Department of Accountancy. Spring 2013

Transcription

1 Department of Accountancy Course Numbers: MBAD / ACCY W 7:10-9:40 p.m. / Funger 209 Course Titles: Course Description: Prerequisites: Professor: Required textbook: Required annual report: Optional materials: Other materials: Financial Accounting The basic concepts and methods used in financial reports for understanding their content and context. The income statement, balance sheet, and statement of cash flows. Detailed accounting procedures and choices. How the most important accounting procedures are calculated and how different choices impact financial statements. Graduate Standing Lawrence G. Singleton, Ph.D., CPA Financial Accounting: An Introduction to Concepts, Methods, and Uses, by Stickney, Weil, Schipper, and Francis, 13th Edition, South-Western, Cengage Learning, Harley-Davidson 2005 Annual Report available for download in Blackboard. The publisher website contains a wealth of additional materials that can help you this semester. A link to this URL is also available in the Course Materials area of Blackboard: n= &disciplinenumber=400 Form 10-K / Annual Reports Cases for class discussion Other materials as needed to illustrate specific accounting issues

2 Page 2 Learning Objectives: Students will develop a solid basic understanding of the principles of financial accounting. Students will understand the financial reporting system in the United States. Students will be able to conduct basic financial statement analysis of the balance sheet, income statement, and statement of cash flows. Method of Instruction: The course is based on lectures and the discussion of assigned exercises, problems, and cases. Student participation in class discussions is expected. You should bring your textbook, solutions, calculator, and one or more pencils to every class. Method of Grading: Your final grade will be based on the following: (1) Homework assignments, which you will submit for credit. (2) An analysis of corporate financial statements, which you will submit for a grade. This is a group project. (3) An in-class midterm examination. (4) An in-class final examination. All individual work (everything except the financial statement analysis group project) is to be done by you and without help from any other person (including any other member of your class). The point allocation will be as follows: Midterm exam 100 points Final exam 100 Financial statement analysis project 50 Homework points

3 Page 3 Deliverable Due Dates: Homework, Chapters 1-2 Class Session #2 Homework, Chapter 3 Class Session #3 Homework, Chapters 4-5 Class Session #5 Homework, Chapter 6-7 Class Session #7 Midterm Exam Class Session #7 Homework, Chapter 8 Class Session #9 Homework, Chapter 9 Class Session #10 Homework, Chapters 10, 11, Appendix Class Session #12 Financial statement analysis project Complete for class discussion Class Session #13 Final submission Class Session #14 Homework, Chapters 12, 13, 14, 16 May 8 Final Exam May 8 Note: The due dates shown above are submission dates. All assignments should be completed before the topic is discussed in class. Please keep a copy of everything you turn in to me.

4 Teaching Assistant Tracy Clough Office Hours: Tuesday: 5:30 7:30 p.m. Wednesday: 5:30 7:30 p.m. Location: Funger 601 Contact Facsimile: (202) Professor Singleton Office Hours: Monday: 6:30-7:00 p.m. Ballston Campus Room 102 Wednesday: 6:00-7:00 p.m. Foggy Bottom Campus Office Information: Office location: Funger 601 Telephone: (202) Facsimile: (202) Web: singletonassociates.com MBAD / ACCY Page 4 I will return your or voice message if you provide a telephone number where I may call you back. A telephone number with voice mail/answering machine is preferable. Mailing address: Department of Accountancy GWU School of Business Funger Hall, Suite G Street, NW Washington, D.C GW Emergency Number: ; Call this number in case of weather emergency to learn if the university is open. If the university is officially open I plan to hold class unless I am unable to get to campus. Blackboard: Blackboard is a web-based courseware application that allows me to post course information for students and conduct course interactions online. We will use Blackboard in this course. To log in to the Blackboard system go to For instructions and help information about the use of the system at GW go to

5 Page 5 A Word About Homework It is practically impossible to learn accounting without working problems. While we will discuss many topics in class this will be of little benefit to you unless you come to class prepared by reading the assigned material and working the homework assignments. When you work the assignments, be sure you understand what you are doing and why it is done. Resist the temptation to have the solutions open when you work the assignments. The solutions are provided to make your study more efficient, but you should not refer to them until after you have worked the problem. You should work your homework in pencil on regular notebook paper - no special accounting paper is needed. Alternatively, you may prepare your homework using spreadsheet or word processing software, but this is not required. The publisher provides additional resources (including additional exercises) online. The URL is also available in Blackboard. &discipline_number=400 Topics and Assignments A list of chapters and the question, exercise, problem, and case assignments for each are provided later in this syllabus. These assignments are subject to change. The topics listed under each chapter heading are not to be considered an all-inclusive list of topics for which you are responsible. Rather, they give examples of the topics covered in that chapter.

