Acc 151 and 152: Financial Accounting
Course description: Provides students with a conceptual understanding of how accounting events impact on the elements of a business entity’s financial statements for the current and/or future periods. Students read and interpret annual reports of public corporations.
Required textbook: Fundamentals of Accounting Concepts, 5th Edition by Edmonds, McNair, Milam, and Olds. Also required are the working papers for the textbook.
Instructional objectives: 1) A mastery of the accounting cycle and its application to service and merchandising firms 2) An understanding of internal controls and how to set up good internal controls 3) An ability to communicate effectively about the financial statements and their relationship to business events and transactions 4) An ability to interpret financial reports and to make critical judgments based upon this analysis
Teaching procedure: This course combines classroom presentation of key chapter themes followed by in class individual and group work. In many ways this class organization resembles a lab in which students work on the topics with the guidance of the instructor.
Course topics and assignments:
Chapter One, The Elements of Financial Statements, Problem 1-29A, 1-31A, 1-33A, ATC 1-1
Chapter Two, Accounting for Accruals, Problem 2-24A, 2-28A, 2-29A, ATC 2-1
Chapter Three, Accounting for Deferrals, Problem 3-20A, 3-21A, 3-22A, 3-23A, ATC 3-1
Chapter Four, The Double Entry Accounting System, Problem 4-25A, 4-27A, 4-28A, 4-29A, ATC4-1
Chapter Five, Accounting for Merchandising Business, Problem 5-21A, 5-22A, 5-23A, 5-24A, 5-25A, ATC 5-1, Comprehensive Problem
Chapter Six, Accounting for Merchandising Business—Advanced Topics, Problems 6-21A, 6-22A, 6-23A, 6-24A, 6-28A, ATC 6-1, Comprehensive Problem
Chapter Seven, Internal Control and Accounting for Case, Problem 7-17A, 7-18A, 7-21A, 7-24A, 7-25A, ATC 7-1, Comprehensive Problem
Tentative Test/assignment schedule: For each chapter there will an in class test. For each chapter there will be a hand in homework problem. On average there will be a test every two weeks. Homework problems also due every two weeks.
Basis for Student grading: Each test is worth 50 points and each hand-in homework is worth 50 points. In class tests may be made-up if arrangements are made with the instructor before the test. In the case of illness, the student must make arrangements with the instructor to make-up the test upon his or her return to class.
Attendance policy: The student is expected to be in class on time. Although there is no penalty to the student for missing classes or being late, the student may discover that missing classes or being late will jeopardize their learning experience as well as being disruptive to the class members.
Special needs: If you have any learning disability or any other special needs or requests, please make an appointment with me as soon as possible so that we can discuss any assistance that would be helpful.
ACC 152 Concepts of Financial Accounting II
Course description: A continuation of ACC 151 which provides students with a conceptual understanding of how accounting events impact on the elements of a business entities financial statement for the current and/or future periods. The course includes a research paper.
Required textbook: Fundamentals of Accounting Concepts, 5th Edition by Edmonds, McNair, Milam, and Olds. Also required are the working papers for the textbook.
Instructional objectives: 1) An ability to communicate effectively about the financial statements and their relationship to business events and transactions with special emphasis on accounting for accruals, long term assets, long term debt, and equity transactions 2) An ability to interpret financial reports and to make critical judgments based upon this analysis
Teaching procedure: This course combines classroom presentation of key chapter themes followed by in class individual and group work. In many ways this class organization resembles a lab in which students work on the topics with the guidance of the instructor.
Course topics and assignments:
Chapter Eight, Accounting for Accruals—Advanced Topics: Receivables and Payables, Problem 8-15A, 8-17A, 8-19A, 8-21A, 8-22A, ATC 8-1, Comprehensive Problem
Chapter Nine, Accounting for Long term Assets, Problem 9-20A, 9-22A, 9-23A, 9-24A, 9-27A, 9-28A, 9-31A, ATC 9-1, Comprehensive Problem
Chapter Ten, Accounting for Long-Term Debt, Problem 10-25A, a0-26A, 10-27A, 10-28A, 10-30A, ATC 10-1, Comprehensive Problem
Chapter Eleven, Accounting for Equity Transactions, Problem 11-18A, 11-19A, 11-20A, 11-22A, 11-23A, ATC 11-1, Comprehensive Problem
Chapter Twelve, Statement of Cash Flows, Problem 12-16B, 12-17B, 12-18B, ATC 12-1
Tentative Test/assignment schedule: For each chapter there will an in class test. For each chapter there will be a hand in homework problem. On average there will be a test every two weeks. Homework problems also due every two weeks. The chapter material will be completed by mid April. From mid April to the end of the term students will work on their project—an analysis of the annual reports of two related companies. The instructor will assign the companies to the student.
Basis for Student grading: Each test is worth 50 points and each hand-in homework is worth 50 points. The test will account for 75% of the grade and the project 25%. In class tests may be made-up if arrangements are made with the instructor before the test. In the case of illness, the student must make arrangements with the instructor to make-up the test upon his or her return to class.
Attendance policy: The student is expected to be in class on time. Although there is no penalty to the student for missing classes or being late, the student may discover that missing classes or being late will jeopardize their learning experience as well as being disruptive to the class members.
Special needs: If you have any learning disability or any other special needs or requests, please make an appointment with me as soon as possible so that we can discuss any assistance that would be helpful.
