ACCOUNTING 252 Financial Accounting Fall 2007 Instructor: Colin A. Green Office: GU 300J Office Hours: 9:20-10:50 am MW Office Phone: 646-7167 (I do not have voice mail so if you need to leave a message please leave it with the accounting department – 646-4901) E-mail address: [email protected] Materials: Purchases Required: Financial Accounting (4th edition), Kimmel, Weygandt, and Kieso Scantron forms 882-ES, one per exam Other Resources: Free tutoring and access to the answer book (with completed homework in hand) in the Accounting Tutorial Lab in Guthrie 305A. Hours TBA. Prerequisite: Acct 251 or equivalent 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 basic journal entries 7. Prepare adjusting entries 8. Compute and analyze basic ratios Attendance: You can adequately learn the course content ONLY if you attend class. Material on tests will emphasis 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. The instructor will not automatically drop anyone attending at least one class prior to the drop date. Study: The nature of the material covered requires that you study before each class session. Studying the material thoroughly by re-reading, taking notes, and working through computations is essential. It is important to relate illustrations to the written material in your 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. Form study groups if possible. It helps to solidify your knowledge of accounting if you can explain concepts to your fellow group members who may have difficulty understanding the particular concept(s) in question.Evaluation: Regular exams (3 @ 100) 300 Final 150 Homework/Quizzes/Graded In-class Assignments 150 Points Possible 600 Grades are guaranteed 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. Exams: There will be three regular exams and a final. The exams will be based upon text material, homework assignments and class discussion and will consist of multiple choice questions, matching and problems. The final will be comprehensive. For regular excused absences, the student has the option of taking the exam early (however not more than two weekdays prior to the exam day) or allowing the final exam to be worth 250 possible points. An absence can only be considered excused if it meets university guidelines and the student has informed the instructor of his/her absence prior to the exam. 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. Homework: Homework will be assigned and graded. NO LATE HOMEWORK WILL BE ACCEPTED. The homework will be picked up on a random basis and graded upon effort. If you are not going to be in class please give your homework to a classmate. A solutions manual will be available in the accounting lab for you to check your answers prior to class time. Other assignments may be included in this category as determined by the instructor. YOU WILL NOT LEARN ACCOUNTING BY COPYING PROBLEMS AND ANSWERS OUT OF THE SOULTIONS MANUAL. If you are having problems doing the homework, work with a study group, come see me (or e-mail me), or ask the tutor in the accounting lab for assistance. I might be in my office fairly frequently on Monday and Wednesday afternoons. Quizzes: Quizzes will cover the main material discussed in the chapter and generally be given on Fridays. In general, make-up quizzes will only be given to students participating in university sponsored activities. Then the rules listed under the subtitle “Exams” will be followed. In Class Group Assignments: A number of problems, exercises, cases, etc. might be assigned to be completed on a group basis. These will be done during the class period. No make-up group assignments will be given. Calculators: Calculators will be provided by the department for test taking purposes. You will not be allowed to use your own calculator when taking tests. Dishonesty: Cheating on exams or other serious forms of academic dishonesty will result in a grade of “F” (and a required report to university officials). Anyone taking a copy of a test out of the classroom without permission is subject to a grade of “0” on that exam.Incomplete ("I" grade): You should be aware of the Incomplete Grade policy. The grade of "I" will only be assigned according to the guidelines in the 2006 Undergraduate Catalog. Academic Appeals Rules: Details of the rules appear in the 2006 catalog. A student must initiate the academic appeals process by submitting a written appeal to the faculty member within 30 days of the start of the term following the term in which the grievance occurred Students With Disabilities: If you have or believe you have a disability and would benefit from any accommodations, you may wish to self-identify by contacting the Services for Students with Disabilities (SSD) Office located in Garcia Annex (phone: 646-6840). If you have