6 Page 6 COURSE POLICIES This list has been developed to inform you in writing of my course policies. By having these policies stated in writing my expectations of you should be clearer than if they were simply stated orally. This should also reduce the possibility of misunderstandings between us. 1. ATTENDANCE - Class attendance is optional. However, poor attendance could result in a poor course grade. 2. TARDINESS AND LEAVING DURING CLASS - In consideration of your fellow students, please arrive to class on time. Also, do not walk in or out of the classroom during the class period. If you need to leave class early, please inform me in advance and sit near the door so as not to disturb others in the class. 3. MOBILE TELEPHONES AND BEEPERS Please turn off your phones and beepers. 4. RECORDING: The use of recorders and other similar devices is not permitted in this class. You do not have permission to record our class sessions. 5. ASSIGNMENTS - I expect you to complete the chapter assignments before class. This will better prepare you for the classroom lectures and discussions, and should greatly enhance your understanding of the material being presented. You should come to class prepared to discuss the assigned materials for the current chapter. By having the material prepared in advance it will be much easier for you to pinpoint and correct any mistakes you may make. 6. HOMEWORK GRADE - Homework assignments from the text will be collected throughout the semester. IMPORTANT: Please neatly prepare your homework for grading, and highlight in color the number of each individual assignment for easy identification. A randomly selected subset of the homework submitted will be examined for completeness. Homework will not be accepted late. If you are unable to attend class when homework is due you may fax your homework to me. Electronic submissions are not accepted. 7. CLASS LECTURES - Class sessions will consist primarily of lectures and class discussions. You are encouraged to ask questions during class.

7 Page 7 8. EXAMS - You are expected to be present to take the exams when they are given. It is possible that the exact date of the exams may change, depending on how we move through the material. Makeup exams are not given. Alternate arrangements may be available, however, but ONLY when there is an appropriate excuse and when you have talked to me about your problem before the exam date. Illness - You must notify me before the exam. If I am not in my office, leave a message, with a phone number where you can be reached, in the departmental office ( ) and on my voice mail ( ). Personal or family emergency - Notify me in advance, if possible. Bring documentation to support your absence. Legal obligation (jury duty, court appearance, etc.) - Notify me in advance and bring documentation to support your absence. Automobile accident - Bring me a copy of the police report. 9. EXTRA CREDIT - I do not allow students to do additional work to compensate for poor grades. I believe that additional class assignments are unfair to the majority of students that are doing well in the course. 10. INCOMPLETE - An incomplete is assigned only when a personal circumstance prevents a student from COMPLETING the course work. This implies that: (1) a substantial portion of the course work is already completed, and (2) there is insufficient time for the student to complete the remaining work before the end of the semester. Incompletes are not given to students who have poor grades in the course. 11. ACADEMIC DISHONESTY - I follow University policies for cases of academic dishonesty. Accounting students should remember that the accounting profession is based on honesty and integrity. I have no tolerance for academic dishonesty. Anyone who commits an act of academic dishonesty in this course will receive a grade of F and a notation of Academic Dishonesty on their university transcript.

8 Page 8 Class Questions, Exercises, No. Date Chapter and Topic Problems, and Cases 1 January 16 Introduction 1-Introduction Business Activities and Overview of Financial Statements and the Reporting Process Overview of Business Activities Principal Financial Statements Financial Reporting Process in the United States 2 January 23 2-The Basics of Record Keeping and Financial Statement Preparation Overview of the Accounting Process Financial Statements: Balance Sheet, Income Statement Relationship between the Balance Sheet and Income Statement Generally Accepted Accounting Principles (GAAP) Generally Accepted Auditing Standards (GAAS) The Sarbanes-Oxley Act of 2002 and its effects on the accounting profession Ethics in accounting and auditing 3-Balance Sheet: Presenting and Analyzing Resources and Financing Asset Recognition and Measurement Liability Recognition and Measurement Shareholders Equity 22, 23, 26, 27, 33 recommended: 21, 24, 25, 28, 34 27, 28, 29, 31, 32, 45 12, 14, 23, 24

