Principles of Financial Accounting ACG 2021-Section 601 Syllabus-Fall Semester 2013

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1 1 Principles of Financial Accounting ACG 2021-Section 601 Syllabus-Fall Semester 2013 Instructor: Dr. María T. Cabán-García Office Hours: Office: DAV 108B Monday: Office Phone: Tuesday: 3:30-4:30 P.M. Fax: Wednesday: 4:30-5:30 P.M. Thursday: 3:30-4:30 P.M. Classroom: STG 123 Friday: Time: Tuesdays and Thursdays 11:00 A.M.-12:25 P.M. Prerequisite: There are no prerequisites for this course. By Appointment: as agreed with instructor Course Description: Study of basic accounting principles including the recording and reporting of financial activity. The preparation and interpretation of financial statements. Course Themes: Financial accounting, classification and reporting of financial transactions and preparation of financial statements. Learning Outcomes: After successfully completing this course, the student should be able to recognize, analyze, evaluate and journalize business transactions that are part of the financial accounting process. The student should be able to prepare, understand, and analyze the four key financial statements: the income statement, balance sheet, statement of cash flows, and statement of changes in owners equity/retained earnings. The student will demonstrate this knowledge through the completion of class exercises, homework exercises, homework problems, practice set and formal evaluations of progress. Assessment Tasks: Principles of Financial Accounting is the first in a series of courses that are part of the accounting curriculum. The primary emphasis of this course is on the structure of financial statements for corporations and the process for creating them using the tools of financial accounting. This course provides students with an exposure to the accounting process and the manner in which transactions are classified and recorded ultimately leading to the preparation of financial statements. At the conclusion of the course, you should be able to use the Problem-Solving Skills developed in this course to: 1. Describe financial accounting measurement and theory concepts. 2. Formulate methodology employed by the professional accountant in applying generally accepted accounting principles to business transactions and events. 3. Illustrate the theory and methodology underlying income measurement, reporting of financial position and the preparation of financial reports.

2 2 4. Utilize the basic principles of accounting to analyze transactions, interpret and classify them and prepare corporate financial statements. 5. Demonstrate an understanding of the financial closing process through the completion of a practice set that incorporates adjusting entries, closing entries and the preparation of financial statements Course Content: Concepts Balance Sheet 10% Income Statement 10% Adjusting Entries 10% Revenue; Receivables; Cash 10% Cost of Goods Sold; Inventory 10% Property Plant & Equipment; Natural Resources; Intangibles 10% Liabilities 10% Investments and Bonds 10% Owner s/stockholders Equity 10% Analyzing Financial Statements 10% Issues Being able to properly recognize transactions in the workplace Classifying transactions properly Use generally accepted accounting principles (GAAP) to properly report transactions. Skills Recognize transactions Analyze transactions Apply specific standards Record transactions Prepare financial statements Required Materials: Nobles, T., Mattison, B. and Matsumara, E.M. Horngren s Financial & Managerial Accounting, The Financial Chapters, 4 th ed. 2014, Prentice Hall Inc., New Jersey. The textbook package includes: financial accounting chapters 1-15, My Accounting Lab Access Card package to electronic resources and access to the e-book. The textbook is available in two alternative formats: 1. Paper Bound Book: ISBN-10: or ISBN-13: Student Value Edition: ISBN-10: or ISBN-13: Access to computer spreadsheet software (Microsoft Excel) Assessment and Grading: Task #1 15% Task #2 20% Task #3 25% Task #4 30% Task #5 10%

3 3 Key Leadership Skill(s) and Perspectives Addressed in This Course: Interpersonal and Communication Skills Analytical and Critical Thinking Skills Information Technology Skills Reflective Thinking and Experiential Learning Ethical and Social Consciousness Multicultural Competence Analytical and Critical Thinking Skills: All classroom discussions, homework and exams emphasize problem solving and data analysis skills. Information Technology Skills: Homework problems require application of information technology skills. Ethical and Social Consciousness: Some homework problems to be discussed in class emphasize ethical consciousness. Course Website: The course has a website under the Canvas platform site in the USF Portal. The website will serve as a communication channel and will give you access to class announcements, syllabus, notes, guidelines for exams, links, grades, and other class materials and information. You can access the course web site at You will need a USF NetID and password in order to have access. If you do not already have a USF NetID, you can obtain one by going to clicking on Activate your NetID, and filling out a few simple forms. A USF id card may be required for USF NetID activation. Class assignments will be completed through My Accounting Lab. You must first follow instructions provided in Canvas and during the first day of class to register and have access to these resources throughout the semester. The website offers other valuable on-line resources to aid in your preparation for the course including but not limited to pre and post quizzes, additional practice problems and study guides. Class Organization: The class will generally consist of a combination of lecture, discussion and practical applications. The student is expected to read each chapter before class and to be fully prepared to answer and discuss questions on readings or assignments. The objective is to create an environment where the student is actively engaged in the learning process. Assigned material at the end of each chapter is sometimes covered during the class session where the related material is discussed or during the next class section. Graded assignments are due at a later date as indicated in the schedule. We will review some of the assignments during class. Please bring your textbooks and necessary materials (e.g. calculator, pencils) to class. Given this is a college level business course, students are expected to display high standards of professionalism. Therefore, students are expected to attend all classes, to be punctual, and to submit all required work on time.

