TEXT: Spiceland, Thomas and Hermann. Financial Accounting. Second Edition. McGraw Hill, ISBN (required).

Transcription

1 Introduction to Financial Accounting I ACG2021 Dr. Deanna O. Burgess Florida Gulf Coast University FGCU Blvd. South, Fort Myers, FL Phone: or fax: dburgess@fgcu.edu CLASS: Summer 2012, CRN 50398, meeting 6:30 9:55 pm, T TH in LH 1202, offered through The Lutgert College of Business, Department of Accounting, 3 credit hours OFFICE HOURS, LH 3330: T TH 5:30 6:30pm, LH 3330 TEXT: Spiceland, Thomas and Hermann. Financial Accounting. Second Edition. McGraw Hill, ISBN (required). PREREQUISITES: C grade or above in CGS 1100 COURSE DESCRIPTION: Accounting information needs of various stakeholders, including managers, owners and creditors (capital markets), governmental agencies, and others. Topics include accounting and business vocabulary, the accounting process, income measurements, cash flow analysis, assets, liabilities, and financial statement content and analysis. COURSE OBJECTIVE: The goal of this course is to provide students with the practical value of accounting information provided in corporate financial statements by recording and measuring events in the accounting process and analyzing the results. Students should emerge with a clear understanding of the accounting process and the financial statements. This course supports the content covered in the ETS exam used to assess the BS degree program for the college of business. EVALUATION: Grades are based upon student performance on the following items: Grading: Achievement: Course Exams 50 pts) 200 pts. A %; Quizzes (highest 10 points) 50 B 80 89; + (85 89) Total points 250 pts. C 70 79; + (75 79) D 60 69; + (65 69) F Below 60% Students are responsible for material/announcements provided in class, whether present or not, and for studying two to three times the hours spent in class. Do not anticipate scaling of grades.

2 Students experiencing problems affecting class attendance or the timely completion of assignments are expected to contact the professor immediately, and in all cases, prior to the due date. No late assignments or exams are accepted. Students are expected to be present for all in class assignments and exams. Missed assignments count as zero. Missed exams without prior instructor notification result in an automatic grade of zero. Accounting students need a B grade or better in this course and business students need a C. Courses may be retaken; all course grades received (including duplications) are averaged in the grade point average. The highest grade is counted toward the B or C grade requirements. Incomplete grades are given at the discretion of the professor and will be considered only in justified cases where the student has made satisfactory, near complete progress in the course at the time of the request. The last day to withdraw without academic penalty is June1, The professor does not support petitions for late withdrawal. Students bring three items to each exam: (1) blank 100 item scantron form, (2) Texas Instruments BA II Plus Calculator, and (3) No. 2 pencil. Students proceed at their own risk when failing to abide by this recommendation. The presence of any non instructor supplied materials, devices or forms of communication (except approved blank scantron form, TI BAII Plus Calculator and No. 2 pencil) during administration or review of an exam is strictly forbidden. Students found with these items during administration or review of an exam will be presumed cheating, without proof of usage, and will be held accountable for academic dishonesty in accordance with the policies set forth in the Student Code of Conduct. Please contact the professor if you have a problem or need help with the course. The professor works in and out of the office and checks messages during weekday work hours. The professor returns messages as soon as possible. STUDENT LEARNING OUTCOMES AND ASSESSMENT: Learning Objective 1. Be able to apply financial accounting and business vocabularies to improve business communication skills. 2. Be able to demonstrate an understanding of the conceptual foundations of financial accounting. 3. Be able to record, analyze and report reliable and relevant financial statement information. Assessment Strategy Homework, quizzes and/or exam Homework, quizzes and/or exam Homework, quizzes and/or exam 4. Be able to prepare and interpret financial statements. Homework, quizzes and/or exam When assessing the learning outcomes above, if 90% of the students answer 80% of the question(s) correctly the assessment is exemplary; if 80% of the students answer 80% of the question(s) correctly the assessment exceeds expectations; if 70% of the student answer 80% of the question(s) correctly the assessment meets expectations; if less than 70% of the students answer 80% of the question(s) correctly, the assessment is below expectations; and if less than less than 60% of the students answer 80% of the question(s) correctly, the assessment fails. Accounting Comprehensive Exam (ACE) in ACG 4632 and ETS Exam in GEB 4890: The sequence of core classes that you are taking in the accounting program (intermediate accounting, cost, auditing, business law and tax) serves to prepare you for the Accounting Comprehensive Exam (ACE). All accounting majors are required to take the ACE exam at the end of ACG 4632 in order to earn a grade in that course. The ACE exam helps the Accounting Department assess whether students are meeting the learning goals established for the BS degree in accounting. Page 2

