Total pointsDepartment of AccountingSyllabus for ACCT 350 Summer 2012Personal Information:- Instructor: John Lasik, MBA CMA CPA- Office: Shaw-Smyser 339; office phone: (509) 963-3677; available on-line for e-mail communication, M-Th 11:00 to 1:00; in office other times by appointment.- E-mail address: [email protected]. Be sure to start the subject line with: 350 followed by a space. This will ensure your mail is properly received and processed. - John’s web site: www.cwu.edu/~lasikj. The ACCT 350 course site may be accessed through John’s site. A username and password are needed to access the 350 site. These will be given to you either prior to or during the first class meeting.Course Description. The following description for Acct 350 appears in the current CWU Catalog: Prerequisite, Acct 252. Theory underlying the presentation of current and fixed assets, liabilities, andnet worth.Statement of Purpose for the Course. ACCT 350/351 provide the tools needed to understand what GAAP is and how it is applied in practice. Mastery of 350/351 concepts will be invaluable to you in whatever field of accounting you pursue.Course Objectives. By the end of the course the student should:1. Understand the nature, purpose, environment, and importance of financial reporting.- Explain how GAAP is constantly evolving because of political and economic factors.- Explain who the users of financial statements are and how GAAP meets the needs of such users.- Use the conceptual framework as the underlying foundation for measuring and reporting business activities.2. Master the accounting cycle and information communicated through financial reporting.- Practice journal entries, posting, the adjusting process, closing entries, and present and future value concepts.- Prepare financial statements and related footnotes.3. Understand accounting for current assets and its components.- Identify cash and cash equivalents.- Explain receivables.- Compute and explain periodic and perpetual inventory systems under different costing methods.- Explain current asset measurement and income determination.4. Describe accounting for current liabilities.- Define a current liability.- Account for liabilities defined by contract.- Account for liabilities determined by operating activities.- Account for contingent liabilities350 Syllabus, Page 215. Understand accounting for property, plant, and equipment.- Identify the characteristics of property, plant, and equipment.- Account for the acquisition of property, plant, and equipment.- Nonmonetary asset exchanges.- Identify necessary disclosures.- Account for self-constructed assets.- Account for expenditures subsequent to acquisition.6. Describe and practice GAAP for depreciation, depletion, impairment, and disposal.- Factors involved in depreciation.- Methods of cost allocation.- Account for impairment of property, plant, and equipment.- Account for the disposal of property, plant, and equipment.- Depreciation calculation for income tax purposes.7. Appreciate the importance of ethical behavior in the accounting and business process.- Explain why it is important to have ethical directors, managers, auditors, and accountants.8. Build awareness regarding professional opportunities in accounting.Text and Other Required MaterialsTextbook. Intermediate Accounting, 1st edition, by Wahlen, Jones, and Pagach. Southwestern-Cengage, 2013. The 13-digit ISBN number is: 978-1-111-82237-8. Note: This text will also be used for the next course, ACCT 351.E-mail. You must use your CWU GroupWise e-mail account for all course-related business.Calculator. A calculator should be brought to every class. Calculator choices will be discussed in class. You may not use the calculator feature in your cell phone.Course Conduct Role of the instructor. The primary role of your instructor is to promote learning related to the course and chapter outcomes. This means he will strive to lead the class in a manner that facilitates your success relative to the outcomes. Your instructor promotes active learning and views himself more as the “guide on the side” rather than the “sage on the stage.” Role of the student. Students should take personal responsibility for the amount of learning accomplished. Research on teaching and learning styles reveals learning is not a spectator sport. This means you cannot be passive in your approach – you should be fully prepared to participate in all class learning activities. Lasik’s courses typically require a minimum of 2 hours of quality study time outside the class for every hour in class to perform at the “B” level or higher. The two hours include time for reading, online homework, and quiz/exam preparation. The total time commitment, including class time, is likely to approach 15 hours each week, every week.350 Syllabus, Page 31Grading PracticesBasis for Final Grade. Final grades are assigned based on your performance in the following areas:Assessment Points11 on-line homework quizzes 1103 exams @ 120 points each 360Homework (minimum of 3 assignments @ 10 points each) 30Attendance 20Total points 520The actual number of points may deviate from the number cited in the table. Students may earn up to 10 bonus points for participation during the quarter for insightful contributions.Ranking Procedure for Exams. If the unadjusted class average is lower than 76.00 percent of the points available, an equal number of points will be added to everyone’s score such that the class average improves to 76.00 percent. The following additional considerations about the grading policy apply:- If the unadjusted class average is higher than 76.00 percent, adjustment points will not be subtracted to “curve down” the class average.- If some students officially withdraw from the course, prior adjustment points may change as their scores are deleted.Assigning letter grades. Your grade in this course is based solely on your adjusted course percentage. To monitor your progress throughout the quarter, divide the total number of adjusted points earned by the total number of points possible. Then apply the following scale:Course % Grade InterpretationAbove 97.00% A+ The highest grades are reserved for students who have93.00 to 97.00 A excelled in every phase of the course.90.00 to 93.00 A-87.00 to 90.00 B+ These grades denote work that is superior, but does not83.00 to 87.00 B warrant the special distinctiveness of the “A.”80.00 to 83.00 B-77.00 to