Course Title:
| Intermediate Accounting I | |
Course Materials:
|
Intermediate Accounting
Edition: 12th (IE) with 2007 FASB
Publisher: Wiley
Author: Kieso, Weygandt and Warfield
ISBN: 0-471-74955-9
Excel Working Papers to Accompany Intermediate Accounting
Edition: 12th
Publisher: Wiley
Authour: Kieso, Weygandt and Warfield
ISBN: 0-471-74963-X | |
Course Description:
| Students should be cautious about enrolling in ACCT 310 or ACCT 311. These are professional courses requiring intensive study and analysis and are not to be undertaken casually. Students who have not taken ACCT 221 within the last two years may have difficulty. Prerequisites: BMGT 110 (or at least two years of business or management experience) and ACCT 221. A comprehensive analysis of financial accounting topics involved in preparing financial statements and in external reporting. Students may receive credit for only one of the following courses: ACCT 310 or BMGT 310. | |
Course Goals/Objectives:
The goal of this course is to help students to develop the ability to apply GAAP to a variety of complex accounting and financial reporting situations. Specifically, the goals of this course are:
1. To provide the student a more extensive study of financial accounting principles and procedures, and their role in the managerial decision-making process, (a) using textbook and other written materials, (b) discussion of accounting topics via Web conferencing, online case study assignments, and (c) World Wide Web research. A major goal of the course is to present financial accounting processes, procedures, terminology, concepts, and case studies.
2. To provide the student a higher level of problem analysis and problem solving ability through the use of CPA-level professional accounting materials.
Upon the completion of Intermediate Accounting I, you should be able to:
1. Solve problems by analyzing, calculating, and completing accounting problems covering topics of financial reporting as shown in the goals statement;
2. Apply accounting concepts, principles, and procedures to business, international, and ethical transactions and events, in topic areas through real-world case studies and problem analysis;
3. Interpret corporate financial statements, such as the income statement, statement of retained earnings, the balance sheet, and the cash flow statement by analyzing statement sections and subsections in problems and accounting assignment analysis work;
4. Demonstrate facility with computer applications in accounting by using spreadsheet software in preparing financial statements and other financial reports, and their use in financial problem-solving and management decision making;
5. Conduct computer communications using Web conferencing, an e-mail system, and research procedures using the World Wide Web;
6. Develop effective written communication skills using a computer by completing accounting assignments such as a case study, an accounting research paper on a textbook topic, or instructor-assigned conference/discussion topics using computer software or Web conferencing;
7. Improve understanding of the principles and procedures used by CPAs in their profession, using the research of FASB and AICPA pronouncements/rules from the World Wide Web database; and
8. Evaluate accounting alternatives and their consequences. | |
Course Introduction:
Intermediate Accounting I is a comprehensive analysis of financial accounting topics involved in preparing financial statements and in external reporting. It is also the study of financial external reporting procedures which includes topics such as: financial accounting standards; the accounting process; the income statement; the statement of retained earnings; the balance sheet; the statement of cash flows; the time value of money; cash; receivables; inventory methods; property plant and equipment; depreciation; intangible assets; and revenue recognition.
These topics are studied using problems, written assignments, computer applications, online conferencing, text materials, the syllabus, and the World Wide Web. This is a professional course requiring intensive study and analysis.
This course includes five sections shown in the course schedule. These sections are as follows:
Review
Financial Statements
Revenue and the Time Value of Money
Current Assets
Long-term Assets
WARNING: Intermediate Accounting I is an important part of the CPA examination. For more information about the CPA exam as well as other accounting topics, search the Web using the appropriate keywords, or see the ready-made guide to various Internet resources. | |
Grading Information and Criteria:
Midterm Exam: 45%
Final Exam: 40%
Project/Writing Assignment: 15%
A: 90-100%
B: 80-89%
C: 70-79%
D: 60-69%
F: below 60% | |
Other Information:
Any other information the instructor wishes to add. This might include:
* General expectations of students, such as hours per week students should expect to devote to the class
* Turnaround time for faculty to respond to email and return papers
* Unique class procedures or activities (such as cooperative learning exercises, panel presentations, case study methods, class journals or learning logs)
* Supplemental objectives (such as development of skills like teamwork, writing, oral presentation; integration of knowledge on focus topics)
* Optional activities such as study groups | |
Project Descriptions:
The objective of the writing assignment is to give the course participants an opportunity to complete a more in depth study in a particular subject and to achieve the UMUC objective and desire for a written product for each course.
The assignment will be choosing any two of the following items numbered 1 through 10. These items are all (except one) Conceptual Case problems appearing in the back of each chapter of the text. These Conceptual Case problems are NOT the cases under the caption, "Using Your Judgment," but the Conceptual Cases preceding the section Using Your Judgment. Select any two from the following 10 listed items. (Page numbers refers to the page in the text book.)
1. C4-1, page 173 OR C4-7, page 176.
2. C5-2, page 258 OR C5-4, page 259.
3. C19-1, page 1048.
4. P6-9, page 316.
5. C7-5, page 385.
6. C8-2, page 440.
7. C9-5, page 494.
8. C10-2, page 542.
9. C11-3, page 592.
10. C12-2, page 647.
Due date: Class meeting #14. | |
Academic Policies:
Cases of plagiarism are handled consistent with current UMUC guidelines.
See the UMUC policies at the following URL:
http://www.umuc.edu/policy/ | |
Course Schedule:
Note: Students should install the Student Resource CD-ROM that accompanies the textbook as early as possible. After reading each assigned chapter, students are advised to review the corresponding PowerPoint slides and complete the Excel Spreadsheet problems contained in the Student Resources CD-ROM.. (The Excel templates will provide check figures for the problems).
Meeting 1
Chapter 1, Financial Accounting and Accounting Standards
Assignment: Q1, 2, Cases 5, 6, 7, and 11
Meeting 2
Chapter 2, Conceptual Framework Underlying Accounting
Assignment: E3, 4, Case 8, 9, and 10
Meeting 3
Chapter 3, Accounting Information Systems
Assignment: E3, 9, 11, 12, 14, and P9
Meeting 4
Chapter 4, Income Statement and Related Information
Assignment: E3, 5, 10, and P3
Meeting 5
Chapter 5, Balance Sheet and Statement of Cash Flows
Assignment: E7, 8, 9, 11, 16, and P2
Meeting 6
Chapter 18, Revenue Recognition
Assignment: E7, 8, 11, 12, and P3
Meeting 7
Chapter 6, Accounting and the Time Value of Money
Assignment: E1, 6, 7, 15, 16, and P1
Meeting 8
Chapter 7, Cash and Receivables
Assignment: E1, 3, 8, 14, 15, and P9
Meeting 9
MidTerm Exam
Chapters 1-7 and Chapter 19
Meeting 10
Read Chapter 8, Valuation of Inventories - Cost Basis
Assignment: E1, 10, 15, 16, 17, 21, and P4
Meeting 11
Chapter 9, Inventories: Additional Valuation Issues
Assignment: E3, 4, 7, 11, 12, 18, and P8
Meeting 12
Chapter 10, Acquisition and Disposal of Property, Plant and Equipment
Assignment: E5, 8, 13, 17, 21, and P5
Meeting 13
Chapter 11, Depreciation, Depletion, and Impairments
Assignment: E6, 18, 19, 22, and P1
Meeting 14
Writing Assignment Due.
Meeting 15
Chapter 12, Intangible Assets
Assignment: E7, 9, 11, 18, 19, and P7
Meeting 16
Final Exam: Chapters 8-12 | |
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