University of North Carolina at Greensboro



University of North Carolina at GreensboroBryan School of Business and EconomicsDepartment of Accounting and FinanceACC 201.03: Financial Accounting (3 credit hours)M/W 3:30-4:45, Bryan 132Fall Session 2010Instructor: Ms. Amanda Cromartie, CPAOffice: 342 Bryan BuildingPhone: 256-0127 (no voicemail)E-mail: altesh@uncg.edu (best way to reach me)Office Hours: Mon/Wed 1pm-2pm, Tue 2:30pm-3:30pm, and by appointmentGraduate Assistant: Jackie ReedAccounting Tutoring: 330 Bryan Building Important Note: There are high expectations for you in this course. The material is difficult and this is considered a demanding, time-intensive course. The course requires homework assignments that are similar to math problems. It is very important that you regularly attend class, actively participate in class, read the text, complete homework assignments, and develop a sound foundation by mastering the basic concepts in Chapters 1-3 of the text. I also encourage you to take advantage of the tutors located in 330 Bryan.Prerequisite: Any one of the following: MAT 115, 120, 150, 151, 191 or 292.Course Objectives: Demonstrate an understanding of basic accounting terminology and proceduresCreate the financial statements which flow from the accounting process with emphasis on the balance sheet and income statement Understand the accounting cycle and accounting systemDevelop an understanding of how business organizations operate and the events which have a financial impact upon themUnderstand time value of money conceptsFacilitate the development of the student’s written communication skills through an essay assignment, essay assessment and/or business memo assignmentsContribute toward the Bryan School’s commitment to information technology by requiring students to use the internet, e-mail, word processing software and spreadsheet software where appropriate within the courseCourse Resources: Text: Financial Accounting (Selected materials from Survey of Accounting and Fundamental Financial Accounting Concepts, both by Edmonds). 2010. ISBN: 10: 0-07-735279-3. This text is compiled especially for UNCG. You may not be able to find it elsewhere. Blackboard: . Will be used for announcements and posting of materials and information for class. McGraw-Hill Connect (Homework Manager): . This website will be used for homework assignments. This is required for the course and an access code can be purchased from the bookstore.Textbook Publisher Resources: . Use this website for practice quizzes, supplementary course information, and Excel templates for some of the Problems in the textbook.A grade will be determined by:10 Homework Assignments (2% each): 20% TotalClass Participation: 10% Total1 Essay: 10%2 Mid-term Exams (15% each): 30% Total1 Final Exam: 30% Grading Scale:A+ = 98-100A = 93-97A- = 90-92B+ = 88-89B = 83-87B- = 80-82C+ = 78-79C = 73-77C- = 70-72D+ = 68-69D = 63-67D- = 60-62F = 59 and belowAll 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.Academic Integrity Policy: Students are expected to know and abide by the Academic Integrity Policy in all matters pertaining to this course. When in doubt about whether or not something violates the code, ask me. 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. This includes inappropriate postings on Blackboard or rude and unprofessional emails. “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.” Any successful learning experience requires mutual respect on the part of the student and the instructor. Neither instructor not student should be subject to others’ behavior that is rude, disruptive, intimidating, or demeaning. The instructor has primary responsibility for and control over the classroom behavior and maintenance of academic integrity. Instructor responsibilities:Start and end class on time.Be prepared for class.Treat all students with courtesy and respect.Be open to constructive input from students in the course.Ensure that opportunities to participate are enjoyed equally by all students in the course.Student responsibilities:Come to class and be seated on time, and refrain from packing up belongings before class ends.Be prepared for class.Limit disruptions, including turning off all electronic devices (see policy below).Be quiet and give full respectful attention while either instructor or another student is speaking.When speaking, use courteous, respectful language and keep comments and questions