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University of North Carolina at GreensboroBryan School of Business and EconomicsDepartment of AccountingACC 218: Financial Statement Preparation and Disclosures(Financial Accounting for Accounting Majors)Fall Session, 2010INSTRUCTOR: Cindi J Khanlarian, CPA, CMAOFFICE: 388 BryanPHONE:Office: 256-0126 Home: 286-2099E-MAIL: Khanlarian@UNCG.eduOFFICE HOURS: Tuesday & Thursday 12:30 – 1:30, 4:45 – 5:45Other times by appointmentPrerequisites/Corequisites:MAT 115 or equivalent; GPA 2.0 or aboveFor Whom Planned: This course is a required course in the undergraduate accounting degree program. Students must complete the course with a “C” or better. Catalogue Description:ACC 218: “First financial accounting course for students desiring to pursue upper division accounting courses. Includes coverage of basic financial statement preparation, time value of money concepts, and techniques for accounting valuation.”Objectives:Upon completion of this course students will:Appreciate the environment of financial accounting; understand how businesses operate, and identify the events that impact their financial prehend basic accounting terminology and financial statement preparation, particularly the balance sheet and income statement.Appreciate the concepts and principles that underlie generally accepted accounting principlesUnderstand the accounting information system and the accounting prehend the fundamentals of the time value of money.Demonstrate, through the completion of a practice set, mastery of the accounting cycle and preparation of financial statements. Evaluation Methods and Guidelines for Assignments:Course grade will be determined through:2 Tests @ 20% each 40% Homework & Quizzes 15%Rockford 20% Final Exam 25%Grading Scale:A+ = 98-100A = 93-97A- = 90-92Graduate students: any average below 70 = F F = 59 and belowB+ = 88-89B = 83-87B- = 80-82C+ = 78-79C = 73-77C- = 70-72D+ = 68-69D = 63-67D- = 60-62All grades will be posted on Blackboard. It is your responsibility to make sure they are recorded correctly. Please contact me immediately if there is an error.Required Texts/Readings/References: Intermediate Accounting, Thirteenth EditionDonald E. Kieso, Jerry J. Weygandt, Terry D. WarfieldRockford Corporation: An Accounting Practice Set to Accompany Intermediate Accounting Thirteenth Edition, Kieso, Weygandt, Warfield and prepared by Larry Falcetto, Wiley 2009. Honor Code: Students are expected to know and abide by the Honor Code in all matters pertaining to this course. If you find yourself behind or in a difficult situation, please come to see me. Do not be tempted to cheat. Cell Phones: Having a cell phone out, open or on your desk during a test or exam is a violation of the Honor Code.Student Conduct: Students are expected to know and abide by the Student Code of Conduct. Students who behave in an unprofessional manner will be dismissed from the class. “An academic community of integrity upholds accountability and depends upon action in the face of wrongdoing. Every member of an academic community—student, group/organization, faculty member, and staff—is responsible for upholding the integrity of the community.” uncg.edu/bae/faculty_student_guidelines.pdf ?Student Disabilities - ( ) Any request for special accommodations must come through that office with the appropriate paperwork.Attendance policy: while there is no required attendance policy, be aware that people who come to class generally perform better on tests than people who do not come to class. Prompt and regular class attendance is necessary to master the material in ACC 218. Financial Accounting is not an overly difficult subject, but it does require students to prepare for class in advance, study regularly, and resolve any problems or difficulties in understanding the material promptly. Should you feel that you are lost, please seek help immediately. It is difficult to discover knowledge the day before an exam. Make-up Exam Policy: Make-up tests will be prepared for students with documentation. Quizzes cannot be made up.Makeup policy for other assignments: Homework is due on the due date at the beginning of class. No late homework is allowed. No late submissions will be accepted.This class will abide by the University’s policy during inclement weather as it is posted on the website or by calling 334-5000.Other Comments:1. I believe that your education is your primary responsibility. It is your job to prepare for and attend class. 