3 The knowledge you are gaining in the business foundation and core courses in principles of accounting, computers, economics, finance, information systems, law, management, marketing, and operations serves to prepare you for the Educational Testing Service (ETS) exam. All business majors are required to take the ETS exam at the end of GEB 4890 in order to graduate with a BS degree. While your performance on ACE and ETS exams will not impact your grade in ACG 4632 or in GEB 4890, please take these exams very seriously. They are the main tools used to assess the BS degree program in accounting. It is imperative that you do your best in answering the questions. Otherwise, the results will not be reliable and the assessment will not be robust, a result that may jeopardize our SACS accreditation and the Academic Learning Compact we made with the State of Florida, along with having a negative impact on our AACSB accreditation (more about AACSB at: and click on the AACSB logo at the top left). Those students performing above the 80% level in each of the eight sections of the ACE exam and those performing above 80% on the ETS exam will receive a letter of commendation from the Chair and/or Dean recognizing these achievement(s) which can be used as a resume item. ADDITIONAL POLICIES: (1) The Texas Instruments BA II PLUS calculator (around $30) is the only calculator permitted to be used in class. USE OF ALL OTHER ELECTRONIC DEVICES (phones, laptop computers. etc.) are prohibited during class unless otherwise permitted by the instructor. (2) Students are required to purchase and bring a Scantron form to all examinations (use Pearson NCS Test Sheet 100/100, Form No available at the bookstore). (3) Students should read and plan according to the following on line resources. Students are responsible for planning pre registration and graduation. Schedules available in the links below and College advisors, along with the course prerequisite sequences described in the FGCU Catalog and degree program sheets, should assist studengou in ensuring that your plans are successfully implemented. Course substitutions and prerequisite exceptions will be granted only for exceptional circumstances that are clearly beyond the student's control. Florida Gulf Coast University Catalog: Florida Gulf Coast University Student GuideBook: Florida Gulf Coast University Code of Conduct: Accounting Undergrad Schedule: Accounting Grad Schedule: Finance Schedule: ADDITIONAL INFORMATION: Please keep the professor informed of difficulties encountered. The Office of Personal, Academic, and Career Counseling (PAC) provides tutoring services. Academic Behavior Standards and Academic Dishonesty All students are expected to demonstrate honesty in their academic pursuits. The university policies regarding issues of honesty can be found in the FGCU Student Guidebook under the Student Code of Conduct and Policies and Procedures sections. All students are expected to study this document, which outlines their responsibilities and consequences for violations of the policy. No materials, equipment, or data (electronic or otherwise) are permitted during examinations or review of examinations except as expressly permitted. Possession of an examination (completed or otherwise) outside of class is considered a form of cheating. The FGCU Student Guidebook is available online at Disability Accommodations Services Page 3

