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City University


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City University

  1. 1. CITY UNIVERSITY Classroom Syllabus AC 215 FUNDAMENTALS OF ACCOUNTING 5 Credit Hours Effective: 04/2007 Delivery Mode: CLASSROOM Instructor: Kročitá Martina, MBA Office: #410 Tel. Number: 6528174, ext. 124 E-mail: Office hours: Mo-Thur 12:45 – 13:15 and/or by appointment REQUIRED TEXTS AND MATERIALS: Weygandt, J. J., Kieso, D. E., & Kimmel, P. D. (2003). Financial accounting, (4th ed.). Hoboken, NJ: John Wiley & Sons. Research Paper Guide. (2004). Trenčín, Slovakia: City University. Available for purchases in the library or online at Access to a personal computer and the Internet is required. All written assignments must be word- processed or prepared on a computer spreadsheet, as appropriate. A financial calculator is required but one that stores text is not allowed. Copyright 2007 by City University All rights reserved
  2. 2. AC 215 FUNDAMENTALS OF ACCOUNTING This document provides an overview of the course foundation elements, assignments, schedules and activities. For information about general City University policies, please see the City University catalog. If you have additional questions about the course, please contact your instructor. Notification to Students with Disabilities If you are a student with a disability and you require course adaptations or accommodations, please contact the Affirmative Action Coordinator in the Disability Resource Office as soon as possible. You may also contact your instructor or advisor for assistance. COURSE DESCRIPTION AC 215 introduces basic accounting concepts and techniques; fundamentals of the accounting process and preparation of basic financial statements; accounting principles involved in the measurement and reporting of assets and liabilities; elements of consolidated statements and statement of cash flows; and using and interpreting financial statements for decision-making. LEARNING GOALS Upon the successful completion of this course, you will be able to: 1. Describe types of business entities; 2. Explain the objectives of financial accounting; 3. Complete the accounting cycle; 4. Apply Generally Accepted Accounting Principles (GAAP) to recording transactions; 5. Apply GAAP to the preparation of financial statements; 6. Evaluate accounting systems and internal controls; 7. Use time value of money concepts to value accounts; 8. Prepare the four basic financial statements. CORE CONCEPTS In order to achieve the goals of this course, you must master the following core concepts: 1. Nature, elements, and format of financial statements; 2. The accounting information system; 3. Accrual accounting concepts based on Generally Accepted Accounting Principles; 4. Financial accounting objectives; 5. The accounting cycle – analyzing, recording and posting transactions using special journals; 6. The accounting cycle – preparing unadjusted trial balance and adjusting entries; 7. Use of a worksheet in the accounting process; 8. Accounting for merchandising operations; 9. Inventory valuation methods and cost flow assumptions; 10. Internal controls; 11. Nature and reporting of capitalizable costs; 12. Cost allocation of long-lived assets among reporting periods; 13. Reporting and analysis of liabilities; 14. Time value of money; 15. Nature and composition of Stockholders’ Equity; 16. Preparation and use of the Statement of Cash Flows. AC215 SYL Page 2 Eff. 04/2007
  3. 3. Scholastic Honesty Students are responsible for understanding City University’s policy on Scholastic Honesty and are required to adhere to its standards in meeting all course requirements. Violations of scholastic honesty include, but are not limited to, the following examples. 1. Cheating: • Using unauthorized materials such as books or notes to answer examination questions. • Copying another student’s homework, written assignments, examination answers, electronic media, or other data. • Assisting or enabling someone else to cheat. 2. Plagiarism: • Presenting another person’s work as your own. This includes work developed by another within a student’s employing organization and available to others in the organization. • Paraphrasing or condensing ideas from another person’s work without proper citation. • Failing to document direct quotations with a proper citation. • Word-for-word copying, use of select phrases from another’s work or simply failing to properly cite all sources from which data, examples, ideas, words, or theories are found. 