ACCOUNTING
640--FINANCIAL ACCOUNTING
OVERALL COURSE OBJECTIVES
1. Introduce
you to accounting information systems and the external financial reporting
process.
2. Enable
you to design, construct, and operate an accounting information system and
prepare financial statements.
3. Make
you aware of areas of choice in accounting principles and estimates and their
impact on financial statements.
4. Enable you to understand and interpret
information and disclosures contained in financial statements.
5. Think critically.
A primary
objective of this course is to help you understand how accounting meets the information
needs of various users by developing and communicating information useful for
decision‑making. This objective will be achieved by requiring the
following core competencies and outcomes:
[1] Fundamental Business Concepts: How do
businesses operate and how does accounting serve those entities?
[2] Accounting’s
Role in Society: How does accounting meet the information needs of
investors and creditors? How does accounting meet the information needs of
regulatory agencies and taxing authorities?
[3] Accounting Information Systems: How is
the usefulness of information reported by an accounting system directly related
to that system's design? How is business transactions input, processed by an
accounting information system, and output by that same system to produce
financial statements?
[4] Fundamental
Accounting Concepts Underlying Financial Statements: What are the elements
of, the relationships among, and the accounting concepts underlying the primary
financial statements?
[5] Uses and Limitations of Financial Statements:
What are the uses and limitations of financial statements and related
information in making both business and personal financial decisions?
The above
statement, based upon "The California Core Competency Model for the First
Course in Accounting" provides an overall framework for what we hope to
accomplish in this, your initial course in accounting.
COURSE
GOALS
This course
is designed to introduce accounting and its fundamental concepts to students
who have little or no background in the financial aspects of an entity but who
will likely use such information in future roles as owners and operators of
businesses, entrepreneurs, employees, managers, investors, and/or taxpaying
citizens. The course lays a foundation
for the use of accounting concepts, skills and judgments in numerous endeavors,
both career and personal. Accordingly,
by the end of the semester, you should…
·
Understand the role and purpose of accounting in business and society.
·
Understand accounting- and business-related terms and concepts.
·
Have knowledge of the conceptual framework of accounting and how it
relates to accounting principles...
·
Have an understanding of the basic mechanics of the accounting process
and the creation of financial statements.
·
Have developed the skills required to effectively use financial
statement information in decision- making.
·
have a clear understanding of the uses and limitations of accounting
information
As one of the
initial (or only) course(s) you may take in the
·
Critical thinking
·
Problem definition and problem solving
·
Working with deadlines
·
Goal-setting
REQUIRED TEXTS
Financial Accounting and Reporting (Seventh Edition-2006)
Practice
Problem for Principles of Accounting: Billy's Video
Practice
Problem in Financial Statement Analysis
OPTIONAL MATERIALS
Essentials of Financial Accounting (Fourth Edition)
Study Guide for Financial Accounting
Student Solutions
Manual for Financial Accounting and Reporting
Course Format
At
the outset of the course, it is essential to realize that accounting must be
learned by doing. As in other
courses, you must read all assigned materials and study and complete all
problems and projects (before each class), attend and actively participate in
class discussions, asking questions at any time. You simply cannot master accounting by solely
by reading, listening, and observing – you must do it yourself. It is expected that you will come to class
totally prepared each time. Your
instructor will give you a minimum list of exercises and problems for each
chapter. These problems should be
completed prior to class meetings. WebCT Vista will be used to allow you to check the points
you have received for the exams and projects.
ASSIGNMENTS
Accounting is
a somewhat demanding course and experience has demonstrated that for you to
perform at your best, you must study a minimum of ten to twelve hours each week.
Some students will require more time. Regular study time is important, as well
as proper preparation for each class meeting.
You must become actively
involved! You are encouraged to work all assignments and problems on a
timely basis. Falling behind in preparation is the most frequent cause of
difficulty in the study of accounting.
SOME (hopefully) HELPFUL
HINTS
In
accounting, your understanding of new topics often depends on your
comprehension of prior concepts. You must keep up. Do not be afraid to ask questions. The minute you feel that
you are getting lost, ask for help.
The textbook
is a wonderful resource. Read the assignment in the text before coming to class;
this will help you to understand material presented in lecture.