4 Florida Gulf Coast University, in accordance with the Americans with Disabilities Act and the university s guiding principles, will provide classroom and academic accommodations to students with documented disabilities. If you need to request an accommodation in this class due to a disability, or you suspect that your academic performance is affected by a disability, please contact the Office of Adaptive Services. The Office of Adaptive Services is located in Howard Hall 137. The phone number is or TTY Student Observance of Religious Holidays All students at Florida Gulf Coast University have a right to expect that the University will reasonably accommodate their religious observances, practices, and beliefs. The full policy may be viewed at: view.asp. Center for Academic Achievement The Center for Academic Achievement (CAA) provides academic support services to all FGCU students. Students can take advantage of our free peer tutoring and Supplemental Instruction sessions for lower level math and science courses, as well as workshops to facilitate the development of skills necessary for college success. If you would like to participate in any of our programs, learn about tutoring services, or meet with an Academic Retention Coordinator, please visit the CAA in Library 103 or call us at (239) Our website is Resources General Education program requirements Service learning Distance learning courses On line tutorials ANGEL or Library main page: Tutorials & Handouts: Research Guides: Page 4

5 TENTATIVE SCHEDULE: The following is a tentative assignment schedule. Students are responsible for knowing about any changes announced in class, and submitting assignments when due, whether present in class or not. No late assignments, quizzes or exams are accepted. Dates Chapter: Subject Homework 5/8 1: Accounting Information and Decision Making (a) know four f/s and what is in them, (b) use the four f/s to interpret basic info, and (c) apply the conceptual framework. 5/10 2: The Accounting Information System measure and record events in an accounting system and generate limited f/s using this process: (a) analyze event (b) record event in b/s equation using +/ and dr/cr (c) calculate balances and put together classified f/s, and (d) use limited ratio analysis to interpret f/s. 5/15 3: The Financial Reporting System (a) record expanded events using above process, (b) recognize and record needed adjustments/closing entries to f/s and analyze resulting f/s effects (c) prepare expanded classified f/s and limited ratio analysis to interpret f/s. E2,3,15 P3A,4A,6A E2,6, 9 P6A,9A E1,3,8,9 P3A,7A May 17 Exam One (Chapters 1 3) Dates Chapter: Subject Homework 5/17 4: Cash and Internal Controls (a) prepare a bank reconciliation, and (b) apply internal controls & evaluate their effectiveness. 5/22 5: Receivables and Sales (a) account for adjustments for bad debts, (b) analyze their impact on f/s, and (c) perform ratio analysis to interpret meaning of f/s. 5/24 6: Inventories and Cost of Goods Sold (a) compute four inventory methods, analyze their impact on f/s, compare/contrast them, (b) interpret the results of errors, and (c) perform ratio analysis to interpret meaning of f/s. E1,2,8 P1A, 2A E8,10,14 P3A,4A E2,10,12,18 P2A May 29 Exam Two (Chapters 4 6) Page 5

6 Date Chapter: Subject Homework 5/29 7: Long Term Assets (a) compute three depreciation methods, record and analyze their impact on f/s, and compare/contrast, (b) compute, record, and analyze purchase, use and sales of assets, (c) record amortization and depletion, and (d) perform ratio analysis to interpret meaning of f/s (ROA, Profit Margin, Asset Turnover) 5/31 8: Current Liabilities (a) account, report and analyze liabilities, and (b) perform ratio analysis to interpret meaning of f/s (Current Ratio and Acid Test Ratio) 6/5 9: Long Term Liabilities (a) account, report, analyze, and interpret bond purchases and payments, and (b) perform ratio analysis to interpret meaning of f/s (Debt/Equity Ratio). E3,4,12,14 P4A,5A E1,12,10,14 P1A,8A All MC E1,3,6,7,14 P1A June 7 Exam Three (Chapters 7 9) Date Chapter: Subject Homework 6/7 10: Stockholders Equity (a) account, report, analyze, and interpret stock transactions and resulting balances, (b) prepare, analyze and interpret statement of OE., and (c) perform ratio analysis to interpret meaning of f/s. 6/12 12: Financial Statement Analysis apply vertical and horizontal analysis, ratio analysis and interpret their meaning in a decision context. E8,9,10,11 P2A,3A E2,3,5,6 P6A June 14 Exam Four (Chapters 10 and 12) Page 6