Accounting Central College Business, Financial & Legal Studies Division Chair: Dr. Mesfin Genanaw Instructor: Charles Lewis

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1 Accounting Central College Business, Financial & Legal Studies Division Chair: Dr. Mesfin Genanaw Instructor: Charles Lewis ACNT Intermediate Accounting II CRN Week Fall 2011 Distance Education On-Line Orientation: Complete your on-line orientation. If you are having problems assessing the class, contact a distance education support technician at You also may visit the HCC Support Center at Instructor Information: Instructor: Charles Lewis Office Location: Central Campus Office Hours: By appointment Phone #: School-charles.lewis@hccs.edu Class-Use Blackboard mail Office Location and Hours: Please feel free to contact me through Blackboard Mail or by telephone at The Accounting Department is located in the BSCC Building Room 206 Intermediate Accounting General Information: Intermediate Accounting is divided into two (2) courses at Houston Community College and most other universities, Intermediate Accounting I (ACNT 2303) and Intermediate Accounting II (ACNT 2304). Issues to be examined in Intermediate II are described in Course Description below. Syllabus Changes The syllabus is subject to change. When changes occur the instructor will advise the students through and as an announcement on blackboard. It will be the students responsibility check blackboard for s and announcements Course Description: 1

2 Continued in-depth analysis of generally accepted accounting principles underlying the preparation of financial statements including comparative analysis and statement of cash flows. Topics included are bonds, leases, pension plans, corporate paid-in-capital, special purpose securities, retained earnings, tax allocation, inflation accounting, funds statement, and financial statement analysis. Pre-requiste: Accounting 2303, 2301 and 2302 Course Goals: The primary purpose of Intermediate Accounting II is to provide the students with a comprehensive and in depth course in financial accounting. The course is designed to meet the needs of those students who are preparing for a career in accounting. Many students must take an accounting course in preparation for an academic degree or technical program. Employers may require accounting skills, or a student may be selfemployed and need to do his/her own bookkeeping. This course is designed to meet these needs, in both manual and computerized settings. Course Student Learning Outcomes (SLO): Learning objectives 1. Identify the various types of current liabilities and describe how they are valued. 2. Distinguish between long term and short term liabilities. 3. Explain how contingencies affect financial statements. 4. Identify the various types of bond issues and describe how they are valued. 5. Apply the methods of bond discount and premium amortization. 6. Describe the accounting procedures for extinguishment of debt. 7. Explain the accounting procedures for long-term notes payable. 8. Explain the reporting of off-balance sheet financing arrangements. 9. Calculate stockholders equity. 10. Account for various types of stock transactions. 11. Explain the difference between dilative and non-dilative securities. 12. Calculate earnings per share. 13. Identify the categories of equity and debt securities and describe the accounting and reporting treatment for each category. 14. Discuss the accounting for impairments of debt and equity investments. 15. Identify differences between pretax financial income and taxable income. 16. Describe various temporary and permanent differences and how they are handled. 17. Apply accounting procedures for a loss carryback and a loss carryforward. 18. Identify types of pension plans and their characteristics. 19. Explain alternative measures for valuing the pension obligation. 20. Identify the components of pension expense. 21. Describe the reporting requirements for pension plans in financial statements. 2

