COLLEGE OF BUSINESS AND GLOBAL AFFAIRS
Course Data Sheet
Spring 2016
College Mission Statement:
The college’s main priority is the delivery of excellent undergraduate education in business disciplines as well as international studies and political science. Student-faculty interaction is central to this education process. Moreover, the college emphasizes experiential-learning opportunities, a global outlook, quality graduate instruction, scholarly research, university and professional service, and west Tennessee economic development.
(Approved at November 22, 2013 CBGA Faculty Meeting)
Course Number and Title: Accounting 201, Financial Accounting I.
Course Description and Prerequisites:
This course is designed to help students appreciate the role of accountants in providing information helpful to decision of investors, creditors, government regulators, management and others, and understand how that information can be used. Emphasis is on comprehending the meaning and value of the balance sheet and income statement. Students should have sophomore standing and MATH 140 or MATH 160 or MATH 185 or MATH 210 or MATH 251.
Course Text and Required Materials, Miller-Nobels, Mattison and Matsumura, Financial and Managerial Accounting:
5th Edition, Pearson, 2016.
The MyLab program will be used to prepare homework and additional assignments.
Your Pearson text and MyLab homework and assignment manager can be purchased at this link.
Please bring your text to class in print or digital form.
BSBA Learning Objectives related to the CBGA Mission:
Graduates of the BSBA program will have demonstrated the following BSBA learning goals in this course:
BSBA 2 Demonstrate an understanding of the ethical aspects of business
BSBA 3 Demonstrate critical thinking skills
BSBA 4 Demonstrate effective verbal and written communication skills
BSBA 5 Demonstrate an understanding of the business core
Expected Student Outcomes:
The study of Financial Accounting Information for Decision Making has as its objective to provide the student with an understanding of:
· The accounting profession, terminology, concepts, principles, business ethics, and the work of accountants, both professional and private, (BSBA objectives #2, #3, #5)
· The role of accounting in our economic society and to aid the student in better understanding the role of accounting in the business school core requirements, (BSBA objective #5)
· The tools needed to process accounting data through to the end result of comprehension of the acceptable form of the balance sheet and income statement, (BSBA objectives #3, #4, #5)
· The usefulness and limitations of financial statements prepared in accordance with generally accepted accounting principles (GAAP), (BSBA objective #5)
· The need for effective communication to users of accounting information, (BSBA objective #4)
· The analytical and critical thinking problem solving skills, and (BSBA objective #3, #5)
· The relationship of accounting to the business core and to prepare the student for further study in other business courses. (BSBA objective #5)
COLLEGE OF BUSINESS AND GLOBAL AFFAIRS
Class Data Sheet
Accounting 201, Sections 001 and 002, Spring 2016
Class time/place: Section 001, Monday, Wednesday and Friday; 9:00 a.m. – 9:50 a.m.; BA 135
Section 002, Monday, Wednesday and Friday; 11:00 a.m. – 11:50 a.m.; BA 135
Instructor: Dr. Ronald Kilgore
Office: Room 138, Business Administration
Office hours: Monday, Wednesday, and Friday: 1:00 p.m. – 2:00 p.m.
Tuesday and Thursday 11:00 pm – 3: 00 pm
Other times by appointment
Telephone: 731-881-7240
Email:
Required material: Calculators (no cell phones) are permitted.
Calculators will be provided for examinations.
Pencils and erasers will be needed in completing all quizzes and exams.
Attendance Policy
· Students are expected to attend all class meetings for the entire class period.
· Students are responsible for all announcements made and material covered during an absence.
· All assignments will be on the course syllabus with a due date.
· No assignment can be made up or turned in after the due date
· If one interim exam is not taken, the comprehensive final exam grade will be substituted for that interim exam.
· If more than one interim exam is not taken, the comprehensive final exam grade will be substituted for ONE AND ONLY ONE interim exam, AND a grade of zero (0) will be entered for each additional interim exam that is not taken.
· If all interim exams are taken AND the comprehensive final exam grade is higher than the grade on any interim exam, the comprehensive final exam grade will be substituted for the interim exam with the lowest grade.
