Principles of Financial Accounting ACCT 221 Spring 2022 Large Lecture Sections Live Instructor Email Office Prof Kerri Bohonowicz CPA bohonowicz umass edu SOM 341 Office hours Drop in via Zoom on Wednesdays from 10 30am 11 30am use Zoom ID 6050491658 or request an appointment Lead Teaching Assistant Olivia Lynch oclynch umass edu TA Office Location ISOM 130 TA office hours are held for 30 hours per week schedule posted in Blackboard Required Materials Tools Course Text Fundamental Financial Accounting Concepts Edmonds Olds McGraw Hill 11th edition 2022 this is an eBook and includes access to Connect you were already charged for this by registering for the course do not buy a second copy unless you want it ISBN 978 1 260 78658 3 bound edition ISBN 978 1 264 26623 4 loose leaf edition there will be a link in Connect where you can purchase the loose leaf version if you prefer a printed copy Microsoft Excel Access to BlackBoard accessible via UMass homepage Simple Calculator you will not be allowed to use programming or graphic calculators cell phones tablets wearable tech computers etc during the exams Where do I find course materials and texts All course materials are posted in Blackboard and are organized by each chapter under Course Materials The text book is an e book and can be found in Connect Instructions on how to register for Connect can be found in Blackboard under Syllabus Blackboard Our main course website is through Blackboard Blackboard BBL is the UMass Amherst Learning Management System LMS designed to provide course information and management via the web Only students enrolled in this course will have access to the course website Everyone must have an active UMass OIT Office of Information Technology computing account For each week there is a folder where you will find links to that week s course materials and assignments On Blackboard you will also find important course information course announcements your gradebook a chat forum and more It is critical that you regularly open the course Blackboard site to stay up to date with information Please make sure to also check your UMass email daily You can access Blackboard through the UMass Amherst homepage using your Spire credentials How will this course be delivered The lecture portion of this course that is scheduled for Tuesdays Thursdays will be held in person You are expected to attend class live at your scheduled time in Spire If you need to miss a class during the semester I will be recording the lecture using Echo360 and you will also have access to pre recorded videos all of which will be posted in Blackboard It is still required for you to attend class in person and not replace your learning with these videos Attendance will be taken in lecture with Top Hat polls 2 5 of grade and you can miss up to 3 lectures without penalty If you prefer to take a remote class you can register for the UWW section which I am also teaching The lab portion of this course will be held in person according to your scheduled time in Spire Attendance will be taken and this is 5 of your grade for the course See lab attendance policies further down under Lab Introduction I am excited for you to join me and your fellow students on this journey of learning together as we delve into the topic of Accounting Why does it matter to engage with this topic Accounting 221 is a great introduction to the world of business In fact accounting is sometimes called the language of business That s because the very purpose of accounting is to provide meaningful financial information to individuals and institutions that have an interest in business whether they be investors creditors or managers The goal of this course is to give you a firm grasp of essential accounting and business terminology and techniques that you will need to succeed in a business environment Regardless of what your major is financial accounting is one of the most important courses you will take because it is fundamental to your success in the business world beyond college Even if you do not think of yourself as a business person you will during your life engage in business activities Being able to understand and interpret financial accounting information is central to making informed financial decisions in life How information is gathered measured summarized and reported can have profound effects on how it is and or should be interpreted and used in making judgments and decisions We will cover the following financial statements in this course Balance Sheet Income Statement Statement of Cash Flows and Statement of Changes in Stockholder s Equity This class will be important for anyone who is interested in someday participating in or investing in a business Welcome to the world of business Course Learning Objectives Learn how to process business transactions through the accounting equation Assets Liabilities Equity or A L E we can solve for any of the three variables Understand elements of financial statements assets liabilities equity dividends revenues expenses gains and losses with a focus on Income Statement Balance Sheet Cash Flow Statement Stockholders Equity Statement Recognition Measurement how much revenue or expense do we recognize this year what value do we report on the balance sheet cost net realizable value or fair value General Course Format The pace of this course is about a chapter per week By Tuesdays you are required to read the chapter via the Smartbook assignment in Connect This is to prepare you for both lecture and lab Next attempt suggested homework problems before lab Prepare questions to bring to lab or office hours Finish homework and quiz for each chapter by Sunday A detailed schedule will be listed in each course content chapter folder in Blackboard An overall course schedule is also posted in Blackboard under Syllabus which includes assignment due dates Make sure to print the course schedule keep it handy and mark due dates in your personal calendar or phone Communication 2 4 1 For general course questions your first go to should be to email your assigned TA This information can be found in Blackboard under TA listing Common questions answers will be sent out as Blackboard announcements that will be emailed to your UMass email If you can t get an answer from your TA or if you have a personal question please email me directly at bohonowicz umass edu I will try to respond to emails within 24 48 hours 3 Should you encounter a crisis that requires my