GSBA 510 USC Marshall School



GSBA 510 Accounting Concepts and Financial Reporting

MSF Program

Summer 2017

Fundamentals of Financial Accounting

Randy Beatty

117 Accounting Building

Email: rbeatty@marshall.usc.edu

213-761-9186 (cell)

213-740-4828 (O)

310-546-9363 (H)

Alison Kays – Marshall School PhD Candidate & GSBA 510 TA

Email: Allison.Kays.2019@marshall.usc.edu

Class Meetings: Section 15594 Monday/Wednesday 9:30 am – 11:55 am – 202 JKP

Section 15595 Monday/Wednesday 1:00 pm – 3:25 pm - 202 JKP

Office Hours: R Beatty Monday/Wednesday 4:00 – 6:00 pm & by appointment.

A Kays (TA) Tuesday/Thursday 3:30 – 5:30 pm & by appointment.

(117 Accounting Building)

COURSE DESCRIPTION AND OUTLINE

1. Course Objectives

This course is designed to provide a working knowledge of the fundamentals of financial accounting. We will pursue this objective by:

i. covering rules, conventions, and approaches used in preparation of financial statements,

ii. understanding the core concepts of financial reporting,

iii. developing the skills to analyze financial statements,

iv. investigating various public sources of financial information used in capital markets, and

v. considering the usefulness and limitations of financial statement analysis in specific

decision contexts.

With these objectives, we investigate the following topics:

i. concepts, principles, and methods (GAAP & IFRS)

ii. financial statements (balance sheet, income statement, & cash flow statement),

iii. assets (current assets, PP&EQ, & Intangible assets),

iv. equities – liabilities (current & long-term) and stockholders’ equity, and

v. analysis of financial statements.

Learning Objectives

The successful student will be able to construct, compare and contrast accounting measures of operating returns and risks from publicly available financial reports. Students will be able to construct and interpret accounting based measures of financial risks facing equity and debtholders from financial statements. Additionally, students will be able to articulate the usefulness and limitations of accounting disclosures.

All students will be proficient in applying GAAP rules and conventions in the preparation of financial statements. All students will be able to construct the primary financial statements for a publicly traded firm from trial balances and they will be able to describe the typical structure, organization, and information contained in publicly available sources of accounting information (for example, annual reports, 10-Ks, and 10Qs). All students will be able to list and explain at least three major differences between GAAP and IFRS.

All students will be able to construct an analysis of financial statements and draw meaningful inferences concerning profitability, liquidity, and solvency for a medium size firm publicly traded firm. A significant proportion of students will be able to select accounting principles, conventions, implementation decisions, and estimates that would maximize reported net income or minimize financial risk measures (for example, Long-term Debt/Total Assets) for a particular year. All students will be able to describe management’s financial reporting choices and likely motivations.

2. Course Materials

a. MyBusinessCourse

Cambridge Publishing Company

b. Required Text

Financial Accounting, 5th Edition by Dyckman, Hanlon, Magee, and Pfeiffer. (DHMP)

c. USC Blackboard Course Pages

All information for this course, including announcements, assignments, solutions and other resources will be posted on the USC Blackboard Course Pages under .

If you have any questions or need assistance with the Blackboard Course Pages, please contact the Marshall Help Desk (Hoffman Hall Room 300, 213-740-3000 or HelpDesk@marshall.usc.edu.

