Methodist Southern University ACCT 2311 (H) Fundamentals of Accounting I Fall 2006
Professor: Office: Phone: E-mail: Office Hours: Class Times: TA: Jody Magliolo Crow 383 [phone] [e-mail] Th 9:00 a.m. 11:00 a.m. and by appointment MW 11:00 a.m. 12:20 p.m. ?
Required Materials: Financial Accounting, 5th Edition, by Libby, Libby and Short (McGraw-Hill Irwin, 2007) There is no course packet to purchase. I will be distributing additional materials in class and/or make them available via the course website. Websites: Course Homepage: http://jmagliolo.cox.smu.edu/acct2311 (details in class)
Course Objectives: This course is designed both for students whose primary interest is accounting and those who will major in another area of business. While we will spend some time understanding the mechanics of developing financial statements, the primary emphasis of the course will be to begin developing your understanding of accounting to allow you to analyze financial statements. Since accounting is often called "the language of business", this skill will be valuable regardless of your future career plans. To achieve this objective, we will spend time understanding how to record the transactions covered in each chapter and then explore how the transactions are reported to the public. The ultimate objective of this course is to increase your understanding of how accounting information is collected, processed, and presented to outsiders. The course should also enhance your understanding of published corporate financial statements and increase your ability to analyze a variety of financial reporting issues.
Magliolo, SMU ACCT 2311(H), Fall 2006
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Success: A significant amount of homework is assigned in the course. My view is that you have to do a lot of problems to master the course material, so it is essential that you keep up, and do the assigned problems (whether they are handed in or not). In the syllabus that follows, there are two kinds of assigned homework: assigned problems for each class, and problems that must be handed in. (Only the assignments designated as hand-in assignments must be handed in.) I will make answers to additional problems available as well (I am checking on whether this is allowed, but I would like to make the entire answer book available to you.) I urge you to try to work the assigned problems before we address them in class. That way we are all familiar with the problems when we go over them in class. The hand-in problems will be due as detailed in class. E-Mail and Course Web Site: During the course of the semester, I will communicate with you via e-mail messages sent to your mail.smu.edu account as shown on Access.SMU (I can't use non-SMU e-mail addresses). You should check this account each day or so to see if I have sent any messages. In general, I will try to make sure that any deviations from the syllabus are covered in class (and there will probably be a number of modest changes such as revision of the problems to be discussed in class), but there will be reasons I need to reach you outside of class. The course web page will be used mainly to store files, although I will give you hard copies of the material covered directly in class. Course Requirements and Grading: The course grade will be determined by the following scheme: In-Class Exams Hand-in Homework: 76% (all counted equally) 24% (Individual or groups of fewer than four)
The homework assignments consist of four "smaller" assignments and a comprehensive "project". This project will be handed out later in the course, and covers most of the chapters and ideas in the whole course. It will count more than the other assignments (10% of the total grade). Up to 2% may be added or subtracted from student's total above, based upon participation in class. Obviously, such schemes have an element of subjectivity, but the system is intended only help your course grade. Examinations: There will be three midterm exams and a final exam. Midterm exams will be administered during the class period, and the dates for each are noted on the attached schedule. The last exam will be a final exam that will be "quasi-cumulative" not over the whole course, but covering a specified subset of the topics from the semester. If you have a valid reason to miss one of the exams, the last exam will be weighted more heavily to determine the grade. The final exam will be held during the final exam period as directed by the university. The midterm exams are not cumulative, except to the extent current topics require an understanding of earlier topics.
Magliolo, SMU ACCT 2311(H), Fall 2006
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This is an Honors class, and I am not an adversarial grader. I will give you a flavor for where you stand during the semester. The grade distribution will be based on a modified curve which allows for various eventualities this is an Honors course, an exam question may have been poorly worded, etc. When graded work is returned I urge you to carefully go through your work in conjunction with the solutions I will provide you. If you have a problem with the grading of an assignment/exam, you have two weeks after the work is graded to raise any questions, only in writing, explaining why you believe the work was graded in error. I reserve the right to regrade the entire assignment/exam if it is returned. Attendance and Participation: Regular class attendance is important since missed class meetings generally result in lower performance on exams. If you do miss a class, it is your responsibility (not mine) to ensure that you understand the material covered in the class you missed. The possible adjustment of the final grade by up to 2% (up or down) for participation will be evaluated, at the discretion of the instructor, based on your participation class in relative to other students in the class. Note that participation is not based on the frequency of your comments. Rather it is based on your preparation for class, being fully engaged in class activities, and conducting yourself in a professional, business-like manner. Class Format My intention is to conduct class in a manner that encourages class interaction, consistent with the objectives of the course. Before each class session, you should have completed, or be prepared to discuss the issues and obstacles encountered in your attempts to complete the class assignment for that day. It is important for you to practice articulating your positions and defending them verbally. I encourage you to volunteer when you have something of value to add to the discussion. I also expect if you are confused you will ask questions. Dropping the Course: To drop this course, you must follow official University withdrawal procedures. Failure to attend classes and/or take exam(s) does not constitute a drop. A student who stops attending the class and fails to officially drop will receive a grade of F. Academic Dishonesty: I have absolutely no tolerance for cheating or other acts of academic dishonesty. DO NOT CHEAT. All work undertaken and submitted in this course is governed by the University's Honor Code. Students who violate University rules on academic dishonesty (the SMU Honor Code) are subject to disciplinary penalties, including the possibility of failure in this course and/or dismissal from the University. Special Needs: If you need academic accommodations for a disability, you should see me as soon as possible. You must also contact Ms. Rebecca Marin, Coordinator, Services for Students with Disabilities [phone], in order to verify the disability and establish eligibility for accommodations.
