LAMBUTH UNIVERSITY

School of Business and Economics

Fall Semester, 2007

 

 

ACC 2133: Principles of Financial Accounting I

 

Monday, Wednesday, Friday 10:00 – 10:50 (Section 1)

Monday, Wednesday, Friday 11:00 – 11:50 (Section 2)

Varnell-Jones Hall – Room 300

 

Instructor:      Dan Ashton                              Office Hours: Mon     8:00 – 9:30, 12:30 – 1:00

Office:             Varnell-Jones #304                                          Tues     8:00 – 9:00, 11:00 – 2:30

Phone: 731-425-3219                                                 Wed     8:00 – 9:30, 12:00 – 1:00

E-mail:            ashton@lambuth.edu                                        Thurs   12:00 – 3:00

                                                                                                Fri        8:00 – 9:00

 

Course Objectives:

Introduction to financial accounting and corporate financial statements.  Demonstrate the use of accounting principles and procedures to record business transactions.  Provide the concepts underlying the preparation of corporate financial statements.  Instruct the steps (methodology) for the actual preparation of the income statement, balance sheet, statement of retained earnings and cash flow statement.  In addition, provide information on financial statement interpretation and limitations.  This course emphasizes the relevance of financial accounting concepts to monetary decision making.  This course is designed for all Business Administration Majors.

 

This is your first course in accounting at the collegiate level.  Accordingly, it is extremely important you do well in this course.  It is the prerequisite to all other accounting courses and required for admission into the School of Business and Economics BBA program.  Even if accounting is not your major, you still need a solid grasp of accounting concepts to be successful in other business fields.  Accounting is the language of business.  Likewise, to be an effective accountant, you need to be able to go beyond the numbers to understand what they represent

 

Required Material:

Text: Accounting, 22 edition, by Warren, Reeve, and Fess, Thomson, Southwestern Publishing Working Papers Plus, Chapters 1-17 Edition 21, Study Guide Chapters 1-17, Thompson Southwestern Publishing.

 

COURSE REQUIREMENTS AND EXPECTATIONS

 

            In this course you should try to accomplish the following:

A.                 Acquire an understanding of the accounting process and the nature and purpose of the information it provides

B.                 Develop knowledge of accounting terminology

C.                 Become aware of the accounting profession and the career possibilities that it presents

D.                 Understand the recording process as it is used in a double-entry accounting system

E.                  Know the rules of debit and credit and apply the rules in recording transactions

F.                  Be able to tell the normal balance of any asset, liability, or owner equity account

G.                 Know how to record transactions in a General Journal, post to the ledger accounts, and prepare a trial balance to test the accuracy of the recording and posting

H.                 Know how to prepare Financial Statements and then complete the accounting cycle

I.                    Understand the purpose and use of special journals

J.                   Learn how to apply the accounting procedures to a merchandising concern

K.                Understand internal controls over cash and be able to prepare bank reconciliation

L.                  Know how to classify receivables, prepare journal entries for notes receivable, and understand the allowance method of accounting for uncollectible

M.               Realize the importance of merchandise inventories

N.                Understand the nature of plant assets and intangible assets

O.                Be able to define depreciation and know how to compute depreciation by using the different methods covered in the text

Preparation:

Lectures and class discussion will be based upon the assumption that all assigned reading and problems have been completed prior to class.  The pace of the course may seem a bit rapid, so it is very important that you stay on top on your reading and assigned homework.

 

Study Guide:

A study guide is provided with your text.  Its purpose is to help you understand the concepts and principles presented in each chapter.  Completion of each chapters study guide materials counts 5% of your grade in this class.  Each chapter will be collected to insure it is completed.  Late work will not be accepted.

 

Homework Assignments:

Homework is a very important part of this course – you must do it to do well.  All assigned homework will be covered in class.  Homework will be taken up and recorded to insure it’s completed.  Late work will not be accepted for credit.  Homework assignments will count for 10% of your final grade.  The monopoly project is considered part of your homework grade. You may work together on all homework assignments.

 

**I am available during office hours to assist you with homework provided you do the following:

  1. You have read the assigned material
  2. You have given the assignment your best shot and you have spent and adequate amount of time on it.
  3. You come into my office and show me, a.) What all you have done and, b.) The precise point where you are stuck.

Quizzes:

An on-line quiz will be completed before each chapter is covered in class.  Quizzes may not be made up for any reason.  Quizzes will count 5% of your final grade. 

 

Exams:

There will be five exams during the term worth 100 points each for 60% of your final grade and one comprehensive final exam worth 20% of your final grade.  Exams will cover reading assignments, lecture notes, homework assignments, etc.  If you are going to miss an exam, you may make arrangements to take the exam early.  There will be no make-up exams.  You will be allowed to drop your lowest exam grade not including the final.  Exams may consist of multiple choice, short answer, problems, and/or essays.  Exam dates will be announced at least one week prior to the exam date.  You may not share calculators during exams. Students that score 90% or above on all five term exams and turn in all homework assignments will be exempt from taking the Final Exam.    

 

Attendance and Participation:

Regular attendance is necessary for satisfactory performance in this course.  While it is understandable that an absence is occasionally unavoidable, each student is entirely responsible for making up any missed assignments and or lecture notes.  Excused absences will include 1. Statement from doctor 2. Statement from school nurse 3. Official school events 4. Family emergency.  No absence will be excused until a memo is provided explaining why it should be excused.  More than two unexcused absences will result in your final grade being reduced by one letter grade.  

 

Academic Honesty:

I am a strong supporter of academic honesty.  ANY CHEATING OBSERVED WILL RESULT IN AUTOMATIC FAILURE OF THE COURSE.  I am required to report any incidence of cheating to the school head and academic dean.

 

Grades:

Five Exams during the semester 60%

Comprehensive Final Exam                   20%

Study Guide                                         5%

Homework                                           10%

Quizzes                                                  5%

                                                            100%

 

**Grading Scale:

A = 90 – 100%

B = 80 – 89%

C = 70 – 79%                          (** 10-point scale)

D = 60 – 69%

F = Below 60%

 

Learning Accommodations:

Learning accommodations will be made for students who have documentation on file with the Director of Student Disability Services.  For those students, the following accommodations may be made if warranted:

  1. Extra time for test taking
  2. Allow the use of a tape recorder to record class discussions
  3. Allow students to have someone else take notes on their behalf

No other accommodations will be guaranteed, but other accommodations will be considered.  The instructor will make the final decision on other accommodations.  The instructor will work with the Office of Student Success and Retention to help any student find a tutor.

 

TIPS FOR SUCCEEDING IN FINANCIAL ACCOUNTING

 

- Read each chapter before the class.  This way, the material that is discussed in class will make more sense.

 

- Some of the material can be confusing, but don’t give up.  Sometimes, you will not understand   the topics the first time through; be persistent.

 

- Develop a study pattern and try to retain the material conceptually rather than memorizing everything.  It is important to understand the “how” and the “why.”

 

- Keep up with the homework! Falling behind is devastating.

 

- Don’t wait until the last minute to cram for exams.

 

- Develop good systems for taking notes that you will be able to keep your present study and future study (other classes, CPA Preparation).  Studying your own notes is sometimes easier than studying from the text.

 

- Read over your notes each day to become familiar with the material.  Then when you study, you will not be learning new material.

 

Statement of Integrity:

“Coercion of faculty to change grades is strictly prohibited; grade change requests must follow University established guidelines; refer to the Lambuth Handbook for details; any grade change must be supported by adequate and substantial documentation.  Lambuth University will not lessen its academic standards for any reason.”