Course Grade

The course grade is based on the following:

i. Class Participation (3 group projects) 5%

ii. Mid-term - [June 21] 35%

iii.. Comprehensive Final Exam – [July 24th (9:00 am – 12:00 noon)] 60%

Total 100%

Retention of Graded Work

Retained paperwork (unclaimed by students) will be discarded after December 31, 2019.

|Session |Date |DHM&P Chapter(s)|Topic |ASSIGNMENTS[1] |

|1 | |1 |Intro. Financial Accounting & | |

| |May 31 | |Foreshadowing GSBA 510 |DHMF Self-study: E1.31, P1.36, |

| | | | |& P1.38 |

| | | | | |

| | | | |Primary HW: E1.27& C1.47 |

|2 |June 5 | | | |

| | |2 | |DHMF Self-study: P2.57& P2.69 |

| | | |Constructing Financial Statements | |

| | | | |Primary HW: E2.46 & P2.67 |

| | | | | |

| | | | |Group Project #1 Mattel F/S |

| | | | |Scavenger Hunt |

|3 |June 7 |3 |Adjusting Accounts for Financial Statements| |

| | | | |DHMF Self-Study M3.24& P3.54 |

| | | | | |

| | | | |Primary HW: M 3.21, M3.29, |

| | | | |& P3.47 |

|4 |June 12 |4 |Reporting and Analyzing Cash Flows | |

| | | | |DHMF Self-Study M4.31, P4.46, |

| | | | |P4.48, & P4.52 |

| | | | | |

| | | | |Primary HW: E4.42, P4.51, |

| | | | |& C4.57 |

|5 |June 14 |5 |Analyzing and Interpreting Financial | |

| | | |Statements | |

| | | | |DHMF Self-Study M5.15, M5.16, |

| | | | |M5.17, & M5.18 |

| | | | | |

| | | | |Primary HW: P5.41, P5.42, |

| | | | |& P5.44 |

| | | | |(forecast) |

| | | | | |

| |June 16 |Alison Kays | | |

| | | |Mid-Term Help Session |TA Led Help Session; |

| | | |(1pm – 4 pm) |(1) Representative Problems; |

| | | |210 JKP |(2) Q&A |

|Session |Date |DHM&P Chapter(s)|Topic |ASSIGNMENTS |

|6 |June 19 |6 |Reporting and Analyzing Revenues, | |

| | | |Receivables, and Operating Income (cont.) |Group Project #2 Construct F/S |

| | | | |& Analysis |

| | | | | |

| | | | | |

| | | | |DHMF Self-Study M6.16, E 6.29, |

| | | | |& E 6.34 |

| | | | | |

| | | | |Primary HW: M6.26, E6.30, |

| | | | |& E6.38 |

| | | | | |

|7 |June 21 |7 |Reporting and Analyzing | |

| | | |Inventory |Mid-term (Chapters. 1 – 6) |

| | | | | |

|8 |June 26 |7 |Reporting and Analyzing | |

| | | |Inventory |DHMF: Self-Study M7.13, M7.17, |

| | | | |M7.19, P7.34 |

| | | | | |

| | | | |Primary HW: M7.15, E7.26, |

| | | | |& P7.36 |

| | | | | |

|9 |June 28 |8 |Reporting and Analyzing | |

| | | |Long-term Operating Assets |DHMF: Self-Study M8.13, E8.24, |

| | | | |E8.27, & E8.35 |

| | | | | |

| | | | |Primary HW: E8.28, P8.39 |

| | | | |& C8.42 |

| | | | | |

| | | | | |

| | | | | |

| | | | | |

|10 |July 5 | 9 |Reporting and Analyzing Liabilities |DHMF: Self-Study M9.27, E9.41, |

| | | |& |E9.48,& E9.39 |

| | | |Appendix A (618 – 634) | |

| | | | |Primary HW: E9.46, P9.52, |

| | | | |P9.53 & P9.59 |

|11 |July 10 |10 |Reporting Leases | |

| | | |(460-474) |DHMF Self-Study M10.12, M10.14, |

| | | | |E10.27 |

| | | | | |

| | | | |Primary HW: M10.13, M10.16 |

| | | | |& E10.26 |

|12 |July 12 |10 |Reporting Pensions and Income Taxes |DHMF Self-Study M10-18, E10-31, |

