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SMU ACCT 3311 - Syllabus

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2014F syllabus.pdfsyllabus.pdf2014F syllabus.pdfWileyPLUS_Student_Reg_Flyertemp.pdf 1 Sommers, SMU Cox ACCT 3311, Fall 2014 Edwin L. Cox School of Business Southern Methodist University Course Information: Intermediate Accounting I—Fall 2014 ACCT 3311–001 MW 8:00am – 9:20am Maguire 351ACCT 3311–002 MW 9:30am – 10:50am Maguire 351ACCT 3311–003 MW 11:00am – 12:20pm Maguire 351ACCT 3311–004 MW 2:00pm – 3:20pm Maguire 351ACCT 3311–005 MW 3:30pm – 4:50pm Maguire 351 Contact Information: Greg Sommers, PhD CPA TA: Kelly Mathison Office Hours: Th 9:00am – 10:30am and by appointment Office Hours: T 2:00pm – 4:00pm and Th 6:00pm – 8:00pm Office: Crow 373 Location: Crow 201B (second floor lobby) Phone: 214‐768‐1188 E‐mail: [email protected] Website: http://gsommers.cox.smu.edu/acct3311/ Course Pre‐Requisites: Fundamentals of Accounting I (ACCT 2301) and II (ACCT 2302) Course Description: Intermediate Financial Accounting I and II are probably the most important of all the financial accounting courses; providing the necessary foundation for comprehension of the information in financial statements by both users and preparers. ACCT 3311 provides an overview of financial statements and revenue recognition while focusing on the left‐hand side (assets) of the balance sheet; the subsequent course, ACCT 3312 will focus on the right‐hand side (liabilities and stockholders’ equity). Student Learning Outcomes and Objectives: 1) Students will understand the accounting (how to prepare journal entries, supporting schedules, and financial statements) of transactions related to assets and revenue. 2) Students will be able to identify differences between US GAAP and IFRS in the accounting treatment of asset and revenue accounts. 3) Students will be able to interpret balance sheets and discuss the relationship between the balance sheet and the underlying economic position of the company. In other words, you will study accounting as both a preparer and a user of financial statements to increase your understanding of how information is collected, processed, and presented to outsiders. This will provide a strong foundation both for careers in the field of accounting and/or finance and advanced level courses in corporate finance and/or financial accounting. 2 Sommers, SMU Cox ACCT 3311, Fall 2014 Required Textbooks and Other Materials: Intermediate Accounting, 15th Edition, by Kieso, Weygandt, and Warfield (John Wiley & Sons, Inc.) Solid Footing: Building an Accounting Foundation, 8th edition, by Dan Wiegand, (Micro Solve, Inc., 2014), complimentary copy provided courtesy of a generous donation by PwC HP 10bII, TI BA II Plus (either basic version or professional version), or other financial calculator without memory storage for formulas or text Links for articles and additional materials will be made available via the website and/or distributed in class Grading Policy: Although grades are important in the short‐run, a true measure of your success comes in how much you learn that can be applied to your future career. Your goal should be to work hard and do the best you can to maximize your learning. In summary, learning not grades is our focus. All work undertaken and submitted in this course will be governed by the University's Honor Code (violations are discussed in the Academic Dishonesty section). Grades will be based on one of the following two options: Option A: Points Solid Footing: HW6 (chapters 1‐6) 20 ACP (chapters 7‐10) 80 Exams: First 150 Second 150 Third 150 Fourth 150 Total: 700 Option B: Points Solid Footing: HW6 (chapters 1‐6) 20 ACP (chapters 7‐10) 80 Exams: Highest two scores from first three exams (Drop lowest score) 300 Fourth 150 Cumulative Final: 150 Total: 700 Grades of + and – may be given, however, this is at the professor’s discretion. An adjustment of up to 3% may be added or subtracted from student’s total above at the professor’s discretion based upon participation in class. Incompletes will be given only in accordance with University policy. Attendance Policy: Participation is measured based on your preparation for class, engagement in class activities, and conducting yourself in a professional, business‐like manner. The possible adjustment of the final grade by up to 3% (up or down) for participation will be evaluated relative to other students in the class. Please bear in mind that virtually all grading schemes are subjective to some extent, and participation is no exception. Missing class generally 3 Sommers, SMU Cox ACCT 3311, Fall 2014 results in lower performance on exams. If you miss class, it is your responsibility (not the professors) to ensure that you understand covered material. The class will be conducted in a manner that encourages interaction and learning, consistent with course objectives, available time, and class size. Before each class session, you should have read the text to be discussed, be prepared to discuss the related questions and any issues that arose. The professor will cold call on students to answer assigned review questions. It is expected that you are prepared to discuss the topic, or at least have a question concerning it. This practice allows for articulating your positions and defending them verbally which is a necessary business skill regardless of discipline. Please do not hesitate to volunteer when you have something of value to add to the discussion and to raise questions if you are confused. Course and Instructor Policies: Examinations There will be four regular exams and an optional cumulative final administered. All exams will be during the class period, and the dates for each are noted on the attached schedule. There will be NO make‐up exams given. If for any reason you do not take one of the exams, you will receive a grade of zero for that exam. No exceptions. However, in determining your course grade, the cumulative final can be used to replace the score from the lowest of the first three exams (see Option B above). The regular exams are not cumulative, except to the extent current topics require an understanding of earlier topics. If you attempt the cumulative final, the score received will replace your lowest exam grade from the first three regular exams even if it is lower than the score it replaces. Each exam will measure your ability


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