ACCT 100 Principles of accounting

ACCT 100 Principles of accounting

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Description

This sample lecture covers the processing of accounting information. Throughout the course, students will be introduced to the generally accepted principles that govern an entity's financial accounting system and to the end products of the system: income statements and balance sheets. To preview this spring 2007 distance education course, watch a segment of the lecture on video or listen to the full audio recording.

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OBJECTIVES

This course is designed to provide a basic understanding of financial accounting, including introductory accounting theory, concepts, principles and procedures. Specific attention will be devoted to the preparation, understanding, and analysis of financial data and financial statements. Students will also be exposed to current events in accounting and application of business ethics. Students will be expected to interpret current events in terms of accounting measurements and communication.

Upon successful completion of this course, students 

should be able to:

Read, understand, and analyze 

basic financial statements;

     Apply basic accounting concepts to determine the appropriate accounting treatment for transactions or events;

     Determine and prepare the appropriate journal entries to record accounting events;

     Understand and evaluate alternative approaches to account for various transactions or changes in the value of assets or liabilities;

     Analyze the economic ramifications of various current events and political issues, including the development of emerging international accounting standards.

NOTE: In order to perform well in this class, extensive preparation is required prior to each class meeting. In addition, over the course of the semester, every attempt will be made to follow the daily schedule listed in the syllabus. However, depending on overall class progress, the syllabus may be adjusted. Any departures from the syllabus will be announced in class.

YOUR RESPONSIBILITIES

The objective of the course is to help prepare you to succeed in your career – whether it be in accounting, business, or in a non-business career where you need to be able to analyze how well you are doing. You, and you alone, are accountable for the grade you receive in the course. In order to facilitate your success in this course in building a foundation for other courses in the school, we suggest the following:

1. Plan on spending at minimum of 3 hours of uninterrupted time preparing for each class (and possibly more for the first day of a new topic area). By uninterrupted time, we mean full time without interruptions due to (a) texting, (b) phone, (c) emails, (d) looking up interesting information on the web, etc.

2. Let your instructor know, in advance, if you will miss a class and the reason for missing the class.

3. Come prepared each day with questions. We guarantee you that you will do better in the class if you are prepared each day and come with questions about things you do not understand,

4. Read current business articles that may have an accounting implication or issue and bring them to class.

5. Do you own work – including the automated homework,

6. Be prepared for, and assume, an unannounced quiz every day except the day before an exam.

7. Adhere to the University and Business School Code of Conduct regarding your responsibilities –

including not cheating and referring others who cheat to your TA, the course coordinator, or department chair.

COURSE WEBSITE

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You may access this webpage http://assignment4finance.blogspot.in/ or mail us at assignment4finance@gmail.com.This site requires a password which is either included in textbook or purchased directly from the publisher’s website for access. The assignment4finance website includes the assignments (graded), tutorials, PowerPoint slides, and other supplementary materials.

In addition, on this website you will find the general syllabus followed by each section and exam dates/times/locations (under “Announcements”).

Please note that the University of Wisconsin-Madison is not responsible for technical problems with A4F. It is advised that you allow yourself adequate time to complete your assignments prior to the deadline as exceptions will not be made to due dates for any circumstance.

INSTRUCTOR’S OFFICE HOURS

During office hours, students may check homework solutions, ask questions, and discuss any other aspect of the course with the instructor. Please take advantage of this resource. If these hours conflict with your schedule, arrange to meet with the instructor at a time that is mutually convenient.

ATTENDANCE AND CLASS PARTICIPATION

Regular attendance and class participation are expected of all students. Because the course covers a great deal of material, attending every class session is very important to favorable performance.

Group discussions of the course material are an important part of the learning process in this course. Students are expected to make a meaningful contribution to the class, whether by asking questions, responding to questions, or contributing in other ways to class discussion.

COURSE GRADES

In addition to the relative weighting of exams, quizzes, and class participation, there are two items particularly noteworthy about the grading policy for this class:

1.    Your Instructor, under the supervision of Professor Rittenberg and Professor Kroll, will be the individual who makes the primary determination of your grade. In other words, your Instructor will be responsible for assessing your class participation, your quizzes, attendance, and other factors that reflect your overall performance in the class. Thus, it is important to note that GRADES ON EXAMS are important, but only count for approximately two-thirds of your grade.

2.    Your grade will depend on your overall performance against a standard of excellence that we have held in the accounting department for a number of years. We will not curve the course just for the purpose of creating a curve. The determination of the cut-off grades is dependent on the difficulty of each exam, your performance on the exam, and your performance in class.

NOTE: Attending office hours held by your Instructor may be important, but is not a substitute for class participation, and will not be a factor in determining your grade for class participation.

It should be noted that even though letter grades are given following each midterm examination, the letter grade received is not necessarily reflective of what the student will receive as a grade for the course (in other words, the final class grade is not an average of individual component letter grades).

Midterm letter grades are only given to let the student know how he/she performed on that specific exam, relative to everyone else enrolled in AIS 100. Final grades for the classes are determined by each Instructor under grading guidelines prepared for the class, and will be based on total accumulated points based on the criteria identified above.

Individual section components (285 maximum points) will be based on in-class quizzes, graded homework, a semester project, and classroom participation.

The following factors are considered in the class participation points assigned by your instructor:

1.    Attendance.

2.    Volunteering answers to questions or asking good questions.

3.    Responses to cold-calling.

4.    Responses to discussion questions.

For example, attending every day, but with no responses on items 2, 3, and 4 above, would result in a maximum score of 25 out of 50. Non-attendance and poor responses in categories 2, 3, and 4 will lead to an even lower score. Also, note that participation is based solely on in-class participation; therefore attending office hours will have no effect on your participation grade.

