UNIVERSITY OF DELAWARE ACCOUNTING 800 FINANCIAL REPORTING AND ANALYSIS Fall II 2014 Instructor: Dr. Brian Greenstein Office: 222 Purnell Hall Phone: Office: (302) 831-4226 Cell: (610) 715-2022 E-Mail BrianG@udel.edu Office Hours: By appointment. Class Hours: Online Required Texts: We will be using a customized version of Survey of Accounting 3rd Edition by Edmond and published by McGraw-Hill. The textbook is available in e-book format (cheaper) or in print version from the University of Delaware bookstore. Purchasing instructions will be provided under separate cover. Grading: Online Assessments 33.3% Midterm Exam 33.3% Final Exam 33.3% Total 100%
Online Assessments: 33% - Video module assessment quizzes. Each assessment quiz covers one of the module level learning objectives for the course. Each learning objective consists of one or more short lecture videos and a 5 question multiple choice or true/false quiz that assess your understanding of the learning objective. You may re-watch the lecture video as many times as you like. You may retake the module quizzes as many times as you like and the questions will change with each attempt. The video module assessment quizzes are assigned as individual assignments. I will average your top score from each video assessment quizzes. This average will account for 30% of your final grade. All video assessment quizzes should be completed by the assigned dates, but must be completed prior to Monday December 12, 2014. Your overall grade for the assessment quizzes along with your final grade for the course will be posted on Canvas by Tuesday December 12, 2014. Midterm Examination: 33% - Modules 1, 2, and 3 Available starting November 8, 2014 and must be completed by November 24, 2014. This is an individual assignment to be worked alone. You may not give/receive help from anyone while completing this assignment. You may start the exam anytime between the opening date and the due date. Once you start the exam you will have 90 minutes to complete it. You only have one attempt so do not start until you are ready. Final Exam: 33% - Modules 4, 5, 6, and 7 Available December 1, 2014 and must be completed by December 15, 2014. This is an individual assignment to be worked alone. You may not give/receive help from anyone while completing this assignment. You may start the exam anytime between the assigned date and the due date. Once you start the exam you will have 90 minutes to complete it. You only have one attempt so do not start until you are ready. Grading Scale: 92-100 A 90 91 A- 88-89 B+ 82-87 B 80-81 B- 78-79 C+ 72-77 C 70-71 C- 60-69 D Below 60 F PREREQUISITE KNOWLEDGE: This course is an introduction to financial accounting. No prerequisite knowledge is required.
COURSE INFORMATION: Course announcements are available on Canvas and will be emailed to your UD account. Discussion Boards will be posted Canvas. All other learning activities will take place in your Connect accounts. COURSE FORMAT: The focus of this course is acquiring basic financial accounting skills. The course is designed around watching video lectures and completing online assessment exercises to demonstrate your understanding of the materials. There are also two timed online exams that assess your understanding of Course Level learning objectives (see below). COURSE LEVEL LEARNING OBJECTIVES: Upon completion of the course you should be able to: 1. Provide definitions for key terms and phrases commonly used in accounting. 2. Show how multiple business events affect financial statements during multiple accounting periods. 3. Conduct basic financial statement analysis
Course Level LO Module Level Learning Objectives: Module Level LO Module Level Learning Objective Book Ref. Ch-LO Module 1 1 1 Explain the role of accounting in society 1-1 1 Construct an accounting equation using elements of financial statements terminology and record 1-2, 1-3 2 business events in the general ledger accounts organized under the accounting equation 3 Interpret information under the accounting equation. 