3. Other forms of scholastic dishonesty: • Changing examination solutions after the fact, inventing, changing or falsifying data or research. • Reproducing or duplicating images, designs, or web pages without giving credit to the developer, artist, or designer. • Submitting work created for another course or purpose without prior approval from the instructor of the current course. • Misrepresenting oneself or one’s circumstance to gain an unfair advantage. • Collaborating with another person(s) without prior approval from the instructor. • Selling or providing term papers, course work, or assignments to other students knowing that the intention is to plagiarize. • Bribing or attempting to bribe an instructor. Cases of suspected scholastic dishonesty are referred to the university Scholastic Honesty Committee, which can apply a variety of penalties ranging in severity, including assigning a zero grade for the course, suspension, and dismissal from the university (see below). Scholastic Honesty Proceedings applicable for Trencin, Slovakia City University expects each student to do his/her own work. The University has "zero tolerance" for cheating, plagiarism, unauthorized collaboration on assignments and papers, using "notes" during exams, submitting someone else's work as one's own, submitting work previously submitted for another course, or facilitating acts of academic dishonesty by others. The penalties are severe! A first offense can result in a zero grade for the course and suspension for one quarter; a second offense can result in a zero grade for the course and suspension for two or more quarters; a third offense can result in expulsion from the University. The Policy and Procedures may be found at In addition to providing your work to the instructor for grading, you must also submit an electronic copy for the City University archives (unless the work is specifically exempted by the instructor). You will not receive a grade for particular work until and unless you submit this electronic copy. The procedure for submitting work to the archives is to upload it via the website Files should include the cover page of the work with the student name, instructor name, course name and number, and date. File names should indicate the type of assignment, such as “researchpaper.doc”, “casestudy.doc” or “ thesis.doc” (student name should not be a part of the file name because the system adds it). All files received into the archives are submitted to for plagiarism checking. AC215 SYL Page 3 Eff. 04/2007
  4. 4. RECOMMENDED SUPPLEMENTARY RESOURCES PRINT RESOURCES Journal of Accountancy The Accounting ReviewStatements of the Financial Accounting Standards Board Opinions of the Accounting Principles Board Weygandt, J. J., Kieso, D. E., & Kimmel, P. D. (2003). Student workbook: Financial accounting (4th ed.). New York: John Wiley & Sons. Annual reports of various companies ELECTRONIC RESOURCES The following Internet resources may be of use to you in this course. Please be aware that Web addresses may change from time to time. Consult with your instructor if you have questions about electronic resources. DIRECTORY OF SITES ON WORLD WIDE WEB The Directory of World Wide Web Sites is designed as a research and learning tool for students following City University courses of study. The directory can be found via the Library Home Page at:- The directory lists World Wide Web sites of potential interest to students under the following headings:- APA STYLE INTERNET SEARCH ENGINES Banking and Finance - International Law Banking and Finance – Slovakia Libraries Business Sites Management Resources Company Data – International Miscellaneous Company Data – Slovakia/Czech Rep. News Sources COUNTRIES PHILOSOPHY AND ETHICS EDUCATION POLITICS Environment Slovak Organizations European Union and United Nations Statistics The directory of World Wide Web sites will be updated every semester by City University Library staff, so the site will evolve and change to ensure that listed sites are worthy of inclusion. Faculty are encouraged to give comments and suggestions in order to enhance the WWW directory. Comments should be addressed to the library: - AC215 SYL Page 4 Eff. 04/2007
  5. 5. OVERVIEW OF COURSE ACTIVITIES AND GRADING The grade you receive for the course will be derived using City University’s decimal grading system, based on the following: End-of-chapter exercises • participation 10% • quizzes 25% Comprehensive problems (2 problems @ 10%) 20% Midterm Examination 20% Final Examination 25% TOTAL 100% EXPLANATION OF ASSIGNMENTS AND GRADING: MIDTERM AND FINAL EXAMINATIONS Both examinations will be closed book and will take up to two hours. You should be prepared to answer multiple choice, short answer, and/or matching questions, as well as solve computational problems. When writing the examinations, you should provide clear, well-labeled answers. Moreover, all supporting computations should be labeled, well organized, and presented on the pages provided. Partial credit may be earned based on the work and methodologies demonstrated even if a math or other error occurred causing an incorrect answer. You are required to have own financial calculator during the examinations. No mobile phones are allowed to be used as calculators. You will be informed in advance of when the exams will take place. There will be no make up exams and no correction exams! In case of any unexpected or serious circumstances, you should inform me in advance! No later excuses will be accepted! COMPREHENSIVE PROBLEMS There are two comprehensive problems in this course. Both of them are oriented to solving real- life problems. Comprehensive Problem #1 will be an in-class project designed for student pairs assigned and due in week 6. Comprehensive Problem #2 will be an individual project assigned on May 24 (Thursday, week 8) and will be due on May 31 (Thursday, week 