3 22. Contrast the accounting criteria and procedures for capital leases and operating leases. 23. Identify the types of accounting changes and how to account for these changes. 24. Describe the accounting for correction of errors. 25. Describe the purpose of the statement of cash flows and the difference methods of calculating cash flows. 26. Identify the major classifications of cash flows. 27. Prepare a statement of cash flows. SCANS or Core Curriculum Statement The Secretary s Commission on Achieving Necessary Skills (SCANS) from the U.S. Department of Labor was asked to examine the demands of the workplace and whether our students are capable of meeting those demands. Specifically, the Commission was directed to advise the Secretary on the level of skills required to enter employment. In carrying out this charge, the Commission was asked to do the following: Define the skills needed for employment Propose acceptable levels of proficiency Suggest effective ways to assess proficiency, and Develop a dissemination strategy for the nation s schools, businesses, and homes SCANS research verifies that what we call workplace know-how defines effective job performance today. This know-how has two elements: competencies and a foundation. This report identifies five competencies and a three-part foundation of skills and personal qualities that lie at the heart of job performance. These eight requirements are essential preparation for all students, whether they go directly to work or plan further education. Thus, the competencies and the foundation should be taught and understood in an integrated fashion that reflects the workplace contexts in which they are applied. Workplace Competencies Resources: allocating time, money, materials, space, staff Interpersonal Skills: working on teams, teaching others, serving customers, leading, negotiating, and working well with people from culturally diverse backgrounds Information: acquiring and evaluating data, organizing and maintaining files, interpreting and communicating, and using computers to process information Foundation Skills Basic Skills: reading, writing, arithmetic and mathematics, speaking and listening Thinking Skills: thinking creatively, making decisions, solving problems, seeing things in the mind s eye, knowing how to learn, and reasoning Personal Qualities: individual responsibility, self-esteem, sociability, selfmanagement and integrity Systems: understanding social, 3

4 organizational, and technological systems, monitoring and correcting performances, and designing or improving systems Technology: selecting equipment and tools, applying technology to specific tasks, and maintaining and troubleshooting technologies SCANS workplace competencies and foundation skills have been integrated into Introduction to Accounting, and are exhibited in the SCANS schedule. Assignment Schedule: An assignment schedule is below. This schedule will be followed throughout this course. Any modifications to this schedule will be announced in class. ACNT 2304 HCC Fall 2011 Distance Education See Blackboard Menu "Assessments" for Scheduled due dates for Chapter Assessments DATE DAY CH TOPIC 8/29 M 13 Classes Begin Current Liabilities and Contingencies 8/30 Tu Last day to add/drop/swap 9/05 M 14 Long-Term Liabilities 9/12 M 15 Stockholders Equity 9/19 M 16 Dilutive Securities and Earnings Per Share 9/26 M 17 Investments 10/03 M 18 Revenue Recognition 10/10 M 19 Accounting for Income Taxes 10/17 M 20 Accounting for Pensions and Postretirement 10/24 M 21 Accounting for Leases 10/31 M 22 Accounting Changes and Error Analysis 11/03 Th Last Day to withdraw with a W 4:30 pm 11/07 M 23 Statement of Cash Flows 11/14 M 24 Full Disclosure in Financial Reporting 11/21 M 11/28 M 12/05 M 12/11 Sun Official Instruction Ends 12/12 M Distance Education On line Assessments 600 a 12/23 F Grades available on line 4

5 Evaluation and Requirements: Students are expected to read all assigned chapters, complete and submit all assignments and quizzes on or before the due dates. Accounting is best learned through doing. Therefore, there are always homework assignments to do. This will require a considerable commitment of time and effort from you. Typically, the successful student in college can count on 3 hours of independent study for every hour in the classroom. Your final grade for this course will be based on how well you do in meeting the evaluation requirements listed on your assignment schedule and applying the grading scale which is listed below. On-Line Assessments: The questions for each student for the assessment and the final are generated randomly by the computer. Each student will receive a different assessment On-Line Assessments-Chapter quizzes: There will be a total of 12 (one for each chapter) on-line assessments (Blackboard- Assessments). The assessments must be completed by the due date stated in the assessment schedule (no extensions). The assessments are open book and you can go in and out of the assessment as many times as you desire. (Example: Chapter 13 assessment is open August 29, 2011 until September 12, 2011 and you can go in and out of that assessment as many times as you desire but you must complete the assessment by September 5, 2011 at 6:00 am) Once you enter the assessment the questions will not change so you can print the assessment off and take it with you to work on. Once you hit the submit button the assessment is automatically graded and that is considered your one attempt. When working on your assessment always save your answers but never hit the submit button until you are completely finished and ready for it to be graded. This means you have to click the Finish button on the bottom of the assessment to submit it to me for grading otherwise I don t know that you are done. If you fail to click the Finish button, you will receive a zero (0) on the assessment. The assessment is labeled as having two attempts which means that if after your first completed submission you wish to retake the assessment again you may do so. This means you will receive a completely different assessment for the second attempt and that the second attempt must also be completed by the assigned due date. The second attempt score will be your final score. If you complete your first attempt and start a second attempt and fail to complete the first attempt and submit for grading, then the first attempt will be counted as your final grade. Take in consideration that your internet provider may be down or computer problems. 5

