Instructions and Requirements for a Finance Course at Texas State University - Prof. S. Ro, Lecture notes of Accounting

Download Instructions and Requirements for a Finance Course at Texas State University - Prof. S. Ro and more Lecture notes Accounting in PDF only on Docsity! McCoy College of Business Administration TEXAS STATE UNIVERSITY-San Marcos Department of Accounting ACC 2361 Introduction to Financial Accounting Spring 2013 (Updated 1/11/2013) INSTRUCTOR: Sherry K. Ross, MBA, CPA TEL: Office: 512-245-3227 Fax: 512-245-7973 OFFICE: McCoy Hall 448 E-MAIL: sr19@txstate.edu OFF. HOURS MWF 8:00 AM -- 8:45 AM CLASS TIMES FOR ACC 2361: MW 11:00 AM -- 3:00 PM 9:00 -- 9:50 Room 119 And by appointment 10:00 -- 10:50 Room 119 Note 1: On Tuesdays and Thursdays I will frequently be in the office from 1:30-4:30, especially the day before homework is due. Note 2: On Mondays and Wednesday, I am frequently in the office until 4:00 or 4:30. Note 3: If I am in the office, I am typically available to students and appointments are not necessary. ANNOUNCEMENTS & HANDOUTS: TRACS at Texas State University – San Marcos (www.txstate.edu) COURSE DESCRIPTION: Accounting 2361 Introduction to Financial Accounting. (3-0): An introduction to financial accounting concepts and their application in the accounting process for business organizations, including financial statement preparation, analysis and communication of financial information and related ethical responsibilities. COURSE MATERIALS: Required Textbook: Financial Accounting Tools for Business Decision Making, 6th Edition, Kimmel, Weygandt, Kieso The loose-leaf binder version is available for sale in the bookstores. This is considerably less expensive than the hardcover version of the text. However, it cannot be sold back to the bookstore. A new textbook comes packaged with a registration/access code for the online homework manager software that is required for this course. An online version of the textbook is also available (and even less expensive) from the textbook website www.wileyplus.com. This purchase option is a registration/access code that provides access to the homework manager program required for this course and the site has an electronic textbook. Pages can be printed from this site. Disadvantages: (1) The pages are not numbered, so when your instructor refers to a specific page during lectures it is slightly more difficult for you. (2) Split screens are not an option. This means you cannot keep the homework page open and refer back to the textbook at the same time. (3) If WileyPlus has a technology problem and closes the site, there may be a few hours when your book is not available to you. (4) When the semester is over the WileyPlus site is closed and you will not have future access to the textbook unless you printed the chapters. Page 1 of 12 The textbook’s student companion website (www.wiley.com/college/kimmel) is available to you without additional fees. This website provides access to the power point slides, excel templates, practice quizzes, etc. Required Website: www.wileyplus.com This website is available to you once you have purchased your registration/access code. With the purchased code, you are allowed to “log in” to your section’s homework manager and your electronic textbook is available. A REGISTRATION/ ACCESS CODE IS REQUIRED. IT COMES WITH A NEW TEXTBOOK or can be purchased separately. When purchasing a new textbook, watch carefully for the insert that contains the access code card. If you purchase a used book, you will still need to purchase a registration/access code from the bookstore or from the WileyPlus.com website. Buying a used textbook will save you very little money, so look at all your options before buying a used book from another student. When registering at WileyPlus, you will type in the name of your university. Type in “Texas St” and your university will appear in the drop down menu. If you type in Texas State your university does not typically appear. Once at the Texas State menu, you can carefully select the course (ACC 2361) and your correct section number/time. Other Required Course Materials:  Calculator. For purposes of this course, any inexpensive, 4-function calculator is sufficient. This calculator will be used during classes and during exams. The McCoy College of Business utilizes the HP 10BII (cost is about $30.00-$35.00) in its CIS, Finance and Statistics courses. This calculator is acceptable for exams. You may not use the calculator function of a cell phone, ipod or any other device for in-class exams. You may not use what is commonly known as a graphing calculator in accounting classes. This means, for example, the TI-80 series of calculators and the TI-73/74 series are not allowed.  