9 Page 9 Class Questions, Exercises, No. Date Chapter and Topic Problems, and Cases 3 January 30 3-Continued 4-Income Statement: Reporting the Results of Operating Activities Revenue Recognition and Measurement Expense Recognition and Measurement Comprehensive Income Accrual Basis versus Cash Basis of Accounting The Accounting Cycle Ledger Accounts Adjusting Entries Trial Balance Retained Earnings Dividends Closing Entries See the End of Year Procedures Handout Accounting Process for Merchandising Firms 4 February 6 5-Statement of Cash Flows: Reporting the Effects of Operating, Investing, and Financing Activities on Cash Flows Direct vs. Indirect Method Operating Activities Investing Activities Financing Activities 11, 13, 15, 17, 29, 34 recommended: 12, 14, 16, 30, 35 28, 29, 31

10 Page 10 Class Questions, Exercises, No. Date Chapter and Topic Problems, and Cases 5 February 13 6-Introduction to Financial Statement Analysis Horizontal and Vertical Analysis Ratio Analysis Measures of Liquidity and Credit Risk Measures of Profitability 11, 12, 14 Optional: 13, 15 Financial Statement Analysis handout Annual Reports Apparel Treasures handout 7-Revenue Recognition, Receivables, and Advances from Customers Review and Application of Income Recognition Principles Income Recognition at the Time of Sale, Before the Sale, and After the Sale 13, 14, 15, 16, 21, 23, 40 recommended: 19, 20, 22, 24 6 February 20 7-Continued 7 February 27 MIDTERM EXAMINATION (Chapters 1-7) 8 March 6 8-Working Capital Current Assets and Current Liabilities Accounting for Inventories Periodic and Perpetual Inventory Systems Cost of Goods Sold Classifications on the Balance Sheet and Income Statement Measuring Inventory Cost Application of Inventory Costing Methods Lower of Cost or Market Effects of Inventory Errors Inventory Estimation Inventory Management 13, 16, 21 recommended: 14, 22 March Spring Break No Class

11 Page 11 Class Questions, Exercises, No. Date Chapter and Topic Problems, and Cases 9 March 20 9-Long-Lived Tangible and Intangible Assets Acquisitions of Plant Assets Depreciation Disposal of Plant and Equipment Intangible Assets and Amortization Capitalize a Cost versus Expensing It Research and Development Costs Software Development Costs Natural Resources and Depletion 13, 14, 20, 21, 23, 24, March 27 9-(continued) Appendix-Time Value of Cash Flows Time Value of Money Concepts 10, 11, 12, 13, 14, 15 Present Value Concepts Handout 11 April 3 10-Notes, Bonds, and Leases Basic Concepts of Liabilities Current Liabilities Long-term Liabilities Bonds Payable Debt Amortization Schedules Leases 16, 17, 18, 19, 25, 26, 28 recommended: April (continued) 11-Liabilities: Off-Balance Sheet Financing, Retirement Benefits, and Income Taxes Off Balance Sheet Financing Operating and Capital Leases Income Tax Accounting and Deferred Income Taxes Pensions and Other Post-retirement Benefits 19, 25 recommended: 20, 21, 37

12 Page 12 Class Questions, Exercises, No. Date Chapter and Topic Problems, and Cases 13 April (continued) 12-Marketable Securities and Derivatives Types of Long-Term Investments Accounting for Investments Derivative Instruments 13-Intercorporate Investments in Common Stock Passive and Active Minority Investments Majority Investments Consolidated Financial Statements 14 April Shareholders' Equity: Capital Contributions, Distributions, and Earnings Sole Proprietorships Partnerships Corporations Accounting For Capital Contributions Common and Preferred Stock Cash, Property, and Stock Dividends Stock Options and Warrants Convertibles Securities Treasury Stock Retained Earnings Prior Period Adjustments Earnings Per Share 16-Synthesis of Financial Reporting Conceptual Framework Financial Reporting Standards 15, 17, 19 recommended: 16, 18, 20, 22 15, 17, 21, 28 recommended: 16, 18, 29 16, 23, 25, 28, 30 recommended: 17, 20, 33 1, 2 May 8 COMPREHENSIVE FINAL EXAMINATION TENTATIVE DATE Confirmed Date and Time To Be Announced 1/24/13