King's College Acct 260: Intermediate Accounting I Course Syllabus for Fall 2000
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Professor:		Dr. Marian Boscia, CPA
Office:		McGowan School of Business, Room 114
Office Hours:		Monday, Wednesday	3:00 to   3:50 P.M.
		Wednesday	5:30 to   6:00 P.M.
		Thursday	1:00 to   2:50 P.M
		Friday	10:00 to 11:50 A.M.
		And by appointment
Te1ephone:		570-208-5900, Ext. 5780
E-Mail Address:		MWBoscia@kings.edu  or MBoscia@aol.com
Home Page:		http://boscia.com/index.html
Required Texts:	Intermediate Accounting, 14e, Skousen, Stice & Stice  (South-Western College Publishing, 1998.) Practice set - FOXCOR Manufacturing Company  (John Wiley & Sons, Inc.) 3 ½” Computer disks. Calculator
Optional Text:	Study Guide to accompany text.
Course Description:	ACCT 260 represents the first semester of a two-semester sequence in Intermediate Accounting.  The course is one component (four credits) of the "major sequence" for declared Accounting majors and minors at King's.  Prerequisites for this course are Principles of Accounting I and 11 respectively, having earned a C+ (2.5 GPA) in each course.  A "C" or better must be earned in this course to enroll in ACCT 270.
Course Goals:	As the first step in your accounting career, Intermediate Accounting presents the framework for most accounting decisions. As you study Intermediate Accounting, you will be developing an understanding of accounting theory and concepts as well as practice-oriented issues. Specific course goals are as follows.
	To help students gain a deeper understanding of the objectives, concepts, and standards underlying accounting practices and techniques. To help students gain knowledge and skills used in performing financial accounting.  To help students develop analytical skills, logical thinking abilities, oral presentation skills, and written communication skills. To help students develop interpersonal skills, including the ability work effectively with others. To help students progress toward the successful completion of various professional examinations.

 

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Course Objectives

The Intermediate Accounting I student should be able to:

Define accounting, identify major financial statements, identify the objectives of financial reporting, and identify the policy-setting bodies and their role in the standard-setting process. Identify the qualitative characteristics of accounting information and describe the basic assumptions of accounting and the impact that constraints have on reporting accounting information. (Chapter 1)

Define basic accounting terms, identify steps in the accounting cycle, and perform each step.  Review the steps of the accounting process including journalizing, posting to ledgers, adjusting expenses and revenues, and preparing closing entries.  Discuss the use of computers in the accounting process. (Chapter 2)

Prepare a classified balance sheet and identify information requiring supplemental disclosure.  Recognize transactions that can result in unrealized gains and losses, such as foreign currency translations and price changes of available-for-sale securities. (Chapter 3)

Prepare a single step and a multiple step classified income statement and a statement of retained earnings, identify the uses and limitations of the statement.  Explain the presentation of comprehensive income, income from continuing and discontinued operations, extraordinary items, and the cumulative effect of a change in accounting principle. (Chapter 4)

Explain the purpose and format of the statement of cash flows.  Prepare a statement of cash flows, identifying operating, financing, and investing sources of cash. Describe the difference between the direct and indirect methods of reporting cash flows. (Chapter 5)

Identify items considered cash, describe how cash should be controlled and reported and prepare a bank reconciliation.  Define receivables and explain the direct write off and allowance methods of accounted for bad debts.  Prepare journal entries to account for interest bearing and non-interest bearing notes receivable. (Chapter 6)

Apply the revenue recognition guidelines and describe accounting issues involved with revenue recognition and cost recovery.  Prepare the computations and journal entries required to account for long-term contracts under percentage-of-completion accounting, completed contract accounting, the installment sales method, and the cost recovery methods. (Chapter 7).

Identify major classifications of inventory; describe periodic and perpetual inventory systems; identify the effects of inventory errors on the financial statements; identify items to be included in inventory costs; and solve problems using the various inventory cost flow assumptions. (Chapter 8)

Explain the lower of cost or market rule, net realizable value.  Describe accounting for purchase commitments.  Compute ending inventory using the gross profit method, conventional LIFO and dollar-value LIFO. (Chapter 9)

Describe how current liabilities and contingencies are valued, recorded and presented in the financial statements. Explain the accounting procedures for issuing long-term debt, explain the reporting of off-balance sheet financing arrangements, and indicate how long-term debt is presented in the financial statements (Chapter 10).

Discuss the characteristics of the corporate form of organization including the rights of stockholders, the key components of stockholders= equity.  Describe the accounting and reporting of items that affect contributed capital, retained earnings and treasury stock (Chapter 11).

Utilize computer technology and the Internet to enhance understanding of accounting concepts and principles.