Small stapler. Multiple sheets must be stapled together.  Access to Word and Excel programs. Some assignments will be submitted (turned in) during class, and these must be completed in Word or Excel as appropriate. These programs are available on computers all over campus and for sale in the university bookstore at a considerable student discount from regular retail price. Unless the assignment is given and completed during a particular class, handwritten assignments are not accepted for credit.  The McCoy College of Business does not have pencil sharpeners in the classrooms or halls. Mechanical pencils are recommended. LEARNING OBJECTIVES: 1. Students will comprehend how accounting information is collected and processed to prepare financial statements. 2. Students will comprehend how accounting information is used by various parties (e.g., management, stockholders, creditors, etc.) to make sound decisions. More specifically, this course is intended to accomplish the following: a. Comprehend the role and nature of accounting, the social, political, legal and regulatory environment of accounting in the U.S., and the issues and principles that underlie the preparation of financial statements, including the ethical expectations. b. Acquire and use analytical skills and accounting concepts, principles, and assumptions to critically analyze and solve basic accounting problems, including the use of accounting methods for evaluating, recording, classifying and presenting information. c. Demonstrate the ability to use financial statements to make sound decisions. d. Recognize the limitations and inaccuracies inherent in the accounting process and in financial statements. (Course content to be followed in accomplishing these objectives is outlined in the assignment schedule at the end of this document.) Page 2 of 12 4. Scantrons: Your professor will provide all scantrons for this class. 5. Cell Phones: As a courtesy to your classmates, cell phones should be turned off before class starts. Do not put on vibrate, turn the cell phone off. If your cell phone rings/vibrates during an exam, you may receive a 3 percentage point deduction on your exam score. 6. RESTROOM BREAKS: All exams, except the final, are only 50 minutes in length. In a theater classroom it is extremely distracting for you to take bathroom breaks during these short exams. Please take a bathroom break before the exam starts so you do not disrupt the concentration of your classmates. If it is absolutely necessary to take a break, please leave your cell phone with the instructor and turn your exam and scantron printed side down. 7. Reviewing Exams: You may review each of your exams in my office. However, exam reviews must be completed within 16 days following the date the exam is given (count includes all days of the week). 8. Make-up Examinations: There are no make-up exams except in extraordinary circumstances. Every effort should be made to take exams on the assigned dates. If an exam is missed, that means the student conceivably has more time to study. All make-up exams will be computer generated and cover the same chapters as the in-class exam. However, you may be tested over any topics in those chapters and the original review sheet provided for the in-class exam does not apply to the make-up exam. The make-up exam will be multiple choice, true/false, fill in the blank, problems, etc. If the professor receives notification in advance, your grade for the missed exam will remain a “?” mark. If you do not notify the professor in advance, the grade will remain a zero until the make- up exam is completed.  Make-up exams for mandatory school sponsored absences: Meet with the professor before the exam date.  You can only make up one exam .  Exam 1 Make-Up Exam is scheduled for Friday, February 22nd, 12:00 PM.  Exam 2 Make-Up Exam is scheduled for Friday, March 22nd,, 12:00 PM.  Exam 3 Make-Up Exam is scheduled for Friday, April 12th, 12:00 PM.  Exam 4 Make-Up Exam is scheduled for Wednesday, May 1st, 8:00 AM.  When you have authorization from your professor to take the exam, you will be given the room number. It is essential you notify your instructor before missing an exam, not after missing an exam. You will typically receive authorization to take the make-up exam, if notification is received before the originally scheduled exam is missed. Failure to notify the professor in a timely manner will result in a zero for the exam.  