relevant to the topic at hand.Please visit and uncg.edu/bae/faculty_student_guidelines.pdf for further information. Student Disabilities - Any request for special accommodations must come through the Office of Disability Services with the appropriate paperwork. Please visit for further information.Students in Distress: UNCG cares about your success as a student. We recognize that students often balance many challenging personal issues and demands. Please take advantage of the University resources designed to help. For assistance accessing these resources, contact the Dean of Students Office at 334-5514 or Student Academic Services at 334-5730. The Counseling and Testing Center is available for mental health assistance, 334-5874. You may also visit me during my office hours.Attendance Policy: Attendance of each class is extremely important to your success in this course. Please bring a pencil, eraser, and calculator to each class. I expect students that attend to pay attention during class. Please be respectful of your fellow students and limit disruptions. If you miss a class, it is your responsibility to get the notes and any missed materials from another student in the class.Electronic Devices in the Classroom: Unless you have permission from the instructor, electronic devices (cell phones, pagers, PDAs, Blackberries, iPods, MP3 players, recording devices, etc.) must be turned off and stored away with your personal belongings during class. Any device being seen or heard will be picked up by the instructor and returned at the end of class. Any such device in the “ON” position during an exam will result in a grade of zero and dismissal from the classroom. Computers in the Classroom: The use of a personal laptop computer is allowed for the taking of notes and working Excel examples during class lectures. The use of a personal laptop computer is not allowed for exams. The use of a personal laptop computer for any non-classroom purpose is strictly prohibited and may result in the student being dismissed from the classroom. Class Handouts: Handouts for class will be posted on Blackboard for use in this course. I encourage you to print out a copy of the problems and the work papers for the problems and bring them to class. I will NOT provide copies in class. Solutions will NOT be posted on Blackboard. If you miss a class, it is your responsibility to get the notes and any missed materials from another student in the class.Homework Policies: All homework is to be completed online through McGraw-Hill Connect. Homework is open book and, as much can be learned through discussions with each other, I encourage students to discuss graded homework with other students, but the final result for all of these should be each student's own work. I recommend that you work assigned problems on paper first then upload your answers into Connect before the assignment is due. You can save homework in Connect allowing you to work on the same assignment at different times, but you must SUBMIT the assignment by the due date to get credit. You are allowed to re-work incorrect homework problems one additional time. Answers to homework assignments will be available in Connect the day after the assignment is due. Please review your answers and make sure you understand the material. Late homework will not be accepted.Class Participation: There is a mandatory 10 minute meeting with me during the first 3 weeks of class to be eligible for class participation points. Please come by during my office hours or email me to make an appointment. After this 10 minute meeting, class participation points can be earned by actively participating in class. During 12 random, unannounced classes I will have an in-class assignment that is to be handed in before the end of class. To earn credit, students must demonstrate that they are paying attention in class and taking the assignment and the class seriously. Students are also expected to participate in small group discussions of the topic if requested. It is your responsibility to put your name on your assignment and ensure that your assignments are handed in before the end of class. In-class assignments will not be accepted after class has ended. I will keep a running total in “My Grades” of how many points you have earned, but this portion of your grade will not be factored in until the end of the semester once all opportunities for class participation points have