EXAMINATIONS

There will be three exams during the semester, including the final exam. Each exam will run for two hours. Please note that the midterm exams will be given from 7:15 to 9:15 p.m. The midterm examinations may be composed primarily of multiple-choice questions, short answer questions, essay questions, problems, and the preparation of financial statements or other financial data. Practice exams for Exam 1 and Exam 2 are posted on A4F. NO practice exam will be posted for the final exam.

The self-study questions at the end of each chapter, homework assignments, discussion questions, practice exams, and notes taken during class discussion provide an excellent resource for studying for exams. The final exam will be cumulative, covering all of the material considered in this course, but will emphasize material since the last exam (about 50% of the final).

You must sit for the first two exams on the dates and times scheduled. It is your responsibility to check the dates and times of exams in other courses for which you are registered. If you do not notify your instructor during the first two weeks of class of any conflict, it will be assumed that you have no conflicts with these two exams. If conflicts arise over the timing of the final examination due to conflicting block exam times set by the registrar’s office, accommodations for an alternative final exam will be made. You will not be permitted to miss any examination in this course because of travel plans.

EXAMINATION SCHEDULE

Exam Exam 1 Exam 2 Final Exam

Date

Thursday, October 14 Thursday, November 18 Sunday, December 19

Time

7:15 – 9:15 p.m. 7:15 – 9:15 p.m. 7:25 – 9:25 p.m.

Material Included Chapter 1 – Chapter 6

Chapter 7 – Part of Chapter 11 Cumulative

QUIZZES

Each individual instructor will develop a set of quizzes during the semester. There will be somewhere between five and eight quizzes during the semester. The value of each quiz will vary between 10 and 20 points. The quizzes are used to provide you with timely and effective feedback on your grasp of the material.

 Quizzes may or may not be announced in advance. At least three quizzes will be given prior to discussion of the material to encourage students to read the material prior to coming to class. Quizzes will test your knowledge of both concepts and the application of those concepts, as well as knowledge of current accounting events discussed in class.

HOMEWORK ASSIGNMENTS

1.    Homework assignments are the basis for class discussion. Homework is an important part of the learning process. If you do not attempt to complete the assignments before class, it is likely that your performance in the course will suffer.

2.    You are allowed and encouraged to help each other with the daily homework and class preparation. Additional help with homework is available from

 (1) the instructor during office hours,

(2) the Learning Center in Grainger Hall,

(3) weekly Beta Alpha Psi tutoring sessions, and

(4) private tutors (A tutor list will be available from your instructor).

3.    It is expected that homework assignments will be completed prior to the start of class. Homework assignments are taken from the questions (Q), brief exercises (BE), exercises (E), problem set A (P-A), problem set B (P-B) and the “Broadening Your Perspective” (BYP) questions at the end of each chapter.

There are three types of homework assignments:

 1.) A4F  Questions

2.) A4F Questions from the Textbook and

3.) Discussion Questions. A schedule of homework assignments and the respective due dates are listed in the course calendar at the end of this syllabus.

1)      Homework assignments in the form of A4F Questions must be completed in A4F at least one hour before the start of the class in which they are due, as listed on the syllabus. A4F to class to facilitate discussion and help with your class participation.

Students will receive two attempts to complete each A4F Question.

Answers to A4F Questions will be made available in A4F after two attempts.

No exceptions will be made for late homework. If a student does not complete the homework in A4F by the assigned due date, zero points will be given to the student for that assignment.

One suggestion is that you consider printing out the A4F question and record the answers to the question prior to entering the answer on A4F. This will decrease the likelihood of errors and timing out on A4F. No additional attempts will be provided to students who incorrectly entered the answers or if answers were lost or not completed by the due date because A4F  timed out.

2) The second form of a homework assignment,A4F Questions from the Textbook, is marked with an asterisk in the homework schedule. They should not be completed in A4F . Instead, they should be completed by hand and turned into your instructor on the designated due date. A4F Questions and Wiley Questions from the Textbook make up 60 points in the Individual Section Component of your grade.

3) The third type of question, Discussion Question, should be prepared prior to the start of class as these questions will be discussed in class and factored into the Participation component of your grade. Note that these questions should NOT be completed in A4F  or turned in to your instructor.

Note that certain Discussion Questions labeled as “Activity X” are not accessible through the textbook. These questions will be distributed by the Instructor or available on the A4F website prior to the designated due date.

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International Financial Reporting Standards (IFRS) Implementation Project

The accounting environment in the United States is rapidly changing. Efforts are currently being made to converge U.S. Accounting Standards with International Accounting Standards. To educate students on this matter, we will incorporate IFRS into the current curriculum. The objectives are the following:

     To provide students with a basic understanding of what IFRS is, the status of IFRS in the U.S., and reasons for and against globalization of accounting standards.

     Introduce students to similarities and differences between International and U.S. accounting standards and the implications of such for businesses and users of financial information.

     To have students apply basic accounting principles and concepts to in-depth case studies highlighting the similarities and differences between International and U.S. accounting standards.

     To understand various factors considered in the standard setting process, particularly related to determining the best way to value an economic event, complex factors considered in valuation, and the impact of varying cultural and individual behaviors.

     To provide students with enough background on the current convergence process so students are able to develop their own viewpoints on convergence and its costs/benefits.

As shown on the schedule on the following page, IFRS and the current events related to IFRS will be discussed throughout the semester. Please note that points allocated to IFRS are incorporated within the current events and participation points. Students will be responsible for this material on the exams.