If you decide to take an exam and do poorly on the exam, you cannot take a make-up exam to improve the score.  You cannot miss a chapter exam (Exams 1, 2, 3 or 4) entirely and then use the final exam to replace that missed exam. Once you miss the make-up exam, your score will be changed from “?” to zero. Grade Evaluation: Semester grades are a function of your performance on exams, projects, homework, attendance and class participation. Your final grade will be determined using the following percentages as a minimum: Approximate Points: Exams (292 points each) 1168 Comprehensive Final 360 Homework 194 Miscellaneous 78 Total 1800 Approximate Percentages: Exams (4 exams) 65% Final Exam 20% Homework & Miscellaneous 15% Total 100% Page 5 of 12  Exams: four exams -- 292 points each – dates on assignment sheet – multiple choice and/or problems  Comprehensive Final Exam: 75 to 80 multiple choice questions – departmental final exam  Homework: Check the grade book in WileyPlus to see the exact points assigned to exercises and problems. Some exercises and problems will contribute more to your overall homework percentage than other assignments.  BYPs (if assigned) = 10 points each—typically typed and turned in during class—not in WileyPlus  Miscellaneous Points: These will be assignments completed during class as an individual or as part of a group, and small projects completed outside of the classroom. Leaving the classroom with an exam or copy of the exam is academic dishonesty and will result in a failing grade for this course at a minimum. The points listed above are only an estimate. The actual total may be more or less, thereby adjusting the total available points. If you miss a class and the assignment was completed during that class period (usually group assignments), you cannot earn points for that assignment. If a later due date is specified, you may or may not be allowed to complete and earn points for the assignment. This is entirely at my discretion. Grades are earned on a percent basis: "A" = > 90% "B" = > 80% "C" = > 70% "D" = > 60% "F” Below 60% Do not depend on a grade curve to raise your final grade. Grades are strictly on a point/percentage basis, no minimum or maximum predetermined number of grades at a certain grade level, and grades are not “rounded” to the next letter grade (example: 79.7% is a C—80.0% is a B). Remember, if extra points are awarded at the end of the semester, you may only receive those points if your attendance is 4 or fewer absences; and, you have received 80% or greater on all assignments other than exam points. Time Management Skills:  Time management skills are included in this class as part of your commitment. Meeting deadlines is part of the business environment and definitely part of the accounting environment. Therefore, your assignment sheet has deadlines for reporting grading errors. Your attendance record and grades on quizzes, homework assignments, project papers, etc., will be considered correct unless you contact the professor in writing by the deadlines. Grades announced at the end of the semester will not be changed for any reason other than clear-cut mathematical or grading errors. Please note that the assignment sheet lists “deadlines” for reporting/discussing errors made by you, my graduate assistant or myself. For example, at the end of the semester I will not change your homework grade on chapter one. Changes to grades must be brought to my attention by the deadlines posted on the assignment sheet or not at all. Miscellaneous:  A syllabus is an organizational plan and as such it may be necessary to make changes, allowing for some flexibility. Each student is responsible for finding out about changes announced during class.  Announcements, handouts, and calendar will be posted on TRAC.  E-mail messages (especially those with attachments): In order to receive a response, your e-mail messages must include first name, last name, and section number or time of your class.  Please do not hesitate to seek assistance, especially during the first chapters. Delays in seeking help may result in you having to drop this course. You have help available….your professor, SLAC, classmates, and the book website. The formation of study groups is especially helpful in this class.  