MGMT 026- Introduction to Financial Accounting Syllabus Instructor info:

Transcription

1 MGMT 026- Introduction to Financial Accounting Syllabus Instructor info: Course Description A broad introduction to accounting. Students are equipped to draw up and interpret accounts and are introduced to some key ideas of auditing. Covers the fundamental accounting concepts and how to apply them; record accounting entries, prepare accounts for different business entities and understand the differences between them, the basic principles of auditing. General course objectives: Introduction to double entry accounting and financial statements; journal entries and posting to T accounts; adjusting and closing entries; accounting for sole proprietorships and corporations; emphasis on accrual accounting; current and long-term assets and liabilities; understanding of equity and debt financing; production of financial statements as required by FASB/ SEC under GAAP rules. Student Learning Outcomes: Students completing Introduction to Financial Accounting MGMT 26 should: 1. Have a broad view of` accounting s role in satisfying society s need for (financial) information to include the needs of investors, creditors, regulatory agencies and taxing authorities. This will also include the history and ethical responsibilities of the accounting profession and the role of auditing in enhancing the credibility of publicly reported information. 2. Understand fundamental business concepts to include such key terms as assets, (e. g. current and long-term, accounts receivable and inventory), collateral, financing, and limited liability, as well as the characteristics of corporations, partnerships, and sole proprietorships and the advantages/disadvantages of each. 3. Understand fundamental accounting concepts underlying financial statements to include basic accounting principles such as the separate entity and historical cost principles, information typically found in financial statements, such as the balance sheet and income statement, criteria used to determine revenue and expense recognition, the difference between accrual and cash accounting, generally accepted valuation methods such as depreciated historical cost, the role of estimation in accounting, and the relationship between the four publishable financial statements. 4. Understand the principles underlying the design, integrity, and effectiveness of accounting information systems, including the basic components of internal control, the accountant s professional code of conduct, and the significance of debits and credits as they are used in an accounting system. 5. Understand the uses and limitations of financial statements and related information in decision-making, to include the use of ratios. 6. Be able to analyze whether an adjustment or correction is needed in a particular situation and to record the effects of such adjustments and corrections in individual assets, liabilities, and owner equity accounts. 7. Be able to prepare a balance sheet, income statement, statement of equity and understand the general principles of the cash flow statement. 8. Gain an appreciation of accounting as an evolving discipline, appreciate the role of technology in gathering and organizing accounting information, and understand how financial statement analysis can uncover important trends and relationships in financial statements. Required Materials: Come to class prepared for the exams. Bring Scantron 882, stapler, calculator, pens, pencils, paper, erasers, etc. The exam questions include questions for discussion, problems and computations, and

2 multiple choice questions on Scantron 882. Reference Text: Principles of Financial Accounting 1-17, 21st Edition with Connect Plus. Wild, Shaw, & Chiappetta. McGraw-Hill Irwin Publishing. (2013). ISBN Connect Plus Accounting Card to accompany Principles of Financial Accounting. McGraw-Hill Irwin Publishing. ISBN Note: This is the access key to McGraw-Hill s online homework managing software. You will need to buy the access key. You can acquire the Connect Accounting Card from the UC Merced bookstore or online. Course presumes two hours minimum outside class work for every hour of instruction. EVALUATION: A 93% and up A- 90% below 93% B+ 87% below 90% B 83% below 87% B- 80% below 83% C+ 77% below 80% C 73% below 77% C- 70% below 73% D+ 67% below 70% D 63% below 67% D- 60% below 63% F Below 60% Grade Breakdown Midterm 20% Final 25% Home Work/ Attendance 20% Quizzes (four quizzes) 20% Projects 15% (1) MIDTERM EXAM, FINAL EXAM & QUIZZES There will be one midterm, one final, and four quizzes in this semester. Everyone must plan to attend the exams and quizzes as scheduled. Each exam and quizzes will be graded on the scale PLEASE NOTE THAT NO MAKE-UP EXAMS WILL BE GIVEN. You must plan to attend the tests at the time and place scheduled. No credit will be given to those persons involved in any cheating. Please see UC Merced's Academic Integrity Policy for more details. (2) TEAM PROJECTS Team projects are an indispensable part of this course. Enrolling in this class mandates your commitment to these projects. Since teamwork has been recognized as a critical component for companies to compete effectively in today's highly dynamic and global business environment, it is important for the class to learn how to work effectively with other people. Each member of this class is required to join a project team of 4-5 persons. Each group must its member list to me by DATE HERE. The teamwork approach requires each individual work closely together with other

