1ACCT 252 -- Financial Accounting College of Business Administration New Mexico State University Section M05 Course Outline Spring, 2009 Professor: Dr. Foster Regents Row 331 Email: [email protected] Web-CT Address: http://salsa.nmsu.edu Office Hours: 9:30 -10:15 MWF 12:00-12:50 TTh and by appointment Class Meetings: 10:30 – 11:20AM MWF Business Complex Building, Rm BC103 Course Objective: To introduce students to the basic concepts of financial accounting. Financial accounting statements are prepared mainly for investors, creditors and other interested external users. The main emphasis of this course will be on teaching the student to use accounting information. The course will provide enough knowledge of accounting to enable a person to use financial statements to assess a company's financial strengths and weaknesses. At the end of the course students should be able to 1. List the purpose of the four required financial statements 2. Create a balance sheet, income statement and retained earnings statement 3. Define assets, liabilities, stockholders’ equity, revenues and expenses 4. State the accounting equation and illustrate how changes affect it 5. Explain the difference between cash and accrual bases of accounting 6. Prepare journal entries 7. Prepare adjusting entries 8. Compute and analyze basic ratios Required Materials: Financial Accounting. Kimmel, Weygandt, and Kieso, 4th ed. Wiley Publishing Attendance: Most students can adequately learn the course content only if they attend class. Material on tests will emphasize items discussed in class and/or covered on quizzes and homework. You are responsible for all material covered in class, handouts, and all announcements made in your absence. Study: The nature of the material covered requires that you study before each class session. Studying the material thoroughly by rereading, taking notes, and working through computations is essential. It is important to relate illustrations to the written material in the book. You should remember that your grade will be based upon your ability to DO accounting rather than on your ability to follow along as someone else does it.2Other resources: Powerpoint presentations, self-study quizzes and self tests for each chapter are available at Http://wiley.com/college/kimmel. Free tutoring and access to the answer book (with completed homework in hand) in the Accounting Tutorial Lab in Guthrie 305A. Hours TBA Upon registering for this course you will enrolled in the WebCT Page for this course. You may access it via the Internet at http://salsa.nmsu.edu. You will be expected to visit this site regularly and use it as one of the key tools for this course. Grade Composition: Determination of the final course grade will be based on the cumulative points you earn from the following evaluations: Element Points Quizzes (best 4 of 5—20 points each) 80 Homework (5 @ 4 points each) 20 Semester exams (3 @100) 300 Final Exam (Comprehensive) 200 Total Points Available 600 Grades are determined according to the following scale: A: 90% and above, B: 80-89%, C: 70-79%, D: 60-69%, F: below 60% A grade of “C” or better must be earned to qualify as satisfactory performance on an S/U option for undergraduates. Graduate students must earn a grade of “B” or better to qualify as satisfactory performance under an S/U option. There will be NO extra credit projects available to individual students. Quizzes and Examinations: Five class quizzes will be given at appropriate intervals. Your lowest quiz grade, or one missed, will be dropped. No make-ups are allowed for quizzes. The quizzes will be based on the reading material. There will be three- in-class exams at 100 points each and a comprehensive final at 200 points. A grade of zero will be assigned to anyone who misses an examination without contacting the instructor before the examination. Anyone who is "sick" on the date of an examination must have a doctor's excuse and contact the instructor before the exam. In the situation where you have an excused absence, no make-up examination will be administered; the comprehensive final exam will be reweighted to be worth 300 points. For students who are participating in university activities, a letter from the sponsoring department must be provided a week prior to the activity. These students will have the additional option of taking a makeup exam during finals week at an agreed upon time. Dishonesty: Cheating on examinations, or other serious forms of academic dishonesty, will result in a grade final course grade of "F". Moreover, a required report will be submitted to university officials. Calculators: Calculators are necessary in order to complete exams quickly and accurately. You will need a silent, battery- or solar powered calculator capable of performing basic arithmetic functions. You will be well served in your efforts as a student if you buy one that also performs basic financial calculations (present values, etc.). You may not share calculators during exams.3Incomplete ("I" grade): The course grade of "I" will be assigned only in circumstances covered in the undergraduate catalog. STUDENTS WITH DISABILITIES: If you have (or believe you have) a disability & would benefit from classroom accommodation(s), contact the Services for Students with Disabilities (SSD) at Corbett Center, Room 244 (Phone 646-6840; TTY 646-1918). All medical info is treated confidentially. Do not wait until you receive a failing grade. Retroactive accommodations cannot be considered. Information, instructions & forms from the Services for Students with Disabilities Office are online at http://www.nmsu.edu/~ssd/index.html. Accommodations: SSD Office, 646-6840 (Corbett Center, room 244); Discrimination: Office for Institutional Equity, 646-3635, O’Loughlin House. Student Responsibilities 1. Within a few days of the start of the semester, register with SSD & obtain forms. 2. Within the first 2 weeks of beginning of classes (or within 1 week of the date services are to commence), deliver the completed forms to the instructor(s). 3. Within 5 days of giving the forms to faculty & at least 1 week before any scheduled exam, retrieve the signed forms from faculty & return them to SSD. 4. Contact the SSD Office if