University of North Carolina at Greensboro

Bryan School of Business and Economics

Department of Accounting

ACC 218: Financial Statement Preparation and Disclosures

(Financial Accounting for Accounting Majors)

Spring Session, 2009

INSTRUCTOR: / Cindi J Khanlarian, CPA, CMA
OFFICE: / 388 Bryan
PHONE: / Office: 256-0126
Home: 286-2099
E-MAIL: /
OFFICE HOURS: / Tuesday & Thursday 4:45-5:45 PM, Friday 2:00 – 3:00 PM
Other times by appointment

Prerequisites/Corequisites:

MAT 115 or equivalent; GPA 2.0 or above

For 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 position.

·  Comprehend basic accounting terminology and financial statement preparation, particularly the balance sheet and income statement.

·  Appreciate the concepts and principles that underlie generally accepted accounting principles

·  Understand the accounting information system and the accounting cycle.

·  Comprehend 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 10%

Rockford 20% Final Exam 30%

Grading Scale:

A+ = 98-100 / A = 93-97 / A- = 90-92
B+ = 88-89 / B = 83-87 / B- = 80-82
C+ = 78-79 / C = 73-77 / C- = 70-72
D+ = 68-69 / D = 63-67 / D- = 60-62
F = 59 and below
Graduate students: any average below 70 = F

All 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, Twelfth Edition
Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield

Rockford Corporation: An Accounting Practice Set to Accompany Intermediate Accounting Twelfth Edition, Kieso, Weygandt, Warfield and prepared by Larry Falcetto, Wiley 2007.

Honor Code: Students are expected to know and abide by the Honor Code in all matters pertaining to this course. Please do not get into trouble by violating the Honor Code. If you find yourself behind or in a difficult situation, please come to see me. Do not be tempted to cheat. When in doubt about whether or not something violates the code, ask me. http://academicintegrity.uncg.edu/violation/

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.” http://studentconduct.uncg.edu/policy/code/ www.uncg.edu/bae/faculty_student_guidelines.pdf

Student Disabilities - ( http://ods.dept.uncg.edu/services/_ ) 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 at UNCG. It is also very time intensive. You may find it necessary to read the textbook 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:

Note:

·  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.

Date / TOPIC COVERAGE
Jan. 20 / Intro to course
Chapter 3: The Accounting Information System
·  Define accounting and the accounting information system
·  Learn the 5 elements and the accounting equation (page 35)
·  Historical cost, separate entity,
·  Business forms: sole proprietorship, partnership, corporation
·  Transactions
·  Account classification worksheet
Jan. 22 / Record transactions and learn the formulas to prepare financial statements
·  Income Statement
·  Statement of Equity
·  Balance Sheet
·  Statement of Cash Flows
Bumper, Financial Statement Preparation, Patriot, Roddick
Jan. 27 / Roddick due
Debits and Credits
Journals and ledgers
Picard
Jan. 29 / Accounting Transaction Cycles
Adjusting entries (page 75 – 84)
·  Prepaid expenses (Depreciation, Prepaids, Supplies)
·  Unearned revenues
·  Accrued revenues (A/R, Interest receivable)
·  Accrued expenses (A/P, Interest payable)
Accrual
Feb. 3 / Trial Balance, Adjusted Trial Balance
Worksheet
Accrual Worksheet
Feb. 5 / Indiana Jones assignment due
Closing Entries
Closing
Feb. 10 / Homework due: P3-4
Chapter 1
·  Parties involved in standard setting
·  Generally accepted accounting principles
·  Issues in financial reporting
·  House of GAAP
Feb. 12 / Review
Feb. 17 / Exam 1
Feb. 19 and
Feb. 24 / Test Solutions
Chapter 2 Conceptual Framework
Basic objectives of financial reporting
Fundamental concepts--Qualitative characteristics
Recognition and measurement concepts
In class: bring your book: E2-1, E2-2, E2-3, E2-4, E2-5
Feb. 26 / Chapter 4 Income statement preparation and related information
·  Format of the income statement
In class: bring your book: E4-4
Mar. 3 / ·  Reporting irregular items
Bring your book
Mar. 5 / ·  Periodic versus Perpetual
·  Periodic/Perpetual worksheet
·  Terms and discounts: p. 320
Payroll
Mar. 17 / Last day to drop
Chapter 5 Balance Sheet preparation, limitations, classifications, current ratio, working capital, Cash equivalents, Petty cash, Short-term investments
·  A/R and the allowance for doubtful accounts & Bad Debt Expense
Accounts Receivable worksheet
Mar. 19 / Inventories: LIFO, FIFO, LCM
Inventory worksheet
Mar. 24 / Property, Plant and Equipment
·  Acquisition
·  Use (Depreciation: sum of years’ digits, units of production, straight-line, double declining balance: p. 525-528)
·  Disposal (Gain or loss on disposal: p. 485-488)
Long Term Assets worksheet
Mar. 26 / Liabilities: current, long-term, contingencies
·  Bonds
Bonds
Mar. 31 / Owners’ Equity
Recording Stock purchases: p. 483 & 729-732
·  and Treasury stock: p. 733-737
·  Recording dividends declared: p. 742-743
Stock
Apr. 2 / Homework due: Problem P5-5 in your book
Review
Apr. 7 / Exam 2
Apr. 9 / Chapter 6 Accounting and the time value of money
Basic time value concepts
Time value charts
Time value worksheet
Apr. 14 / ·  Present and future value
·  Annuities
·  Bonds
Apr. 16 / Time value assignment due on Blackboard
Chapter 5: Statement of Cash Flows
·  Operating
·  Investing
·  Financing
Bring your book for in-class exercises
Apr. 21 / Rockford Set Due: at the beginning of class
Indirect method: Cash Flows
Bring your book
Apr. 23 / Internal Control
Apr. 28 / International issues (Chapter 1)
Ethics in Accounting
Apr. 30 / Review
Exam / 2:00 class exam May 7 @ 3:30 in Bryan 111
3:30 class exam May 12 @ 3:30 in Bryan 122
Option: May 10 @ noon in Bryan 388

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