Course: ACCTG.1A.C1. Introductory Financial Accounting 1A. Xuhong Luo. Instructor Ageno School of Business GOLDEN GATE UNIVERSITY

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1 Course: ACCTG.1A.C1 Introductory Financial Accounting 1A Xuhong Luo Instructor Ageno School of Business GOLDEN GATE UNIVERSITY Contact Information: OR Telephone: (415) Course Description Introduces financial accounting emphasizing accounting terminology, ethics and the role of accounting information in business decisions. Course work will provide you with a basic understanding of the accounting process; financial statements; and the content of certain asset, liability and owners equity accounts. The corporate form of business is discussed in detail. The focus of the course will provide you with an understanding of accounting information in a decision context. 2. Course Objectives Describe and explain the purpose of each of the principal financial statements: balance sheet (statement of financial position), income statement, statement of cash flows and retained earnings. Prepare from an adjusted trial balance the above financial statements. Analyze and record common types of business transactions (sales, cash receipts, purchases on account, cash disbursements, etc.) in proper form, in both a 2-column journal and in T-accounts. Analyze financial statements using common financial statement ratios and other means. Discuss the purpose of adjusting journal entries. Prepare closing entries. Explain what is meant by the term "depreciation" in the context of accounting and how to record it in a journal. 1

2 Explain the meaning of "accrual basis" of accounting, and how it differs from the "cash basis" of accounting. Explain the meaning of "perpetual inventory system" and how it differs from the "period method" of accounting for inventory. Apply and understand the alternative methods of costing inventory FIFO, LIFO, and other methods. Discuss what is meant by "Internal Control" and why it is important for any enterprise. Understand the difference between internal and external users and accounting. 3. Required Materials Textbook: Meigs, Williams, Haka, and Bettner, (2010), Financial Accounting, (15th ed.) NY: Irwin McGraw Hill. ISBN BookStore: To purchase course books and materials from efollett, GGU's official online bookstore, go to University Library University Library There are several databases available through the Golden Gate University Library for students to conduct research on various topics. Remote (off campus) access to the databases requires your last name and student ID# (located on the front of your ID card). Be sure to type in ALL 7 digits, including the starting 0. Example: 2

3 You may access the library from GGU s homepage at 4. Contacting the instructor You may contact me by or at my direct phone Course Requirements, Student Responsibilities, Evaluations I DO WANT TO STRESS THE IMPORTANCE OF WORKING THROUGH ALL HOMEWORK. MANY TIMES A CONCEPT WILL NOT BE CLEAR FROM READING, BUT BY WORKING YOUR WAY THROUGH THE PROBLEMS. MANY QUESTIONS WILL BE ANSWERED. I SUGGEST THAT YOU TRY BEST TO FIGURE OUT QUESTIONS INDENDENLY BEFORE ASKING FOR HELP. Be certain to check ANNOUNCEMENTS daily. You will see changes and updates to assignments. All answers to homework assignments will be accessible per chapter for each week. Please do not be tempted to copy these answers for your assignments; I will be able to tell. Additionally, by making a good faith effort to do the homework before reviewing the answers you will be better able to meet the challenges of the closed-book final. The homework will not be graded for accuracy, but is designed to reinforce what you have learned. Late homework will not be accepted. PLACE EACH HOMEWORK ON ONE DOCUMENT. THE MOST PREFERRABLE TYPE IS EXCEL SPREADSHEET (EXCEPT FOR CASE STUDY). I WILL NOT ACCEPT ANSWERS PLACED INTO MULTIPLE-TYPE DOCUMENTS. All homework will be turned in by Saturday midnight. The course will begin on Sunday through Saturday. Participation is mandatory in discussions to achieve a passing grade in this class. I will log-in often but not for long periods of time. For an online, class participation is more important than in a face-to-face classroom environment. The discussions are 6 points per session. The discussions are accessed per the Discussion button. The discussion section is where class interaction takes place. This is where you participate in the course by talking to me or to your classmates. I can review homework questions that may come up. If the problem is complex please e mail me and I will respond. If relevant I will share the answer with the class. Note the down arrow next to the topics, scroll down to the topics and respond to the discussion questions. You may cut and paste or type directly into the discussion. I WILL NOT ACCEPT DISCUSSIONS AFTER THE END OF THE SESSION. To receive all 6 points, all topics must be addressed fully and completely. 3