· (Exception: An absence, if appropriately documented, resulting from participation in University-sponsored activities.)
Other
· Students are not only responsible for all material in the chapters assigned in the textbook but also for all homework assignments which are to be completed.
· Students are encouraged to ask for assistance as needed.
· All transfers of junior and senior level courses normally taught in the College of Business and Global Affairs must be approved in advance by the student’s department chair (or dean) upon recommendation by the student’s advisor.
Evaluation
EXAM DATE and CHAPTERS TIME WEIGHT
1 SEE CLASS SCHEDULE 100 POINTS
2 SEE CLASS SCHEDULE 100 POINTS
3 SEE CLASS SCHEDULE 100 POINTS
MyLab 100 POINTS
MASS FINAL 100 POINTS
Grades:
A: 90.0-100% of total possible points
B: 80.0-89% “ “ “ “
C: 70.0-79% “ “ “ “
D: 60.0-69% “ “ “ “
F: Below 60% “ “ “ “
Day / Topic Covered / ReadingAssignments
/ ClassProblems
{A Only} / Extra Credit / Relationship to BSBA Goals
1/15 / What are the organizations and rules that govern accounting? / Ch.1 / BSBA 2
1/18 / MLK
1/20 / What is the accounting equation? / P41 / BSBA 2
1/22 / How do you analyze a transaction and how do you prepare financial statements? / P42, P43 / BSBA 3
1/25 / How do you use financial statement to evaluate business performance? / P44, P45 / Fraud 1-1 / BSBA 2,3 4
1/27 / What is an account and what is double-entry accounting? / Ch.2 / BSBA 5
1/29 / How do you record transactions and what is the trial balance? / P29, P30 / BSBA 2
2/1 / Using the debt ratio to evaluate business performance? / P32, P33, P34 / BSBA 3
2/3 / Difference between cash basis accounting and accrual basis accounting? / Ch.3 / BSBA 3
2/5 / What concepts and principles apply to accrual basis accounting? / P33 / BSBA 3
2/8 / What are adjusting entries and the adjusted trial balance? / P34,P35 / BSBA 3
2/10 / What is the impact of adjusted entries on the financial statements and would a worksheet help in preparing the adjusted trial balance? / P37,P38 / BSBA 3
2/12 / Test 1 / Fraud Case 1-1 Due
2/15 / How do we prepare financial statements and would a worksheet help? / Ch.4 / BSBA 2
2/17 / What is the closing process and how do we close the accounts? / P28,P29 / BSBA 3,4
2/19 / How do we prepare a post-closing trial balance? / P30,P32,P33 / Ethics Case 4-1 / BSBA 2,4
2/22 / What merchandising operations? Purchases of merchandise inventory recorded in a perpetual inventory system? / Ch.5 / BSBA 3
2/24 / Sales of merchandise inventory recorded in a perpetual inventory system? / P31 / BSBA 3
2/26 / What are the adjusting and closing entries for a merchandiser? / P33, P34 / BSBA 3
2/29 / How are the financial statements prepared for a merchandising firm? / P35, P36 / BSBA 3
3/2 / What are the accounting principle and controls that relates to a merchandising inventory? / Ch.6 / Fraud Case 6-1 / BSBA 3
3/4 / How are the merchandising cost determined under a perpetual inventory system? / P28, P29,P30 / BSBA 3
3/7– 3/13 / Spring Break
3/14 / How are financial statements effected by using different inventory costing methods? LCM & error effects on inventory. / P31,P32 / BSBA 3,5
3/16 / Test 2 / Ethics case 4-1 and Fraud case 6-1 Due
3/18 / What is internal control and how does it protect assets? / Ch.7 / BSBA 3
3/21 / What are the inventory control procedures with respect to cash receipts and cash payments? / P21,P22 / BSBA 3
3/23 / How can a petty cash fund and a bank account be used for internal controls? / P23,P25,
P26 / BSBA 3
3/25 / Good Friday
3/28 / What are types of receivables and how are credit sales recorded? / Ch.8 / BSBA 2
3/30 / How are uncollectible accounted for using the direct wright-off method and the allowance methods? / P27,P28 / BSBA 2
4/1 / How are notes receivables accounting for? / P30,P32, P33 / BSBA 2
4/4 / How does a business measure of the cost of a plant asset and what is depreciation and how is it computed? / Ch.9 / BSBA 3