ended. Any disputes as to points earned must be submitted to me in writing. Class participation percentage points will be awarded as follows:10-12 Points = 10% 8-9 Points = 8% 6-7 Points = 6% 4-5 Points = 4% 2-3 Points = 2%Points = 0%Essay: Grading policies for the essay and the essay assignment will be discussed in class on Wednesday, September 8. The essay is due on Wednesday, October 6 at the beginning of class. No late submissions will be accepted. Any disputes regarding essay grading must be submitted to me in writing for consideration.Exams: Mid-term exams are not cumulative, but are closed book and proctored. The final exam is cumulative and proctored. All exams require a pencil and calculator. You may not share or borrow calculators during exams. Cell phones or other PDAs may not be used in place of calculators.If you for some reason you are unable to take a scheduled mid-term exam you must notify me before the scheduled exam date. Failure to do this may result in an exam grade of zero. Please note that the Final Exam is scheduled for Saturday, December 11 from 3:30-6:30. This schedule is set by the University and cannot be changed. Please plan accordingly.In accordance with UNCG’s policy, only those students with three or more final exams within the 24 hour period surrounding our scheduled final exam and have documentation from the registrar’s office are eligible to take the final exam on the make-up day. Documentation from the registrar’s office must be submitted to me before Monday, December 6.Other Comments: I believe that your education is your primary responsibility. It is your job to prepare for and keep up with assignments. Some students have commented that there is too much work in this course or that it is all due on the same day. Accounting courses in general are difficult as they cover a vast amount of material. Deadlines are set, but it is in your hands as to whether or not you do all the work on the last day or you plan ahead and spread it out. This course is a critically important portion of the business curriculum at UNCG. (If you are an accounting major, you should not take this course, but take ACC 218 instead.) It is also very time intensive. You may find it necessary to read the textbook material more than once to fully absorb it.Please note that the chapter assignments may only represent the minimum amount of work necessary to gain an understanding of the material covered in this course. There are no opportunities for “extra credit” in this course. Each assignment is an opportunity to improve your grade.TENTATIVE SCHEDULE OF CLASS TOPICS AND ASSIGNMENTSDateClass #ChapterTOPIC COVERAGE/IN-CLASS EXERCISESAssignmentAug 2311Introduction to Course Chapter 1: An Introduction to AccountingDefine accounting Accounting careersElements of financial statementsThe accounting equation Chapter 1 Homework assigned and available in McGraw-Hill Connect (“Connect”)Aug 2521Types of transactionsHistorical cost and reliability Financial statements (Balance Sheet, Income Statement, Statement of Equity, Statement of Cash Flows)*Handout #1Aug 3031Horizontal financial statement modelPractice with transactions and financial statementsSept 142Chapter 2: Understanding the Accounting CycleAccrual accounting and the Matching ConceptPrepaid expenses (Depreciation, Prepaids, Supplies)Unearned revenues Accrued revenues (A/R, Interest receivable)Accrued expenses (A/P, Interest payable)*Handout #2Chapter 2 Homework assigned and available in ConnectSept. 6Chapter 1 Homework Assignment Due by Monday, Sept 6 at 9:00 PMREMINDER: Homework must be completed using Connect Homework Manager software. Homework can be accessed using the website listed on the syllabus. You must SUBMIT the assignment before it is due. Late assignments will not receive credit.Chapter 1 Homework Assignment DueSept 6Labor Day Holiday – Campus ClosedSept 852Adjusting entries continued Ethics Essay AssignmentSept. 