6 Evaluation Requirements: Chapter assessments (12) 100 points each Total 1200 points 1200 points Grading Scale: % = A 1080 to 1200 points 80-89% = B 960 to 1079 points 70-79% = C 840 to 959 points 60-69% = D 720 to 839 points BELOW 60% = F 0 to 719 points Program/Discipline Requirements Assignments in electronic format are a discipline requirement of ACNT ing assignments as attachments is essential. Assignments reinforce what you are learning in class by connecting theory to the real world of accounting. The assignments are very important and as such, they must be completed on time or you will not receive a passing grade in this class. Textbook and Related Material (Required): Text: Intermediate Accounting 13 th Edition by Donald E. Kieso, Jerry J. Weygandt and Terry D. Warfield Publisher:Wiley and Company SBN (Full 24 Chapter Book) SBN There are Volumes I and II of this book with a different SBN Volume I is Chapters 1-14 ( ) Volume II is Chapters HCC Policy Statements Link: Americans with Disabilities Act (ADA)-Students with Disabilities: Any student with a documented disability (e.g. physical, learning, psychiatric, vision, hearing, etc.) who needs to arrange reasonable accommodations must contact the Disability Support Services Office at the beginning of each semester. Professors are authorized to provide only the accommodations requested by the Disability Support Services Office. 6

7 DE students who are requesting special testing accommodations may choose the most convenient DSS office for assistance each semester: District ADA Coordinator Donna Price Central ADA Counselors Jaime Torres & Martha Scribner Northeast ADA Counselor- Kim Ingram Northwest ADA Counselor Mahnaz Kolaini Southeast ADA Counselor Jette Lott Southwest ADA Counselor Dr. Becky Hauri Coleman ADA Counselor Dr. Raj Gupta After student accommodation letters have been approved by the DSS office and submitted to DE Counseling for processing, students will receive an confirmation informing them of the Instructional Support Specialist (ISS) assigned to their professor. Academic Honesty: Students are responsible for conducting themselves with honor and integrity in fulfilling course requirements. Penalties and/or disciplinary proceedings may be initiated against a student accused of scholastic dishonesty. Scholarly dishonesty includes, but is not limited to, cheating on a test, plagiarism, and collusion. Anyone caught cheating will be given an F on that assignment and possibly an F in the course. A report on the incident will also be submitted to all appropriate school officials. A student who is academically dishonest is, by definition, not showing that the coursework has been learned, and that student is claiming an advantage not available to other students. The instructor is responsible for measuring each student's individual achievements and also for ensuring that all students compete on a level playing field. Thus, in our system, the instructor has teaching, grading, and enforcement roles. You are expected to be familiar with the University's Policy on Academic Honesty, found in the catalog. What that means is: If you are charged with an offense, pleading ignorance of the rules will not help you. Students are responsible for conducting themselves with honor and integrity in fulfilling course requirements. Penalties and/or disciplinary proceedings may be initiated by College System officials against a student accused of scholastic dishonesty. Scholastic dishonesty : includes, but is not limited to, cheating on a test, plagiarism, and collusion. Cheating on a test includes: Copying from another students test paper; Using materials not authorized by the person giving the test; Collaborating with another student during a test without authorization; Knowingly using, buying, selling, stealing, transporting, or soliciting in whole or part the contents of a test that has not been administered; Bribing another person to obtain a test that is to be administered. 7

