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  1. 1. UNIVERSITY OF PUERTO RICO BAYAMÓN CAMPUS BUSINESS ADMINISTRATION Bachelor’s degree in accounting SYLLABUS COURSE TITLE : Intermediate Accounting I COURSE CODIFICATION : CONT. 3007 PREREQUISITES : Cont. 3006 CREDIT HOURS : Four (4) credit hours MEETING HOURS : Four hours a week COURSE DESCRIPTION : The study and analysis of accounting principles and procedures of accounting related to the adjustment entries and the recording, valorization and asset disclosure in financial statements. TEXT : Intermediate Accounting, twelfth edition, Kieso, Weygandt & Warfield, John Wiley & Sons, Inc., 2007. SUPLEMENTARY MATERIALS: Financial Accounting Research System(FARS) created by Financial Accounting Standard Board GENERAL OBJECTIVES: At the end of the course the student should be able to: 1. Analyze and interpret financial accounting data. 2. Solve through critical thinking, accounting problems and cases related to financial accounting issues. 3. Issue appropriate judgment in financial problems by methodical research in the Internet. 4. Acknowledge appropriate ethical behavior of an accounting professional. 5. Work in teams assigned responsibility for different aspects of financial accounting in each designated case. 1
  2. 2. SPECIFIC OBJECTIVES: Through activities performed, the student should be able to: 1. Strengthen the understanding of generally accepted accounting principles: the conceptual framework that guides financial accounting and reporting 2. Recognize the necessity of a reliable accounting information system, analysis and identification of transactions in a variety of situations. 3. Analyze different items that affect the income statement, balance sheet, statement of cash flows, and related information. 4. Understand the tools and techniques used to measure the present value of future cash flows and its implications for financial reporting. 5. Understand the basic accounting issues related to valuation and reporting of cash, receivables, inventories and short-term investments. COURSE OUTLINE TOPICS CHAPTER HOURS I. Financial Accounting and Accounting Standards 1 6 A. Financial statements and financial reporting B. Parties involved in standards setting C. Generally accepted accounting principles D. Issues in financial reporting II. Conceptual framework underlying financial 2 6 accounting A. First level: basic objectives B. Second level: fundamental concepts C. Third level: recognition and measurement concepts III. The accounting information system 3 6 A. The accounting cycle B. Using reversing entries C. Cash versus accrual basis IV. Income statement and related information 4 6 A. Components, usefulness and limitations of the Income Statement B. Reporting irregular items 2
  3. 3. C. Special reporting issues V. Balance Sheet and Statement of Cash Flows 5 6 A. Usefulness and limitations of the balance sheet B. Classification in the balance sheet C. Additional information reported D. Techniques of disclosure E. Purpose and usefulness of the statement of cash flows. VI. Accounting and time value of money 6 2 A. Identify accounting topics where time value of money is relevant B. Learn how to use appropriate compound interest tables C. Identify variables fundamental to solving interest problems D. Solve present value problems related to deferred annuities and bonds E. Apply the expected cash flow approach to present value measurement VII. Cash, accounts and notes receivables 7 8 A. What is cash? B. Management and control of cash C. Reporting cash D. Petty cash system E. Recognition of accounts receivables F. Valuation of accounts receivable G. Recognition of notes receivable H. Valuation of notes receivable I. Disposition of accounts and notes receivable VIII. Valuation of inventories: a cost basis approach 8 8 A. Inventory classification and control B. Basic issues in inventory valuation C. Physical goods included in inventory D. Costs included in inventory E. What cost flow assumption should be adopted F. Special issues related to lifo G. Basis for selection of inventory method IX. Inventories: additional valuation issues 9 6 A. Lower of cost or market B. Valuation bases C. Gross profit method of estimating inventory D. Retail inventory method E. Lifo retail Examination process 6 Total hours 60 3
  4. 4. EDUCATIONAL STRATEGIES: The constructivist approach or problem-based learning framework will be used benefiting from the results of an interactive environment. Conferences, discussion and analysis of different problem situations will be included using resources of authoritative literature. Analysis of ethics situations related to the accounting profession. Instructional modules for self- study and reinforcement will be assigned. Selected articles on related topics will be discussed. EVALUATION CRITERIA: Grade distribution as fallows: Activities Points Tests 300 Potfolio1 100 Class participation and 100 attendance Total 500 Grading scale 100-90 A 89-80 B 79-70 C 69-60 D 59- F No make-up under any circumstances. Bibliography Epstein, Natch & Bragg, GAAP 2006, Interpretation and Application of Generally 1 Includes cases and other research activities. 4
  5. 5. Accepted Accounting Principles, John Wiley & Sons, 2006 Kimmel, Weygandt & Kieso, Financial Accounting: Tools for Business Decision Making, 3rd edition, John Wiley & Sons, 2004. King, Lembke & Smith, Financial Accounting: A Decision-Making Approach, 2nd Edition, John Wiley & Sons, 2001. Revsine, Collins & Johnson, Financial Reporting & Analysis, 2nd edition, Prentice- Hall, 2002. Schroeder, Clark & Cathey, Financial Accounting Theory and Analysis, 7th edition, John Wiley & Sons, 2001 Stice, Stice & Skousen, Intermediate Accounting, 15th edition, Thomson, South- Western, 2004. http://accountancy/journals Prepared by: Prof. Sonia Feliciano August, 2006 UPR at Bayamón complies with the provisions of the Americans with Disabilities Act and Law 51 on Integrated Educational Services for People with Impediments. Students with impediments should report to the professor in order to design reasonable accommodations to those effects. Confidentiality will be maintained. 5