Stan Ross Department of Accountancy Zicklin School of Business, Baruch College City University of New York. ACC 3000 Financial Accounting I Fall 2016

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1 Stan Ross Department of Accountancy Zicklin School of Business, Baruch College City University of New York ACC 3000 Financial Accounting I Fall 2016 Instructor: Prof. N. Bhoj Section: TTRA-LEC Office: VC Day/Time: T TH 7:45-9:25 p.m. Phone: (917) Room: B Vert Nicholas.Bhoj@gmail.com Office Hours: After Class by Appointment instructions: s will only be read if subject is formatted as ACC *subject matter* Web sites: 1) Blackboard 2) Connect Accounting ( financial-accounting-i - click register now) COURSE MATERIALS Required: Intermediate Accounting, 8th Edition, Spiceland, Sepe, Nelson, & Thomas (McGraw-Hill Irwin). ISBN Connect Accounting, Software subscription from McGraw-Hill-Irwin Recommended: Texas Instruments BAII Plus Calculator Supplemental problems posted in Connect Accounting BLACKBOARD Course information and support materials will be available through Blackboard. Blackboard includes important announcements, syllabus, study resources, grades and other relevant information. Class materials will be directly available on Blackboard. You are expected to come to class with these materials as they will not be handed out in class. You should visit Blackboard daily for the latest information. 1

2 COURSE OVERVIEW ACC 3000 is the first in a sequence of courses dealing with financial reporting. These courses are intended to develop your understanding of the theory, concepts, principles, and practices underlying the preparation of external financial reports. This course begins this process by considering broad issues like the environment of financial reporting, the role of financial reporting, the users of financial reports, and the accounting standard-setting process. Most of this course will, however, focus on specific financial accounting issues: the accounting process, the income statement, inventories, accounts receivable, and fixed assets. LEARNING GOALS After taking this course, students will: - Have a much deeper understanding of the preparation of financial statements in accordance with U.S. GAAP; specifically, U.S. GAAP relating to the accounting for assets. - A much more developed understanding of the role of the FASB and SEC in providing the regulatory framework for financial reporting in the U.S. - An appreciation of International Financial Reporting Standards (IFRS), and an understanding that IFRS may differ from U.S. GAAP. The credibility and usefulness of financial reports derives, in large part, from the integrity of those who prepare and that audit these reports. This course will emphasize the importance of maintaining high ethical standards as part of a high quality financial reporting system. GRADING SCHEME (professor reserves the right to adjust) ASSIGNMENT POINTS PERCENTAGE Homework Assignments % Midterm Exam I % Midterm Exam II % Comprehensive Final Exam % Total % EXAMS There will be two mid-term exams and a comprehensive final examination during the semester. All exams are closed-book and closed-notes. IDs will be checked at the time of exams. The midterm exams will be held during scheduled class times. The final exam will be scheduled in accordance with the final exam schedule of Baruch College or at discretion of Professor. Exams missed under extraordinary circumstances must be approved by your instructor prior to the 3

3 examination. An unapproved absence will result in a grade of zero on the exam. If a last minute emergency arises that will prevent you from taking an examination, get in touch with me as soon as possible (e.g., call and leave an appropriate message on my voice mail). Be prepared to provide acceptable, official documentation There are no make-up exams. If you have an approved absence for missing a mid-term exam, the points will be reallocated across your remaining exams. The exams may consist of multiple choice questions, short answer questions, problems and/or essay type questions. More details will be provided before the exam dates. Graded exams are available for your perusal but retained by the instructor. The textbook study guide is a useful resource for practicing multiple choice and short answer questions. The homework set should be helpful in familiarizing yourself with multi-step problems. HOMEWORK Homework consists of two parts: Part 1: Homework XX These assignments are to be done on Connect Accounting and will be automatically graded. You can do each assignment twice and the higher score will be entered in the grade book. There are 11 assignments, each consisting of 5 problems (1 point each). Maximum Total Points that will be assigned for homework in calculating the final grade will be 50. You may accumulate as many points as you wish (up to 55) - however, the maximum total used in the calculation of the final grade cannot exceed 50. For example, if you do all the homework assignments and accumulate, say 54 points, your total points for homework will be 50. If you do not do all the homework assignments or arrive at incorrect answers, and accumulate, say 35 points, then, 35 will be your homework assigned points. All homework assignments must be completed on or before the respective due dates indicated on the Connect Accounting web page, a link to which is available on blackboard. You will not be able to do the homework assignments after the due date. No makeup homework assignments will be provided. After the stated due date, all homework will be available as a study attempt, which will no longer impact your grade. This could be an important tool as you study for exams or develop your understanding of the various concepts and their applications. Part 2: Supplement XX These are supplemental assignments and are not used in the calculation of your final grade. (Also, done on Connect Accounting, but your grade will not be entered in the grade book.) 4