There will not be any individual “grade improvement projects” in this class. If you have a low exam score, you will need to do better on the other exams to improve your overall grade. CLASSROOM CIVILITY: Disruptive behavior in the classroom is prohibited in Section 2.02 of Texas State’s Code of Student Conduct and includes behavior that substantially or repeatedly interferes with the conduct, instruction, and education of a class. The complete Page 6 of 12 Conduct of Classes policy is available at http://www.provost.txstate.edu/pps/policy-and-procedure-statements/4-teaching/ pps4-02.html.  Cell phones should be turned off before class starts. If your cell phone rings or vibrates loud enough for your classmates to hear it during an exam, you may receive a 3 percentage point deduction on your exam score.  Students arriving late may enter the classroom at any time during the lecture/exam. However, arriving late three times counts as one absence. Also, after 15 minutes you will be counted absent. Arriving late for an exam means you have less time to complete the exam.  If you are talking during lectures and either the students surrounding you or the professor finds the noise distracting, you will be asked to leave the classroom. UNIVERSITY/COLLEGE POLICIES: A. DROP: Dropping means that the student will remain enrolled in at least one hour in the current semester. A "W" will be automatically assigned if the drop procedure is completed on or before 5:00 p.m. on March 21, 2013. After this deadline the student will be unable to drop the course and will receive the grade (A, B, C, D, F, or I) earned in the class. It is suggested that students consult the instructor prior to dropping from the class. WITHDRAWAL: Withdrawal means that the student is going to zero hours for the current semester. A "W" will be automatically assigned if the withdrawal procedure is completed on or before 5:00 p.m. on March 21, 2013. After this deadline, the student may withdraw on or before 5:00 p.m. on April18, 2013. If the student is passing the class on the official date of withdrawal, a "W" grade will be assigned. If the student is failing the class on the date of withdrawal, an "F" grade will be assigned. B. ACADEMIC HONESTY: Submission of any work for a grade for which unauthorized help has been received is termed academic dishonesty and will be grounds for a failing grade in the course. "Unauthorized" is a term used here to designate stealing, copying (with or without permission), collaboration with other individuals, or sharing programming code outside of sanctioned group activities. Students are strongly encouraged to refer to the Texas State student handbook for policies related to academic dishonesty. These policies may be found at http://www.dos.txstate.edu/handbook/rules/honorcode.html. This instructor views any such act as a clear violation of ethical standards and will take appropriate disciplinary and punitive action. Specific examples of dishonesty include, but are not limited to the following:  Sharing/comparing answers/files for homework assignments, projects, etc. is considered academic dishonesty. Working together is defined as—teaching each other how to get the correct solutions or explaining concepts, principles, etc. Examples of Academic Dishonesty: One student asking another student for the answer. One student giving the other student the answer.  Having your cell phone or other recording device out during exams or when exams questions are being discussed in class will be considered academic dishonesty.  Turning in a computer project or other homework as your work when you have not calculated/entered/typed all of the data entries yourself.  Letting another student or students turn in a computer project(s) or homework as their work, when you did part or all of the calculations, data entries, or information gathering.  You must do all the data entries yourself; watching a friend type/enter the data and printing out two copies is dishonest. Working together is acceptable unless the professor has indicated the assignment is not a collaborative assignment. Printing multiple copies from one file and the only difference being the name of the student is cheating.  Copying another student’s file, making minor changes, and turning the work in as entirely your own is also cheating.  Signing the attendance log for another student who is not in the classroom is dishonest,  Cheating on homework, quizzes, or other assignments means your overall grade for the course will be reduced one full letter grade and you will not receive points for that assignment.  Cheating on exams means a Zero for the course at a minimum.  