4 4 Attendance Policy: Attendance to this class is compulsory and it is essential to your learning process. Frequent absences will affect your performance in the course. Attending all classes means staying in class until the class is dismissed by the instructor at the end of the class period. Extraordinary events, including hospitalization of yourself or an immediate family member, extreme weather conditions, etc, may be excused and not counted as an absence provided you submit adequate independent written documentation of such event prepared by a third party involved in your absence. Please be aware that even though many class resources are available in Canvas and in My Accounting Lab, they are meant to supplement, not to substitute the class. If you have to miss a class for any valid reason you should inform the instructor in advance by voic or . If there is homework due you should complete it prior to the class in which it is due. No late homework will be accepted. You are also responsible for all the material given in class on that day including any materials distributed in class and class announcements. Religious Holidays Policy: If students anticipate the necessity of being absent from class due to a major religious observance they must provide written notice of the date(s) to the instructor ( is okay) by the second class meeting. Official electronic communications means: your USF assigned address and the course web site in the USF portal ( Students do not have permission to sell class notes or to tape class lectures. A solutions manual for the text is available in the instructor's office for use after the student has tried to solve assignment exercises or problems. During class time, please turn off all computers, cell phones, beepers, pagers and other electronic devices. Failure to follow this policy is considered disruptive of the academic process and will be treated according to USF policy. Always be on time to class. Please be courteous with your fellow classmates and your instructor. Thank you! Grading Policy: The grade will be based on attendance (5 points), graded homework (50 points), unannounced quizzes (15 points) and tests, (430 points) for a total of 500 points. Attendance will be taken each day. The final score will depend on the percentage of present class/days out of the total class/days in the semester. Graded homework is listed in the Tentative Assignment Schedule and must be worked and submitted by 11:59 PM ET through My Accounting Lab on the indicated due dates. Each assignment will have an automatic two-day extension from its due date subject to a 20% penalty per day. Additional extensions will not be allowed under any circumstances.

5 5 The graded homework represents the minimum practice needed to attain an assignment score towards your final grade. Additional practice beyond these assignments will be necessary to succeed in the course. Unannounced quizzes may be given at any time during the semester. There will be a total of four unannounced quizzes with the opportunity to eliminate the lowest score. Each quiz will have a value of five points. There will be no make-ups for quizzes. Tests will consist of a combination of conceptual and computational questions in the form of fill the blanks, multiple choice, true/false, essay questions, short exercises, or problems. Tests will reflect the material included in the chapters, class notes and assignments. Quiz 1 will have a value of 30 points. Each test will have a value of 100 points. A review session will be scheduled prior to each exam. Attendance to these review sessions is voluntary. Please check Canvas for the dates, times, and locations of the review sessions. Extra Credit: No extra credit projects will be given at any time. Calculators that do not store formulas or text may be used during exams. However, in order to obtain partial credit on problems all supporting computations must be shown. Cell phone or Tablet calculators are not acceptable. The student must notify in advance (at least 24 hours) if he (she) cannot be present for an examination due to a valid reason. The valid reason is to be determined by the instructor. (Please also refer to Attendance Policy above regarding the provision of adequate independent written documentation by a third party involved in your absence.) If valid, the make-up exam must be arranged prior to the date of the regular exam. The make-up exam may be in the form of a comprehensive final exam at the end of the semester. Otherwise, the student receives a score of zero in the missed exam. The instructor will review exams with the class after they are graded. They will be retained at the instructor s office for a minimum of two weeks into the next semester. After that they will be stored and destroyed according to USF policy. The grade will be based on the standard curve as follows: A=.90 x 500 = 450 B=.80 x 500 = 400 C=.70 x 500 = 350 D=.60 x 500 = 300 F= < 300 Plus and Minus Grades Policy: The "plus/minus" grading system will not be used in this course. Students who withdraw from the course before the drop date will receive a "W" grade. For the spring 2013 semester that date is November 2, 2013.