1-3 1 4 Classify business events as asset source, use, or exchange transactions 1-4 5 Use general ledger account information to prepare four financial statements 1-5 6 Explain the closing process 1-5 2 7 Record business events using the horizontal financial statements model 1-6 Module 2 1 Show how receivables affect financial statements 2 2 2 Show how payables affect financial statements 2 3 Show how supplies affect financial statements 2 2 4 Show how prepaid items affect financial statements 2 2 5 Show how unearned revenue affects financial statements 2 6 Explain the accounting cycle 2 2 7 Prepare four financial statements based on accrual accounting 2 Classify business events into asset source, asset use, asset exchange, or claims exchange 2 8 transactions 3 9 Use financial ratios to analyze financial statements 9 Module 3 1 Identify and explain the primary features of the perpetual inventory system 3-1, 3-2 Explain the meaning of terms used to describe transportation costs, cash discounts, returns and 3-3, 3-6 2 allowances, financing costs, and shrinkage. 3 Show how gains and losses are presented on a multi-step income statement 3-4, 3-5 3 4 Use common size financial statements to evaluate performance 3-7 1 5 Describe the external auditor s role in financial reporting 4-4 Module 4 Explain how the allowance method of accounting for uncollectable accounts affects financial 5-1, 5-2 1 statements 2 Determine uncollectable account expense using the percent of receivables method 5-3 3 Explain how accounting for notes receivable affects financial statements 5-4 4 Show how accounting for credit card sales affects financial statements 5-5 5 Explain how different inventory cost flows affect financial statements 5-6 3 6 Calculate and use inventory turnover to assess performance 9-4 3 7 Calculate the cost of financing credit sales 9-4 Module 5 1 1 Identify different types and determine the cost of long-term operational assets 6-1, 6-2 2 Explain how different depreciation methods affect financial statements 6-3 Determine how gains and losses on disposals of long-term operational assets affect financial 6-4 3 statements 4 Show how expense recognition for natural resources (depletion) affects financial statements 6-7 5 Explain how expense recognition for intangible assets (amortization) affects financial statements 6-8 3 Explain how expense recognition choices and industry characteristics affect financial performance 6-9 6 measures.
Module 6 1 Show how notes payable and related interest expense affect financial statements 7-1 2 Show how sales tax liabilities affect financial statements 7-2 3 Define contingent liabilities and explain how they are reported in financial statements 7-3,7-4 4 Explain how to account for bonds issued at face value and their related interest cost 7-7 1 5 Distinguish between current and noncurrent assets and liabilities on a classified balance sheet 7-9, 7-10 3 6 Use the current ratio to assess the level of liquidity 9-4 1,3 7 Explain the advantages and disadvantages of debt financing NA Module 7 1 1 Identify the primary characteristics of sole proprietorships, partnerships, and corporations 8-1, 8-2 2 Explain how different types of capital stock affect financial statements 8-3, 8-4 3 Show how treasury stock transactions affect financial statements 8-5 4 Explain how dividends, stock splits, and appropriations affect financial statements 8-6, 8-7, 8-8
SUGGESTED CLASS SCHEDULE: Week / Module Date Assignments 1 October 27 Read introductory materials and make sure you are registered with Connect. Start Module 1 videos and assessment quizzes. November 1 Module 1 videos and assessment quizzes should be complete 2 November 3 Start Module 2 videos and assessment quizzes. November 8 Module 2 videos and assessment quizzes should be complete 3 November 10 Start Module 3 videos and assessment quizzes. November 15 November 8 Module 3 videos and assessment quizzes should be complete Midterm Exam assigned. Covers Modules 1-3. Due by 8:00 am November 24 th 4 November 17 Start Module 4 videos and assessment quizzes. November 22 Module 4 videos and assessment quizzes should be complete 5 November 24 Start Module 5 videos and assessment quizzes. November 29 Module 5 videos and assessment quizzes should be complete 6 December 1 Start Module 6 videos and assessment quizzes. December 6 Module 6 videos and assessment quizzes should be complete 7 December 8 Start Module 7 videos and assessment quizzes. December 13 December 1 Module 7 videos and assessment quizzes should be complete Final Exam assigned. Covers Modules 4-7. Due by 8:00 am December 15 th All assessment quizzes are due by December 15