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  • 1. ACCT 3212 FINANCIAL REPORTING I Expanded Course Outline Summer I, 2008 Instructor: Sondra Smith Office Hours: M - Th 12:00 - 2:30 Office: Adamson Hall #104 & by appointment Telephone: 678-839-4819 FAX: 678-839-5040 E-Mail: sondras@westga.edu I. Cata1og Description: An in-depth study of the accounting and reporting processes and accounting theory together with current problems in reporting financial position and determining income. Includes study of valuation problems involving current assets; property, plant, and equipment; and intangible assets. II. Required Background or Experience: A. Prerequisite: ACCT 2102 B. Prerequisite Justification: Basic knowledge of accounting and the accounting cycle is required including general knowledge of deferrals and accruals; notes; receivables; inventories, and plant assets. C. General Education (Core) Contribution: This course uses the writing skills developed in English, the oral skills developed in Speech, and the critical thinking and analysis abilities developed in Mathematics. The knowledge gained in Core Area F courses of ACCT 2101 and 2102, CISM 2201 (spreadsheets and word processing), and BUSA 2106 (legal forms of business) are also used. III. Expected Outcomes ( www.westga.edu/~accfin/outcomes.htm ): A. Expanded mastery of computer applications and word processing skills through EXCEL and Peachtree and chapter synopsis assignments. LG3 (Learning Goal 3); B. Improve communication effectiveness by oral classroom presentations and in writing recommendations to clients/management for assigned problems. LG1; C. Improve and display critical thinking and analytical abilities through problem solving and examinations. LG2; LG6; LG7; D. Understand and apply the accounting principles underlying financial presentation and valuation of major asset categories (current assets and property, plant, and equipment). LG2; LG7; E. Understand and apply the accounting principles underlying the determination of income and appropriate financial disclosures. LG2; LG7; F. Have a working knowledge of ethical, political, and legal considerations affecting external financial reporting. LG4;LG5
  • 2. IV. Text and References: Text: Intermediate Accounting, 10th ed., Nikolai, Bazley, & Jones, 2007, Thomson South- Western. The text will be used for the subsequent Financial Reporting II and III courses. References: Financial Accounting Exam Questions and Answers, Gleim and Collins, Gleim Publications. V. Expanded Description of the Course and Instructional Methods: A. Expanded Description of the Course: The course first examines the basic accounting cycle including the mechanics of double-entry bookkeeping and the accumulation of data necessary for the preparation of the basic financial statements. Included in this module is coverage of accrual accounting and the need for periodic income measurement and the presentation of financial position. Following coverage of the basic financial statements, measurement, disclosure, and reporting problems of the major captions under current assets (cash, receivables, and inventories) are discussed and illustrated. The final major topic covered is property, plant, and equipment. This module includes accounting for the initial cost of property, the disposition of property including trade- ins, and the accounting for costs incurred subsequent to the acquisition of property. Relevant professional pronouncements are discussed throughout the course as they relate to the particular topics covered. B. Instructional Methods: Lecture and Problem Solving: Each module within the chapter material will be discussed, but reading the material before you come to class is vital for you to understand the class discussion and to be able to ask questions. In addition, certain problems and exercises will be worked in class to demonstrate the particular concepts involved. Accounting Practice Project: Assigned data will be entered into the computerized accounting system Peachtree. This assignment will be worked by all students for the purpose of developing a thorough understanding of the accounting cycle and the basic accounting process and will provide practice in an actual accounting software package. Written Assignment: Chapters 1 & 2 are reading assignments. This introductory material provides the foundation for the detailed topics to follow. A 1,000-1,200 word synopsis of the two chapters is required. You should use a word processor for your final work. Do a spell check before printing the final copy and include a cover page with your paper with the word count indicated.
