AmericanUniversity of Kuwait

AmericanUniversity of Kuwait

Course Syllabus

Department:Management and Business Administration

COURSE:ACCT 201 – Principles of Financial Accounting +

ACCT 201 – Financial Accounting Lab

Credits:[3+1] = 4 creditsLocation: Liberal Arts 302

Professor:ProfessorJeremy Cripps, FCA, CPA, PhD

Semester:Fall semester 2006Schedule: UT0930 - 1045

&UT1100 - 1215

Course Description:

This course provides students with an introduction to,and an overview of, financial accounting. Knowledge of financial accounting is the basis for effective management and business administration.

Topics cover all the basic concepts and generally accepted principles of accounting; including the accounting cycle; the four financial statements; the control of cash; cash flow statements; accounting for receivables; accounting for inventories; accounting for assets and liabilities; and the business model for merchandizing operations.

AUK Mission Statement:

The AmericanUniversity of Kuwait is a liberal arts institution based on the American model of higher education. It is dedicated to providing students with knowledge, self-awareness, and personal growth experiences that can enhance critical thinking, effective communication, and respect for diversity.

AUK seeks to create leaders and life long learners who aspire to the highest standards of moral and ethical responsibility in their societies.

Course Relation to Mission Statement:

AUK is devoted to providing students with the business knowledge needed by business leaders in organizations, society and a lifetime of contribution. Accordingly,

  • Students will learn self-awareness so as to interact among themselves and with their faculty
  • Students will learn not only the fundamentals of accounting, but also how to integrate and solve problem from multidisciplinary perspectives
  • Students will achieve significant conceptual understanding, develop problem-solving skills and appreciation of why life-long education is essential for the accountancy professional
  • Students will be encouraged to take personal responsibility and act ethically in all they do at the University and will start the process of understanding what moral responsibility is in the context of accounting for business organizations and society
  • Students, in groups, will develop leadership and team skills.

Course Objectives:

The aim of this course is to introduce students to the basic principles of accounting.

A secondary aim of the course is to make students aware of the role of the professional accountant in business.

By the end of the course students will gain sufficient insight to be able intelligently to read financial statements and understand the concepts of transparency, accountability, and disclosure.

Standards:

Evaluation of student performance will be based on the completion of specific tasks which are enumerated in the Course evaluation section. These require:

  • Participation and contribution to class discussion
  • Participation and contribution to group activity
  • Recognition and understanding of text chapter objectives
  • Methodological collection of data for research projects
  • Clear and concise presentation of analysis (in clear, correct English)
  • Correct extrapolation of accounting information

Course Content:

The course is the first of two accounting principles courses. In this course we examine financial accounts from the perspective of reporting on commercial activity to outside users of financial information. In the second course students will become familiar with the financial statements used by managers.

In this course we cover the following topics:

  • Uses of Accounting Information and the Financial Systems
  • Measuring Business Transactions
  • Measuring Business Income
  • Accounting Information Systems
  • Financial Reporting and Analysis
  • Merchandizing Operations and Internal Control
  • Short-term Financial assets
  • Inventories
  • Current Liabilities
  • Long-term Assets
  • Long term Liabilities
  • Contributed Capital
  • Cash Flow Statements

Methodology:

Classes meet twice a week. The two meetings are a combination of lecture, homework review and discussion. A third meeting (the ACCT 201 LAB) provides students an opportunity to perform accounting activity in a lab environment.

A planned schedule of topics and assignments for classes is set out separately on a Course Schedule.

Please note that the Course Schedule may be changed at short notice – hence the importance of attendance and daily checking of email.

Typically classes will take on a problem-solving format within the context of the assigned textual readings. Students will be also be expected to complete assigned problems for homework. Then in the following class we will go through the problems and learn from our mistakes. In this way students will test their understanding of the textual assignments.

Students must also expect surprise quizzes on any textual material they have been assigned to read.

Students note that you will be expected to participate in the discussion and raise questions particularly if/when they fail to understand matters which arise in class.

Please do not wait until after a point has been covered to ask questions. As soon as you are having difficulty following concepts make sure that you ask for assistance.

Evaluation (Grading) Scheme:

The final grade for this course will be determined on the basis of completion of the following assignments:

Student Acknowledgement of Receipt of ACCT 201 Information is required. Students who fail to sign the SARI will fail the course.

ACCT 201: [3]

Contact Emailfailure to read email will lower grade

SurpriseQuizzes20%

Assigned (weekly) Homework20%

Participation10%

Mid-Term Examination25%

Final Examination25%

ACCT LAB: [1]

Thursday Lab work70%

The Annual Report Project30%

Subject to technical possibility, grades will be kept on grade-keeper so that students can find out their progress at least monthly.

Explanation of Evaluation Scheme:

Contact Email

Student is required to read e-mail set by the instructor.

The AUK email system provides a record of emails sent but not read.

SurpriseQuizzes:

To encourage students to read assigned material and prepare for class, there will be a number of random quizzes. These quizzes will be on assigned textual material.

