Lecture01 2010.09.08

Lecture01 2010.09.08 - Accounting 101 Fall 2010...

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Accounting 101 Fall 2010 INTRODUCTION TO FINANCIAL ACCOUNTING
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Objectives of ACCT 101 • Understand how financial accounting statements are constructed • 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 – Map economic events to transactions
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Course Topics Overview of Financial Statements Liabilities – Present Value, Notes, and Mortgages Balance Sheet Concepts Liabilities – Bonds Income Statement Concepts Liabilities – Leases The Accounting Cycle Shareholders’ Equity Revenue Recognition Deferred Taxes Statement of Cash Flows Intercorporate Investments Cash and Receivables Financial Statement Analysis Inventories – Cost Methods Current Issues Long-Lived Assets
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Rules of the Game • Read the syllabus carefully – CONTRACT • Read the assigned material • Attend the recitation sections • Come to class on time • Turn in your homework on time Turn off cell phones, laptops, and other communication devices
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Textbook and Registration • Registration: – Register for both the lecture and one of the recitations • Text : Financial Accounting by Libby, Libby and Short, 6 th or 5 th edition – Solutions Manual
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• Website: http://webcafe.wharton.upenn.edu – Homeworks posted/collected online – Lecture notes will be posted – Helpful discussion board (only for students) – Non-Wharton access: [email protected] • Email: [email protected]
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Grading Scheme • Final grades will be determined by the following scheme: – Homework 10% – Exam 1: 15% – Exam 2: 35% – Final Exam: 40% • Final Exam is cumulative
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Grading Scheme • Grades will be assigned across the sections approximately as follows: – 25% As – 40% Bs – 25% Cs – 10% Ds, Fs
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Homeworks • Four homeworks • Posted online at least one week prior to due date • Allowed to work in groups • Submit your answers individually on the web – no hard copies accepted! • Due by 9 am on due date • Exam questions will be similar to the online homework problems – make sure you understand your own solution
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EXAM SCHEDULE EXAM 1 – Thursday, October 14 th (6-8pm) EXAM 2 – Monday, November 8 th (6-8pm) FINAL EXAM – Friday, December 17 th (3-5pm) • Cannot reschedule or take make-up exams because of travel plans! • Note the make-up exam policy – clearly outlined in the syllabus.
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• Who? – Rahul Vashishta (Head TA) – Patricia Blanco – Jason Gianola – Sean Korduner – Chinelo Mba – Aldric Ng • Why? – The role of recitations • Not another lecture • Answer questions, get help • Review assigned problems • Review homeworks, exams • Where/When? – Recitations on Fridays
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This note was uploaded on 03/02/2011 for the course ACCT 101 taught by Professor Armstrong during the Fall '09 term at UPenn.

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Lecture01 2010.09.08 - Accounting 101 Fall 2010...

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