  • 3. Group Projects: Each student will form a group of three to five members. These groups will be expected to designate a team leader for each project. The team leader will be responsible for coordinating work assignments and presenting the group’s position problems. The team leader assignments will rotate among team members. Homework: A number of homework exercises and problems are assigned. You are expected to complete all these assignments. Homework will be randomly taken up and grade to make up a portion of your final average. VI. Methods of Evaluating Outcomes: A. Evaluation Tools: Exam 1 125 points 23% Exam 2 125points 23% Final 150 points 27% Particip./Homewk 75 points 14% Synopsis 25 points 4% Computer Projects 50 points 9% Total 550 points 100% NOTE: You will need a ScanTron sheet for each test. B. Learning Domains: 1) Cognitive: Knowledge, comprehension, application, analysis, synthesis, and, evaluation. 2) Affective: Receiving, responding, valuing, organization, and characterization. C. AACSB Perspectives: 1) Influence of Political Issues 2) Influence of Legal and Regulatory Issues 3) Ethical Issues 4) Oral Communications 5) Written Communications D. Teaching Objectives: 1) Interpersonal and group skills 2) Written and oral communications 3) Analytical/critical thinking skills 4) Social responsibility 5) Depth in the major
  • 4. VII. Absences: Class attendance is required. “Any student who must be absent for more that three successive days is required to notify the Student Development Center (770-836-6428). . . .Students who do not intend to remain in a course must drop the course before the end of the official drop/add period. Failure to drop a course during the drop/add period may result in grades of F in courses not attended.” (p. 96 Undergraduate Catalog). Absences will be considered in determining borderline grades. VIII. Accounting Resources on the Internet: There are a number of web sites that are useful to the accountant and/or accounting student. The following are some sites that you may want to visit. Remember, site addresses change frequently, so some of these may no longer be valid. Many of the sites will have links to other sites that you may find interesting. In addition, if you find a helpful site that you think would benefit your classmates, pass it on to us. During class we will visit some of these sites and maybe others not on the list. From the textbook authors: http://www. Nikolai.swlearning.com Accounting salary surveys: http:// www.sourcesvc.com http:// www.roberthalf.com Accounting student site: http:// www. accountingstudents.com (Free e-mail newsletter, with lots of handy tips for accounting students.) The major professional organizations: AICPA, CPA exam info: http:// www.aicpa.org IMA, CMA exam info: http:// www.imanet.org IIA, Internal auditor exam info: http:// www.theiia.org Stock news: Charles Schwab http://www.schwab.quote.com Wall Street Journal http:// update.wsj.com News reporting services: Barrons http:// www.barrons.com Harvard Business Review http:// wwwharvard.edu Industry Week http:// www.industryweek.com New York Times http:// www.nytimes.com PC Week http:// www.pcweek.com Wall Street Journal http:// www.wsj.com Good links pages: American Accounting Association http:// www.rutgers.edu/accounting Gleim Publications http:// www.gleim.com Miscellaneous: UWG COB/ACCT Accreditation http:// www.aacsb.org Securities and Exchange Commission http:// www.sec.gov Internal Revenue Service http:// www.irs.gov Georgia Society of CPAs http:// www.gscpa.org USE THE INTERNET!
  • 5. XI. Course Schedule: Day Date Chapter Assignment Homew ork Assignments Chapter 1-The Environment of Financial M May 19 Reporting C1-6, C1-7, C1-8 Chapter 2 - Financial Reporting: Its Conceptual Framework M2-1 through M2-10 (MC), C-2-6 Tu May 20 Chapter 3 - The Accounting System E3-2, E3-3, E3-5, E3-8, E3-10, E3-11, E3-14, P3-2, P3-5, Chapter 4- The Balance Sheet & Stmt of W May 21 Changes in SE Chap 1 & 2 Synopsis due, MC, E4-6, E4-10, E4-12 P4-3, P4-8, P4-9, P4-12, P4-14 EXCEL 1 Assignment ( P3-12) Th May 22 Exam I (Chapters 1-4) due Chapter 5- The Income Statement & Stmt of MC,E5-3,E5-5,E5-7,E5-10,E5-13,E Cash Flows 5-19 F May 23 P5-1, P5-7, P5-12, P5-15, P5-19 Chapter 6 (including APP) - Financial Reporting & Analysis MC, E6-9, E6-11, E6-12, 6-13 P6-6, P6-8, P6-9 M May 26 HOLIDAY NO CLASSES EXCEL 2 Assignment ( P6-11) T May 27 Tim e Value of Money (TVM) Module due Last day to w ithdraw with a W W May 28 Chapter 7- Cash and Receivables (Including APP) MC, E7-2, E7-9, E7-16, E7-17, E7-18 E7-20, P7-4, P7-7, P7-8 P7-12, P7-18, P7-20 Th May 29 Exam II (Chapters 5-7, TVM )
  • 6. Chapter 8 - Valuation of Inventories MC, E8-7, E8-10, P8-1 F May 30 Chapter 8 - Valuation of Inventories E8-12, P8-5,P8-9, P8-13 EXCEL3 Assignment ( P7-15) due M Jun 2 Chapter 9 - Inventories: Special Valuation Issues MC, E9-2, E9-5, E9-6, E9-10, E9-12, E9-13, P9-1, P9-6, P9-8, P9-11, P9-13, P9-14, C9-9 MC, E10-1, E10-7, E10-8, E10-16, Tu June 3 Chapter 10- Property, Plant, and Equipm ent P10-1, P10-2,P10-5, P10-8, P10-9, P10-11 Peachtree Project due W Jun 4 Reading Day Th Jun 5 Final Exam 8:00 -10:00 a.m . Addendum to Course Syllabi for the Dept. of Accounting & Finance MY.WESTGA.EDU The policy of the University of West Georgia is that each student is responsible for checking his/her my.westga.edu e-mail account on a regular basis. EXTRA CREDIT There is no extra credit in this course beyond that explicitly stated in the course syllabus. WORK FROM OTHER COURSES Work submitted for credit in other courses will not be accepted for credit in this course.