Financial Accounting

Transcription

1 Financial Accounting Course Number: ACC 201 Term: Summer 2018 Instructor * : Karen Kukla Dates: July 9 th August 10 th Institution: Syracuse University Meeting Times: M, T, W, TH, F kakukla@syr.edu Office Hours: TBD and by appointment *Additional instructor information available on final page I. Course Description: This course develops basic skills of financial accounting. It introduces students to the role of accounting in a business, including basic accounting concepts and methodology, asset valuation, income determination principles, and management and internal control problems. Students will also learn to prepare financial statements and recognize how the information contained in those statements can be used to assess both the risk and performance of the firm. II. Learning Objectives: Develop an understanding of the fundamentals of financial accounting and the accounting cycle. Develop the ability to prepare formal financial statements (Income Statement, Balance Sheet and Statement of Cash Flows). Become aware of some of the major current issues in financial accounting and the impact of these issues on investors, creditors and other stakeholders. Learn and demonstrate the concepts of revenue recognition, cost of goods sold, inventory valuation, bad debt expense, liabilities (including bonds), stockholders equity and appropriate end of period entries (including adjusting, closing and reversing transactions). Discuss and explain methods used to control cash and prepare bank reconciliations. Demonstrate the ability to analyze a complete set of financial statement using an annual report and utilize this information to make judgments and reach conclusions about an entity's financial stability.

2 III. Required Textbook and Course Materials: Financial Accounting Fundamentals (6th Edition) by John J. Wild (McGraw Hill). ISBN (e-book with Connect Access card) OR ISBN (loose-leaf text with e-book and Connect Access card). IV. Language of Instruction: This course is taught entirely in English, including lectures, homework/other assignments and examinations. Teaching assistants will be fluent in both English and Mandarin. V. Course Prerequisites None. Attendance University Policies Summer courses are very intensive and in order to be successful, students need to attend every class. If you need to miss a day of class, make sure you speak with the course instructor first. Otherwise the absence will be unexcused. If you need to miss class due to illness, please bring a doctor s note. Unexcused absences will negatively impact your grade, and university policy states that students with three or more unexcused absences will be referred to the Dean s office and face automatic failure of this course. Academic Dishonesty All cases of academic dishonesty will be diligently pursued. Academic dishonesty includes representing the work of another as one s own work or cheating by any means. Academic dishonesty also includes aiding, abetting, concealing or attempting such activity. The penalty is automatic failure of the course and possible suspension from the university. Grading Scale Student grades will be determined using the following grading scale:

3 Grading Scale (%) A C A C A C B D B D B D F Instructor Policies Course Policies: All course deliverables (homework and exams) are due on time as assigned. This course includes no make-ups, postponements or additional assignments, except for verified medical emergencies. If you miss an exam/assignment due to a non-verifiable absence, your score on that exam/assignment will be zero. Attendance: Daily attendance will be taken by your Teaching Assistant and is required for all lectures and in-class activities. Grade Components Exams (3) 60% Final Exam 25% Homework 10% Attendance 5% Total 100%

4 Tentative Course Schedule Date Week One July 9 July 13 Week Two July 16th July 16 July 20 Lecture Topics Introduction to Accounting: The Language of Business (Chapters 1 & 2) Fundamental accounting concepts and principles; introduction to Financial Statements Evaluating and recording business transactions Adjusting Accounts for Financial Statements (Chapter 3) Recognize the importance of periodic reporting and the role of accrual accounting. Prepare and explain adjusting entries and the adjusted trial balance. Exam 1 (75 minutes) Adjusting Accounts for Financial Statements (Chapter 3) Prepare financial statements from an adjusted trial balance. Accounting for Merchandising Operations (Chapter 4) Analyze and record merchandise purchases using a perpetual inventory system; account for purchase discounts, returns/allowances and transportation costs. Analyze and record merchandise sales using a perpetual inventory system; account for sales discounts, returns/allowances and shipping expense. Prepare and differentiate between multiple and single step income statements; calculate/analyze gross margin and accounts receivable turnover. Week Three July 23rd July 23 July 27 Inventories & Cost of Goods Sold (Chapter 5) Identify the costs of merchandise inventory. Value inventory in a perpetual system utilizing different cost flow assumptions (Specific Identification, FIFO, LIFO and Weighted Average); recognize the impact of each method on a company s financial statements. Exam 2 (75 minutes) Accounting for Receivables (Chapter 7) Apply accrual accounting concepts to recognizing and recording bad debts using the allowance method. Estimate bad debt expense using the percent of sales and percent of receivables methods; review the write-off and recovery of bad debts. Describe a note receivable. Compute maturity date; calculate and record interest and payment of a note when due. Cash & Internal Controls (Chapter 6) Define the concept of internal controls and identify their purpose and principles. Prepare and explain the importance of bank reconciliations.

5 Week Four July 30th July 30 August 3 Exam 3 (60 minutes) Accounting for Long-Term Assets (Chapter 8) Distinguish between and account for revenue and capital expenditures. Compute and record full/partial year depreciation using straight-line and accelerated methods. Accounting for intangible assets. Accounting for Liabilities (Chapters 9 & 10) Describe a note payable. Compute maturity date; calculate and record interest and payment of a note when due. Bond pricing and the time value of money. Accounting for bonds payable sold at a discount or premium. Measuring and reporting bonds payable and interest expense. Week Five August 6 9 Accounting For Shareholders Equity (Chapter 11) Identify the structure and characteristics of corporations. Recognize classes of stock and record their issuance. Account for cash and stock dividends. Reporting Cash Flows (Chapter 12) Distinguish between operating, investing and financing activities. Prepare and analyze the statement of cash flows using the indirect method for operating activities. Analyzing Financial Statements (Chapter 13) Horizontal and vertical analysis of financial statements. Ratio Analysis. FINAL EXAM 10 August 2018

6 Meet your Instructor Dr. Karen Kukla Institution: Syracuse University Education Background: J.D. Syracuse University College of Law B.B.A. University of Michigan Biography: Dr. Kukla teaches graduate and undergraduate courses at Syracuse University s Martin J. Whitman School of Management. She holds a Bachelor of Business Administration in Accounting from the University of Michigan and a Juris Doctorate, magna cum laude, from Syracuse University. Professor Kukla was licensed as a Certified Public Accountant in 1985 (Commonwealth of Virginia); she was admitted to the bar of New York State in 1993 and the United States Supreme Court in She has over 30 years of experience in accounting and law; she now currently devotes full time to education. Professor Kukla s teaching interests include financial and managerial accounting, fraud examination and business law.