8 Plagiarism means the appropriation of another s work and the unacknowledged incorporation of that work in one s own written work offered for credit. Collusion mean the unauthorized collaboration with another person in preparing written work offered for credit. Possible punishments for academic dishonesty may include a grade of 0 or F in the particular assignment, failure in the course, and/or recommendation for probation or dismissal from the College System. (See the Student Handbook) Attendance: As stated in the HCC Catalog, all students are expected to attend classes regularly. Students in DE courses must log into their Blackboard class or they will be counted as absent. Just like an on-campus class, your regular participation is required. Although it is the responsibility of the student to withdraw officially from a course, the professor also has the authority to block a student from accessing Blackboard, and/or to withdraw a student for excessive absences or failure to participate regularly. DE students who do not log into their Blackboard class before the Official Day of Record will be automatically dropped for non-attendance. Completing the DE online orientation does not count as attendance. Students are expected to log into the class at least twice a week to check for and discussion board postings. Checking in everyday would be advisable. Any modifications to any schedule will be posted in an Announcement, or a revision in the syllabus. Drops and Withdrawals: HCC Course Withdrawal Policy (updated 7/26/2010) Beginning Fall 2007, the State of Texas imposes penalties on students who withdraw/drop courses excessively. Students are limited to no more than SIX total course withdrawals throughout their educational career at a Texas public college or university. Students are encouraged to review the HCC 6 Drop Policy. To help you avoid having to withdraw from any class, contact your DE professor regarding your academic performance. You may also want to contact your DE counselor to learn about helpful HCC resources (e.g. online tutoring, child care, financial aid, job placement, etc.). HOW TO DROP If a student decides to withdraw from a class upon careful review of other options, the student can withdraw online prior to the deadline through their HCC Student Center. HCC and/or professors may withdraw students for excessive absences without notification (see Class Attendance below). Students should check HCC s Academic Calendar by Term for withdrawal dates and deadlines. Classes of other duration (flex-entry, 8-weeks, etc.) may have different final withdrawal deadlines. Please contact the HCC Registrar s Office at to determine mini-term class withdrawal deadlines. 8

9 Before you withdraw from your course; please take the time to meet with the instructor or counselor to discuss why you feel it is necessary to do so. The instructor or counselor may be able to provide you with suggestions that would enable you to complete the course. You must withdraw PRIOR to the withdrawal deadline to receive a W on your transcript. If you do not withdraw before the deadline, you will receive the grade that you have earned to date. Zeros averaged in for required assignments/tests not submitted will lower your semester average significantly, most likely resulting in a failing grade ( F ). International Students: Receiving a W in a course may affect the status of your student visa. Once a W is given for the course, it will not be changed to an F because of visa considerations. Early Alert: HCC has instituted an Early Alert process by which your professor may alert you and DE counselors that you might fail a class because of excessive absences and/or poor academic performance. A counselor will then reach out to you to discuss your progress and offer any relevant resources. This initiative is designed to provide students with support services and resources to assist them in successfully completing their course. Repeat Course Fee The State of Texas encourages students to complete college without having to repeat failed classes. To increase student success, students who repeat the same course more than twice, are required to pay extra tuition. The purpose of this extra tuition fee is to encourage students to pass their courses and to graduate. Effective fall 2006, HCC will charge a higher tuition rate to students registering the third or subsequent time for a course. If you are considering course withdrawal because you are not earning passing grades, confer with your instructor/counselor as early as possible about your study habits, reading and writing homework, test taking skills, attendance, course participation, and opportunities for tutoring or other assistance that might be available. Incompletes: It is my policy not to give a grade of I (incomplete). HCC Student Services Information Link: ies.pdf DISTANCE EDUCATION: The Distance Education Student Handbook contains policies and procedures unique to the DE student. Students should have reviewed the handbook as part of the mandatory orientation. It is the student's responsibility to be familiar with the handbook's contents. 9