Do your
homework.
If you don't understand a concept, work additional problems until you do. In
accounting, hard work really does pay off! This is definitely not a
course you can wait to prepare for the night before an exam. We cannot stress
enough the importance of (1) attending class, (2) actively participating in
each class, (3) reading the text and completing assignments on a daily basis,
and (4) developing a sound foundation by understanding and applying concepts,
particularly those in the initial weeks of the course.
WEBSITE
Check the website (http://acct.tamu.edu/kratchman/) for the
course frequently, at least weekly for updates and other important information.
IMPORTANT DATES
|
January 16 |
First day of spring
semester classes |
|
January 22 |
Last day to add or drop
courses for the spring semester |
|
January 26 |
Last day to apply for
degrees to be awarded in May |
|
February 16 |
Examination 1 (Billy’s
Video for months of January and February due) |
|
March 9 |
Examination 2 |
|
March 12 - 16 |
Spring
Break |
|
April 2 |
Last day to drop courses
with no penalty (Q-drop). Last day to officially
withdraw from classes. |
|
April 6
|
Reading
day, no classes. |
|
April 20 April 21 |
Examination 3 (Financial
Statement Analysis Problem Due) Muster |
|
April 23 |
Make up exams for all
students who missed an exam and have a University excuse. |
|
April 30 |
Dead day, classes meet but
no major exams. |
|
May 1 May 2 – 3 |
Last day of spring
semester classes. Redefined day;
students attend their Friday Classes. Dead day, classes meet but no major exams. Reading days, no classes
or exams. |
|
May
7 |
Comprehensive final
examination - (10:30 am – 12:30 pm) |
|
|
|
SCHEDULE
|
TOPICS |
Chapter |
|
An Annual Report to Shareholders: Pepsi Co, Inc. |
1 |
|
|
|
|
An Introduction to Accounting |
2 |
|
|
|
|
Accounting: Concepts, Standards, and Practice |
3 |
|
|
|
|
Transaction Analysis: The Accounting Process |
4 |
|
The Recording Process |
5 |
|
Worksheet and Adjustments |
|
|
Accruals and Deferrals |
|
|
Model of a Financial
Accounting System |
|
|
|
|
|
Understanding Corporate Financial Statements |
6 |
|
|
|
|
Merchandising Transactions and Inventories |
7 |
|
|
|
|
Long‑Term Assets |
8 |
|
|
|
|
Cash, Receivables, and Current Liabilities |
9 |
|
|
|
|
Long‑Term Liabilities and Investments, |
10 |
|
Time Value of Money Consolidated Financial Statements |
|
|
Consolidated Financial Statements |
|
|
Types of Business Organizations |
11 |
|
Income Determination and Earnings |
12 |
|
Financial Statement Analysis |
13 |
|
Cash Flows |
14 |
|
Income Tax Considerations |
15 |
|
International Accounting |
16 |
|
|
|
|
Accounting for
Pensions, Postretirement Benefits and |
17 |
|
Leases and
Analysis of Other Disclosures |
|
|
|
|
|
Final Examination |
1‑16 |
IMPORTANT
NOTE: Changes in this syllabus may be made during the course of the semester
and will be posted on the website (http://acct.tamu.edu/kratchman/
for the course. The dates of the exams
and the make-ups, however, are fixed, so please note them on your calendar.
GRADING
|
Item |
Points |
|
Grades on examinations
given during the semester |
300 |
|
|
|
|
Practice Problem (Billy's Video) |
* |
|
Practice Problem (Financial Statement Analysis) |
* |
|
Final Examination – Required |
100 |
|
|
400 |
|
Extra Credit |
10 |
|
Total Points Available
|
410 pts. |
*Completion with a grade of satisfactory
is required for a passing grade in the course
All
students are expected to attend all classes, take all examinations at the
scheduled times (see above) and hand in all assignments on time as indicated.
EXAMINATIONS, QUIZZES AND IN‑CLASS
WORK
Three (3) examinations will be given
during the semester. Examinations will
include a number of multiple-choice questions including questions from both the
homework assignments and the two required practice problems. The required comprehensive final exam will be
given at the date and time published in the student directory of classes and
noted on the third page of this syllabus.
