ACCT 3311 – Intermediate AccountingSlide 2Slide 3SyllabusMy thoughts about cheating…Who are you?My Goal for YouMy Goal for YouMy Goal for YouMy Goal for YouSlide 11Not there yet, but…Expectations – ContentExpectations – BehaviorBe on timeSlide 16Discussion QuestionDiscussion QuestionObjective of AccountingDiscussion QuestionObjective of Financial AccountingObjective of Financial AccountingInvestment-Credit Decisions ─ A Cash Flow PerspectiveWhat do the numbers mean? (p. 5)What do the numbers mean? (p. 6)Financial Accounting EnvironmentExpectation GAAPFinancial Reporting ChallengesACCT 3311 – Intermediate Accounting•You are to occupy available seats from the front of the classroom first.Intermediate Accounting IGreg Sommers, PhD [email protected]://gsommers.cox.smu.edu/acct3311/https://www.facebook.com/groups/312531215573126/Syllabus•It is our contract to protect you, me and your fellow students.•Read it, know it.My thoughts about cheating…Who are you?What I need•Full name (last, first)•What name I should call you by•Major•Favorite restaurant in SMU/Park Cities area (non-bar and you are paying)•What was a highlight from your summer?•If applicable, school activity or sport that may cause you to miss classExample•Smith, Elizabeth•Beth•Marketing•Fred’s Taco & Egg Roll Palace•Getting sunburned (in Hawaii!!)•SMU synchronized shotput teamWhatever be the detail with which you cram your students, the chance of their meeting in after-life exactly that detail is infinitesimal; and if they do meet it, they will probably have forgotten what you taught them about it. The really useful training yields a comprehension of a few general principles with a thorough grounding in the way they apply to a variety of concrete details. In subsequent practice the students will have forgotten your particular details; but they will remember by an unconscious common sense how to apply principles to immediate circumstances.Alfred North WhiteheadThe Aims of Education and Other Essays My Goal for YouWhatever be the detail with which you cram your students, the chance of their meeting in after-life exactly that detail is infinitesimal; and if they do meet it, they will probably have forgotten what you taught them about it. The really useful training yields a comprehension of a few general principles with a thorough grounding in the way they apply to a variety of concrete details. In subsequent practice the students will have forgotten your particular details; but they will remember by an unconscious common sense how to apply principles to immediate circumstances.Alfred North WhiteheadThe Aims of Education and Other Essays My Goal for YouWhatever be the detail with which you cram your students, the chance of their meeting in after-life exactly that detail is infinitesimal; and if they do meet it, they will probably have forgotten what you taught them about it. The really useful training yields a comprehension of a few general principles with a thorough grounding in the way they apply to a variety of concrete details. In subsequent practice the students will have forgotten your particular details; but they will remember by an unconscious common sense how to apply principles to immediate circumstances.Alfred North WhiteheadThe Aims of Education and Other Essays My Goal for YouWhatever be the detail with which you cram your students, the chance of their meeting in after-life exactly that detail is infinitesimal; and if they do meet it, they will probably have forgotten what you taught them about it. The really useful training yields a comprehension of a few general principles with a thorough grounding in the way they apply to a variety of concrete details. In subsequent practice the students will have forgotten your particular details; but they will remember by an unconscious common sense how to apply principles to immediate circumstances.Alfred North WhiteheadThe Aims of Education and Other Essays My Goal for YouNot there yet, but…Before first day on chapter•Read assigned material•Attempt questions and exercisesIn class, first day on chapter•Work exercises and problemsBefore second day on chapter•Attempt problemsIn class, second day on chapter•Work problems and cases•Discuss implicationsAfter second day on chapter•Review and internalizeLecture replaced by explaining and guidingExpectations – Content•Accounting is different than 8th grade social science where you learned it and then after the test could forget it. The content you learn in each accounting course is the basis for the next course and must be retained.•You are expected to know and be ready to use what you learned in Introductory Financial Accounting.–Solid Footing•Chapter 3 is essentially a review of Introductory Financial Accounting. Chapter 6 is Time Value of Money which most have learned in prior classes.Expectations – Behavior•Be ready to begin the discussion promptly and attend the section for which you registered.–Your superiors, peers, and client personnel will have the same expectations in your firm and client assignments. •You are to occupy available seats from the front of the classroom first.–Your superiors and clients would not expect you to sit a significant distance away during meetings/interactions.•The use of laptop and other hand-held devices and/or audio/video recording devices during the class period is restricted without prior written consent. –These devices are distracting and their use has the ability to cause others to be skeptical of your intentions and commitment.Be on timeCHAPTER 1FINANCIAL ACCOUNTING AND ACCOUNTING STANDARDSSommers – Intermediate IDiscussion QuestionQ1-1 Differentiate broadly between financial accounting and managerial accounting.Financial accounting measures, classifies, and summarizes in report form those activities and that information which relate to the enterprise as a whole for use by parties both internal and external to a business enterprise. Managerial accounting also measures, classifies, and summarizes in report form enterprise activities, but the communication is for the use of internal, managerial parties, and relates more to subsystems of the entity. Managerial accounting is management decision oriented and directed more toward product line, division, and profit center reporting.Discussion QuestionQ1-4 What is the objective of financial reporting?The objective of general purpose financial