4 It is extremely important to keep up to date, and to be prepared for class. These recommended homework assignments provide you with concrete applications of the fundamental concepts and principles discussed in the text and related lectures. ATTENDANCE AND CELL PHONES To maximize your learning experience, daily attendance is essential and constructive participation is an important part of the classroom experience. PLEASE ATTEMPT TO BE ON TIME AND REMAIN FOR THE ENTIRE PERIOD. Arriving late and/or leaving early is inconsiderate of your fellow students. In addition, please TURN OFF your cell phones during class. RE-GRADING POLICY If you have questions regarding the grading of an exam, please state the question in writing on a cover sheet. Return the corrected exam and this cover sheet to me within one week from the time the corrected exams are returned in class. The exam submitted for re-grading should not contain anything that is not in the original exam. I will re-grade the entire exam. After re-grading an exam, the result may change: if a mistake was made in the original grading, then the grade may increase or decrease after re-grading. Ethics and Professionalism Important Policy Issues Accounting professionals are responsible for the integrity of the financial reporting system. High standards of ethics and professionalism are an integral part of an accountant s job. They are key to the integrity of the whole financial reporting process. I expect that you will at all times exhibit high standards of professionalism in this course. In the context of this course, professionalism consists of class participation, attendance, being on time for class, not talking out of turn, being respectful to others, and your general deportment. Repeatedly scheduling work assignments and interviews during class sessions is unacceptable: you are expected to attend class. All materials covered in class and/or included in the assigned chapters are fair game for the scheduled exams. Please arrange your personal schedules so that late arrivals and early departures are avoided. Chronic lateness, talking in class and cell phone calls that distract others are unacceptable. Repeated walking in and out of class is distracting to your classmates and me and, again, will not be tolerated. Gross food and beverage consumption during class is not acceptable be discrete. And, if you must consume some food or drink during class, you are expected to clean up the mess afterwards. You are responsible for discarding beverage containers, wrappers etc in the appropriate receptacles. Leaving garbage in the classroom after class is inconsiderate, unprofessional, and just plain ignorant. 5

5 Academic Integrity I fully support Baruch College's policy on Academic Honesty, which states, in part: "Academic dishonesty is unacceptable and will not be tolerated. Cheating, forgery, plagiarism and collusion in dishonest acts undermine the college's educational mission and the students' personal and intellectual growth. Baruch students are expected to bear individual responsibility for their work and to uphold the ideal of academic integrity. Any student who attempts to compromise or devalue the academic process will be sanctioned." Additional information can be found at honesty.html You must honor Baruch College s standards regarding integrity, honesty, and cheating at all times; sharing of information during exams in any form is strictly forbidden. Please note that a report of suspected academic dishonesty will always be sent to the Dean of Students office. PLEASE READ: You may NOT record (verbally or visually) any part, or all, of this course. The only exception to this is if you have a special need AND get PRIOR approval from me. All approvals must be requested prior to your recording any material or speech in this course. TENTATIVE CLASS SCHEDULE* ACC 3000 Fall 2016 Date Reading Homework (due dates are indicated on Connect Accounting) Aug 25 Th Aug 30 T Sep 1 Th Sep 6 T Sep 8 Th Sep 13 T Sep 15 Th Sep 20 T Sep 22 Th Sep 27 T Sep 29 Th Oct 4 T Oct 6 Th Oct 11 T Oct 13 Th Oct 14 F Oct 18 T Oct 20 Th Oct 25 T Oct 27 Th Introduction Homework 1: E1-1, 6, 8, 9, 11 Chapter 1: Accounting Concepts Chapter 1 (continued): Supplement 1: E1-2, 7, 10, 13, 14 Chapter 2: Accounting Cycle Homework 2: E2-4, 6, 8, 12, 15 Chapter 2 (continued): Supplement 2: E2-6, 9, 10, 17; P2-1, 3, 4, 7 Chapter 5: Revenue Recognition Homework 3: E5-13, 19, 20, 21; P5-8 Chapter 5 (continued): Supplement 3: E5-5, 10, 23, 25; P5-6, 7, 12, 13 No Class Chapter 7: Cash and Receivables Homework 4: E7-1, 24; P7-4, 7, 10 Chapter 7 (continued): Supplement 4: E7-2, 6, 7, 8, 10, 14, 15, 18, 19 Chapter 7: (continued) Midterm I Chapters 1, 2, 5, & 7 No Classes Scheduled No Class Monday Schedule No Classes Scheduled Chapter 8: Inventory Homework 5: E8-3, 4, 8; P8-1, 14 Chapter 8 (continued) Supplement 5: E8-13, 23; P8-2, 3, 4, 15 Chapter 9: Inventory Homework 6: E9-5, 17; P9-4, 9, 10 Chapter 9 (continued): Supplement 6: E9-1, 6, 13, 14, 16; P9-2, 11 Chapter 10: Operational Assets Homework 7: E10-3, 4; P10-1, 8, 9 Chapter 10 (continued): Supplement 7: E10-1, 2, 6, 9, 16, 17, 18, 19 6

6 Nov 1 T Nov 3 Th Nov 8 T Nov 10 Th Nov 15 T Nov 17 Th Nov 22 T Nov 24 Th Nov 29 T Dec 1 Th Dec 6 T Dec 8 Th No Class Chapter 10 (continued): Chapter 11: Depreciation Homework 8: E11-1, 10, 23, 29; P11-5 Chapter 11 (continued): Supplement 8: E11-26, 27, 32; P11-2, 12 Chapter 11 (continued): Midterm Chapters 8, 9, 10, & 11 Chapter 13: Current and Contingent Liabilities No Class College Closed Homework 9: E13-3, 5, 8, 20; P11-3 Supplement 9: E13-9, 15, 16, 17; P13-1, 2, 6 Chapter 13 (continued): Chapter 3: Balance Sheet Homework 10: E3-6, 17, 18, 20; P3-3 Supplement 10: E3-2, 3, 16, 19; P3-7 Chapter 4: Income Statement and Cash Flows Chapter 4: (continued): Homework 11: E4-2, 5, 20; P4-2, 11 Supplement 11: E4-3, 6, 8, 9, 17 Dec X Final Exam Cumulative * The professor reserves the right to make any necessary changes to the syllabus with appropriate announcements in class and on Blackboard.