Makeup examinations for the term will be given on
April 23. Individual makeup examinations
are not feasible and will not be given because of both the number of exams and
the number of students enrolled in the course.
Make-up exams only will be given to students with University approved
excuses.
IMPORTANT NOTE:
The final exam is worth 100 points. It is comprehensive and is mandatory, not
optional.
PRACTICE PROBLEMS
Two practice
problems are assigned during the semester. A portion of each problem may be
done during the class with the remainder of each practice problem to be
completed outside of class. Please obtain these problems from the
bookstore immediately as they may not be available later iN the semester. The practice problems are due on the
dates specified by your instructor in the syllabus. Any practice problems
received after the specified due dates will receive a grade no higher than the
lowest grade given to any student who turned the assignment in on time. You
will receive, from your instructor, a separate transaction sheet for completing
the Billy's Video Practice Problem. Do not use the transactions included in the
practice problem workbook. Your instructor will also provide you with an
Annual Report for your use with the Financial Statement Analysis Practice
Problem. Examinations,
including the final examination, will include questions from the two practice
problems.
GRADE APPEALS/CHANGES
If you
believe an error has been made in grading or recording an assignment/exam, you
must submit a written request for review within three class days of
the date the assignment/exam score was made available to the class. Because
of the number of assignments given and the number of students enrolled in the
course, any requests made after this time cannot be considered. It is
therefore critical that you pick up and review all graded assignments on a timely
basis.
HELP
Help is
available during designated hours to assist accounting students. The instructor
will announce his office hours and the office hours of the TA assigned to the
course. Please monitor the course
website for additional information.
STUDENTS WITH DISABILITIES
If you are entitled to special accommodations because of a disability,
please see your instructor within the first two weeks of the semester so that
appropriate arrangements may be made.
STATEMENT OF ETHICS AND
SCHOLASTIC DISHONESTY
The
accounting profession has a long‑established reputation for its high
level of ethical conduct. This reputation extends into the academic arena where
the profession's future leaders are prepared. It follows that accounting
students are expected to conduct themselves in a manner which is above reproach
in all of their own course‑related activities.
Academic
dishonesty in any form simply will not be tolerated. Such actions include, but
are not limited to: copying, sharing or
obtaining information from any unauthorized source during examinations or
quizzes; copying from or unauthorized sharing of homework assignments;
attempting to take credit for the intellectual creation of others as one's own
work; falsifying information; and giving or receiving information about a test,
quiz, practice problem or assignment to students in your class or in other sections
of the course.
As commonly
defined, plagiarism consists of passing off as one's own the ideas, words,
writings, etc., which belong to another. In accordance with this definition,
you are committing plagiarism if you copy the work of another person and turn
it in as your own, even if you have the permission of that person. Plagiarism
is one of the worst academic sins, for the plagiarist destroys the trust among
colleagues.
The texts,
supplements and all materials used in this course are copyrighted. This
includes all materials generated for this class, which include, but are not
limited to, syllabi, exams, quizzes, problems, in‑class materials, review
sheets, and additional problem sets. Because these materials are copyrighted,
you do not have the right to copy these materials unless permission is
expressly granted in writing.
Any student
involved in academic dishonesty will be penalized to the full extent, in
accordance with published University Rules and Regulations, which,
unfortunately, do not include the death penalty.
BUILDING
We have
beautiful and state‑of‑the‑art classrooms in the
IMPORTANT NOTE:
We in the
Department of Accounting want your work in each and every accounting course to
be a challenging, rewarding and pleasant experience. The Department and your instructor wish to be
of assistance to you in any and every way possible. Please do not hesitate to
call upon us.
We would like to ask an
important favor of you. If you have any concerns whatsoever with any aspect of
this course, please contact us directly. Our offices and telephone
numbers are given below. If you attempt
to contact us and we are not in, please leave a message and a telephone number
and we will get back to you as soon as possible. You also may email us. We will be glad to visit with you at any time
about any aspect of your course.
Thank you for
your help and best wishes for every success in your studies.
Sincerely,
Price Waterhouse Professor
of Accounting
460 G
845-3175