Magliolo, SMU ACCT 2311(H), Fall 2006
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If you have a learning disability and require special accommodations for testing, I must have a letter from Rebecca Marin, Coordinator, Services for Students with Disabilities. Please make sure that you "carry the ball" before each exam i.e., make sure that we are both clear on the accommodations. Non-University Observed Religious Holidays: Religiously observant students wishing to be absent on holidays that require missing class should notify me in writing by Wednesday, September 6. You should provide me with a schedule of the days that you will miss this semester. I can then discuss with you, in advance, acceptable ways of making up any work missed because of the absence. Absences for University Extracurricular Activities: Students participating in an officially sanctioned, scheduled University extracurricular activity will be given the opportunity to make other arrangements for any items missed as a result of their participation. It is the responsibility of the student to make arrangements with me for making up the work prior to any missed scheduled examination or assignment. Normally, the student will need to have completed the required homework assignment or take any examination or quiz prior to the scheduled absence. Tentative Class Schedule: The following pages contain the anticipated dates that we will cover the assigned material in class. I reserve the right to go faster or slower as class progress dictates. This schedule will probably have to be modified as the semester progresses.
Magliolo, SMU ACCT 2311(H), Fall 2006
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Dates 8/21 8/23 8/28 8/30
Assigned Chapter Ch. 1: Financial Statements and Business Decisions Ch. 2 The Balance Sheet
Exercises/ Problems Ch. 1: E (3,5,9,12) P (3); CP (1,2) Ch. 2: E(3,5,7,11,17,18) P(5); CP (1,2)
Hand-In HW .
Labor Day Holiday 9/4 9/6 9/11 9/13 9/18 9/20 9/25 9/27 10/2 10/4 Ch.3: The Income Statement Exam 1 - Chapters 1-3 Ch. 4: The Adjustment Process Ch. 5: Communicating and Interpreting Accounting Information Ch. 6: Sales Revenue, Receivables, and Cash Ch. 4: E (4,5,6,7,9) P (7,8); CP (1,2) Ch. 5: E (5,10,12,16) P (5,6,7) HW2 Due 9/27 Ch. 3: E(7,9,10,11,17) P(13) HW1 Due 9/11
Ch. 6: E (3,8,13,16) P (3,5,6); CP (1,2) ------------------------------------------------------------------------------------Note: E = Exercise; P = Problem; CP = Cases and Projects. All are at the end of each assigned chapter.
Magliolo, SMU ACCT 2311(H), Fall 2006
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Dates
Assigned Chapter Fall Break 10/9 No Class
Exercises/ Problems
Hand-In HW .
10/11 10/16 10/18 10/23 10/25 10/30 11/1 11/6
Exam 2 - Chapters 4-6 (May move date) Ch. 7: Cost of Goods Sold and Inventory Ch. 8: Property, Plant and Equipment; Natural Resources and Intangibles Ch. 9: Liabilities Ch. 7: E (2,6,8) P (2,3,5); CP (1,2) Ch. 8: E (8,11,13,15) P (4,7); CP (1,2) Ch. 9: E (2,13,18) P (1,9,10); CP (1,2) Ch. 10: E(2,13,18) P(2,6); CP (1,2) HW3 Due 10/26
Ch. 10: Bonds
11/8 11/13
Exam 3 Chapters 7-9 Ch. 10: Bonds (Continued) Ch. 10: E(2,13,18) P(2,6); CP (1,2)
------------------------------------------------------------------------------------Note: E = Exercise; P = Problem; CP = Cases and Projects. All are at the end of each assigned chapter.
Magliolo, SMU ACCT 2311(H), Fall 2006
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Dates 11/15 11/20
Assigned Chapter Ch. 11: Owner's Equity
Exercises/ Problems Ch. 11: E (4,6,8,18) P (3); CP (1,2)
Hand-In HW . HW4 Due 11/20
Thanksgiving Holiday 11/22 No Class 11/27 11/29 12/1 Ch. 13: Cash Flows Ch. 13: E (2,6,10,14) P (2); CP (1,2) 11/29 1st part of comprehensive project due
Review and Catch-Up Exam 4 Chapters 10,11,13 (and maybe a couple of other problems). Exam during final exam period/Last part of comprehensive project due in exam period.)
------------------------------------------------------------------------------------Note: E = Exercise; P = Problem; CP = Cases and Projects. All are at the end of each assigned chapter.
Magliolo, SMU ACCT 2311(H), Fall 2006
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