Assigned (weekly homework):

To ensure that students understand the concepts and generally accepted accounting principles described in the textual material, problems will be assigned which apply the knowledge learned to mini-case problems.

Participation:

Participation and attendance are significantly different. To “participate” a student must come to class prepared. The student must be ready and willing to ask and answer questions relevant to the topic at hand.

Mid-Term & Final Examinations:

The Mid-Term and Final Examination will cover material which has by those dates been covered in class.

ACCT Lab work:

To ensure that students personally can apply the concepts and generally accepted accounting principles described in the textual material, problems will be assigned in a lab environment on Thursdays.

The Annual Report Project:

The Annual Report Project is set out on pages 56 to 58 of the course text. Students are required to obtain the Annual Report of a company quoted on the Kuwait Stock Exchange for this project.

A sample report will be handed out during the first week of class.

Classroom Conduct:

Class attendance is required. The AUK policy on class attendance is set out in the AUK catalog. Attention is particularly drawn to situations when a student misses more than 10% of the class sessions.

Students who miss any classes must expect their final grade to be adjusted proportionately. Excuses will only be accepted if advised in advance by email and subsequently confirmed by an acceptable written excuse. Doctor’s excuses will not be accepted, except in an emergency.

Students are expected to have read the AUK catalog and to understand and observe both the Student Code of Conduct and the Code of Academic Honesty in the AUK catalog.

Transparency:

Students’ attention is drawn to the Code of Academic Honesty in the AUK catalog. [Catalog pages 166 – 170]. Particular attention is drawn to the code rules on plagiarism, inappropriate collaboration, and dishonesty in papers and dishonesty during exams.

Late Assignments:

Late assignments will not be accepted.

Note that homework is prepared before the class when the homework is due. The homework is then amended in class when the homework is reviewed. Only appropriately amended homework constitutes the completion of the homework assignment.

Textbook:

Needles, Powers, & Crosson

Financial and Managerial Accounting

Houghton Mifflin

ISBN 0618393625

The course text comes with a CD-ROM and there is aWebsite at

Other materials will be handed out in class or available for students at Kwik Kopy.

Contact:(Instructors email address )

Students are expected to have an email address. Students have an assignment to contact the Instructor by email at the outset of the semester. Students are also expected to check email regularly (and between classes) so that, when appropriate, the instructor can email changes in schedule to students.

The Instructor’s office is located in the Arts & Sciences building Room 421.

Office hours are every day from 11.00 am to noon, and on Sundays and Tuesday from 9am to 9.30. Appointments are encouraged and should be made by email.

Exams:

The date of the Mid-Term is Tuesday November 1 (subject to change)

The date of the Final Exam is Tuesday January 17 at 8 am.

______

Student Acknowledgement of Receipt of ACCT 201 Information.

I ______have signed up forACCT 201 Principles of Financial Accounting. I know that the class meets on Sundays and Tuesday at 09.30 to 10.45 and on Thursdays at 9.30.

I know that the Language of Instruction at AUK is English. If I have problems understanding some of the technical terms in accounting I will ask for an explanation of the meaning of such words. All my presentations, conversations, exams and final essays must be written by me (personally) in English. I have noted the dates of the Mid-Term and Final exams.

I understand that I can reach the instructor via e-mail, and that I can meet with the instructor by appointment and during regularly scheduled office hours. Should I have any doubt about any requirements in this course I should seek clarification.

All written communication to/from the instructor regarding this course will be handed out in class or sent via my AUK e-mail. I understand that I must check my AUK e-mail regularly (and before every class) for any important information about this course sent to me from the instructor and I note that failure to check my e-mail does not constitute any excuse for lack of information, misunderstanding, etc.

I understand ACCT 201 course requirements and I have read and understood the Course syllabus and the Course Schedule.

I know that attendance is mandatory. I know that a poor attendance record is likely to result in a lower course grade or failure. I note that attendance will be recorded at the start of each class and entered in the instructor’s records. I know that Class starts promptly as scheduled. Once attendance is taken any late arrivals will be counted as absent. If I leave the class room during the class I may not return to the session and I will be counted as absent.

I know that Participation is different from attendance. I must come to class prepared, ready and willing to ask and answer questions relevant to the topic at hand. I must bring my own note path/ paper and pen/pencil to take notes from the lectures.

Professional Conduct: I am free to raise questions at any time, but I must show courtesy to my class mates and the instructor. I understand that cheating or other disruptive behaviorin class is not acceptable. I know that eating in class is not acceptable. I know that Mobile phones are to be turned off during class and that cell/mobile phones are not allowed into exam rooms.

I have received a Course syllabus and a Course schedule for ACCT 201. I have read and understood all requirements and policies for: ACCT 201. I have been given a copy of this statement for my retention and reference.

______/ _____/ 2005

Signature Date

Principles of Financial AccountingACCT 201: Page 1 of 7