2. This course is a critically important portion of the accounting curriculum. It is also very time intensive. You may find it necessary to read the material more than once to fully absorb it.3. Please note that the chapter assignments and practice sets may only represent the minimum amount of work necessary to gain an understanding of the material covered in this course. 4. There are no opportunities for “extra credit” in this course.5. Please bring your calculator to all classes. You may not borrow or share calculators during quizzes, tests or exams. Topical Outline: Items highlighted in yellow indicate a document on Blackboard. Please print and bring to class or bring your laptop.Items highlighted in blue indicate homework that must be submitted at the beginning of that class period. Turn it in early if you think you will be late to class. Items highlighted in pink indicate homework assignments to be completed using Wiley Plus.DateTOPIC COVERAGEAug. 24Intro to course Chapter 3: The Accounting Information SystemDefine accounting and the accounting information systemLearn the 5 elements and the accounting equation (page 39)Historical cost, separate entity, Business forms: sole proprietorship, partnership, corporationTransactionsAccount classification worksheetAug. 26Record transactions and learn the formulas to prepare financial statementsIncome Statement, Statement of EquityBalance Sheet, Statement of Cash FlowsBumper, Financial Statement Preparation, Patriot, RoddickAug. 31Roddick dueDebits and CreditsJournals and ledgersPicardSept. 2Accounting Transaction CyclesAdjusting entries (page 75 – 90)Prepaid expenses (Depreciation, Prepaids, Supplies)Unearned revenues Accrued revenues (A/R, Interest receivable)Accrued expenses (A/P, Interest payable)AccrualSept. 5Homework Assignment #1 due by Sept. 5 @ 11:00 PMSept. 7 Trial Balance, Adjusted Trial Balance (90-92)WorksheetAccrual WorksheetSept. 9Indiana Jones assignment dueClosing Entries & post-closing trial balance (92-95)ClosingSept. 12Homework Assignment #2 due by Sept. 12 @ 11:00 PMSept. 14Chapter 1Parties involved in standard setting Generally accepted accounting principles Issues in financial reportingHouse of GAAP Sept. 16ReviewSept. 19Homework Assignment #3 due by Sept. 19 @ 11:00 PMSept. 21Exam 1Sept. 23Test SolutionsChapter 2 Conceptual Framework: Basic objectives of financial reportingFundamental concepts--Qualitative characteristicsSept. 28Recognition and measurement conceptsIn class: bring your book: E2-1, E2-2, E2-3, E2-4, E2-5Sept. 30Chapter 4 Income statement preparation and related informationFormat of the income statementIn class: bring your book: E4-4Oct. 3Homework: Assignment #4 due by Oct. 3 @ 11:00 PMOct. 5Reporting irregular itemsBring your bookOct. 7Periodic versus Perpetual (384-385)Periodic/Perpetual worksheet, Terms and discounts: p. 320 & PayrollOct. 14Chapter 5 Balance Sheet preparation, limitations, classifications, current ratio, working capital, Cash equivalents, Petty cash, Short-term investmentsA/R and the allowance for doubtful accounts & Bad Debt Expense (324-326)Accounts Receivable worksheet(Last day to drop Oct. 15)Oct. 17Homework #5 due by Oct. 17 @ 11:00 PMOct. 19Rockford MaterialInventories: LIFO, FIFO, LCM (394-398)Inventory worksheetOct. 21Property, Plant and EquipmentAcquisitionUse (Depreciation: sum of years’ digits, units of production, straight-line, double declining balance: p. 542-545)Disposal (Gain or loss on disposal: p. 485-488)Long Term Assets worksheetOct. 24Homework #6 due by Oct. 24 @ 11:00 PMOct. 26Liabilities: current, long-term, contingenciesBonds (690-700)BondsOct. 28Owners’ EquityRecording Stock purchases: p. 745-746, 754and Treasury stock: p. 749-753Recording cash dividends declared: p. 758StockOct. 31Homework #7 due by Oct. 31 @ 11:00 PMNov. 2ReviewNov. 4Exam 2Nov. 9Chapter 6 Accounting and the time value of moneyBasic time value conceptsTime value charts & Time value worksheetNov. 11Present and future valueAnnuitiesBondsNov. 16Chapter 5: Statement of Cash FlowsOperatingInvestingFinancingBring your book for in-class exercisesNov. 18Rockford Set Due: at the beginning of classIndirect method: Cash FlowsBring your bookNov. 21Homework #8 due by Nov. 21 @ 11:00 PM Nov. 23Internal ControlNov. 30International issues (Chapter 1) & Ethics in AccountingDec. 2ReviewDec. 5Homework #9 due Dec. 5 by 11:00 PMExam11:00 class: Tuesday, Dec. 14@ noon room 1282:00 class: Friday, Dec. 10 from 3:30 – 6:30 room 104Option: Dec. 9 @ 3:30 room 160 ................
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