Lecture01 - Accounting 101 Summer 2009 INTRODUCTION TO...

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1 Accounting 101 Summer 2009 INTRODUCTION TO FINANCIAL ACCOUNTING
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2 Objectives of ACCT 101 • Understand how financial accounting statements are constructed • Begin to develop the ability to read, analyze and interpret financial statements • Provide you with tools for economic decision making – Where to find information – How the information got there
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3 Registration and Textbook • Registration max. 65 – Waitlist – Our department manager decides who gets in based on your year, school, degree requirements, etc. Financial Accounting by Libby, Libby and Short, 6 th edition – 5 th edition okay to use
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4 Course Website • Lecture notes will be posted on WebCafe – http://webcafe.wharton.upenn.edu – Print them yourself in whatever format you like best • Same with homework assignments • Other materials, like company financial statements and press releases, you will have to retrieve yourself
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5 Rules • Read the syllabus carefully – Read the assigned textbook material – Look over and do some of the suggested problems • Come to class on time • Turn in your homework on time • Turn off cell phones and other communication devices • Ask questions and participate in class
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6 Homework • 5 or 6 of them – will announce the assignments and due dates on an on- going basis • Due at beginning of class on due date • Each individual must hand in their own homework, but can discuss with groups
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7 Exams EXAM 1 – Monday, June 15 (In Class) EXAM 2 – Thursday, July 2 (In Class) • Cannot reschedule or take make-up because of travel plans. • Note the make-up exam policy – clearly outlined in the syllabus. • Students with disabilities – let me know ASAP so accommodations can be made. • Exam problems based on textbook, lectures, and homework
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8 Grading Final grades will be determined by the following scheme: – Class participation 5% – Homework 15% – Exam 1: 30% – Exam 2: 50% Grades will be assigned across the sections approximately as follows: 20% A’s 40% B’s 40% C’s or below
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9 Teaching Assistant • Marshall Vance – mvance@wharton.upenn.edu • Office hours – TBA
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10 Course Topics Academic Research Inventories – Cost Methods Financial Statement Analysis Cash and Receivables Inter-corporate Investments Statement of Cash Flows Shareholders’ Equity Revenue Recognition Liabilities – Leases The Accounting Cycle Liabilities – Bonds Income Statement Concepts Liabilities – Present Value, Notes, and Mortgages Balance Sheet Concepts Long-Lived Assets Overview of Financial Statements
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11 Assumptions and Warning I assume: – you excel academically; you can handle the work load – you care about your grade; it matters for your degree, job search, grad school applications, personal satisfaction, etc. – you will need to know
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Lecture01 - Accounting 101 Summer 2009 INTRODUCTION TO...

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