accounting system is introduced and utilized for data entry and financial statement preparation.

Rationale:
This is a required course for Crop Technology and Animal Science Technology students. It is increasingly important for farmers to have a good bookkeeping system to help make sound financial decisions.

Prerequisites: None
Corequisites: None

Course Learning Outcomes:
Upon successful completion of this course, students will be able to (using a manual and computerized approach)

1.record farm accounting transactions.

2.prepare farm financial statements.

3.reconcile the farm records to those of the bank.

4.convert cash accounting to accrual accounting records.

5.create year end accrual financial statements.

Required Resource Materials:
There is no text required. The instructor lets the students know if there is material that is required to be purchased from the bookstore.

Optional Resource Materials:
None

Conduct of Course:

The course materials provide explanations of topics in bookkeeping and accounting along with examples and assignments. Lecture classes are used to review what students have read, discuss the topics in class, and work through examples. Lab classes are used to work on assignments and projects.

Classroom and laboratory attendance is considered vital to the learning process and as significant to the students’ evaluation as examinations and reports.

Students having a combination of excused and/or unexcused absence of 20 percent or higher for the scheduled course hours will be required to withdraw and will automatically receive a “RW” (required withdrawal) for the course, regardless of any other evaluation results. (RW is a failing grade.).
An excused absence is one that is verified with your instructor. Verification should be prior to the absence or the next class day following the absence. Verification of the absence may take the form of a note from your doctor/College nurse regarding illness, or a note from another instructor regarding a field trip or other activity, or authorization by your instructor. An unexcused absence is anything NOT verified by the instructor prior to the absence or the next class day following the absence.

NOTE: Any exceptions to the above attendance policy (e.g. timetable conflicts, work-related issues) must be approved in writing by the Department Chair prior to the beginning of the course.

It is the students’ responsibility to know their own absentee record.

Normal hours are 8:30 a.m. to 6:30 p.m., with potential for evening courses, exams or extended field trips. Students are expected to be available for classes during these times.

Content of Course:
1. Accounting Equations

2. T Accounts

3. Journal Entries

4. Bank Reconciliation

5. Liabilities (loans)

6. Fixed Assets and Depreciation

7. Financial Statements

8. Accrual Accounting
Course Assessments:

In class assignment	25%
Midterm exam	25%
Final exam	25%
Computer lab	25%

The accumulated percentage from the above are converted to a grade strip below.

Official final grades will be available on My Lakeland. Grades posted in D2L should be considered interim grades.
“Lakeland College is committed to the highest academic standards. Students are expected to be familiar with Lakeland College policies and to abide by these policies. Violations of these policies are considered to be serious and may result in suspension or expulsion from the College.”

Course Pass Requirements:
A minimum grade of D (50%) (1.00) is required to pass this course.

Letter	F	D	D+	C-	C	C+	B-	B	B+	A-	A	A+
Percent Range	0-49	50-52	53-56	57-59	60-64	65-69	70-74	75-79	80-84	85-89	90-94	95-100
Points	0.00	1.00	1.30	1.70	2.00	2.30	2.70	3.00	3.30	3.70	4.00	4.00

Students must maintain a cumulative grade of C (GPA - Grade Point Average of 2.00) in order to qualify to graduate.

Every effort has been made to ensure that information in this course outline is accurate at the time of publication. Lakeland College reserves the right to change courses if it becomes necessary so that course content remains relevant.

In such cases, the instructor will give students clear and timely notice of changes.

No part of this course outline may be reproduced in any form or resold without written permission from Lakeland College.

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Here at Lakeland College, we acknowledge that the land we gather on is the traditional homeland, hunting, and ceremonial gathering places of the First Nations, Métis and Inuit. The Plains Cree, Woodland Cree, Saulteaux, Blackfoot, Métis, Dene, and Nakota Sioux people have practiced their culture and languages on Treaty 6 and Métis Region 2 territories for generations and were the original caretakers of this land. Many First Nation, Métis and Inuit peoples call this land home today and have done so for millennia. We would like to acknowledge the history we have created together on this land, and to be thankful for the opportunity to walk together side-by-side in friendship, learning from our past, and promoting positive relationships for the past, present and future.