4/6 / How are disposals of a plant asset recorded? / P30,P31 / BSBA 3
4/8 / How are natural resources and intangible assets accounted for? / P32,P33,
P34 / Ethics case 9-1 / BSBA 3
4/11 / Test 3 / Ethics case 9-1 Due
4/13 / How are current liabilities of known amounts accounted for? / Ch.11 / BSBA 2
4/15 / How are payroll recorded and how are current liabilities that must be estimated accounted for? / P25,P26 / BSBA 2
4/18 / Continued / P27,P28,
P29 / Ethics case 11-1 / BSBA 2
4/20 / How are long-term notes and mortgages accounted for? / Ch.12 / BSBA 2
4/22 / What are bonds and how do we calculate straight-line amortization? / P31 / BSBA 2,4
4/25 / How is the retirement of bonds accounted for? How are liabilities reported on the balance sheet / P32,P33 / BSBA 2,4
4/27 / How do we use the debt to equity ratio to evaluate a business performance / P34,P35 / Ethics case 11-1 Due / BSBA 2,4
4/29 / TBA
Any student eligible for and requesting academic accommodation due to a disability is required to supply a letter of accommodation from Disability Services (PACE Office), Clement 203 (Extension 7605 or 7744), within the first two weeks of the semester
My WebPage:
http://www.utm.edu/~rkilgore/NewWPage/beta.html
Homework Instructions:
Your MyLab Homework Manager list those assignments which should be worked on MyLab to earn 100 of your total points. These problems will be graded by MyLab and set to me automatically. MyLab will allow you Five (5) attempts to work each problem and will record your highest attempt. The due dates for your MyLab homework are on your syllabus and the test dates indicated and are in red.
Ethics Challenges:
The Ethics Challenges or Fraud Cases are located at the end of each chapter. They must be emailed to me at as an attachment in Word. Please also put the Case and Chapter number. For example, Fraudcase1-1. Please contact me immediately if there is a discrepancy. Do not wait until the end of the semester to reconcile any differences. The burden of proof concerning completed homework and other assignments falls upon the student. Do not delete any “ETHICS or FRAUD CASES” until you are sure it has been graded and recorded.
The Ethics Challenges or Fraud Cases represent extra credit. They can count UP to 50 Points depending upon the quality of your answers. They represent your only chance for extra credit. Therefore, they must be earned. There is NO curve except a possible curve on the mass exam which is determined by the departmental after the tests are graded.
College of Business and Global Affairs Honor Code
WE STRIVE:
ETHICAL: . . . To be ethical in communications with others and our actions. We know that ethical behavior contributes to and strengthens the learning environment. We support authorized collaboration and refrain from corruption.
TRUSTWORTHY: To be trustworthy and to fulfill responsibilities with integrity, timeliness, and honor. We regard trustworthiness as a jewel that should be visible to all, that can be lost with one poor decision, and that should never be compromised.
HONEST: . . . To be genuine in all transactions. We tell the truth with sincerity and respect in order to maintain an honorable reputation.
IDEALISTIC: . . . To set high, moral, and achievable goals and to establish a value system that assists us in achieving goals. We endeavor to integrate professionalism into all aspects of the educational experience.
COMPASSIONATE: To take a stand of compassionate concern for others and to acknowledge the value within each human being. We encourage a rich learning environment demonstrating our belief that all people have the right to be treated with dignity and respect.
SERVICE-MINDED: To cultivate a sense of community and a spirit of teamwork by supporting peers, colleagues, and the UTM community. We acknowledge the investment made in UTM by many individuals, our state, and our nation by sharing the resources of our knowledge and time with the community.