6 6 An "I" grade will be awarded only when a small portion of the work is incomplete and the student is earning a passing grade, but serious personal problems prevent him or her from completing the course. ACG 2021 may not be taken on an S/U basis. Grade forgiveness is limited to three USF courses with no more than one repeat per course. Accounting majors can use the forgiveness policy only once in upper level accounting courses. Grade Disclosure It is a violation of FERPA to give grades out over the phone, via , or by posting them. Violations of FERPA can result in a lawsuit, loss of federal funding, dismissal. USF Policy on Academic Dishonesty and Disruption of Academic Process The University's policy on academic dishonesty and disruption of the academic process are clearly set forth in the USF Undergraduate Catalog. Because of the University s commitment to academic integrity, plagiarism or cheating on course work or on examinations will result in penalties that may include a grade of F for the specific exam or course and a grade of F or FF for the course. Any incident of academic dishonesty will be reported to the dean of the college. Definitions of punishment guidelines for Plagiarism, Cheating and Student Disruption of the Academic Process may be found at the web address listed above. Students Disability Resources Please notify your instructor if you have a learning disability or require special assistance with this course. Confidential personal and learning assistance counseling are made available to students through the Division of Student Affairs. The process of applying for services is described in detail in the SDS website Location/phone: SVC 1133, Voice: (813) ; TDD: (813) St. Petersburg Campus: TER 200, (727) Emergency Preparedness In the event of an emergency, it may be necessary for USF to suspend normal operations. During this time, USF may opt to continue delivery of instruction through methods that include but are not limited to: Blackboard, Elluminate, Skype, and messaging and/or an alternate schedule. It s the responsibility of the student to monitor Blackboard site for each class for course specific communication, and the main USF, College, and department websites, s, and MoBull messages for important general information.

7 7 Tentative Assignment Schedule: (may be subject to change if necessary) S = Short Exercise, E = Exercise, P = Problem Required (in bold) assignments in MyAccounting Lab are similar to the ones in the textbook. Instructions in MyAccounting Lab may differ from those in the textbook. Date Chapter/Topic Homework August 27 1: Accounting and the Business Environment Problem-Solving Skill #1 Pages: : Accounting and the Business Environment September 3 Quiz 1: Chapter 1 2: Recording Business Transactions Problem-Solving Skills #1-4 E1-19, E1-26, P1-46A, P1-49B Due 8/30/13 Pages : Recording Business Transactions E2-12, E2-17, P2-30A, P2-31A Due 9/6/ : The Adjusting Process Pages Problem-Solving Skills # : The Adjusting Process S3-9, E3-19, E3-25, P3-36A Due 9/13/ : Completing the Accounting Cycle Pages : Completing the Accounting Cycle S4-8, S4-9, E4-17, P4-30A Due 9/20/13 24 Exam 1: Chapters : Merchandising Operations (Including Appendix A) October 1 Pages : Merchandising Operations S5-7, E5-20, P5-31A, P5-34A E5A-30 Due 10/4/13 3 6: Merchandise Inventory (Including Appendix A) 8 Executive Forum, Location TBA Pages : Merchandise Inventory E6-20, E6B-30, P6-33A, P6A36A Due 10/11/ : Internal Control and Cash 17 Exam 2: Chapters 5-7 Pages E7-17, P7-26A Due 10/16/13

8 8 Date Chapter/Topic Homework 22 8: Receivables Pages : Receivables E8-19, E8-20, P8-27A, P8-29A, P8-32A Due 10/25/ : Plant Assets, Natural Resources and Pages Intangibles 31 9: : Plant Assets, Natural Resources and Intangibles E9-19, E9-20, E9-24, E9-25 Due 11/1/13 November 10: Investments Pages : Investments S10-1, S10-6, S10-7, E10-15 Due 11/8/13 12 Exam 3: Chapters : Current Liabilities and Payroll Pages : Current Liabilities and Payroll S11-7, E11-15, E11-18, E11-21 Due 11/22/ : Long-Term Liabilities Pages : Long-Term Liabilities S12-5, S12-11, E12-21, E12-23 Due 11/29/13 28 Thanksgiving Break December 13: Stockholders Equity Pages : Stockholders Equity S13-7, S13-10 E13-23, E13-30 P13-37A, P13-38A, P13-39A Due 12/6/13 10 or 12 Final Exam: Chapters 11-13, Location and Time TBA

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