10 The handbook contains valuable information, answers, and resources, such as DE contacts, policies and procedures (how to drop, attendance requirements, etc.), student services (ADA, financial aid, degree planning, etc.), course information, testing procedures, technical support, and academic calendars. Refer to the DE Student Handbook by visiting this link: DISTANCE EDUCATION ADVISING AND COUNSELING SERVICES: Much DE student information can be found on the DE Student Services website: de.hccs.edu. Advising or counseling can be accomplished through our online request form AskDECounseling. Counselors and Student Services Associates (SSA) can assist students with admissions, registration, entrance testing requirements, degree planning, transfer issues, and career counseling. In-person, confidential sessions can also be scheduled to provide brief counseling and community referrals to address personal concerns affecting academic success. ASKDECOUNSELING FORM AskDECounseling is a student services online help form. This is the best and quickest way for students to get accurate assistance with DE registration, enrollment, advising, and counseling. The online help form is simple to fill out, convenient, and readily accessible through the internet. Students do not have to travel to campus sites, leave work, or wait in an office or lobby to receive assistance. Upon submission, student requests are answered in the order they are received. INTERNATIONAL STUDENTS Please contact the International Student Office at if you have additional questions about your visa status. Distance Education Online Behavior: As your instructor and as a student in this class, it is our shared responsibility to develop and maintain a positive learning environment for everyone. Your instructor takes this responsibility very seriously and will inform members of the class if their behavior makes it difficult for him/her to carry out this task. As a fellow learner, you are asked to respect the learning needs of your classmates and assist your instructor to achieve this critical goal. Virtual Classroom Conduct: As with on-campus classes, all students in HCC Distance Education courses are required to follow all HCC Policies & Procedures, the Student Code of Conduct, the Student Handbook, and relevant sections of the Texas Education Code when interacting and communicating in a virtual classroom with faculty and fellow students. Students who violate these policies and guidelines will be subject to disciplinary action that could include denial of access to course-related , discussion groups, and chat rooms or being removed from the class. 10

11 Blackboard Student User ID: Your Blackboard login user ID will be your HCC User ID (sometimes referred to as the W number). All HCC students have a unique User ID. If you do not know your User ID you can look it up by visiting the HCC home page: o From click on Login Help under the Student System Sign In field o Then click on Retrieve User ID and follow the instructions. Or use the direct link: The default student password is distance. Students will then be prompted to change their password after their first login. Please visit DE Technical Support website if you need additional assistance with your log in. Instructor Requirements: As your Instructor, it is my responsibility to: Provide the grading scale and detailed grading formula explaining how student grades are to be derived Facilitate an effective learning environment through class activities, discussions, and lectures Description of any special projects or assignments Inform students of policies such as attendance, withdrawal, tardiness and make up Provide the course outline and class calendar which will include a description of any special projects or assignments Arrange to meet with individual students before and after class as required To be successful in this class, it is the student s responsibility to: Attend class and participate in class discussions and activities Read and comprehend the textbook Complete the required assignments and exams Ask for help when there is a question or problem Keep copies of homework, projects, instructions, s including this syllabus SOCIAL NETWORKING: DE students are encouraged to become a fan of DE on Facebook and to follow DE on Twitter: These social networking sites help DE foster student engagement and provide a sense of community for the online learner. Students will also stay informed about important information and announcements. LIBRARY RESOURCES: As a DE student you have the same access to first-rate information resources that the HCC Libraries make available to all HCC students. A special website pulls together all 11

12 the tools DE students will need to get their research rolling. Visit Library Resources specifically for Distance Education students. Library services are available throughout HCC. Through a daily library delivery service and a listing of all materials belonging to HCC libraries, books may be requested from and delivered to any campus library. HCC also has cooperative borrowing agreements with the University of Houston libraries and provides a copy of the Houston Public library catalog at each library. These arrangements provide students with access to over 4 million volumes. Special services provided by the library system include photocopying facilities; specialized equipment for disabled students; group and personalized instruction in library use, including a self-instructional media program to orient students to the use of the HCCS libraries; a term paper workshop; and online bibliographic search services.. 12