Leaving the classroom with an exam or copy of the exam is academic dishonesty and will result in a failing grade for this course at a minimum, and “stealing a exam” could result in a recommendation for suspension from the university. C. HONOR CODE: All students are required to abide by the Texas State University Honor Code. The pledge for students states: Page 7 of 12 5 Feb. 11 Monday Chapter 4: Accrual Accounting Concepts—Adjusting & Closing Feb. 13 Wed. Chapter 4: Accrual Accounting Concepts—Adjusting & Closing Feb. 15 Friday Chapter 4 and Exam 1 Review Ch 4:Ex 2; Ex 5; P4-3A*; P4-8* 6 Feb. 18 Monday Exam 1: Chapters 1, 2, 3, & 4 Read Chapter 5 Feb. 20 Wed. Chapter 5: Merchandising Operations and the Multiple-Step Income Statement Reread Chapter 5 Feb. 22 Friday Chapter 5: Merchandising Operations and the Multiple-Step Income Statement 7 Feb. 25 Monday Chapter 5: Merchandising Operations and the Multiple-Step Income Statement Read Chapter 6 Feb. 27 Wed. Chapter 6: Reporting and Analyzing Inventory Reread Chapter 6 Ch 5: P5-1A; P5-6A*; P5-7A Mar. 1 Friday Chapter 6: Reporting and Analyzing Inventory 8 Mar. 4 Monday Chapter 6: Reporting and Analyzing Inventory and Chapter 7: Fraud, Internal Control and Cash Read Chapter 7 Mar. 6 Wed. Chapter 7: Fraud, Internal Control and Cash Reread Chapter 7 Ch 6: Ex 1; Ex 5; Ex 6; Ex 9; Ex 10; Ex 14; P6- 5A* Marc. 8 Friday Chapter 7: Fraud, Internal Control and Cash 9 March 11-15 SPRING BREAK—CLASSES DO NOT MEET 10 Mar. 18 Monday Chapter 7 Homework Due Ch 7: BE 3;, BE 4; BE 6; Ex 7; Ex 8; P7-5A Mar. 18 Monday Exam 2: Chapters 5, 6, & 7 Read Chapter 8 Deadline for Reporting Errors for grades is 5:00 pm. (Chapters 1, 2, 3, 4 and attendance recorded Jan. 14 – Feb. 18) Mar. 20 Wed. Chapter 8: Reporting and Analyzing Receivables Reread Chapter 8 Mar. 21 Thurs. DEADLINE FOR DROPPING WITH AUTOMATIC W—5 PM DEADLINE Mar. 22 Friday Chapter 8: Reporting and Analyzing Receivables 11 Mar. 25 Monday Chapter 8: Reporting and Analyzing Receivables Read Chapter 9 Ethics Assignment due, Must be typed, Individual assignment unless directions say group work is appropriate. Page 10 of 12 Mar. 27 Wed. Chapter 9: Reporting and Analyzing Long-Lived Assets Reread Chapter 9 Ch 8: BE 5; BE 7; BE10; Ex. 3; Ex 5; Ex 6; Ex 11; Ex. 13; Ex 15; P8-3A; P8-6A; P8-8A Mar. 29 Friday Chapter 9: Reporting and Analyzing Long-Lived Assets Read Appendix E 12 April 1 Monday Chapter 9: Reporting and Analyzing Long-Lived Assets Appendix E—Accounting and Analyzing Investments Read Chapter 10 April 3 Wed. Chapter 10: Reporting and Analyzing Liabilities Reread Chapter 10 Ch 9: Ex 5; Ex 6; Ex 7; Ex 10; P9-1A; P9-2A; P9-7A* April 5 Friday Chapter 10: Reporting and Analyzing Liabilities Matching Quiz on Glossary—Appendix E 13 April 8 Monday Chapter 10: Liabilities & Review for Exam 3 Ch 10: Ex 1*; Ex 4; Ex 5; Ex 7; Ex 14, Ex. 16 (a & b—c is CD);P10-1A; P10-2A Ch 10 Bonds: BE 13, BE 14; Ex 8 April 10 Wed. Exam 3: Chapters 8, 9, & 10 Read Chapter 11 Deadline for Reporting Errors for grades and attendance recorded is 5:00 pm. (Chapters 5, 6, & 7 and dates Feb. 19-March 18) April 12 Friday Chapter 11: Reporting and Analyzing Stockholders’ Equity Reread Chapter 11 14 April 15 Monday Chapter 11: Reporting and Analyzing Stockholders’ Equity April 17 Wed. Chapter 11: Reporting and Analyzing Stockholders’ Equity Read Chapter 12 April 18 Thurs. Last Day to Withdraw (Withdrawing is going to zero hours for the current semester.) 5:00 pm Deadline April 19 Friday Chapter 12: Statement of Cash Flows Reread Chapter 12 Ch 11: Ex. 2; Ex 4; Ex 6; Ex 7; Ex 10; Ex 14; P11-1A; P11-2A; P11-8A 15 April 22 Monday Chapter 12: Statement of Cash Flows and Chapter 13: Financial Analysis Read Chapter 13 April 24 Wed. Chapter 13: Financial Analysis—The Big Picture Reread Chapter 13 Ch 12:Ex. 5; P12-1A; P12-3A; P12-7A* April 26 Friday Chapter 13 Homework is Due Ch 13: Ex 5; Ex 6; P13-2A April 26 Friday Exam 4: Chapters 11,12, & 13 Deadline for Reporting Grading Errors or attendance is 5:00 PM. (Chapters 8, 9 & 10 and dates March 19-April 10) 16 April 29 Monday Last Day of Class. Review of Exam 4 and Review for Final Exam Page 11 of 12 May 1 Wed. Reading Day—Classes Do Not Meet May 1 Wed. Make-up Exams for Exam 4 8:00 AM. Students must have preauthorization from the professor of this course. Room number will be given at the time of authorization. May 6 Monday Deadline for Reporting Grading Errors or attendance is 5:00 PM. (Chapters 11, 12, 13 & Appendix E and dates April 11-April 30) May 2-8 Final Exams (Exams start at 5:00 PM Thursday evening May 2nd) Final Exam Schedule for Prof. Ross Exam Times: May 3 Friday 9:00 MWF Class 8:00 AM – 10:30 AM May 3 Friday 10:00 MWF Class 11:00 AM–1:30 PM Page 12 of 12