4 You will be able to get an extra 18 points if you complete the three comprehensive problems 6 points each. Additional relevant articles and possibility projects will be available in DocShare and noted in Announcements. THE CASE STUDY I will also provide a case study in advance with detailed instruction on how to approach the problem, and you will then have five weeks to prepare your solution. The case study is designed for you to analyze the case and then apply what you have learned in class in helping to come up with your solution to the specific transactions. 6. Course Evaluations The course has two midterms and one comprehensive final. The midterm will be open book. The Final exam will be close book and will be supervised. You will be allowed a calculator and hand written notes. There is no limit on the number of pages. You will also need some 8 ½ by 11 blank paper rather than a blue book for the exam answers. There will be no make-up exams unless an extremely critical emergency. The midterm will be open for 5 days and consist of three parts. The computational portions will be placed in DocSharing. While the True/False and Multiple Choices will be located in a session tab. The final will be 3 hours and administered with a proctor. You will be notified of the date through Announcements. ALL GRADES SHOULD BE VIEWABLE AT LEAST ONE WEEK AFTER THE TEST IS DUE. 7. Assignments 08/28/11-09/02/11 Week 1- Ch 1 Introduction and Information for Decision Making and Ch 2 Basic Financial Information 09/03/11 09/09/11 Week 2- Ch 3 the Accounting Cycle: Capturing Economic Events 09/10/11 09/16/11 Week 3- Ch 4 The Accounting Cycle: Accruals and Deferrals 4

5 09/17/11 09/23/11 Week 4- Ch 5 The Accounting Cycle: Reporting Financial Results 09/24/11 10/01/11 Week 5- Ch 6 Merchandising Activities 10/02/11-10/08/11 Week 6- Ch 7 Financial Assets 10/09/11 10/15/11 Week 7- Ch 8 Inventories and the Cost of Goods Sold; Case study assignment and instruction will be given 10/16/11 10/22/11 Week 8- Catch-up/Review; 10/23/11 10/29/11 Week 9- Midterm Examination 10/30/11 11/5/11 Week 10-Ch 9 Plant and Intangible Assets 11/06/11 11/12/11 Week 12- Ch 10 Liabilities 11/13/11 11/19/11 Week 13- Ch 11 Stockholder s Equity 11/20/11 11/26/11 Week 14- Ch 12 & 13 Income and Changes in Retained Earnings & Statement of Cash Flows 11/27/11 12/03/11 Week 15- Week For review and catch-up 12/04/11 12/09/11 Week 16- Comprehensive Final Exam (Supervised) Supervised Exam information All Cyber Campus (entirely online) courses require at least one supervised exam per term. For additional information and instructions on selection of a proctor see Cyber Campus website and on the right side you will find link for exam information. 8. Grading Policy 5

6 Grading Policy Points Percentage Discussions 66 17% Comprehensive problems 18 5% Homework Assignments 33 8% Midterm 80 20% Case Study 50 13% Comprehensive Final % TOTAL % Grading Percentage A 93% -100 % A- 90% % B+ 87% % B 83% % B- 80% % C+ 77% % C 73% % C- 70% -72.9% D+ 63% % D 60% % F 0% % 9. Instructor Bio WHO AM I? I am a senior accountant with the San Francisco office of ACSB's Company, LLP, an East Coast (New York & New Jersey) based, full service CPA firm. I have accumulated rich experience in accounting and audit for international companies and diversified industries, and have particular experience with the auditing of hedge funds, private entity venture capital funds, and investment advisers. I also have experience in financial statement preparation for a variety of other industries, as well as in preparation of corporation, partnership, and individual tax returns. Overall, I have worked in the audit, accounting and tax areas for 21 years, comprising 10 years auditing international companies in China and 11 years with CPA firms and various industries in the United States. My work experience includes not only many different industries but also 6

7 different areas, including general ledger, accounts payable, accounts receivable, budgeting, financial analysis, auditing and multi-national company financial accounting. I am also proficient in practical accounting software applications such as Microsoft Money, Audit Engagement System, QuickBooks, Peachtree, Solomon, Prosystem, and advanced MS Excel. One of my favorite subject areas is mathematics, and I chose accounting as my under-graduate major even though I also liked computer science and engineering. I have enjoyed working in the accounting area and always try to keep up with important changes and new pronouncements affecting the accounting profession. In my spare time, I thrive on music, anything having to do with healthy living, and of course, continue learning. I obtained my Master degree in accountancy at Golden Gate University and I have genuinely enjoyed my studies and am very appreciative of the fine instruction provided by my various GGU professors. Given the valuable academic experience I have obtained at GGU, I would now like to give back to others the same rich experience and skills I have been fortunate enough to attain at this institution. I am currently teaching ACCTG 310, Auditing, and very enjoy sharing my knowledge and skills with students from world-wide background. 10. Academic Integrity Policy GGU's Policy on Student Academic Integrity is in effect at all GGU teaching locations, including regional classroom sites, corporate sites, and distance courses delivered in any medium. This policy applies to all business, taxation, and technology students at Golden Gate University. Academic integrity means doing academic work in a manner that strives to achieve the learning objectives your courses have set out for you. It means that you follow the rules and procedures prescribed by your instructors so that you acquire the skills and knowledge your courses are designed to give you. It means that you engage in ethical practices in taking tests and doing assignments and that you respect intellectual property rights by fully disclosing sources of information that appear in your papers and presentations. GGU provides many resources and services that assist you in learning the required research and documentation skills. 7