9). Additional information and grading requirements will be provided during the trimester. END-OF-CHAPTER EXERCISES In order to fully utilize our new textbook, the end-of-chapter exercises will be used as a basis for 1. assessing your participation as well as 2. testing your knowledge of accounting. These exercises include a variety of interesting real-life accounting problems and assignments (e.g. analyzing real companies’ annual reports, exploring web-based information, carrying out group projects,…). At the end of each chapter, problems will be divided (by the instructor) 1. to assess your participation (mainly group and/or Internet projects) – your interest in the topic and overall activity will be more important for grading than the actual knowledge of accounting 2. to test your knowledge of accounting (mainly individual critical thinking exercises) – your actual knowledge of accounting principles and procedures will be graded You will NOT be announced the exact time and date of these exercises. AC215 SYL Page 5 Eff. 04/2007
  6. 6. ADDITIONAL REQUIREMENTS FOR THE COURSE ATTENDANCE POLICY There is free attendance policy in this class. However, if you decide to come to my classes, you are required to come on time. Latecomers (students coming to the class after I take the attendance) will not be allowed to enter the classroom. If you decide not to come to my class, you must bear all the consequences such as, for example, losing points for a missed quiz or getting a lower grade from participation. If you know that you cannot come to class and you want to avoid the bad consequences of such an action, let me know at least one day in advance. If I decide that your reasons for missing a class are serious, you will be given a chance to make up the missed quiz. HOMEWORK ASSIGNMENTS Although some exercises will be covered and calculated in class, you will be asked to complete a number of assignments at home as well. Although the homework assignments are not graded, completing them will help ensure that you successfully master the concepts in this course. The best way for you to gain a thorough understanding of the underlying concepts is to apply those concepts to solving the problems. You should focus on the underlying accounting principles, rather than on just memorizing the steps to solve a problem. A certain amount of memorizing is necessary initially, but memorized facts and definitions alone will not allow you to learn the concepts taught in this course. A suggested study strategy for each week’s assignment is to read the assigned chapters in the text and do the assigned problems and bring them to class. You will be expected to have completed the assigned homework problems before the appropriate class. You can find the answer-key to the chapter exercises on the web page. If you have questions about the homework, you will be able to ask those questions during class, during my office hours, or through e-mail. Assigned problems will be covered in class as time permits. PROFESSIONAL PRESENTATION OF WRITTEN WORK All assignments submitted for this course should be of professional quality. Their presentation should always take into account consideration for whom they are intended. This course requires that you use the American Psychological Association (APA) style in preparing any required research papers, or any written work where other sources are used. A style guide is included in the “Required Text and Materials” section. Refer to this style guide for proper format, referencing methods, and bibliographic format. References should be cited for all facts, ideas, conclusions, and opinions not your own. A proper title page should preface all written assignments, unless otherwise required. The title page should include your name, the title of the paper, the name and number of the course, the date submitted and the name of the instructor. Your work should be typed or word-processed instructions on white 8 1/2 by 11-inch paper and all narrative portions should be double-spaced. If financial statements or accounting records are required, they should be in good form. Some assignments may require that your work be prepared on a computer spreadsheet. Do not use binders or special covers when submitting your assignments. Staple your completed assignments in the upper-left hand corner. AC215 SYL Page 6 Eff. 04/2007
  7. 7. RECOMMENDED COURSE SCHEDULE The following schedule has been provided as a general guide to the course. Your instructor may elect to adjust the outline to meet the unique needs of the class. WEEK TOPICS AND ASSIGNMENTS READINGS 1 Accounting in Action Chapter 1 2 The Recording Process Chapter 2 3 Adjusting the Accounts Chapter 3 4 Completion of the Accounting Cycle Chapter 4 5 review Chapters 1, 2, 3, 4 MIDTERM EXAMINATION (Chapters 1-4) 6 Accounting for Merchandising Operations Chapter 5 Comprehensive Problem #1 due (in-class) 7 Accounting for Merchandising Operations Chapter 5 – cont. 8 The Statement of Cash Flows Chapter 14 Comprehensive Problem #2 assigned (individual) 9 The Statement of Cash Flows – cont. Chapter 14 – cont. Comprehensive Problem #2 due (individual) 10 review FINAL EXAMINATION (Chapters 5, 14) AC215 SYL Page 7 Eff. 04/2007