SALEM STATE COLLEGE

School of Business

Course Syllabus

Fall 2000 - MELROSE CAMPUS

 

Course Number and Title: ACC106 – Financial Accounting

 

 

Course Description: This course is an introduction to the basic concepts of the accounting process, including the recording of business transactions, the adjustment of accounts, and the preparation of financial statements.  Accounting for the assets and liabilities of a firm are emphasized, with an introduction to accounting for corporations.

The course will integrate accounting ethics and international accounting issues in each chapter and in homework material. 

 

Course Objectives:

 

·        To convey to students the importance of financial accounting and financial statements to managers,

·        To help students learn how investing, financing, and operating decisions of different real merchandising, manufacturing, and service businesses are reflected in their financial statements,

·        To help students understand how these statements are used in real business decisions,

·        To encourage and develop students' critical thinking by incorporating a strong decision-making orientation.

 

Required Materials: Financial Accounting, Libby, Libby, Short.  2^nd edition.   Understanding Corporate Annual Reports, A Practice Set for Financial Accounting, Pasewark.  Essentials of Accounting, A Multimedia Approach, CD-ROM.  All published by Irwin/McGraw Hill.

 

Course Activities to Meet Objectives: Generally I will lecture on a chapter and then we will review the homework assignment. I expect students to come to class prepared with homework completed.  Adding comments to class and asking questions are encouraged at any time. Class begins at 7:00 P.M., be there. Expertise in the accounting area is best gained through problem solving; therefore, numerous problems will be assigned and discussed in class.  Papers will be assigned.  All papers must be typed, 1.5 or double-spaced.  Grammar, spelling, and punctuation will be important.  I will not accept late work unless you have an excused absence or have made prior arrangements.

 

Schedule of Assignments: See attached.

 

Course and Grading Policies: There will be three exams.  See attached course outline for dates and chapters that will be covered.  The course material itself is cumulative, so if you do not understand the early chapters you will find it difficult to follow the later ones.  The exams will consist of multiple choice questions and problems. The final exam will be cumulative with an emphasis on the material covered since the second exam. Writing assignments will be distributed during the course. Class participation can add to your grade, i. e. B- from a C+. Grades:  Exam #1 = 25% Exam #2 = 25% Final = 30% Writing assignments and accounting practice set 20%.

                                                                                                           

 Attendance:  Regular attendance is strongly recommended.  A maximum of three absences may be allowable in this course.  A fourth absence may be allowable on special petition from the registrar and me.  Any student who is unable to attend classes because of his/her religious beliefs will be excused.  Makeups:  Only for excused absences.  Must see me prior to exam.

 

Last Day to Withdraw from the Course: The last day on which withdrawal from the course is permitted with a “W” grade is the last day of the tenth week of the semester.

 

Assistance:  Any student having problems with course material should feel free to talk to me to arrange for assistance.  I will be available after this class and during office hours or by appointment. 

 

Tutoring:  Free tutoring is available in the Accounting Lab on South Campus.  Hours of operation are posted on the door.  The Learning Center is located on the fourth floor of the Library and is open Monday - Friday from 8:30-5:00.  Accounting tutors are available.  The Writing Center is located in Meier Hall, Room 223.

 

College Policy Statement: “Salem State College is committed to providing equal access to the educational experience for all students in compliance with Section 504 of The Rehabilitation Act and The Americans with Disabilities Act and to providing all reasonable academic accommodations, aids, and adjustments.  Any student who has a documented disability requiring an accommodation, aid, or adjustment should speak with the instructor immediately.  Students with disabilities who have not previously done so should provide documentation to and schedule an appointment with the Office of Students with Disabilities and obtain appropriate services”.

 

For you convenience, the entire Course Information Policy can be found on page 267 of the 1998-2000 Salem State Catalog. 

 

General:  The above procedures and following schedule are subject to change in the event of extenuating circumstances.

 

 

 

 

 

 

 

 

 

COURSE OUTLINE

1999

Tues. September 12    Chapter 1 - Financial Statements and Business Decisions         

Hmwk:  E1-3 , E1-6, P 1-3, P1-5

 

   19     Chapter 2 - Investing and Financing Decisions and the Balance Sheet

                                    Hmwk:  E2-4, E2-6, and P2-1, E2-16, P2-6

 

                           26            Chapter 3 - Operating Decisions and the Income Statement

                                    Hmwk:  E3-3, E3-4, E3-10, E3-14, E3-16, P3-3, P3-4

 

October    3              Chapter 4  -The Adjusting Process and Financial Statements

                                    Hmwk:  E4-17, P4-1, and P4-4, P4-6, P4-10.  C4-14

 

  10            Chapter 5 - The Communication of Accounting Information

                                    Hmwk: Study for exam.

 

                          17        1^ST exam  Chapters 1-4

                                    Hmwk: E5-4, E5-14, E5-21, P5-7, C-13

 

  24     Review exam, review homework

 

 31     Chapter 6 - Reporting and Interpreting Sales Revenue, Receivables, and cash

Hmwk: E6-5, E6-9, E6-10, P6-2, P6-4. C6-4

 

                Nov.  7      Chapter 7 - Reporting and Interpreting Cost of Goods Sold and

                                    Inventory

                                    Hmwk:  E7-10, E7-14, P7-5, and P7-13

 

14          2^nd exam  Chapters 5,6,7 & 8

 

21                Review exam.  SAP introduction.

 

             28            Chapter 8 - Reporting and Interpreting Property, Plant, and Equipment.  (Straight-line depreciation only).  No depletion.

                                            Hmwk:  E8-8, E8-16, P8-7, and P8-8.  Study for exam.

 

Dec            5            Chapter 9 - Reporting and Interpreting Liabilities (skip

deferred taxes

Hmwk: E9-4, E9-5, and P9-1, P9-7, P9-8

 

                        12            Chapter 11 - Reporting and Interpreting Owners' Equity

                                    Hmwk: E11-2, E11-6, P11-5, Ethical case C11-13  Study for final

 

19           Final Exam.  Cumulative

 

The student is responsible for all that goes on in class whether you are present or not.