12Chapter 2 Homework Assignment Due by Sunday, Sept 12 at 9:00 PMChapter 2 Homework Assignment DueSept 1363Chapter 3: Accounting for Merchandising BusinessesTermsProduct costs vs. Selling and administrative costsPerpetual vs. Period inventory systems*Handout #3Chapter 3 Homework assigned and available in ConnectSept 1573Transportation costs, purchase returns, cash discountsGains and lossesSept 2083Multistep income statementLost, damaged, or stolen inventoryEvents affecting salesCommon size income statement and ratiosSept 2294Chapter 4: Accounting for InventoriesInventory methods: LIFO, FIFO, Weighted Average, Specific Identification*Handout #4 Chapter 4 Homework assigned and available in ConnectSept 26Chapter 3 Homework Assignment Due by Sunday, Sept 26 at 9:00 PMHomework Assignment DueSept 2710Mid-term Exam: Chapters 1, 2, & 3REMINDER: Bring a pencil with an eraser and a calculator. Notes, scrap paper, and cell phones are NOT allowed during the exam. Mid-term ExamSept 29114Internal control systemsAccounting for CashOct 4124Inventory ratiosWrap-upOct 6135Chapter 5: Accounting for ReceivablesAllowance method for uncollectible A/RDirect write-off method vs. the allowance methodEstimating uncollectible accounts expense *Handout #5Chapter 5 Homework assigned and available in ConnectOct 10Chapter 4 Homework Assignment Due by Sunday, Oct 10 at 9:00 PMHomework Assignment DueOct 11Fall Break – Campus ClosedOct 13145Accounting for Notes ReceivableCredit card salesOct 18155Essay Due at the beginning of classCosts of credit salesOperating cycleA/R turnover ratioEssay DueOct 20166Chapter 6: Accounting for Long-Term Operational Asset (Fixed Assets)Tangible versus intangible assetsDetermining the cost of long-term assets Methods of recognizing depreciation expense (straight-line, DDB, Units of Production)*Handout #6Chapter 6 Homework assigned and available in ConnectOct 24Chapter 5 Homework Assignment Due by Sunday, Oct 24 at 9:00 PMHomework Assignment DueOct 25176Revision of estimatesContinuing expenditures for plant assets (capital vs. revenue expenditure)(NOTE: Last day to drop Oct 15)Oct 27186Natural resourcesIntangible assetsBalance sheet presentationEffect of judgment and estimationOct 31Chapter 6 Homework Assignment Due by Sunday, Oct 31 at 9:00 PMHomework Assignment DueNov 1197(exclude pp. 257-266; this material will be covered in Ch. 8)Chapter 7: Accounting for LiabilitiesCurrent vs. noncurrentCurrent liabilities (current portion of Notes Payable, Sales Tax, Contingent Liabilities, Warranty Obligations)CovenantsRatios*Handout #7Chapter 7 Homework assigned and available in ConnectNov 320Mid-term Exam: Chapters 4, 5, & 6REMINDER: Bring a pencil with an eraser and a calculator. Notes, scrap paper, and cell phones are NOT allowed during the exam. Mid-term ExamNov 821Appendix AAppendix A: Time Value of MoneyPresent value and Future value of a single amountPresent value and future value of an annuity*Handout #8Appendix A Homework assigned and available in ConnectNov 9Chapter 7 Homework Assignment Due by Tuesday, Nov 9 at 9:00 PMHomework Assignment DueNov 10228 (including Appendix on pp. 308-312)Chapter 8: Accounting for Long-Term DebtInstallment notes payableLine of CreditBondsSecurity for Loans*Handout #9Chapter 8 Homework assigned and available in ConnectNov 14 Appendix A Homework Assignment Due by Sunday, Nov 14 at 9:00 PMHomework Assignment DueNov 15238Bonds issued at a discountBonds issued at a premiumBond redemptionsNov 17248Bond interest payments and amortization (Appendix)Financial leverage and tax advantage of debt financingRatiosNov 21Chapter 8 Homework Assignment Due by Sunday, Nov 21 at 9:00 PMHomework Assignment DueNov 22259Chapter 9: Proprietorships, Partnerships, and CorporationsBusiness forms: sole proprietorship, partnership, corporationStock: authorized, issued, outstandingStock: preferred and common*Handout #10Chapter 9 Homework assigned and available in ConnectNov 24Thanksgiving Holiday – Campus ClosedNov 29269Cumulative dividends and dividends in arrearsAccounting for stock transactions on the day of issueDec 1279Accounting for stock transactions after the date of issue (Treasury Stock, Cash Dividends, Stock Dividends, Stock Splits)Financial statement presentationRatiosDec 5Chapter 9 Homework Assignment Due by Sunday, Dec 5 at 9:00 PMHomework Assignment DueDec 628Last Day of Class – ReviewDec 11ExamSaturday, Dec. 11 3:30-6:30Dec 15Make-up ExamWednesday, Dec. 15 (Time and Place TBA)NOTE: See EXAM POLICIES on page 3 of the syllabus to determine whether you may be eligible for the make-up final exam date.NOTE: The above is a tentative schedule. We will cover all of the material in the schedule, but adjustments may be made as to date a topic is covered. The exam dates will not change. In the event that we speed up or slow down a bit, I will adjust the material on the exam, not the date of the exam. ................
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