Acc202_CoursePolicies_winter 09 FINAL

Acc202_CoursePolicies_winter 09 FINAL - .

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Accy 202-Spring 2009 Selected Course Information Instructor * Office Location: 213 Wohlers : Julie Shapland, CPA, MST * Office Hours: Tues/Thurs from 10:00-10:30 & 12:45-1:45 * Office Phone: 244-8057 (if no answer--use email!) * Home Phone- Unlisted *Email: [email protected] Discussion Section T.A.’s : Office: 103 Survey Building (please see individual TA office hours on Compass) Eric Biltgen [email protected] * Purak Dhruva [email protected] * Jim Doyle [email protected] * Jeremiah Heisey [email protected] * Wei-Lun Huang [email protected] * Mark Longo [email protected] * Jimmy Lyznicki [email protected] *Jennifer Whittington [email protected] * Chris Yenchek [email protected] Head Administrative TA : Jeff Siglin [email protected] Please email Jeff with questions on grade-book issues. Tutoring Schedule : T.B.A. (on Compass) Class Meeting Time & Location Lecture: AL1 Tues/Thurs 11:00-12:20 Foellinger Auditorium : AL2 Tues/Thurs 8:30-9:50 141 Wohlers Hall Discussion: Friday’s with TA’s Compass Course Web Site : www.compass.uiuc.edu For information on using the Compass system: http://www.business.uiuc.edu/elearning/tutorials/index.html COURSE ABSTRACT: Accountancy 202 (Accy 202) is the second in a two-course introductory sequence that began with Accountancy 201 (Accy 201). The course begins by introducing accounting as an “information system” (AIS) which provides information to both internal and external decision makers. In the early stages of the course, students will revisit and complete their detailed study of the traditional “accounting processing cycle” (which was first introduced in Accy 201). We will look at this cycle through a broader lens by learning how a company’s complex internal infrastructure can be divided into interrelated component business processes, all of which provide data that needs to be captured and processed within the AIS. Selective business processes will be studied in great detail with attention being given to the typical flow of source documentation as well as the allocation of authority and responsibility as a tool to minimize risk (both internal and external) potentially jeopardizing the achievement of business objectives. Students will learn how internal controls can be used to minimize risk and to help achieve business objectives in financial reporting as well as in daily business operations. Students will also conduct a detailed study of the significant financial accounting rules, goals and objectives which tie in to the business processes being studied and the information needs of end users. Time will be spent understanding the potential causes and ramifications of information risk and the corresponding need for corporate governance. Students will be briefly introduced to the role of the external auditor, the audit report (and its limitations), the concept of earnings management and the ever-present expectations gap. The contrasting rules & goals of the federal income tax system and some of the frequently encountered book/tax differences will also be briefly introduced.
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