 

Course Procedures
Student Responsibilities:
”We are what we repeatedly do.  Excellence, then, is not an act, but a habit.”  Aristotle
Attendance in Class. Accounting courses are problemoriented and require review and reinforcement that can only be achieved through attendance in class.  Please let me know when you plan to miss class and arrange to get lecture notes and handouts from your project team.
Resource Chapters. It is the student's responsibility to read the material assigned prior to class.
Homework.  The Class Schedule contains a list of suggested problems and exercises to be completed in class or outside class as homework.  It is to your advantage to try as many of these assignments as you reasonably can do.  To enhance your learning experience, you may work on these problems and exercises with your fellow classmates.  Timely completion of homework assignments is necessary to keep pace with the flow of course work. Solutions to the Suggested Exercises and Problems will be available on the course Web site on WEBCT.  You will be given instructions for logging in to WEBCT in class.  This site will be linked from the Intermediate Accounting Homepage on Boscia.com. Certain assigned problems from the list of Homework Assignments in the course schedule will be collected on a regular basis and will be used in determining the final course grade.  The problem numbers and their due dates are included in the course schedule.  Failure to turn in assigned homework, late homework, and failure to prepare class assignments on a timely basis will affect your final course grade.  ALL ASSIGNMENTS MUST BE COMPLETED USING SPREADSHEET AND WORD PROCESSING.
Group Assignments: Groups of three or four students will be used to create a more active learning environment. If you use class time effectively, most group activities can be completed inside of class. Groups will be formed either voluntarily or by assignment during the first week of class.  Each group will be responsible for submitting the group project on the date listed in the course schedule. Details pertaining to the group project will be presented in class.  Groups may be asked to present their findings and rationale to the class as a whole. Be sure to get to know your group members' names and interact with them effectively.  You will be able to hold virtual meetings with your group and exchange working papers at the WEBCT Internet site.
Examinations. Each exam will be scheduled in advance and all students are expected to take each exam when scheduled. The exams will be graded and returned on a timely basis.  If necessary, a make-up exam may be scheduled in advance.  HOWEVER, NO MAKE-UP EXAMS WILL BE GIVEN AFTER THE EXAM DATE.
Class Participation. The free interchange of ideas, questions and concerns is a major part of the learning process and is required.  Your use of the WEBCT resources will be tracked and evaluated as part of your participation grade.  Participation in class discussion and group activities will also affect you final course grade.
Computer Fluency. You are expected to have a working knowledge of the King=s College e-mail system and an e-mail account, the World Wide Web, and Microsoft Excel7 and Microsoft Word7. During the semester you'll be required to access information from my Web site and from the site provided by Wiley Inc. in connection to the text.  A course-related Internet site will provide you with important links on the Web, additional course materials, the course syllabus, and an active e-mail link to me.  The course site is located at:                                     http://boscia.com One of the recommendations of the AECC (Accounting Education Change Commission) is that students become more involved in their own learning process. To specifically address AECC recommendations, the FOXCOR Manufacturing Company project will be assigned during the semester.  FOXCOR is a computer-based simulation that applies accounting concepts covered during the semester.  Using applicable chapter material, students apply intermediate accounting concepts to prepare, correct, adjust, analyze and extend accounting procedures at FOXCOR, a fictional corporation.  This project is accomplished through the use of Microsoft Excel spreadsheet software.
Accommodations for Students with Disabilities.
All students who have a learning or physical disability should schedule an appointment with the instructor during the first week of class to discuss accommodations for the classroom and/or assignments and examinations.
Grade Compilation:
Your grade will reflect your overall class performance as measured by attendance, participation, homework and testing. You will be required to demonstrate your learning through three examinations and a final examination. The final course grade will be computed as follows:
	Two examinations (100 points each)	200 points
	Final examination	150 points
	FOXCOR Manufacturing Company project	100 points
	Group assignment (due date will be announced in class)	100 points
	Spreadsheet assignments (due dates will be announced in class)	100 points
	Total	650 points
	Letter grades are based upon the following numerical equivalents:
	A     =    94 -100
	B +  =    90 -   93
	B      =   85 -   89
	C+   =    80 -   84
	C     =    75 -   79
	D     =    70 -   74
	F      =   Below 70

   