3 members on the same team and makes contribution to the completion of each project. Each project report must represent your own group s effort. Copying another group s output, in any form, is absolutely prohibited. Failing to observe this rule will result in no grade for the project report. In addition, i might need to question the source of your project report whenever the situation warrants.\ (3) HOMEWORK: Homework will be completed using the Connect Accounting website set up for this class. All homework problems must be completed in order to get full credit. (4) OTHER COURSE COMPONENTS: Class meetings are very important for a better understanding of the course material, for taking additional notes, and for improving your ability to communicate and cooperate with your colleagues. You are expected to have read the assigned material before class and to participate in all class discussions. In addition to scheduled quizzes, unannounced quizzes might be used to assess class preparation. Class attendance and participation will be recorded daily. Should you miss class for any reason, you are responsible for getting the notes or any other missed material from one of your fellow classmates. In addition to your readings and group work, small assignments will enhance the quality of the class meetings; for example, you may be asked to bring a recent newspaper article and discuss a current accounting issue in the class. The use of cell phones in any way (texting, reading, listening, etc.) is not allowed during class. All cell phones should be silenced and stored away. Accommodations for Students with disabilities: Any student who feels he or she may need an accommodation based on the impact of a disability should contact me privately to discuss his or her specific needs. Also contact Disability Services at (209) as soon as possible to become registered and thereby ensure that such accommodations are implemented in a timely fashion. This syllabus is subject to change. Proposed Lectures, Assignments, and Examination Schedule may be revised. Exam dates, and other assignments will be confirmed in class or via . IMPORTANT DATES February 2 (Monday) Team Member List Due February 11 (Wednesday) Quiz 1 February 25 (Wednesday) Quiz 2 March 4 (Wednesday) MIDTERM EXAM March Spring Break (No Classes) April 1 (Wednesday) Quiz 3 April 27 (Monday) Quiz 4 May 14 (Thursday) FINAL EXAM (11:30AM-2:30PM) Project Due dates to be announced

4 COURSE CONTENT (If you miss any class, you must assume the responsibility for any information or material that was missed, including any additional class or project requirement.) Accounting in Business (Ch. 1) Analyzing and Recording Transactions (Ch. 2) Adjusting Accounts and Preparing financial statements (Ch. 3) Completing the Accounting Cycle (Ch. 4) Quiz 1 (DATE) President's Day (No Classes) Accounting for Merchandising Operations (Ch. 5) Chapter 5 continued Quiz 2 (DATE) Inventories and Cost of Sales (Ch. 6 ) MIDTERM EXAM (DATE) Accounting for Cash and Internal Controls (Ch. 8) Midterm Exam Discussion Accounting for Receivables (Ch. 9) Plant Assets, Internal Resources, and Intangibles (Ch. 10) Quiz 3 (DATE) Current Liabilities and Payroll Accounting (Ch. 11) Accounting for Corporations (Ch. 13) Long-term liabilities (Ch. 14) Reporting the Statement of Cash Flows (Ch. 16) Quiz 4 (DATE) Analysis of financial statements (Ch. 17) FINAL EXAM (DATE) Have A Successful Semester!

5 student registration information course Management 26with LearnSmart instructor George Sirogiannis section MGMT SPRING 15 registration dates 01/21/ /28/2015 online registration instructionsgo to the following web address and click the "register now" button. is a unique address for MGMT SPRING 15 Having trouble registering?get help here: