Sylsp08R - ACCOUNTING 224 FINANCIAL ACCOUNTING Spring 2008...

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ACCOUNTING 224 FINANCIAL ACCOUNTING Spring 2008 Syllabus Dr. Carolyn Osborne Galantine Office: CCB 344 Email: [email protected] Phone: 506-7469 Office hours will be held on Mondays and Thursdays from 1:00 to 2:00 and Wednesdays from 2:30 to 4:00. Professor Galantine will also be available on Wednesdays at 5:45 and Thursdays at 3:45. Additionally, students may make appointments or send email. Class Materials - Text: Financial Accounting , 5th ed., Porter and Norton Homework solutions, PowerPoint slides & Worksheets: on Blackboard at http://wavenet.pepperdine.edu Accounting is the language used to communicate information about economic events. Those lacking a basic understanding of this language are at a competitive disadvantage. Owners, shareholders, creditors and other investors would not know how a business was doing without being able to read accounting information. This information is also important to employees and future employees. The need to understand accounting is not limited to the for-profit sector, but is just as important in not-for-profits and government agencies. Accounting is so important, that primitive accounting systems existed even before written language. This course is designed to familiarize students with the basic concepts and techniques of financial accounting so that they can develop an appropriate understanding of financial reports and a sound foundation in accounting principals. Objectives - upon completion of this course you should be able to: Explain the purpose of a company’s annual report and demonstrate a basic understanding of all the elements contained therein; Prepare a multi-step Income Statement, a Statement of Retained Earnings and a classified Balance Sheet, explain the relationships among them and describe all their elements; Describe the basic components of a Cash Flow Statement; Prepare basic, adjusting and closing journal entries; Compute selected ratios used in financial analysis and explain their meanings; Explain the need for, and calculate certain estimates made during the accounting process including “Allowance for Bad Debt” and Depreciation; Calculate inventory values and Cost of Goods Sold using various periodic inventory costing methods and the cost-of-goods-sold model; Reconcile a bank account; Explain the time value of money; calculate the issue price of bonds and amortize bond discounts and premiums.
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