| | | |(475-492) |P10-41 |

| | | | | |

| | | | |Primary HW: M10-19, M10-22, |

| | | | |& P10-40 |

|13 |July 17 | 11 |Reporting and Analyzing Shareholders’ | |

| | | |Equity | |

| | | | |Primary HW: P5-36 & P5-37 |

| | | | | |

| | | | |Group Project #3 Operating and |

| | | | |Financial Risk |

| | | | | |

|14 |July 19 |11 |Reporting and Analyzing Shareholders’ |DHMF Self-Study M11.36, E11-45 |

| | | |Equity |& E11.51 |

| | | | | |

| | | | |Primary HW: E11.52, P11.58 |

| | | | |& P11.60 |

| | | | | |

| |July 21 |Alison Kays | Final Help Session | |

| | | |(1pm – 4 pm) |TA Led Help Session; |

| | | |112 JKP |(1) Representative Problems; |

| | | | |(2) Q&A |

| | | | | |

|15 |July 24 | |Final - Comprehensive | |

| | | | | |

| | | | | |

Academic Integrity

USC seeks to maintain an optimal learning environment. General principles of academic honesty include

the concept of respect for the intellectual property of others, the expectation that individual work will be

submitted unless otherwise allowed by an instructor, and the obligations both to protect one’s own academic work from misuse by others as well as to avoid using another’s work as one’s own. All students

are expected to understand and abide by these principles. SCampus, the Student Guidebook, (usc.edu/scampus or ) contains the University Student Conduct Code (see University Governance, Section 11.00), while the recommended sanctions are located in Appendix A.

Students will be referred to the Office of Student Judicial Affairs and Community Standards for further

review, should there be any suspicion of academic dishonesty. The review process can be found at the following website: . Failure to adhere to the academic conduct standards set forth by these guidelines and our programs will not be tolerated by the USC Marshall community and can lead to dismissal.

No audio or video recording is permitted.

Statement of Academic Conduct and Support Systems

Academic Conduct:

Plagiarism – presenting someone else’s ideas as your own, either verbatim or recast in your own words – is a serious academic offense with serious consequences. Please familiarize yourself with the discussion of plagiarism in SCampus in Part B, Section 11, “Behavior Violating University Standards” . Other forms of academic dishonesty are equally unacceptable. See additional information in SCampus and university policies on scientific misconduct, .

Support Systems:

Student Counseling Services (SCS) - (213) 740-7711 – 24/7 on call

Free and confidential mental health treatment for students, including short-term psychotherapy, group counseling, stress fitness workshops, and crisis intervention.

National Suicide Prevention Lifeline - 1-800-273-8255

Provides free and confidential emotional support to people in suicidal crisis or emotional distress 24 hours a day, 7 days a week.

Relationship & Sexual Violence Prevention Services (RSVP) - (213) 740-4900 - 24/7 on call

Free and confidential therapy services, workshops, and training for situations related to gender-based harm.

Sexual Assault Resource Center

For more information about how to get help or help a survivor, rights, reporting options, and additional resources, visit the website:

Office of Equity and Diversity (OED)/Title IX compliance – (213) 740-5086

Works with faculty, staff, visitors, applicants, and students around issues of protected class.

Bias Assessment Response and Support

Incidents of bias, hate crimes and microaggressions need to be reported allowing for appropriate investigation and response.

Student Support & Advocacy – (213) 821-4710

Assists students and families in resolving complex issues adversely affecting their success as a student EX: personal, financial, and academic.

Diversity at USC –

Tabs for Events, Programs and Training, Task Force (including representatives for each school), Chronology, Participate, Resources for Students

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[1] DHMP refers to the Dyckman, Hanlon, Magee, and Pfeiffer texts. Bold numbers refer to primary homework problems that all students should attempt. Italicized numbers refer to supplemental homework problems that may be attempted by students that wish some extra practice. Self-Study Problem answers with commentary will be available on Blackboard. While the student should attempt all of the primary problems in bold, not all of these problems will be explicitly covered in class. Solutions to all problems primary homework problems will be available electronically once the materials have been covered in class.

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