Course Schedule: Approximate Start Dates and Assignments
Week 1   August 28
Reading:	Chapter 1. Financial Reporting.
Homework:	To be handed in:	Problem 1-21 -- Due: September 11
	For practice:	1-16, 1-17, 1-18, 1-19, 1-20, 1-22
Week 2   September 4	No class on Monday
Homework:	Day class: Begin the Group Project
Week 3   September 11
Reading:	Chapter 2. A Review of the Accounting Cycle.
Homework:	To be handed in:	Problem 2–32 -- Due: September 18
	For practice:	2-8, 2-9, 2-11, 2-13, 2-20, 2-21, 2-26
	Night class: Begin the Group Project
Week 4   September 18
Reading:	Chapter 3. The Balance Sheet and Notes to the Financial Statements.
Homework:	To be handed in:	Problem 3-27 -- Due: September 25
	For practice:	3-15, 3-16, 3-19, 3-20, 3-21, 3-22, 3-23, 3-28
Week 5   September 25
Reading:	Chapter 4. The Income Statement.
Homework:	To be handed in:	Problem 4-34[*} -- Due: October 2
	For practice:	4-13, 4-15, 4-16, 4-18, 4-20, 4-21, 4-22, 4-23, 4-26, 4-27, 4-32
Week 6   October 2
Reading:	Exam 1: Exact date will be announced (Chapters 1 through 4)
Homework:	Begin the FOXCOR Project
Week 7   October 9
Reading:	Chapter 5. The Statement of Cash Flows.
Homework:	To be handed in:	Problem 5-32 -- Due: October 16
	For practice:	5-11, 5-12, 5-14, 5-15, 5-16, 5-18, 5-20, 5-21, 5-22
Week 8   October 16
Reading:	Chapter 6. The Revenue/Receivables/Cash Cycle.
Homework:	To be handed in:	Problem 6-34 -- Due: October 23
	For practice:	6-14, 6-15, 6-16, 6-18, 6-19, 6-20, 6-22, 6-23, 6-26, 6-27, 6-31
Week 9    October 23
Reading:	Chapter 7. Complexities of Revenue Recognition.
Homework:	To be handed in:	Problem 7-24 -- Due: October 30
	For practice:	7-13, 4-14, 7-15, 7-17, 7-18, 7-19, 7-24, 7-25, 7-27, 7-28, 7-29
Week 10   October 30
Reading:	Chapter 8. Cost of Goods Sold and Inventory                  – Identification and Valuation.
Homework:	To be handed in:	Problem 8-35 -- Due: November 6
	For practice:	8-14, 8-18, 8-20, 8-23, 8-28, 8-29, 8-30, 8-39, 8-41, 8-50
Week 11   November 6
	Exam 2: Exact date will be announced (Chapters 5 through 8)
Reading:	Chapter 9. Cost of Goods Sold and Inventory                    – Estimation and Noncost Valuation.
Homework:	To be handed in:	Problem 9–35 -- Due: November 20
	For practice:	9–10, 9–11, 9–12, 9–14, 9–15, 9–16, 9–18, 9–20, 9–22, 9–24, 9–29, 9–32
Week 12 November 13
Reading:	Chapter 10. Debt Financing.
Homework:	To be handed in:	Problem 10-35 -- Due: November 27
	For practice:	10–13, 10–14, 10–18, 10–19, 10–20, 10–24, 10–27, 10–32, 10–34, 10–35, 10–38, 10–43
Week 13 November 20
Reading:	No Class on Wednesday
Homework:	Group Projects Due On Monday, November 20
Week 14 November 27
Reading:	Chapter 11. Equity Financing.
Homework:	To be handed in:	Problem 11-28 -- Due: December 11
	For practice:	11-10, 11-11, 11-12, 11-14, 11-15, 11-17, 11-18, 11-20, 11-22, 11-23, 11-24, 11-26, 11-27, 11-28, 11-35, 11-37, 11-41
Week 15  December 4
Homework:	FOXCOR Project Due on Monday, December 4
Week 16 December 11	Final Exam: Date to be announced (Chapters 9 through 11)

   

APPENDIX A Integration of Competency Growth Plans into Intermediate Accounting I (ACCT 260) Fall Semester, 2000
1.)	Critical Thinking Competency
	On an ongoing basis, throughout twelve chapters of Intermediate Accounting I, the students should be able to:
	a.)	Understand the general components of the Balance Sheet, Income Statement, Statement of Cash Flows, and Statement of Retained Earnings (the General Purpose Financial Statements of a Corporate Annual Report)
	b.)	Analyze the individual Asset accounts of a Balance Sheet by attesting to the types of transactions that flow through each account.
	c.)	Assess the general financial accounting methods used by a Corporation to account for its Assets.
2.)	Effective Writing Competency
	The student should be able to prepare a written analysis of a corporation's general financial condition based upon a thorough review of its Annual Report.
3.)	Library and Information Literacy Competency
	The student should be able to research and identify the relevant ARB, APB, and FASB guidelines that a corporation uses to prepare its Annual Report with accompanying footnotes.
4.)	Oral Communication Competency
	The student should be able to present an effective presentation related to a corporation's general financial condition based upon a thorough review of its Annual Report.  In addition, the student should be able to involve an audience as active participants in a presentation as well as react to audience questions.
5.)	Technology Competency
	The student should be able to conduct research on the Internet relevant to a corporation's Annual Report.  In addition, the student should prepare the homework assignments using Microsoft Word, Excel Worksheets, and other relevant Windows computer applications.
6.)	Quantitative Reasoning Competency
	The student should be able to perform computations and interpret results for assigned quantitative exercises and problems.